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REGISTERED NUMBER: 10845797 (England and Wales)

Unaudited Financial Statements

for the Period 1 January 2024 to 30 June 2025

for

Electroneum Ltd

Electroneum Ltd (Registered number: 10845797)

Contents of the Financial Statements

for the Period 1 January 2024 to 30 June 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Electroneum Ltd

Company Information

for the Period 1 January 2024 to 30 June 2025

| DIRECTOR: | R J Ells

| REGISTERED OFFICE: | 51 The Stream

| Ditton

| Aylesford

| Kent

| ME20 6AG

| REGISTERED NUMBER: | 10845797 (England and Wales)

| ACCOUNTANTS: | Zenon Tax Limited

| 51 The Stream

| Ditton

| Aylesford

| Kent

| ME20 6AG

Electroneum Ltd (Registered number: 10845797)

Balance Sheet

30 June 2025

| 30.6.25 |  | 31.12.23

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 6 | 14,258,977 |  | 14,952,336 |  |

Cash at bank and in hand | 8,810 |  | 313,836 |  |

14,267,787 |  | 15,266,172 |  |

CREDITORS

Amounts falling due within one year | 7 | 14,267,687 |  | 15,266,072 |  |

NET CURRENT ASSETS | 100 |  | 100 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 100 |  | 100 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

100 |  | 100 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 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.

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 31 March 2026 and were signed by:

R J Ells - Director

Electroneum Ltd (Registered number: 10845797)

Notes to the Financial Statements

for the Period 1 January 2024 to 30 June 2025

1. | STATUTORY INFORMATION

| Electroneum 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.

| Revenue recognition

| Revenue, including consideration received from the Initial Coin Offering in 2017, is recognised in accordance with the applicable Financial Reporting Standard, FRS 102 23.16.

| Where third parties are issued with ETN in exchange for goods or services, the accounting treatment will be determined by assessing whether the nature of the goods or services received by the Company meet the criteria to be capitalised under FRS102. If that criteria is not meet, the costs incurred will be expensed.

| The amount at which to record the costs will reflect the fair value of the goods or services if these can be reliably measured. In the absence of such measurement for consideration made in ETN, BTC or ETH, the costs will be recorded with reference to the relevant daily closing price on the CoinMarketCap website.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of five years.

| Current intangible assets

| The Bitcoin ("BTC") and Ethereum ("ETH") cryptocurrencies received by the Company as consideration for the ETN sold in the Initial Coin Offering in 2017 is classed as a current intangible asset as it does not meet the strict criteria to be classified either as cash, cash equivalent, property, plant and equipment, a financial instrument or inventory. The BTC and ETH is held at cost, less accumulated amortisation (if any) and impairment review adjustments in accordance with Financial Reporting Standard FRS102 18.18A.

| The BTC and ETH held by the Company are presented and disclosed as current assets in accordance with paragraph 1A(1) of Schedule 1 to the Regulations and FRS 102 Glossary (AMD 55) on the basis that the BTC and ETH held by the Company are not representative of non-current assets.

| The BTC and ETH reserves are used as "quasi cash" for working capital purposes, being exchanged for fiat currencies or for goods and services.

| Tangible fixed assets

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

| Plant and machinery etc | - | 33% on cost, 25% on cost and 20% on cost

| Taxation

| Taxation for the period 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.

Electroneum Ltd (Registered number: 10845797)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 June 2025

2. | ACCOUNTING POLICIES - continued

| 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 period 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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 period was 5 (2023 - 7 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 January 2024

| and 30 June 2025 | 57,259 |  |

| AMORTISATION

| At 1 January 2024

| and 30 June 2025 | 57,259 |  |

| NET BOOK VALUE

| At 30 June 2025 | - |  |

| At 31 December 2023 | - |  |

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2024

| and 30 June 2025 | 125,863 |  |

| DEPRECIATION

| At 1 January 2024

| and 30 June 2025 | 125,863 |  |

| NET BOOK VALUE

| At 30 June 2025 | - |  |

Electroneum Ltd (Registered number: 10845797)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 June 2025

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

| 30.6.25 |  | 31.12.23

£ | £ |

| Trade debtors | 1,834 |  | 1,834 |  |

| Amounts owed by group undertakings | 148,611 |  | 788,827 |  |

| Other debtors | 14,108,532 |  | 14,161,675 |  |

14,258,977 |  | 14,952,336 |  |

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

| 30.6.25 |  | 31.12.23

£ | £ |

| Trade creditors | 4,887 |  | 31,552 |  |

| Taxation and social security | 10,753 |  | 16,240 |  |

| Other creditors | 14,252,047 |  | 15,218,280 |  |

14,267,687 |  | 15,266,072 |  |

8. | CURRENT INTANGIBLE ASSETS

| Included within the heading of Other Debtors is the sterling equivalent, at historic cost, of BTC and ETH held by the Company. At the balance sheet date, this totals £13,812,199 (2023: £14,100,597).

9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| At the balance sheet date, R J Ells, Director and Chief Executive, was owed £424 (2023: £424) for costs incurred on behalf of the Company.

10. | ULTIMATE CONTROLLING PARTY

| The controlling party is Red Cube Advertising Ltd.

| The ultimate controlling party is R J Ells.