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Registered number: 09427186 CLEARMATICS TECHNOLOGIES LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 28 FEBRUARY 2025
CLEARMATICS TECHNOLOGIES LTD REGISTERED NUMBER: 09427186 BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 829 |  | 829
Tangible assets | 5 |  | 7,883 |  | 10,945
Investments | 6 |  | 4,478 |  | 4,478
|  |  | 13,190 |  | 16,252
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 55,545 |  | 1,638,321 |
Current asset investments | 8 | 1,700 |  | 18,288 |
Cash at bank and in hand | 9 | 255,921 |  | 187,830 |
|  | 313,166 |  | 1,844,439 |
Creditors: amounts falling due within one year | 10 | (4,663,260) |  | (1,842,484) |
Net current (liabilities)/assets |  |  | (4,350,094) |  | 1,955
Total assets less current liabilities |  |  | (4,336,904) |  | 18,207
Net (liabilities)/assets |  |  | (4,336,904) |  | 18,207
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 3 |  | 3
Share premium account | 11 |  | 11,684,985 |  | 11,684,985
Other reserves | 11 |  | 5,690 |  | 5,436
Profit and loss account | 11 |  | (16,027,582) |  | (11,672,217)
|  |  | (4,336,904) |  | 18,207
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by: Page 1
CLEARMATICS TECHNOLOGIES LTD REGISTERED NUMBER: 09427186 BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025
Robert Sams
Director
Date: 24 March 2026
The notes on pages 4 to 15 form part of these financial statements. Page 2
CLEARMATICS TECHNOLOGIES LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2025
| Called up share capital | Share premium account | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 March 2024 | 3 | 11,684,985 | 5,436 | (11,672,217) | 18,207
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (4,355,365) | (4,355,365)
Fair value gain on asset | - | - | 254 | - | 254
At 28 February 2025 | 3 | 11,684,985 | 5,690 | (16,027,582) | (4,336,904)
| The notes on pages 4 to 15 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2024
| Called up share capital | Share premium account | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 March 2023 | 3 | 11,684,985 | 1,584 | (11,243,680) | 442,892
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | (428,537) | (428,537)
Fair value gain on asset | - | - | 3,852 | - | 3,852
At 29 February 2024 | 3 | 11,684,985 | 5,436 | (11,672,217) | 18,207
| The notes on pages 4 to 15 form part of these financial statements.
Page 3
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Clearmatics Technologies Ltd is a private company, limited by shares, incorporated in England and Wales within the United Kingdom, registration number 09427186. The registered office is Spaces Epworth House, 25 City Road, London, England, EC1Y 1AA. The principal activity of the Company is that of business and domestic software development. 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: Page 4
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.2 | Going concern
The Company has net liabilities of £4,146,903 (2024: net assets £18,206) and has made a loss for the year of £4,165,364 (2024: £428,537). The financial statements have been prepared on a going concern basis. In recent years the Company has relied on minority shareholder funding with letters of support from venture investors. However, at the date of approval of these financial statements, the extent and timing of any further funding remains uncertain. In response to this development, the Directors have implemented a restructuring programme comprising two principal elements: (i) a reduction of the Company's cost base to the minimal level possible of operations, including staff redundancies and the suspension of contractor services; and (ii) an active process to identify a potential acquirer for the Company, its intellectual property and other assets. The Directors will be engaged in discussions with prospective parties with a view to securing a transaction during the period of at least twelve months from the date of approval of these financial statements. In the interim, the Directors are relying on the anticipated agreement of trade creditors to defer payment of outstanding amounts, funding provided by a minority shareholder to meet employee notice and redundancy obligations, and anticipated other income receipts, to meet the Company's liabilities as they fall due. These circumstances indicate the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern and therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, the Directors have undertaken cash flow forecasting for a period of at least twelve months from the date of approval of the financial statements and consider that the successful implementation of the restructuring programme will allow the Company to meet its liabilities as they fall due and therefore consider it appropriate to prepare the financial statements on a going concern basis. If the restructuring programme is not successful, the Company would need to seek additional sources of finance and/or consider other strategic alternatives available under corporate law. The financial statements do not include any adjustments that would arise if the Company were unable to continue as a going concern. Page 5
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest £1. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 6
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Page 7
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 8
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | 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. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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 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. Page 9
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
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. Basic 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. 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. Page 10
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.19 | Employee share ownership plan
The cost of the Company's shares held by the employee share ownership plan (ESOP) is deducted from equity in the Company balance sheet under the heading ESOP share reserve. Any cash received by the ESOP on disposal of the shares it holds is also recognised directly in equity. Other assets and liabilities of the ESOP (including borrowings) are recognised as assets and liabilities of the Company.
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 10 | 12
4. | Intangible assets
|  | Digital asset
|  | £
| Cost |
| At 1 March 2024 | 829
| At 28 February 2025 | 829
| Net book value |
| At 28 February 2025 | 829
| At 29 February 2024 | 829
Page 11
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
5. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 March 2024 | 55,400
| Additions | 4,504
| At 28 February 2025 | 59,904
| Depreciation |
| At 1 March 2024 | 44,455
| Charge for the year | 7,566
| At 28 February 2025 | 52,021
| Net book value |
| At 28 February 2025 | 7,883
| At 29 February 2024 | 10,945
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 March 2024 | 4,478
| At 28 February 2025 | 4,478
Page 12
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 26,159 | 1,574,806
| Prepayments and accrued income | 29,386 | 63,515
|  | 55,545 | 1,638,321
8. | Current asset investments
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unlisted investments | 1,700 | 18,288
9. | Cash and cash equivalents
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 255,921 | 187,830
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 4,309,063 | 1,546,789
| Trade creditors | 158,365 | 111,775
| Other taxation and social security | - | 462
| Other creditors | - | 2,151
| Accruals and deferred income | 195,832 | 181,307
|  | 4,663,260 | 1,842,484
Page 13
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
11. | Reserves
Share premium account The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value. Profit and loss account This reserve related to cumulative retained earnings less amounts distributed to shareholders, which there was none of in the year.
12. | ESOP shares
The Company has an employee share option scheme in place whereby options have been issued to certain employees to acquire shares in the Company during the year from April 2018 to April 2022, October 2018 to October 2022, February 2019 to February 2023 and from July 2020 to July 2024. Options were granted on 8 July 2020, 21 December 2020 and 16 February 2021. A total of 25,587 options were granted.
13. | Digital assets
The digital assets have been correctly classified as Intangible Assets (IAS 38) and are being carried at fair value. As per UK GAAP guidance, any increase in the value of the asset throughout the year is classified in other comprehensive income.
14. | Impairment of intercompany trade receivables
During the year, the Company recognised an impairment loss of £4,177,943 in respect of amounts due from its wholly-owned subsidiary. The balance arose from fees for project and protocol development services provided by the Company to the subsidiary and recognised as income in prior periods. Following a review of the recoverability of the balance at the reporting date, the directors concluded that the amount was no longer recoverable. The subsidiary was unable to fund settlement of the balance due to its counterparty’s failure to meet its payment obligations. Accordingly, the full balance of £4,177,943 has been written off to the profit and loss account within Administrative Expenses. This charge is non-recurring in nature and relates to amounts recognised in prior financial periods.
15. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,912 (2024: £12,935), contributions totalling £Nil (2024: £2,151) were payable to the fund at the balance sheet date and are included within creditors.
16. | Controlling party
The directors consider that there is no ultimate controlling party. Page 14
CLEARMATICS TECHNOLOGIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
17. | Auditor's information
The auditor's report on the financial statements for the year ended 28 February 2025 was unqualified. The audit report was signed on 24 March 2026 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.
Page 15