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Company Registration Number: 02182421 FOSTER FINDLAY ASSOCIATES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
FOSTER FINDLAY ASSOCIATES LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for Foster Findlay Associates Limited (“Geoteric" or “the group”) for the year ended 31 December 2025. Foster Findlay Associates Limited is a limited liability company incorporated in England with subsidiaries in Australia, Brazil, Malaysia, the USA and Norway. Geoteric is an independent world-leading innovator in the development and application of artificial intelligence to seismic interpretation and subsurface geological modelling. The technology is wholly owned by the company.
Business review
Geoteric achieved positive development in 2025. Turnover increased by 33% compared to the previous year, indicating growing market adoption of Geoteric's offerings. There was an operating profit of £501,271 compared to an operating loss of £394,280 in the previous year. The balance sheet shows that the group's net assets at the year-end have increased from £6,332,363 to £6,877,229. The group invested a further £2,337,738 in intangible fixed assets and £65,215 in tangible fixed assets. Geoteric undertakes comprehensive business planning to define long term strategic objectives and goals. Annual budgets and operational plans are prepared utilising financial and non-financial key performance indicators ("KPIs"). Business performance, measured by KPIs (including monitoring of actual results against budget targets and rolling forecasts), is reported to the board monthly.
Principal risks and uncertainties
Geoteric operates in a competitive market in which customers demand good service and competitive pricing. To maintain profit margins, the group needs to carefully control direct and overhead costs. The oil and gas sector is characterized by its cyclical nature and considerable price volatility. Variations in oil and gas prices can affect exploration and production budgets, potentially reducing demand for Geoteric's services. To address this risk, the group diversifies its client portfolio and provides adaptable pricing structures. Advancements in technology presents a potential threat of obsolescence for Geoteric's software solutions. In response, the group makes substantial investments in research and development (R&D) to guarantee that its products stay at the leading edge of innovation. Additionally, Geoteric observes emerging technologies and trends to adjust its offerings as needed. Future prospects Geoteric is poised for growth, with expectations of increased turnover in the current year. The group will continue to focus on innovation, customer satisfaction, and strategic investments to maintain its competitive edge and drive sustainable growth. This report was approved by the board and signed on its behalf.
................................................ H Z Nessler Director
Date: 24 April 2026
Page 1
FOSTER FINDLAY ASSOCIATES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOSTER FINDLAY ASSOCIATES LIMITED UNDER SECTION 449 OF THE COMPANIES ACT 2006
Opinion
We have audited the financial statements of Foster Findlay Associates Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the consolidated statement of comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, including a summary of 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 Group's and of the parent company's affairs as at 31 December 2025 and of the Group's profit 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
Conclusions relating to going concern
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. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 2
FOSTER FINDLAY ASSOCIATES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOSTER FINDLAY ASSOCIATES LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the Directors' report. 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company 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; or
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 2, 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so. Page 3
FOSTER FINDLAY ASSOCIATES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOSTER FINDLAY ASSOCIATES LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the group, discussions with management and those charged with governance, we considered that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and UK taxation legislation. As part of the engagement team discussion about the susceptibility of the group's financial statements to material misstatement due to fraud, we did not identify any areas with an increased risk. Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations and fraud, which may have a material effect on the financial statements. Our audit procedures included but were not limited to: • enquiry of management and those charged with governance regarding any instances of non compliance with laws and regulations and any actual, suspected or alleged fraud; • communicating identified laws and regulations and the risks of fraud with our engagement team and remaining alert to any indications of non-compliance or fraud; • gaining an understanding of the internal controls established to mitigate risks related to fraud; • examining supporting documents for all material balances, transactions and disclosures; • review of the minutes of the board of directors; • review of accounting estimates for management override and bias; • analytical procedures to identify any unusual transactions; • identifying and testing journal entries. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Page 4
FOSTER FINDLAY ASSOCIATES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOSTER FINDLAY ASSOCIATES LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
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 Morris (senior statutory auditor) for and on behalf of Armstrong Watson Audit Limited First Floor One Strawberry Lane Newcastle upon Tyne NE1 4BX 1 May 2026 Page 5
FOSTER FINDLAY ASSOCIATES LIMITED REGISTERED NUMBER: 02182421 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 10,004,846 |  | 8,796,847
Tangible assets | 5 |  | 140,739 |  | 148,377
|  |  | 10,145,585 |  | 8,945,224
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 4,662,276 |  | 4,184,436 |
Cash at bank and in hand |  | 764,904 |  | 607,238 |
|  | 5,427,180 |  | 4,791,674 |
Creditors: amounts falling due within one year | 9 | (8,695,536) |  | (6,925,679) |
Net current liabilities |  |  | (3,268,356) |  | (2,134,005)
Total assets less current liabilities |  |  | 6,877,229 |  | 6,811,219
Creditors: amounts falling due after more than one year | 10 |  | - |  | (478,856)
Net assets |  |  | 6,877,229 |  | 6,332,363
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 10,060,601 |  | 10,060,601
Share premium account | 12 |  | 8,068,832 |  | 8,068,832
Profit and loss account | 12 |  | (11,252,204) |  | (11,796,802)
Minority interests |  |  | - |  | (268)
|  |  | 6,877,229 |  | 6,332,363
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2026.
................................................ J P Grimnes - Chairman
Director
The notes on pages 12 to 25 form part of these financial statements. Page 6
FOSTER FINDLAY ASSOCIATES LIMITED REGISTERED NUMBER: 02182421 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 10,004,846 |  | 8,796,847
Tangible assets | 5 |  | 95,620 |  | 104,593
Investments | 6 |  | 455,958 |  | 453,812
|  |  | 10,556,424 |  | 9,355,252
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 4,609,772 |  | 4,245,009 |
Cash at bank and in hand |  | 152,772 |  | 542,764 |
|  | 4,762,544 |  | 4,787,773 |
Creditors: amounts falling due within one year | 9 | (6,678,799) |  | (5,130,117) |
Net current liabilities |  |  | (1,916,255) |  | (342,344)
Total assets less current liabilities |  |  | 8,640,169 |  | 9,012,908
Creditors: amounts falling due after more than one year | 10 |  | - |  | (478,856)
Net assets |  |  | 8,640,169 |  | 8,534,052
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 10,060,601 |  | 10,060,601
Share premium account | 12 |  | 8,068,832 |  | 8,068,832
Profit and loss account carried forward |  |  | (9,489,264) |  | (9,595,381)
|  |  | 8,640,169 |  | 8,534,052
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2026.
................................................ J P Grimnes - Chairman
Director
The notes on pages 12 to 25 form part of these financial statements. Page 7

|  | FOSTER FINDLAY ASSOCIATES LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
|  | Called up share capital | Share premium account | EBT reserve | Profit and loss account | Equity attributable to owners of parent company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £
| At 1 January 2024 | 10,060,601 | 1,002,277 | (72,860) | (11,399,362) | (409,344) | (268) | (409,612)
| Comprehensive income for the year |  |  |  |  |  |  |
| Loss for the year | - | - | - | (371,299) | (371,299) | - | (371,299)
| Foreign currency retranslation | - | - | - | (26,141) | (26,141) | - | (26,141)
| Amount written off | - | - | 72,860 | - | 72,860 | - | 72,860
| Total comprehensive income for the year | - | - | 72,860 | (397,440) | (324,580) | - | (324,580)
| Contributions by and distributions to owners |  |  |  |  |  |  |
| Shares issued during the year | - | 7,066,555 | - | - | 7,066,555 | - | 7,066,555
| At 1 January 2025 | 10,060,601 | 8,068,832 | - | (11,796,802) | 6,332,631 | (268) | 6,332,363
| Comprehensive income for the year |  |  |  |  |  |  |
| Profit for the year | - | - | - | 422,545 | 422,545 | 268 | 422,813
| Currency translation differences | - | - | - | 122,321 | 122,321 | - | 122,321
| Amount written off | - | - | - | (268) | (268) | - | (268)
| Total comprehensive income for the year | - | - | - | 544,598 | 544,598 | 268 | 544,866
| At 31 December 2025 | 10,060,601 | 8,068,832 | - | (11,252,204) | 6,877,229 | - | 6,877,229
Page 8

|  | FOSTER FINDLAY ASSOCIATES LIMITED |
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
|  | Called up share capital | Share premium account | EBT reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £
| At 1 January 2024 | 10,060,601 | 1,002,277 | (72,860) | (9,110,104) | 1,879,914
| Comprehensive income for the year |  |  |  |  |
| Loss for the year | - | - | - | (485,277) | (485,277)
| Amount written off | - | - | 72,860 | - | 72,860
| Total comprehensive income for the year | - | - | 72,860 | (485,277) | (412,417)
| Contributions by and distributions to owners |  |  |  |  |
| Shares issued during the year | - | 7,066,555 | - | - | 7,066,555
| At 1 January 2025 | 10,060,601 | 8,068,832 | - | (9,595,381) | 8,534,052
| Comprehensive income for the year |  |  |  |  |
| Profit for the year | - | - | - | 106,117 | 106,117
| Total comprehensive income for the year | - | - | - | 106,117 | 106,117
| At 31 December 2025 | 10,060,601 | 8,068,832 | - | (9,489,264) | 8,640,169
Page 9

FOSTER FINDLAY ASSOCIATES LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 422,545 | (371,299)
Adjustments for: |  |
Amortisation of intangible assets | 1,129,739 | 1,050,900
Depreciation of tangible assets | 72,852 | 98,969
Interest paid | 120,653 | 28,903
Interest received | (11,878) | (2,223)
Taxation charge | (30,049) | (75,661)
(Increase) in debtors | (477,837) | (1,630,507)
Increase in creditors | 1,343,507 | 1,439,144
Corporation tax received | 10,281 | 61,971
Redemption premium | - | 26,000
Exchange profit/(losses) | 122,321 | (26,141)
Amount written off current assets | - | 72,860
Net cash generated from operating activities | 2,702,134 | 672,916
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (2,337,738) | (1,514,305)
Purchase of tangible fixed assets | (65,215) | (73,665)
Interest received | 11,878 | 2,223
Net cash from investing activities | (2,391,075) | (1,585,747)
Cash flows from financing activities |  |
Issue of ordinary shares | - | 7,066,555
Repayment of loans | - | (7,491,144)
Other new loans | - | 1,180,640
Repayment of other loans | (32,740) | -
Repayment of finance leases | - | (20,611)
Interest paid | (120,653) | (64,797)
Net cash used in financing activities | (153,393) | 670,643
Net increase/(decrease) in cash and cash equivalents | 157,666 | (242,188)
Cash and cash equivalents at beginning of year | 607,238 | 849,426
Cash and cash equivalents at the end of year | 764,904 | 607,238
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 764,904 | 607,238
| 764,904 | 607,238
Page 10
FOSTER FINDLAY ASSOCIATES LIMITED
The notes on pages 12 to 25 form part of these financial statements.
Page 11
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Generator Studios, Trafalgar Street, Newcastle upon Tyne, NE1 2LA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Exchange differences arising on translation of the parent company's net investments in subsidiary undertakings are taken to reserves. Page 12
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
The group generates revenues from licensing the rights to use its software products, seismic image processing services, training and customer support. Revenue is measured at the fair value of the consideration received, net of VAT. The following criteria must also be met before revenue is recognised. Revenues from software licence agreements are recognised when there is an agreement with a customer and delivery of the software has taken place. If significant post-delivery obligations exist, such as new versions and upgrades, then revenues are deferred until the obligations are met on a pro-rata basis over the period of the contract. Revenues from maintenance services are recognised over the term of the maintenance period. Revenues from seismic image processing services are recognised as services are performed. Turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion. Research and development tax credits are recognised when taxable losses are surrendered and the claims are made.
| 2.5 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Finance leases and hire purchase agreements
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds. Page 13
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Investments in own shares
In accordance with Financial Reporting Standard 102 investments in own shares are accounted for as a deduction from equity and included in the Employee Benefit Trust (EBT) reserve in the accounts.
| 2.9 | Minority interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the group's equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority's share of changes in equity since the date of the combination. The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
| 2.10 | Taxation
Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Where it has not been established whether repayable tax credits or enhanced losses will be claimed under the research and development tax rules and any recoverable amount due has not yet been quantified, no provision is made in the non-statutory financial statements for any income receivable. Current tax income comprises research and development tax credits in respect of prior years, net of any foreign withholding tax expense written off in the year. Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.
| 2.11 | Intangible assets
Intangible assets relate to development costs. Research and development expenditure is written off in the profit and loss account in the year in which it is incurred except prototype software costs on defined commercial projects which are included within intangible assets. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Development costs - 10% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Page 14
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 10% | straight line
|  |  |  | Computer equipment | - | 33% | straight line
| 2.13 | Valuation of investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
| 2.14 | Financial instruments
The group and company have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are measured initially at transaction price and subsequently measured at amortised cost. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group and company after deducting all of its liabilities. Trade and other debtors are recognised at transaction price less any impairment losses for bad and doubtful debts. Loans are measured at their transaction price and subsequently measured at amortised cost. Trade and other creditors are measured at transaction price. Page 15
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 4,327,517 | 3,846,969 | 3,528,034 | 3,079,699
| Social security costs | 510,112 | 449,830 | 402,272 | 370,861
| Pension costs and health insurance | 750,472 | 626,832 | 673,597 | 534,572
| Development costs capitalised | (2,110,938) | (1,247,777) | (2,110,938) | (1,247,777)
|  | 3,477,163 | 3,675,854 | 2,492,965 | 2,737,355
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Research, development and support employees | 26 | 24
|  | Sales employees and geoscientists | 24 | 21
|  | Administrative employees | 4 | 4
|  | Management employees | 1 | 3
|  |  | 55 | 52
Page 16
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Intangible assets
| Group
|  | Development costs
|  | £
| Cost |
| At 1 January 2025 | 22,593,042
| Additions | 2,337,738
| At 31 December 2025 | 24,930,780
| Amortisation |
| At 1 January 2025 | 13,796,195
| Charge for the year | 1,129,739
| At 31 December 2025 | 14,925,934
| Net book value |
| At 31 December 2025 | 10,004,846
| At 31 December 2024 | 8,796,847
| Development costs represent expenditure on individual projects which is carried forward when its future recoverability can be foreseen with reasonable assurance and is amortised in line with sales from the related products.
Page 17
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 4.Intangible assets (continued)
| Company
|  | Development expenditure
|  | £
| Cost |
| At 1 January 2025 | 22,593,042
| Additions | 2,337,738
| At 31 December 2025 | 24,930,780
| Amortisation |
| At 1 January 2025 | 13,796,195
| Charge for the year | 1,129,739
| At 31 December 2025 | 14,925,934
| Net book value |
| At 31 December 2025 | 10,004,846
| At 31 December 2024 | 8,796,847
| Development costs represent expenditure on individual projects which is carried forward when its future recoverability can be foreseen with reasonable assurance and is amortised in line with sales from the related products.
Page 18
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
| Group
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 134,700 | 1,226,333 | 1,361,033
| Additions | - | 65,215 | 65,215
| Disposals | - | (54,827) | (54,827)
| At 31 December 2025 | 134,700 | 1,236,721 | 1,371,421
| Depreciation |  |  |
| At 1 January 2025 | 126,866 | 1,085,790 | 1,212,656
| Charge for the year | 2,942 | 69,910 | 72,852
| Disposals | - | (54,826) | (54,826)
| At 31 December 2025 | 129,808 | 1,100,874 | 1,230,682
| Net book value |  |  |
| At 31 December 2025 | 4,892 | 135,847 | 140,739
| At 31 December 2024 | 7,834 | 140,543 | 148,377
Page 19
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 5.Tangible fixed assets (continued)
| Company
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 121,299 | 1,078,906 | 1,200,205
| Additions | - | 40,076 | 40,076
| Disposals | - | (54,827) | (54,827)
| At 31 December 2025 | 121,299 | 1,064,155 | 1,185,454
| Depreciation |  |  |
| At 1 January 2025 | 118,435 | 977,177 | 1,095,612
| Charge for the year on owned assets | 1,316 | 47,732 | 49,048
| Disposals | - | (54,826) | (54,826)
| At 31 December 2025 | 119,751 | 970,083 | 1,089,834
| Net book value |  |  |
| At 31 December 2025 | 1,548 | 94,072 | 95,620
| At 31 December 2024 | 2,864 | 101,729 | 104,593
Page 20
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Fixed asset investments
| Company
|  | Investments in group undertaking
|  | £
| Cost or valuation |
| At 1 January 2025 | 857,125
| Additions | 2,146
| At 31 December 2025 | 859,271
| Impairment |
| At 1 January 2025 | 403,313
| At 31 December 2025 | 403,313
| Net book value |
| At 31 December 2025 | 455,958
| At 31 December 2024 | 453,812
Page 21
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Registered office | Class of shares | Holding
| GeoTeric Limited | Generator Studios, Trafalgar Street, Newcastle upon Tyne, NE1 2LA | Ordinary | 100%
| Foster Findlay Associates Incorporated | 4 Houston Center, Suite 1000, 1221 Lamar Street, Houston, TX 77010, USA | Ordinary | 100%
| Foster Findlay Associates (EBT) Limited | Generator Studios, Trafalgar Street, Newcastle upon Tyne, NE1 2LA | Ordinary | 100%
| Foster Findlay Associates Pty Ltd | Exchange Tower L15, 2 The Esplanade, Perth, Western Australia, 6000 Australia | Ordinary | 100%
| Foster Findlay Associates Sdn Bhd | Lot 6.05, Level 6 KPMG Tower, 8 First Avenue, Bndr Utama, Petaling Jaya, Selangor, 47800 Malaysia | Ordinary | 100%
| Foster Findlay Associates Software E Servico Em Geociencia Limitada | Avenida Rio Branco, 00089, Sal 802, Centro, Rio De Janeiro, RJ 20040-004, Brazil | Ordinary | 100%
| GeoTeric Norway AS | Børehaugen 1A, 4006 Stavanger, Norway | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| GeoTeric Limited | 1 | 1
| Foster Findlay Associates Incorporated | (1,454,961) | 102,552
| Foster Findlay Associates (EBT) Limited | 1 | 1
| Foster Findlay Associates Pty Ltd | (45,728) | 44,922
| Foster Findlay Associates Sdn Bhd | 140,425 | 291,012
| Foster Findlay Associates Software E Servico Em Geociencia Limitada | 152,247 | 52,275
| GeoTeric Norway AS | (173,904) | (174,333)
Page 22
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 2,712,756 | 2,976,078 | 2,224,191 | 1,580,151
| Amounts owed by group undertakings | - | - | 1,498,087 | 2,250,526
| Other debtors | 339,234 | 96,696 | 357,085 | 77,616
| Prepayments and accrued income | 1,610,286 | 1,111,662 | 530,409 | 336,716
|  | 4,662,276 | 4,184,436 | 4,609,772 | 4,245,009
| The company has reviewed the recoverability of the amounts due from group undertakings and although there is some uncertainty about the timing of the recovery of the debt due from Foster Findlay Associates Incorporated, the company is confident that the full amount will be recovered.
8. | Current asset investments
9. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Loans | 478,856 | - | 478,856 | -
| Amounts due to parent undertaking | 1,147,900 | 1,180,640 | 1,147,900 | 1,180,640
| Trade creditors | 591,271 | 378,097 | 569,437 | 364,125
| Corporation tax | 12,715 | 32,478 | - | -
| Other taxation and social security | 129,259 | 134,223 | 94,989 | 93,029
| Other creditors | 102,747 | 46,223 | 54,804 | 43,633
| Accruals and deferred income | 6,232,788 | 5,154,018 | 4,332,813 | 3,448,690
|  | 8,695,536 | 6,925,679 | 6,678,799 | 5,130,117
| As part of completion of the share purchase agreement on 16 February 2024 £7,366,144 of loan notes were repaid with funds provided by GeoTeric Holding AS as an intercompany loan amounting to £7,551,144. On 18 December 2024, the board approved the conversion of the outstanding £7,066,555 loan from GeoTeric Holdings AS to the company into 1 ordinary share of £0.01 which after a foreign currency exchange difference of £484,589 cleared the intercompany loan of £7,551,144. The company does not pay interest on this loan.
Page 23
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Loans | - | 478,856 | - | 478,856
|  | - | 478,856 | - | 478,856
| The loans disclosed in note 15 and 16 are loan notes amounting to £478,856 which were repaid in February 2026. The loans do not accrue any interest. These loans are secured by a fixed and floating charge over the assets of the group
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 277,659 Ordinary shares shares of £0.01 each | 2,776.59 | 2,776.59
|  | 10,056,514 "B" Ordinary shares shares of £1.00 each | 10,056,514.00 | 10,056,514.00
|  | 130,999 "C" Ordinary shares shares of £0.01 each | 1,309.99 | 1,309.99
|  |  | 10,060,600.58 | 10,060,600.58
12. | Reserves
Share premium account The share premium account reserve records the amount above the nominal value received for shares sold, less transaction costs. The profit and loss account reserve records retained earnings and accumulated losses. Profit and loss account The profit and loss reserve records accumulated profits and losses.
13. | Pension commitments
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £651,748 (2024: £536,693). Page 24
FOSTER FINDLAY ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Related party transactions
| Company At the balance sheet date, loans from key management personnel were £Nil (2024: £Nil). The accounts do not include disclosure between the company and entities that are part of the Foster Findlay Associates Limited group of companies. As a parent company which has 100% control over the subsidiary, it is exempt from the requirement to disclose such transactions under Financial Reporting Standard 102.
15. | Controlling party
The ultimate parent company is GeoTeric Holding AS, a company incorporated in Norway.
16. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 1 May 2026 by Michael Morris (senior statutory auditor) on behalf of Armstrong Watson Audit Limited.
Page 25