Company registration number 08698690 (England and Wales)
TRILATERAL RESEARCH LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TRILATERAL RESEARCH LTD
COMPANY INFORMATION
Directors
Kush Wadhwa
David Wright
Nancy Baker
(Appointed 31 December 2024)
Rachel Finn
(Appointed 31 December 2024)
Diana Sauls
(Appointed 31 December 2024)
Company number
08698690
Registered office
One Knightsbridge Green
5th Floor
London
United Kingdom
Auditor
UHY Farrelly Dawe White Limited
FDW House
Blackthorn Business Park
Coes Road
Dundalk
Co. Louth
Ireland
Solicitors
Fieldfisher
Riverbank House
2 Swan Lane
London
England
EC4R 3TT
TRILATERAL RESEARCH LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
TRILATERAL RESEARCH LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

Trilateral Research Ltd is a UK-based Limited Company with one wholly-owned subsidiary, Trilateral Research Ltd (IE). Results of the business are reported in the UK for the UK Company, and the results of the IE operation are reported in the Republic of Ireland. Intercompany transactions record any movements of funds between the two companies. From an operational perspective, staff and resources are shared, with allocation of costs recorded where applicable. The business has three primary lines of business:

- Innovation & Research Services (Research) - Research services are undertaken either through government-supported grants or as commercial services. For government-supported projects, the main funding sources include the European Commission and UKRI.

- Managed Services - Commercial services, primarily around the areas of data protection and privacy, cybersecurity and responsible AI, are delivered to public and private sector organisations through the Managed Services business unit.

- Sociotech for Good (STG) - The STG line of business provides technical services for the creation of bespoke AI solutions as well as delivery of commercial AI solutions. During the period, this line of business launched the first sale of its flagship product, CESIUM, which was developed to support safeguarding professionals responsible for preventing exploitation of children in the UK. CESIUM has been developed in co-design with a UK Police Force over the previous 5 years through funding from DASA and UKRI alongside significant investment by the company.

Principal risks and uncertainties

The key risks during the year are related to revenues in the Research Services and STG lines of business, as well as the resulting financial sustainability of the business:

- Research line of business - During the majority of the period, the UK had not yet acceded to the Horizon Europe programme, and while the UK government (via UKRI) did provide government guarantees for projects awarded under the programme, the delays in acceding to the programme placed a chill on invitations to participate in new projects, creating some downstream reduction in research activities. (Note that the UK did accede to the Horizon Europe programme in January 2024, reducing this risk.) Risks based upon these issues are actively monitored and capacity planning activities for these projects mitigate any uncertainty. The average duration of research projects is 36 months, providing the ability to plan and respond to any changes in capacity requirements through hastening or slowing personnel recruitment activities.

- STG line of business - The company has made significant investments in the development of Sociotech methods and services as well as the development of Responsible AI products. As a key element of the Trilateral mission, we bring together social scientists, ethicists, legal experts, domain experts alongside technical experts to develop solutions for some of the most intractable problems including child exploitation, human trafficking, air pollution, amongst others. The key buyers of these solutions are in the public sector and include a range of governmental actors such as the police, local authorities, NHS, as well as central government. Lengthy delays in the procurement cycles for the public sector represent the key risk to uptake of the developed solutions. As we continue to make investments in this space, we have mitigated the risks posed by this in pursuing the development of bespoke AI solutions for a broader customer pool.

- Financial sustainability - As Trilateral continued to invest in AI to take on the role of global leader of Responsible AI, the period reported on created financial stresses. The principals of the company have been working to ensure the long-term success of the company, and are seizing the opportunity to create a UK-based powerhouse in the AI arena. During the period ended 31 March 2024, the company had been actively engaged in conversations with a large number of VCs, Angel investors, and debt providers. In the following fiscal year, the company was successful in raising £2.5 million in venture debt (September 2024) and £2.5 million in equity from an external investor (December 2024).

TRILATERAL RESEARCH LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Development and performance

The company continued its transformation from a research and services-focused organisation to a Responsible AI company, seizing the opportunity in the market to set the standard for the development of responsible and trustworthy AI. This has required continued investment in AI development, and a growth in Responsible AI services.

Turnover in the UK based operation was reduced over the period (£1.62 million FY 2024 vs. £2.91 million FY 2023). This reduction was a result of reduced levels of Research project revenues (as noted above, due to delays in the UK acceding to the Horizon Europe programme). Note that on a consolidated basis, the Research business unit remained near historic levels for revenue, as the company’s wholly owned subsidiary in Ireland increased revenues in this business unit. Revenue on a consolidated basis (£5.38 million FY 2024 vs. £6.00 million FY 2023) was down slightly, primarily due to the slowing of Research. Some of these reductions were offset by growth in our Managed Services line of business. This business line has shown steady growth since its establishment in 2018 and continues to grow with the addition of new large multi-year contracts and the addition of new services, particularly with respect to Responsible AI services (training, governance, etc.).

Overall results show a loss for the financial year (£945k) in the UK as the company continued to invest in the development of Responsible AI software, which is forecast to generate significant revenues as the market becomes ready to deploy AI (i.e., moves beyond simple use cases that are currently in deployment). This loss is offset in part by a profit in the wholly-owned subsidiary in IE (€850K/£7 34 K) for a consolidated loss of £2 74 K.

Investments in AI development continued through the period, with the development of an application to tackle health and air pollution (STRIAD: AIR) and to support organisations in compliance/governance of their own AI activities (STRIAD: AI Assurance), as well as further development of the CESIUM product with the addition of new modules for multi-agency and inter-agency data environments to enable data sharing. In the UK, the Company invested £1.98 million into the development of AI, and on a consolidated basis, a total of £2.42 million.

Initial sales of AI software with the first sale of the CESIUM product (AI software that supports safeguarding professionals targeting child exploitation in the UK) took effect during the period. The first licence sale introduced initial AI software (SaaS) revenues. In addition, the company began amortising the investments made in Version 1 of the CESIUM product.

Key performance indicators

The Directors track various financial and operational KPIs, including turnover, R&D investment levels, and key operational expenses with a focus on labour costs. Comparison is made to month-on-month trends and against budgets, with analysis as outlined above.

On behalf of the board

Kush Wadhwa
Director
14 April 2026
TRILATERAL RESEARCH LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of cutting-edge research, software development and strategic advisory services to both private and public-sector institutions with regard to privacy, data protection, ethics, risk identification assessment and management, data-driven decision-making via data science techniques and artificial intelligence. The company applies for grants and responds to tenders from public sector bodies such as the European Commission and the UK government in consortia or on its own account, on specific projects that complement its skill sets. It also transforms research results into commercial services and products, including services in the areas of data protection (outsourced Data Protection Officer services, GDPR Compliance work) and data-driven risk identification and assessment methodologies and technologies (STRIAD platform, HAMOC Application, CESIUM Application).

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Kush Wadhwa
David Wright
Nancy Baker
(Appointed 31 December 2024)
Rachel Finn
(Appointed 31 December 2024)
Diana Sauls
(Appointed 31 December 2024)
Auditor

UHY Farrelly Dawe White Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Kush Wadhwa
David Wright
Director
Director
14 April 2026
TRILATERAL RESEARCH LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board
Kush Wadhwa
David Wright
Director
Director
14 April 2026
TRILATERAL RESEARCH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRILATERAL RESEARCH LTD
- 5 -
Opinion

We have audited the financial statements of Trilateral Research Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - Going Concern

In forming our opinion, we have considered the adequacy of the disclosures made in note 1.2. We consider that it should be drawn to your attention but our opinion is not qualified in this respect.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

TRILATERAL RESEARCH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRILATERAL RESEARCH LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting for estimates including estimates relating to revenue recognition. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Evaluation of the effectiveness of management's controls designed to prevent and detect irregularities;

- Identification and testing of significant manual journal entries; and

- Testing of assumptions and judgements ma d e by management in making significant accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TRILATERAL RESEARCH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRILATERAL RESEARCH LTD (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Bellew
Senior Statutory Auditor
For and on behalf of UHY Farrelly Dawe White Limited
Chartered Certified Accountants
Statutory Auditor
FDW House
Blackthorn Business Park
Coes Road
Dundalk
Co. Louth
Ireland
14 April 2026
TRILATERAL RESEARCH LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
2,057,545
1,627,823
Administrative expenses
(3,410,334)
(3,109,236)
Other operating income
624,122
492,647
Operating loss
4
(728,667)
(988,766)
Interest receivable and similar income
7
611
-
0
Interest payable and similar expenses
8
(217,279)
(37,295)
Loss before taxation
(945,335)
(1,026,061)
Tax on loss
9
418,531
-
0
Loss for the financial year
(526,804)
(1,026,061)

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

TRILATERAL RESEARCH LTD
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
7,292,497
5,378,784
Tangible assets
11
58,233
71,919
Investments
12
100
100
7,350,830
5,450,803
Current assets
Debtors
14
808,878
182,673
Cash at bank and in hand
190,950
228,474
999,828
411,147
Creditors: amounts falling due within one year
15
(7,036,359)
(6,264,403)
Net current liabilities
(6,036,531)
(5,853,256)
Total assets less current liabilities
1,314,299
(402,453)
Creditors: amounts falling due after more than one year
16
(1,960,223)
(116,667)
Net liabilities
(645,924)
(519,120)
Capital and reserves
Called up share capital
20
103
101
Share premium account
399,998
-
0
Profit and loss reserves
(1,046,025)
(519,221)
Total equity
(645,924)
(519,120)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 April 2026 and are signed on its behalf by:
Kush Wadhwa
David Wright
Director
Director
Company registration number 08698690 (England and Wales)
TRILATERAL RESEARCH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
100
-
0
506,840
506,940
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(1,026,061)
(1,026,061)
Issue of share capital
20
1
-
0
-
1
Balance at 31 March 2024
101
-
0
(519,221)
(519,120)
Year ended 31 March 2025:
Loss and total comprehensive income
-
-
(526,804)
(526,804)
Issue of share capital
20
2
399,998
-
400,000
Balance at 31 March 2025
103
399,998
(1,046,025)
(645,924)
TRILATERAL RESEARCH LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,136,546
1,663,664
Interest paid
(217,279)
(37,295)
Income taxes refunded
114,739
98,795
Net cash inflow from operating activities
2,034,006
1,725,164
Investing activities
Purchase of intangible assets
(2,016,904)
(1,981,019)
Purchase of tangible fixed assets
(872)
(13,092)
Interest received
611
-
0
Net cash used in investing activities
(2,017,165)
(1,994,111)
Financing activities
Proceeds from issue of shares
2
1
Share issue costs
399,998
-
0
Repayment of borrowings
(183,073)
461,782
Repayment of bank loans
(271,292)
(110,729)
Net cash (used in)/generated from financing activities
(54,365)
351,054
Net (decrease)/increase in cash and cash equivalents
(37,524)
82,107
Cash and cash equivalents at beginning of year
228,474
146,367
Cash and cash equivalents at end of year
190,950
228,474
TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Trilateral Research Ltd is a private company limited by shares incorporated in England and Wales. The registered office is One Knightsbridge Green, 5th Floor, London, United Kingdom.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company incurred further losses in the financial year ended 31 March 2025 of £945k (2024:(£1.206m) true

At the balance sheet date, the Company was in a net liability position of (£646K) (2024:(£519k) and its ability to meet its obligations as they fall due is dependent on continued financial support from its shareholders and existing lenders, as well as the successful completion of a proposed funding transaction.

The directors have confirmed that the Company is in advanced stages of securing a significant investment from a third-party investor. Based on the current status of negotiations, this funding is considered imminent and is expected to provide sufficient working capital to support the Company’s operations and strengthen its financial position.

In addition, the directors have received confirmation from shareholders of their ongoing commitment to provide financial support to the Company as required. The Company also continues to engage constructively with its existing lenders, who remain supportive.

The directors have prepared cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. These forecasts, which include assumptions regarding the receipt of the proposed investment and continued shareholder and lender support, indicate that the Company will have sufficient liquidity to meet its obligations as they fall due.

Based on the above, the directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

1.3
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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.4
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.

1.5
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.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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% Straight Line

The company only begins to amortise the intangible assets once they are in use.

1.6
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:

Fixtures and fittings
20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.8
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
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.

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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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 the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.16
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.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

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
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales
2,057,545
1,627,823
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
2,057,545
1,620,680
USA
-
7,143
2,057,545
1,627,823
2025
2024
£
£
Other revenue
Interest income
611
-
TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
4
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(6,710)
19,644
Fees payable to the company's auditor for the audit of the company's financial statements
4,200
4,200
Depreciation of owned tangible fixed assets
14,558
15,819
Amortisation of intangible assets
103,191
61,421
Operating lease charges
76,200
86,407
5
Employees

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

2025
2024
Number
Number
73
72

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,082,324
2,027,303
Pension costs
83,855
81,219
2,166,179
2,108,522
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
264,000
264,000
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
132,000
132,000
TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
611
-
0
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
611
-
0
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
217,279
34,319
Other finance costs:
Other interest
-
0
2,976
217,279
37,295
TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(418,531)
-
0

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(945,335)
(1,026,061)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2024: 19.00%)
(179,614)
(194,952)
Tax effect of expenses that are not deductible in determining taxable profit
60,889
-
0
Unutilised tax losses carried forward
36,438
882,856
Permanent capital allowances in excess of depreciation
2,766
12,188
Research and development tax credit
(418,531)
-
0
R&D costs capitalised
79,521
(700,092)
Taxation credit for the year
(418,531)
-
10
Intangible fixed assets
Development costs
£
Cost
At 1 April 2024
5,581,142
Additions
2,016,904
At 31 March 2025
7,598,046
Amortisation and impairment
At 1 April 2024
202,358
Amortisation charged for the year
103,191
At 31 March 2025
305,549
Carrying amount
At 31 March 2025
7,292,497
At 31 March 2024
5,378,784
TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
11
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2024
144,044
Additions
872
At 31 March 2025
144,916
Depreciation and impairment
At 1 April 2024
72,125
Depreciation charged in the year
14,558
At 31 March 2025
86,683
Carrying amount
At 31 March 2025
58,233
At 31 March 2024
71,919
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
100
100
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Trilateral Research Limited
Ireland
Ordinary Shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Trilateral Research Limited
1,530,458
153,424
TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
244,917
22,109
Corporation tax recoverable
418,631
114,839
Other debtors
-
0
8,555
Prepayments and accrued income
145,330
37,170
808,878
182,673
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
-
0
154,625
Other borrowings
17
278,709
461,782
Trade creditors
135,343
142,126
Amounts owed to group undertakings
4,511,684
3,988,302
Taxation and social security
546,194
342,122
Government grants
18
483,013
381,928
Other creditors
1,077,216
789,318
Accruals and deferred income
4,200
4,200
7,036,359
6,264,403
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
-
0
116,667
Other creditors
1,960,223
-
0
1,960,223
116,667
17
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
271,292
Other loans
278,709
461,782
278,709
733,074
Payable within one year
278,709
616,407
Payable after one year
-
0
116,667
TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Loans and overdrafts
(Continued)
- 23 -

The long-term loans are secured by fixed charges over:

- All land vested in or charged to the owner, all fixtures and fittings attached o the land and all rents receivable from any lease granted out of the land;

- All plant and machinery including any associated warranties and maintenance contracts;

- All goodwill of the business;

- Any uncalled capital;

- All stock, share and other securities held by the company at any time in and Subsidiary and all income and rights relating to those stocks, shares and securities;

- All intellectual property, licenses, claims, insurance policies, proceeds of any insurance and any other legal rights; and

- The benefit of any hedging arrangements, futures transactions or treasury instruments.

18
Government grants
2025
2024
£
£
Arising from government grants
483,013
381,928

Deferred grants represent grants received to finance specific projects. They are credited to the balance sheet and released to the profit and loss account on a straight line basis over the life of the related project. Over the life of any single project, there may be slight variations in the actual time spent (and thus revenue earned) by month. Analysis shows that cross years, and in the context of all projects, utilising a straight line approach is the most effective method of matching revenues to periods and to expenses. The total released to the profit and loss account during the year ended 31 March 2025 was £1,262,456 (2024 - £1,141,173).

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
83,855
81,219

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.0001p each
102,000,000
100,000,000
102
100
TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Share capital
(Continued)
- 24 -
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Authorised
Issued and fully paid
Preference Shares of 0.0001p each
1,000,000
1,000,000
1
1
Preference shares classified as equity
1
1
Total equity share capital
103
101
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
264,000
264,000
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Loan to related party
Loan to related party
2025
2024
£
£
Konnektable Technologies Limited
-
8,554
Loans received
2025
2024
£
£
Konnektable Technologies Limited
29,647
-
Kubera Venture Capital Group (KVCG)
769,587
707,887

At the year end 31 March 2025 Trilateral Research Limited owed Konnektable Technologies Limited £29,647. The company is deemed a related party through common directorship.

At the year end 31 March 2025 Trilateral Research Ltd owed Kubera Venture Capital Group (KVCG) £769,587. The company is deemed a related party through common directorship.

TRILATERAL RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Related party transactions
(Continued)
- 25 -

The following amounts were owed by the company at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Trilateral Research Limited
4,511,684
3,988,301

The company has taken advantage of the exemption, under the terms of the 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.

22
Ultimate controlling party

The company deems Mr. Kush Wadhwa as the ultimate controlling party as he owns 75% or more of the shares in the company.

23
Cash generated from operations
2025
2024
£
£
Loss for the year after tax
(526,804)
(1,026,061)
Adjustments for:
Taxation credited
(418,531)
-
0
Finance costs
217,279
37,295
Investment income
(611)
-
0
Amortisation and impairment of intangible assets
103,191
61,421
Depreciation and impairment of tangible fixed assets
14,558
15,819
Movements in working capital:
(Increase)/decrease in debtors
(322,413)
79,231
Increase in creditors
2,968,792
2,334,394
Increase in deferred income
101,085
161,565
Cash generated from operations
2,136,546
1,663,664
24
Analysis of changes in net debt
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
228,474
(37,524)
190,950
Borrowings excluding overdrafts
(733,074)
454,365
(278,709)
(504,600)
416,841
(87,759)
25
Approval of financial statements
The directors approved the financial statements on 14 April 2026.
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