Silverfin false false 31/07/2025 01/08/2024 31/07/2025 C L Goodfellow 30/11/2021 C Nduka 29/07/2015 S Strand 10/11/2023 15 April 2026 The principal activity of the company continued to be that of the development of ground-breaking technologies for behavioral research and therapy using wearables, biometrics and cutting-edge machine learning. The company’s mission is to improve lives by providing people with objective and actionable feedback about their behaviours. 09708880 2025-07-31 09708880 bus:Director1 2025-07-31 09708880 bus:Director2 2025-07-31 09708880 bus:Director3 2025-07-31 09708880 2024-07-31 09708880 core:CurrentFinancialInstruments 2025-07-31 09708880 core:CurrentFinancialInstruments 2024-07-31 09708880 core:Non-currentFinancialInstruments 2025-07-31 09708880 core:Non-currentFinancialInstruments 2024-07-31 09708880 core:ShareCapital 2025-07-31 09708880 core:ShareCapital 2024-07-31 09708880 core:SharePremium 2025-07-31 09708880 core:SharePremium 2024-07-31 09708880 core:OtherCapitalReserve 2025-07-31 09708880 core:OtherCapitalReserve 2024-07-31 09708880 core:RetainedEarningsAccumulatedLosses 2025-07-31 09708880 core:RetainedEarningsAccumulatedLosses 2024-07-31 09708880 2023-07-31 09708880 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 09708880 core:PatentsTrademarksLicencesConcessionsSimilar 2024-07-31 09708880 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-07-31 09708880 core:PatentsTrademarksLicencesConcessionsSimilar 2025-07-31 09708880 core:PlantMachinery 2024-07-31 09708880 core:FurnitureFittings 2024-07-31 09708880 core:ComputerEquipment 2024-07-31 09708880 core:PlantMachinery 2025-07-31 09708880 core:FurnitureFittings 2025-07-31 09708880 core:ComputerEquipment 2025-07-31 09708880 core:CostValuation 2024-07-31 09708880 core:DisposalsDecreaseInInvestments 2025-07-31 09708880 core:CostValuation 2025-07-31 09708880 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2025-07-31 09708880 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-07-31 09708880 bus:OrdinaryShareClass1 2025-07-31 09708880 2024-08-01 2025-07-31 09708880 bus:FilletedAccounts 2024-08-01 2025-07-31 09708880 bus:SmallEntities 2024-08-01 2025-07-31 09708880 bus:AuditExemptWithAccountantsReport 2024-08-01 2025-07-31 09708880 bus:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 09708880 bus:Director1 2024-08-01 2025-07-31 09708880 bus:Director2 2024-08-01 2025-07-31 09708880 bus:Director3 2024-08-01 2025-07-31 09708880 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2024-08-01 2025-07-31 09708880 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2024-08-01 2025-07-31 09708880 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-08-01 2025-07-31 09708880 core:PatentsTrademarksLicencesConcessionsSimilar 2024-08-01 2025-07-31 09708880 core:OtherResidualIntangibleAssets 2024-08-01 2025-07-31 09708880 core:PlantMachinery 2024-08-01 2025-07-31 09708880 core:FurnitureFittings 2024-08-01 2025-07-31 09708880 core:ComputerEquipment 2024-08-01 2025-07-31 09708880 2023-08-01 2024-07-31 09708880 core:Subsidiary1 2024-08-01 2025-07-31 09708880 core:Subsidiary1 1 2024-08-01 2025-07-31 09708880 core:Subsidiary1 1 2023-08-01 2024-07-31 09708880 core:Subsidiary2 2024-08-01 2025-07-31 09708880 core:Subsidiary2 1 2024-08-01 2025-07-31 09708880 core:Subsidiary2 1 2023-08-01 2024-07-31 09708880 core:Non-currentFinancialInstruments 2024-08-01 2025-07-31 09708880 bus:OrdinaryShareClass1 2024-08-01 2025-07-31 09708880 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 09708880 (England and Wales)

# EMTEQ LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2025
PAGES FOR FILING WITH THE REGISTRAR

EMTEQ LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025

Contents

EMTEQ LIMITED

## BALANCE SHEET

AS AT 31 JULY 2025
EMTEQ LIMITED

## BALANCE SHEET (continued)

AS AT 31 JULY 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 4 | 785,162 |  | 773,584
Tangible assets | 5 | 11,388 |  | 15,615
Investments | 6 | 52,529 |  | 54,742
|  | 849,079 |  | 843,941
Current assets |  |  |  |
Debtors | 7 | 82,801 |  | 185,691
Cash at bank and in hand |  | 7,452 |  | 51,273
|  | 90,253 |  | 236,964
Creditors: amounts falling due within one year | 8 | ( 1,605,691) |  | ( 1,068,926)
Net current liabilities |  | (1,515,438) |  | (831,962)
Total assets less current liabilities |  | (666,359) |  | 11,979
Creditors: amounts falling due after more than one year | 9 | ( 1,391,951) |  | ( 1,146,487)
Net liabilities |  | ( 2,058,310) |  | ( 1,134,508)
Capital and reserves |  |  |  |
Called-up share capital | 10 | 37,430 |  | 34,576
Share premium account |  | 4,374,141 |  | 3,899,618
Other reserves |  | 799,000 |  | 588,098
Profit and loss account |  | ( 7,268,881 ) |  | ( 5,656,800 )
Total shareholders' deficit |  | ( 2,058,310) |  | ( 1,134,508)

For the financial year ending 31 July 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Emteq Limited (registered number: 09708880) were approved and authorised for issue by the Board of Directors on 15 April 2026. They were signed on its behalf by:

C Nduka Director |

EMTEQ LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025
EMTEQ LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Emteq Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sussex Innovation Centre, Science Park Square, Brighton, BN1 9SB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Revenue includes;
• Grant funding received
• Commercial product sales revenue; and
• Consultancy projects
Grant funding revenue received is recognised in line with the costs incurred. When it is received in arrears, the revenue is accrued to match the appropriate proportion of the costs and when it is received in advance, the revenue is deferred to match the appropriate proportion of costs.
Commercial product sales revenue is recognised net of VAT when the product is shipped to the client.
Consultancy project fee revenue is recognised net of VAT in proportion to the amount of work completed.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value is measured by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

##### Taxation

Current tax
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 balance sheet date.
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 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.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs | 3 years straight line
Trademarks, patents and licences | 10 years straight line

###### Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

###### Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

###### Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery | 33 % reducing balance
Fixtures and fittings | 20 % reducing balance
Computer equipment | 33 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
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.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### 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 creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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 payments 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. Amounts 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 6 |  | 4

#### 3. Share-based payments

Equity-settled share-based payment schemes

The Company has a share option scheme for all employees.
Options are exercisable at a price equal to the estimated fair value of the Company’s shares on the date of grant. The vesting period is three years. If the options remain unexercised after a period of five years from the date of grant the options expire. Options are forfeited if the employee leaves the Company before the options vest.

Details of the share options outstanding during the financial year are as follows:

| 2025 |  | 2024
| Weighted Average |  | Weighted Average
| Number of share options | Average exercise price (£) |  | Number of share options | Average exercise price (£)
Outstanding at beginning of period | 1,170,409 | 1.19 |  | 596,248 | 1.41
Granted during the period | 926,053 | 1.29 |  | 585,150 | 0.95
Forfeited during the period | 0 | 0 |  | ( 2,000) | 0.95
Exercised during the period | 0 | 0 |  | ( 8,989) | 1.78
Outstanding at the end of the period | 2,096,462 | 1.96 |  | 1,170,409 | 1.19
Exercisable at the end of the period | 1,419,397 | 1.27 |  | 1,071,659 | 1.16

The options outstanding at 31 July 2025 had an exercise price ranging from £0.01 to £2.52, and a remaining contractual life of 2 to 10 years.
All the options can be exercised during the option holder's lifetime, only by the option holder.

The Company recognised total expenses of £ 210,901 and £ 178,578 related to equity-settled share-based payment transactions in 2025 and 2024 respectively.

#### 4. Intangible assets

| Development costs |  | Trademarks, patents and licences |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 August 2024 | 4,669,775 |  | 332,157 |  | 5,001,932
Additions | 405,490 |  | 28,007 |  | 433,497
At 31 July 2025 | 5,075,265 |  | 360,164 |  | 5,435,429
Accumulated amortisation |  |  |  |  |
At 01 August 2024 | 4,059,643 |  | 168,705 |  | 4,228,348
Charge for the financial year | 385,903 |  | 36,016 |  | 421,919
At 31 July 2025 | 4,445,546 |  | 204,721 |  | 4,650,267
Net book value |  |  |  |  |
At 31 July 2025 | 629,719 |  | 155,443 |  | 785,162
At 31 July 2024 | 610,132 |  | 163,452 |  | 773,584

#### 5. Tangible assets

| Plant and machinery |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 August 2024 | 14,960 |  | 4,706 |  | 43,298 |  | 62,964
Additions | 0 |  | 596 |  | 248 |  | 844
At 31 July 2025 | 14,960 |  | 5,302 |  | 43,546 |  | 63,808
Accumulated depreciation |  |  |  |  |  |  |
At 01 August 2024 | 11,283 |  | 3,173 |  | 32,893 |  | 47,349
Charge for the financial year | 1,214 |  | 362 |  | 3,495 |  | 5,071
At 31 July 2025 | 12,497 |  | 3,535 |  | 36,388 |  | 52,420
Net book value |  |  |  |  |  |  |
At 31 July 2025 | 2,463 |  | 1,767 |  | 7,158 |  | 11,388
At 31 July 2024 | 3,677 |  | 1,533 |  | 10,405 |  | 15,615

#### 6. Fixed asset investments

| 2025 |  | 2024
| £ |  | £
Subsidiary undertakings | 52,529 |  | 54,742

Investments in subsidiaries

| 2025
| £
Cost |
At 01 August 2024 | 54,742
Disposals | ( 2,213)
At 31 July 2025 | 52,529
Carrying value at 31 July 2025 | 52,529
Carrying value at 31 July 2024 | 54,742

Investments in shares

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

Name of entity | Registered office | Class of shares | Ownership 31.07.2025 | Ownership 31.07.2024 | Held
AIDEA LAB DOO SKOP JE | UI. Stefan Jakimov br. 5/4A, Skopeje Cemtar | Ordinary | 100.00% | 100.00% | Direct
EMTEQ LABS INC. | 8 The Green, Suite R, Dover, Kent County, Delaware 19901, USA | Ordinary | 99.97% | 100.00% | Direct

#### 7. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 0 |  | 7,275
Amounts owed by Group undertakings | 59,060 |  | 0
Corporation tax | 0 |  | 132,308
Other debtors | 23,741 |  | 46,108
| 82,801 |  | 185,691

#### 8. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 8,735 |  | 10,209
Trade creditors | 202,927 |  | 92,227
Amounts owed to own subsidiaries | 0 |  | 8
Other taxation and social security | 19,579 |  | 8,538
Other creditors | 1,374,450 |  | 957,944
| 1,605,691 |  | 1,068,926

Other creditors include a convertible loan taken by the company which has a nominal value of $1,000,000 (£797,060) with a nominal interest rate of 5%. The lender has confirmed that they will trigger conversion to equity in June 2026. The loan is secured by way of a fixed and floating charge against the whole and any part of the undertaking, property and assets of the company.

#### 9. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 8,791
Other creditors | 1,391,951 |  | 1,137,696
| 1,391,951 |  | 1,146,487

Other creditors include three convertible loan notes issued by the company. The first was issued in September 2020 and has a drawdown value of £900,000 with a nominal interest rate of 7.4%. The second was issued in April 2024 and has a drawdown value of £143,118 with a nominal interest rate of 8.0%. The third was issued in May 2025 and has a drawdown value of £131,901 with a nominal interest rate of 8.0%. The loans are secured by way of a fixed and floating charge against the whole and any part of the undertaking, property and assets of the company.

#### 10. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
3,742,968 Ordinary shares of £ 0.01 each (2024: 3,457,603 shares of £ 0.01 each) | 37,430 |  | 34,576

#### 11. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 7,980 |  | 7,600