Company registration number 07469441 (England and Wales)
ELAROS 24/7 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
ELAROS 24/7 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ELAROS 24/7 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,118,434
1,747,742
Tangible assets
5
695
2,778
Investments
6
33
33
2,119,162
1,750,553
Current assets
Debtors
7
74,649
146,857
Cash at bank and in hand
145,874
13,280
220,523
160,137
Creditors: amounts falling due within one year
8
(267,237)
(170,846)
Net current liabilities
(46,714)
(10,709)
Total assets less current liabilities
2,072,448
1,739,844
Creditors: amounts falling due after more than one year
9
(483,486)
(464,283)
Net assets
1,588,962
1,275,561
Capital and reserves
Called up share capital
10
2,254
2,254
Share premium account
875,950
875,950
Other reserves
49,948
49,948
Profit and loss reserves
660,810
347,409
Total equity
1,588,962
1,275,561
ELAROS 24/7 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 March 2026 and are signed on its behalf by:
Professor P O'Brien
Director
Company registration number 07469441 (England and Wales)
ELAROS 24/7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Elaros 24/7 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Electric Works, Sheffield Digital Campus, Sheffield, S1 2BJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods and services are recognised when the significant risks and rewards of ownership of the goods or services have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10 years straight line
Intellectual property
10 years straight line
ELAROS 24/7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 years straight line
1.6
Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash at bank only.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors, corporation tax recoverable, other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

ELAROS 24/7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including other borrowings, trade creditors, other taxation and social security, deferred income and accruals 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of fixed assets.

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ELAROS 24/7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
14
11
4
Intangible fixed assets
Development costs
Intellectual property
Total
£
£
£
Cost
At 1 January 2025
1,772,892
70,033
1,842,925
Additions
411,511
-
0
411,511
At 31 December 2025
2,184,403
70,033
2,254,436
Amortisation and impairment
At 1 January 2025
49,663
45,520
95,183
Amortisation charged for the year
33,816
7,003
40,819
At 31 December 2025
83,479
52,523
136,002
Carrying amount
At 31 December 2025
2,100,924
17,510
2,118,434
At 31 December 2024
1,723,229
24,513
1,747,742
ELAROS 24/7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
5
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2025 and 31 December 2025
15,110
Depreciation and impairment
At 1 January 2025
12,332
Depreciation charged in the year
2,083
At 31 December 2025
14,415
Carrying amount
At 31 December 2025
695
At 31 December 2024
2,778
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
33
33
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
10,925
1,284
Corporation tax recoverable
59,153
82,804
Other debtors
4,571
62,769
74,649
146,857
8
Creditors: amounts falling due within one year
2025
2024
£
£
Other borrowings
773
1,855
Trade creditors
29,538
12,993
Other taxation and social security
22,358
17,080
Deferred income
199,660
117,133
Accruals
14,908
21,785
267,237
170,846
ELAROS 24/7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
483,486
464,283
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
22,537
22,537
2,254
2,254
11
Related party transactions

As at 31 December 202 5, included within other creditors falling due after more than one year is a balance of £6 6,275 (202 4: £64,716) due to related companies.

A s at 31 December 20 2 5, included within other creditors falling due after more than one year is a balance of £417,211 (202 4: £398,794) due to a director of the company.

ELAROS 24/7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
12
Share-based payment transactions

The company has taken advantage of transitional exemptions not to apply FRS102 1A to any share-based payment transactions entered into before the transition date of 1 January 2015.
The total number of options granted prior to transition to FRS102 1A that were exercisable at 31 December 202 5 were 1,137 and they had an exercise price ranging from £0.10 per share to £84.25 per share.
The following information therefore only discloses information about share-based payment transactions granted on or after 1 January 2015:

Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 January 2025 and 31 December 2025
2,425
2,425
22.90
22.90
Exercisable at 31 December 2025
2,425
2,425
22.90
22.90

The options outstanding at 31 December 2025 had an exercise price ranging from £4.88 to £49.84, and a remaining contractual life of 2.97 to 6.60 years.

Inputs were as follows:
2025
2024
Weighted average share price
39.59
39.59
Weighted average exercise price
22.90
22.90
Expected volatility
33.97
33.97
Expected life
10.00
10.00
Risk free rate
1.75
1.75
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