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REGISTERED NUMBER: 09104776 (England and Wales)

Studio Graphene Limited

Unaudited Financial Statements

for the Year Ended 31 December 2025

| Studio Graphene Limited (Registered number: 09104776) |

Contents of the Financial Statements

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 3 |

| Studio Graphene Limited |

Company Information

for the year ended 31 December 2025

| Director: | Mr R Gandhi

| Registered office: | 124 City Road

| London

| EC1V 2NX

| Registered number: | 09104776 (England and Wales)

| Accountants: | Cooper Parry Advisory Limited

| Broadwalk House, 5th Floor

| 5 Appold Street

| Broadgate

| London

| EC2A 2AG

| Studio Graphene Limited (Registered number: 09104776) |

Statement of Financial Position

31 December 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

Fixed assets

Tangible assets | 4 | 4,644 |  | 10,105 |  |

Investments | 5 | 99,087 |  | 177,384 |  |

103,731 |  | 187,489 |  |

Current assets

Debtors | 6 | 1,066,490 |  | 1,173,110 |  |

Cash at bank | 638,535 |  | 855,595 |  |

1,705,025 |  | 2,028,705 |  |

Creditors

Amounts falling due within one year | 7 | 1,764,195 |  | 1,526,758 |  |

Net current (liabilities)/assets | (59,170 | ) | 501,947 |  |

Total assets less current liabilities | 44,561 |  | 689,436 |  |

Creditors

Amounts falling due after more than one year | 8 | - |  | (19,618 | ) |

Provisions for liabilities | 10 | (1,831 | ) | - |  |

Net assets | 42,730 |  | 669,818 |  |

Capital and reserves

Called up share capital | 11 | 115 |  | 115 |  |

Retained earnings | 42,615 |  | 669,703 |  |

Shareholders' funds | 42,730 |  | 669,818 |  |

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.

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 8 April 2026 and were signed by:

Mr R Gandhi - Director

| Studio Graphene Limited (Registered number: 09104776) |

Notes to the Financial Statements

for the year ended 31 December 2025

1. | Statutory information

| Studio Graphene Limited 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 director continues to regularly review the Company plans and forecasts, including the identification, control and monitoring of relevant risks and introducing cash and cost control policies where appropriate.

| Based on the stress tested and forward-looking forecasts, Management has reasonable expectation that the Company has adequate resources to continue operating in the foreseeable future. In coming to this conclusion, Management have taken into account contracted revenue in the context of fixed overheads and inflationary pressure, and are confident that the Company will have the necessary resources to meet its obligations for 12 months from the date of approval of these financial statements. Management have considered the fact that certain business development and growth expenditure can be delayed if necessary in order to preserve liquidity. Taking all of these factors into account, Management do not consider that there is a material uncertainty with regard to going concern at the date of approval.

| Turnover

| Turnover 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. Turnover 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

| Turnover 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.

| 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.

| Computer equipment | - | 33% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| 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 statement of financial position date.

| Studio Graphene Limited (Registered number: 09104776) |

Notes to the Financial Statements - continued

for the year ended 31 December 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 statement of financial position 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.

| 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.

| Share-based payments

| Where equity instruments are awarded to employees, the fair value of the instruments at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of instruments that eventually vest. Market vesting conditions are factored into the fair value of the instruments granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

| The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

| Where the terms and conditions of instruments are modified before they vest, the change in the fair value of the instruments, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

| Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received, where this can be reliably estimated.

3. | Employees and directors

| The average number of employees during the year was 20 (2024 - 20 ) .

| Studio Graphene Limited (Registered number: 09104776) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

4. | Tangible fixed assets

Computer |

equipment |

| £

| Cost

| At 1 January 2025 | 122,706 |  |

| Additions | 297 |  |

| Disposals | (3,197 | ) |

| At 31 December 2025 | 119,806 |  |

| Depreciation

| At 1 January 2025 | 112,601 |  |

| Charge for year | 5,758 |  |

| Eliminated on disposal | (3,197 | ) |

| At 31 December 2025 | 115,162 |  |

| Net book value

| At 31 December 2025 | 4,644 |  |

| At 31 December 2024 | 10,105 |  |

5. | Fixed asset investments

Shares in |

group | Other |

undertakings | investments | Totals |

| £ | £ | £

| Cost

| At 1 January 2025 | 5,451 |  | 171,933 |  | 177,384 |  |

| Disposals | - |  | (78,297 | ) | (78,297 | ) |

| At 31 December 2025 | 5,451 |  | 93,636 |  | 99,087 |  |

| Net book value

| At 31 December 2025 | 5,451 |  | 93,636 |  | 99,087 |  |

| At 31 December 2024 | 5,451 |  | 171,933 |  | 177,384 |  |

| The following were subsidiary undertakings of the Company:

| Name |  | Class of shares |  | Holdings |  |

| Studio Graphene Private Limited (India) |  | Ordinary |  | 99% |  |

| Studio of Better Things Lisbon, Unipessoal Lda. (Portugal) |  | Ordinary |  | 100% |  |

| Studio Graphene Private Limited (India) is a private Company incorporated in India. The address of the registered office is Tower D, 9th Floor, Unitech Cyber Park, Sector 39, Gurugram, Haryana 122002. The Company's principal activity is that of Digital product design, application development and loT solutions.

| Studio of Better Things Lisbon, Unipessoal Lda. (Portugal) is a private Company incorporated in Portugal. The address of the registered office is Avenida Infante D. Henrique, no 26, Lisbon, 1149 096. The Company's principal activity is that of Digital product design, application development and loT solutions.

| Studio Graphene Limited (Registered number: 09104776) |

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 | 798,224 |  | 914,117 |  |

| Amounts owed by group undertakings | 40,148 |  | 33,376 |  |

| Other debtors | 228,118 |  | 225,617 |  |

1,066,490 |  | 1,173,110 |  |

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

2025 | 2024 |

| £ | £

| Bank loans and overdrafts | 19,614 |  | 33,636 |  |

| Trade creditors | 36,235 |  | 9,312 |  |

| Amounts owed to group undertakings | 1,220,905 |  | 967,605 |  |

| Taxation and social security | 279,106 |  | 267,259 |  |

| Other creditors | 208,335 |  | 248,946 |  |

1,764,195 |  | 1,526,758 |  |

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

2025 | 2024 |

| £ | £

| Bank loans | - |  | 19,618 |  |

9. | Leasing agreements

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

| £ | £

| Within one year | 11,200 |  | 11,200 |  |

10. | Provisions for liabilities

2025 |  |

| £

| Deferred tax | 1,831 |  |

Deferred tax |

| £

| Balance at 1 January 2025 | (2,304 | ) |

| Charge to Income Statement during year | 4,135 |  |

| Balance at 31 December 2025 | 1,831 |  |

| The company has uncrecognised deferred tax asset of £167,224 (2024 - £167,224) in respect of tax losses carried forward. The asset has not been recognised as there is insufficient certainty as to its recoverability against future trading profits.

| Studio Graphene Limited (Registered number: 09104776) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

11. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

value: |  | £ | £

| 1,076,633 | Ordinary | £0.0001 | 108 |  | 108 |  |

| 67,880 | W shares | £0.0001 | 7 |  | 7 |  |

115 |  | 115 |  |

12. | Related party disclosures

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| During the year the Company was recharged a total of £1,509,073 (2024 - £1,461,424) from its subsidiary Studio Graphene Private Limited, incorporated in India. At the year end a balance of £1,117,035 (2024 - £916,236) was owed by the Company to Studio Graphene Private Limited.

| During the year the Company was recharged a total of £649,769 (2024 - £653,463) from its subsidiary Studio of Better Things Lisbon, incorporated in Portugal. At the year end a balance of £106,078 (2024 - £53,578) was owed by the Company to Studio of Better Things Lisbon.

| At the year end a balance of £242,151 (2024 - £17,476) was owed from Telsen Ltd, a company under common control.

| During the year, the Company provided a loan of £28,500 to the director. No interest is due on this loan, and it is to be repaid within 9 months of the year-end.