IRIS Accounts Production v26.1.0.640 11947445 Board of Directors 1.1.25 31.12.25 31.12.25 false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 11947445 2024-12-31 11947445 2025-12-31 11947445 2025-01-01 2025-12-31 11947445 2023-12-31 11947445 2024-01-01 2024-12-31 11947445 2024-12-31 11947445 ns15:EnglandWales 2025-01-01 2025-12-31 11947445 ns14:PoundSterling 2025-01-01 2025-12-31 11947445 ns10:Director1 2025-01-01 2025-12-31 11947445 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 11947445 ns10:SmallEntities 2025-01-01 2025-12-31 11947445 ns10:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 11947445 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 11947445 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 11947445 ns10:FullAccounts 2025-01-01 2025-12-31 11947445 ns10:Director2 2025-01-01 2025-12-31 11947445 ns10:RegisteredOffice 2025-01-01 2025-12-31 11947445 ns5:CurrentFinancialInstruments 2025-12-31 11947445 ns5:CurrentFinancialInstruments 2024-12-31 11947445 ns5:ShareCapital 2025-12-31 11947445 ns5:ShareCapital 2024-12-31 11947445 ns5:SharePremium 2025-12-31 11947445 ns5:SharePremium 2024-12-31 11947445 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 11947445 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 11947445 ns5:PlantMachinery 2025-01-01 2025-12-31 11947445 ns5:FurnitureFittings 2025-01-01 2025-12-31 11947445 ns5:ComputerEquipment 2025-01-01 2025-12-31 11947445 ns5:PlantMachinery 2024-12-31 11947445 ns5:FurnitureFittings 2024-12-31 11947445 ns5:ComputerEquipment 2024-12-31 11947445 ns5:PlantMachinery 2025-12-31 11947445 ns5:FurnitureFittings 2025-12-31 11947445 ns5:ComputerEquipment 2025-12-31 11947445 ns5:PlantMachinery 2024-12-31 11947445 ns5:FurnitureFittings 2024-12-31 11947445 ns5:ComputerEquipment 2024-12-31 11947445 ns5:CostValuation 2024-12-31 11947445 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 11947445 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31

REGISTERED NUMBER: 11947445 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Urban Air Port Limited

Urban Air Port Limited (Registered number: 11947445)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Report of the Directors | 2 |

Balance Sheet | 5 |

Notes to the Financial Statements | 7 |

Report of the Accountants | 11 |

Urban Air Port Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | H Sandhu

| A Wu-Sandhu

| REGISTERED OFFICE: | c/o Canny & Associates

| 60 Cannon Street

| London

| EC4N 6NP

| REGISTERED NUMBER: | 11947445 (England and Wales)

| ACCOUNTANTS: | Canny & Associates Ltd

| Chartered Certified Accountants

| 60 Cannon Street

| London

| EC4N 6NP

Urban Air Port Limited (Registered number: 11947445)

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing innovative design and consultancy services for the aeronautical sector.

REVIEW OF BUSINESS

FY2025 was a landmark year for Urban-Air Port Ltd (UAP), defined by two parallel tracks of exceptional momentum: the formal launch and rapid traction of its defence technology capability, and a significant broadening of its Advanced Air Mobility infrastructure partnerships across four continents. The year demonstrated UAP's growing ability to operate credibly across both near-term defence demand and the longer arc of global aviation transformation.

Defence Technology - Launch Year

FY2025 marked UAP's formal entry into the defence technology sector, with Pandora - the Company's hardware-agnostic, containerised autonomous deployment system - achieving compelling early traction within its first year of dedicated defence activity. Pandora enables the launch, recovery and re-arm of uncrewed aerial systems from a rapidly deployable, ruggedised platform engineered for austere and contested environments.

Key Defence Developments

- Unveiling of the Pandora suite at DSEI (9-12 September 2025), one of the world's foremost defence and security exhibitions - marking UAP's public entry into the global defence market

- Creation of Pandora Mission Management System (Pandora MMS), an AI-native command-and-control software layer designed for degraded, denied, intermittent and low-bandwidth (DDIL) environments, capable of integrating with third-party autonomy and C2 platforms

- Engagement with major defence primes and next-generation defence technology leaders including BAE Systems, Babcock, Anduril and Helsing validating both the Pandora hardware platform and its AI-native software evolution

- Prototype order requested by UK MOD and leading European defence tech OEMs, representing a significant early commercial signal for Pandora

- Active contract negotiation with a major naval prime for a Pandora application

- Selection to meet the UK Secretary of State for Defence - recognition of UAP's relevance within the UK's evolving sovereign defence capability agenda

- Engagement with active conflict-theatre demand - reflecting real operational urgency for Pandora's deployable infrastructure

- Active engagement across the UK defence innovation ecosystem, including at Larkhill and within the DSEI ecosystem.

- UK and European supply chain built for mass manufacturing of Pandora units

The Directors consider the scale and quality of engagement achieved during FY2025 to represent strong validation for a defence technology launch year - a rare outcome for a company entering a new market sector.

Defence Market Opportunity

- Global counter-UAS / drone defence systems market: c.US$70-75bn (2025), forecast US$140bn+ by early 2030s

Urban Air Port Limited (Registered number: 11947445)

Report of the Directors

for the Year Ended 31 December 2025

- Military and autonomous drone systems market: c.US$18-47bn (2025), double-digit growth forecast through 2035

- Driven by geopolitical instability, proliferation of autonomous systems, and the central role of UAS in modern doctrine

Advanced Air Mobility - Infrastructure Leadership

In parallel with its defence expansion, UAP continued to build and deepen its position as the world's leading independent vertiport infrastructure developer - the builder of the world's first operational vertiport (AirOne, Coventry, UK) - with FY2025 delivering a series of strategically significant commercial partnerships across Europe, Asia, India and the Middle East.

Strategic Partnerships - FY2025

- SITA (June 2025): Partnership with the world's leading aviation IT provider to co-develop the world's first fully integrated Software-Defined Vertiport, combining UAP's patented modular AirOne hardware with SITA's cloud-native Vertiport Management System (VMS) and decades of global aviation platform expertise

- Hangzhou Starports Tech / China (December 2025): Partnership with Chinese vertiport manufacturer targeting the world's largest emerging AAM market - China's Low Altitude Economy, with a total addressable market projected at US$1 trillion by 2030. Initial collaboration focused on co-designing and delivering Air-One vertiports in Qingdao, Hangzhou, Hainan and further cities including Shanghai, Shenzhen, Wuxi, Guangzhou and Zigong

- Nalwa Aero / India (July 2025): UAP's first partnership with an Indian eVTOL OEM - a strategic market entry into the world's third-largest aviation market, targeting India's government-backed AAM rollout of 1,000 helipads and drone zones along national highways. Phase 1 market development underway in 2025

- Advisory & Shareholder Strengthening (May 2025): Appointment of Lawrence Blakeley (former Airbus, Vertical Aerospace, Beta Technologies), Adam Slepian (Former US Special Forces Green Beret, Hyundai Motor Group and Otto Aviation) and Eoghan Huston (COO, Manna Drone Delivery) as Non-Executive Advisors and shareholders - attracting world-class aviation and defence talent to UAP's expanded leadership

- VBM.ai Development: Continued development of the Vertiport Business Modeller AI platform - UAP's proprietary planning and simulation intelligence tool - with formal launch at Passenger Terminal Expo (PTE), London ExCeL, expected in Q1 2026.

- Continued engagement with airport operators, OEMs and infrastructure stakeholders globally - including ongoing relationships with sovereign infrastructure programmes in the Gulf and wider Middle East region

AAM Market Opportunity

- Global Advanced Air Mobility market: c.US$14bn (2025), forecast US$90-120bn+ by 2034-2035

- China Low Altitude Economy: US$1 trillion TAM by 2030 - fastest-growing AAM market globally

- India aviation market: US$25-40bn by 2030-2033; projected 480m passengers per year by 2036

- Driven by urbanisation, electrification, autonomous flight technologies and infrastructure demand

Capital & Shareholder Activity

During FY2025, the Company issued new shares to both existing and new investors, raising up to c.US$500k in the period, strengthening the shareholder base while maintaining capital discipline ahead of the Series B fundraise. The Company enters 2026 with its Series B process actively underway.

Urban Air Port Limited (Registered number: 11947445)

Report of the Directors

for the Year Ended 31 December 2025

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

H Sandhu

A Wu-Sandhu

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

H Sandhu - Director

30 April 2026

Urban Air Port Limited (Registered number: 11947445)

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 2,337 |  | 10,370 |  |

Investments | 5 | 1 |  | 1 |  |

2,338 |  | 10,371 |  |

CURRENT ASSETS

Debtors | 6 | 96,487 |  | 20,918 |  |

Cash at bank | 150,451 |  | 291,802 |  |

246,938 |  | 312,720 |  |

CREDITORS

Amounts falling due within one year | 7 | 266,570 |  | 57,634 |  |

NET CURRENT (LIABILITIES)/ASSETS | (19,632 | ) | 255,086 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | (17,294 | ) | 265,457 |  |

CAPITAL AND RESERVES

Called up share capital | 7 |  | 7 |  |

Share premium | 2,636,511 |  | 2,636,511 |  |

Retained earnings | (2,653,812 | ) | (2,371,061 | ) |

(17,294 | ) | 265,457 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Urban Air Port Limited (Registered number: 11947445)

Balance Sheet - continued

31 December 2025

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

H Sandhu - Director

Urban Air Port Limited (Registered number: 11947445)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Urban Air Port Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

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

| Office equipment | - | 25% on cost

| Fixtures and fittings | - | 25% on cost

| Computer equipment | - | 25% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Urban Air Port Limited (Registered number: 11947445)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 3 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Office |  | and |  | Computer |

| equipment |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1,950 |  | 27,501 |  | 2,845 |  | 32,296 |  |

| DEPRECIATION

| At 1 January 2025 | 843 |  | 19,480 |  | 1,603 |  | 21,926 |  |

| Charge for year | 447 |  | 6,875 |  | 711 |  | 8,033 |  |

| At 31 December 2025 | 1,290 |  | 26,355 |  | 2,314 |  | 29,959 |  |

| NET BOOK VALUE

| At 31 December 2025 | 660 |  | 1,146 |  | 531 |  | 2,337 |  |

| At 31 December 2024 | 1,107 |  | 8,021 |  | 1,242 |  | 10,370 |  |

Urban Air Port Limited (Registered number: 11947445)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakin

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1 |  |

| At 31 December 2024 | 1 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts owed by group undertakings | 11,538 |  | 19,338 |  |

| Other debtors | 80,018 |  | 498 |  |

| VAT | 4,931 |  | - |  |

| Prepayments | - |  | 1,082 |  |

96,487 |  | 20,918 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 31,081 |  | 20,024 |  |

| Amounts owed to group undertakings | 1 |  | - |  |

| Social security and other taxes | 221 |  | 7,468 |  |

| VAT | - |  | 2,242 |  |

| Other creditors | 230,561 |  | 16,618 |  |

| Directors' current accounts | 456 |  | 2,256 |  |

| Accrued expenses | 4,250 |  | 9,026 |  |

266,570 |  | 57,634 |  |

8. | ULTIMATE CONTROLLING PARTY

| The company's immediate parent company is SMXL Limited and it's ultimate controlling party is Mr H Sandhu, a company director.

Urban Air Port Limited (Registered number: 11947445)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | SHARE-BASED PAYMENT TRANSACTIONS

| The company had agreements with advisors to provide their consulting and design services, related to research and development, to the company. These services were to be satisfied in the company's absolute discretion either in cash or by way of issue of ordinary shares in the company, but dependant on the company reaching a certain fundraising threshold. The fundraising threshold was never reached. As these advisors services continue to be integral to the future commercial viability of the company it was agreed with them prior to year end their fees would be paid in shares. The total value of their services, based on daily rates, to 31 December 2025 is £230,561 and this amount has been charged to the Profit & Loss Account and the liability is recorded within Creditors: Amounts Falling Due Within One year.

| In March 2026, 39 ordinary shares with a nominal value of £0.001 each, were issued to the advisors at a price of £5,911.83 per share. The £5,911.83 share price was considered fair value based on a previous independent valuation obtained by the company.

| In May 2024, 21 ordinary shares with a nominal value of £0.001 each, were issued to the advisors at a price of £5,911.83 per share. The £5,911.83 share price was considered fair value based on an independent valuation obtained by the company.

Urban Air Port Limited

Report of the Accountants to the Directors of

Urban Air Port Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2025 set out on pages five to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Canny & Associates Ltd

Chartered Certified Accountants

60 Cannon Street

London

EC4N 6NP

30 April 2026