Company registration number 05052740 (England and Wales)
TRACK 24 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
TRACK 24 LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
TRACK 24 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,191,000
4,062,369
Tangible assets
5
22,436
25,252
4,213,436
4,087,621
Current assets
Stocks
106,979
156,971
Debtors
6
299,812
363,873
Cash at bank and in hand
660,615
61,136
1,067,406
581,980
Creditors: amounts falling due within one year
7
(319,424)
(455,475)
Net current assets
747,982
126,505
Total assets less current liabilities
4,961,418
4,214,126
Creditors: amounts falling due after more than one year
8
(9,805,395)
(7,531,753)
Net liabilities
(4,843,977)
(3,317,627)
Capital and reserves
Called up share capital
9
99
99
Profit and loss reserves
(4,844,076)
(3,317,726)
Total equity
(4,843,977)
(3,317,627)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 March 2026 and are signed on its behalf by:
Mr Andrew McInerney
Director
Company registration number 05052740 (England and Wales)
TRACK 24 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
99
(2,433,066)
(2,432,967)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(884,660)
(884,660)
Balance at 31 December 2024
99
(3,317,726)
(3,317,627)
Year ended 31 December 2025:
Loss and total comprehensive income
-
(1,526,350)
(1,526,350)
Balance at 31 December 2025
99
(4,844,076)
(4,843,977)
TRACK 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Track 24 Limited is a private company limited by shares incorporated in England and Wales. The registered office is G.06 Clerkenwell Workshops Clerkenwell Close, 27/31 Clerkenwell Close, Farringdon, London, England, EC1R 0AT.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date, the company had net liabilities of £4,843,977 (2024: £3,317,627) which may indicate the existence of a material uncertainty and the company's ability to continue as a going concern.true

The financial statements are prepared on a going concern basis, the validity of which is dependent upon the continuing financial support from a related party, connected by virtue of common ownership.

The directors have confirmed that the company is at an advanced stage of fund raising which will enable the company to trade successfully for at least the next 12 months.

In the remote event of an unsuccessful fund raising campaign, the directors have prepared a plan which the company would undertake to ensure it remains profitable in the current year.

Taking the above into consideration, the financial statements have been prepared by the directors on a going concern basis and on the assumption that continued financial support shall be made available as and when required.

The financial statements do not include any adjustments that would result if the above support was withdrawn.

1.3
Turnover
Turnover represents amounts receivable for the provision of crisis management services and the sale of the associated hardware, net of VAT. For services provided revenue is recognised when the service is undertaken. For the sale of goods revenue is recognised when ownership of the goods passes to the customer.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 are recover able.

TRACK 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
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.

Intangible assets are recognised from the development phase of a project if and only if certain criteria are met in order to demonstrate the asset will generate probable future economic benefits and such costs can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over the useful economic life of the intangible asset.

During the year, the management has identified such qualifying and non qualifying expenses and capitalised and expensed the same respectively.

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:

Software
10% straight line amortisation through useful life
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:

Leasehold improvements
25% - 50% straight line method
Plant and machinery
25% straight line method
Fixtures, fittings & equipment
25% - 50% straight line method
Computer equipment
25% straight line method

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
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.

TRACK 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -

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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

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.

TRACK 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
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.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.12
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.

1.13
Retirement benefits

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

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

TRACK 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
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
Employees

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

2025
2024
Number
Number
Total
18
15
4
Intangible fixed assets
Software
£
Cost
At 1 January 2025
4,197,804
Additions
567,212
At 31 December 2025
4,765,016
Amortisation and impairment
At 1 January 2025
135,435
Amortisation charged for the year
438,581
At 31 December 2025
574,016
Carrying amount
At 31 December 2025
4,191,000
At 31 December 2024
4,062,369
TRACK 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
23,710
41,675
2,269
7,215
74,869
Additions
-
0
14,131
-
0
341
14,472
Disposals
(10,877)
(7,563)
-
0
-
0
(18,440)
Transfers
-
0
3,071
-
0
(3,071)
-
0
At 31 December 2025
12,833
51,314
2,269
4,485
70,901
Depreciation and impairment
At 1 January 2025
8,579
38,020
427
2,591
49,617
Depreciation charged in the year
6,020
4,334
1,114
1,730
13,198
Eliminated in respect of disposals
(7,150)
(7,200)
-
0
-
0
(14,350)
Transfers
-
0
480
-
0
(480)
-
0
At 31 December 2025
7,449
35,634
1,541
3,841
48,465
Carrying amount
At 31 December 2025
5,384
15,680
728
644
22,436
At 31 December 2024
15,131
3,655
1,842
4,624
25,252
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
90,583
143,207
Other debtors
176,709
57,520
267,292
200,727
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
32,520
163,146
Total debtors
299,812
363,873

Non-current other debtors include amounts due from fellow group undertakings of £14,520 (2024: £163,146). The remaining balance of £18,000 (2024: nil) relates to amounts owed by a former director, which are expected to be recovered after more than one year..

TRACK 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
92,369
71,514
Taxation and social security
52,507
47,237
Other creditors
174,548
336,724
319,424
455,475
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
9,805,395
7,531,753

Non-current other creditors balance of £9,805,393 (2024: £7,531,753) relate to amounts owed to parent company and fellow group undertakings.

9
Called up share capital
2025
2024
£
£
Issued and fully paid
990 Ordinary shares of 10p each
99
99
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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.

Emphasis of Matter - Material uncertainty related to going concern

In forming our opinion of the financial statements, which is not qualified, we have considered the adequacy of the disclosure made in note 1.2 of the financial statements concerning the company's ability to continue as a going concern. The company during the year ended 31 December 2025 had net liabilities of £4,843,977 (2024: £3,317,627). These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

TRACK 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
Harsheel Dodhia
Statutory Auditor:
KLSA LLP
Date of audit report:
26 March 2026
11
Related party transactions

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with the ultimate parent company and any other company which is under common control.

During the year ended 31 December 2025, the total remuneration paid to directors amounted to £50,949 (2024: £167,594).

At the balance sheet date, the amount receivable from Mr Daniel Bridges, the former director amounted to £108,770. Of the amount outstanding, £90,770 is receivable within one year and therefore part of Other debtors and £18,000 receivable after one year and disclosed under long-term debtors.

12
Ultimate controlling party

The parent company is Inquiron Limited BVI, a company incorporated in British Virgin Islands.

In the opinion of the directors, there is no ultimate controlling party.

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