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REGISTERED NUMBER: 07811001 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

TULINO RESEARCH & PARTNERS LTD

TULINO RESEARCH & PARTNERS LTD (REGISTERED NUMBER: 07811001)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Balance Sheet | 1 |

Notes to the Financial Statements | 2 |

TULINO RESEARCH & PARTNERS LTD (REGISTERED NUMBER: 07811001)

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 5 | 156,286 |  | 142,032 |  |

Cash at bank | 6,209 |  | 1,449 |  |

162,495 |  | 143,481 |  |

CREDITORS

Amounts falling due within one year | 6 | (1,972,329 | ) | (1,813,943 | ) |

NET CURRENT LIABILITIES | (1,809,834 | ) | (1,670,462 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (1,809,834 | ) | (1,670,462 | ) |

CAPITAL AND RESERVES

Called up share capital | 120,000 |  | 120,000 |  |

Retained earnings | (1,929,834 | ) | (1,790,462 | ) |

(1,809,834 | ) | (1,670,462 | ) |

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 20 March 2026 and were signed on its behalf by:

R R Tulino - Director

TULINO RESEARCH & PARTNERS LTD (REGISTERED NUMBER: 07811001)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Tulino Research & Partners Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 07811001

| Registered office: | 38 Craven Street

| London

| WC2N 5NG

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.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Plant & Machinery - 20% on cost

| Computer equipment - 3 years 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

| 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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

TULINO RESEARCH & PARTNERS LTD (REGISTERED NUMBER: 07811001)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Patents and fees

| Development expenditure

| Expenditure incurred in the development and registration of a patent is recognised as an expense in the period incurred. Accordingly no asset values are attributed to internally generated patents.

| Revenue

| Income is recognised in the period in which the patent fee is receivable and is non refundable or not dependent on any future condition or criteria.

| Going Concern

| The directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future. This is dependent on the continuing support from its shareholders. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

3. | EMPLOYEES AND DIRECTORS

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

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 23,872 |  |

| DEPRECIATION

| At 1 April 2024

| and 31 March 2025 | 23,872 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other debtors | 156,286 |  | 142,032 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 1,187 |  | - |  |

| Taxation and social security | 9,567 |  | 7,324 |  |

| Other creditors | 1,961,575 |  | 1,806,619 |  |

1,972,329 |  | 1,813,943 |  |

TULINO RESEARCH & PARTNERS LTD (REGISTERED NUMBER: 07811001)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Included within Other creditors are amounts provided by private participants to support the company's research and development activities (2025:£1,465,503, 2024:£1,315,482)

| It is envisaged that these balances may be converted into non-voting preferred shares of the company following completion of the valuation of the company's intellectual property portfolio.

| As at 31 March 2025, no shares have been issued and no conversion has taken place, therefore the balances continue to be presented as liabilities within creditors.

7. | RELATED PARTY DISCLOSURES

| At the balance sheet date the company owed the directors £355,713 (2024: £372,182) which is payable on demand and bears no interests.

8. | ULTIMATE CONTROLLING PARTY

| The controlling party is R R Tulino.

| The ultimate controlling party is R R Tulino.