Honeycomb PS Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 11375233

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		5,637		8,364
Tangible Assets	5		305		423

			5,942		8,787
CURRENT ASSETS
Debtors	6	66,206		89,421
Cash at bank and in hand		104,211		19,620

		170,417		109,041
Creditors: Amounts Falling Due Within One Year	7	(150,265 )		(104,422 )

NET CURRENT ASSETS (LIABILITIES)			20,152		4,619

TOTAL ASSETS LESS CURRENT LIABILITIES			26,094		13,406

Creditors: Amounts Falling Due After More Than One Year	8		(6,667 )		(10,000 )

NET ASSETS			19,427		3,406

CAPITAL AND RESERVES
Called up share capital			127		100
Share premium account			12,461		-
Other reserves			402		-
Fair value reserve			3,119		5,846
Profit and Loss Account			3,318		(2,540 )

SHAREHOLDERS' FUNDS			19,427		3,406

Page 1

Page 2

Honeycomb PS Ltd

Balance Sheet (continued)

As At 31 May 2025

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Dr Deri Hughes

Director

11 May 2026

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Honeycomb PS Ltd is a private company, limited by shares and incorporated in England & Wales. The registered company number is 11375233 and the registered office address is 54 Mandeville Road, Hertford, SG13 8JQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the provision of services and is recognised at the point of invoice. If the provision of services spans the financial year end, it is measured by reviewing the actual services performed against the total services to be provided and is only recognised if it can be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Intangibles represent investments in Ethereum which is measured at fair value through profit and loss. Fair value movements are determined based on the value of the investment translated to Sterling at the reporting date's exchange rate.

Non-distributable reserve

The company transfers unrealised gains and losses arising from the revaluation of current asset investments to a non-distributable reserve.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery	50% straight line
Fixtures and fittings	20% straight line
Computer equipment	25% reducing balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.

Assets acquired under hire purchase contracts are depreciated over their useful lives.

Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company.

Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Page 3

Page 4

Honeycomb PS Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.6. Financial Instruments

Debtors and creditors which are due within one year are recorded at transaction price, less any impairment.

2.7. Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

The taxation expense represents the sum of the tax currently payable and deferred tax. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax has not been recognised as it is not material to the financial statements. The directors will review this annually.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Share Option Expenses

The company operates an equity-settled share scheme for its employees. The service cost to the company during the year was £12,891. Over the term of the share scheme, the total cost incurred is £27,660.

During the year, 2,709 shares were exercised.

Page 4

Page 5

Honeycomb PS Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 4)

4. Intangible Assets

	Other
	£
Cost or Valuation
As at 1 June 2024	8,364
Revaluations	(2,727 )

As at 31 May 2025	5,637

Net Book Value
As at 31 May 2025	5,637

As at 1 June 2024	8,364

5. Tangible Assets

	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost
As at 1 June 2024	1,267	6,345	2,510	10,122
Additions	-	-	384	384

As at 31 May 2025	1,267	6,345	2,894	10,506

Depreciation
As at 1 June 2024	844	6,345	2,510	9,699
Provided during the period	423	-	79	502

As at 31 May 2025	1,267	6,345	2,589	10,201

Net Book Value
As at 31 May 2025	-	-	305	305

As at 1 June 2024	423	-	-	423

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	37,320	86,731
Other debtors	28,886	2,690

	66,206	89,421

Page 5

Page 6

Honeycomb PS Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	5,491	7,813
Bank loans and overdrafts	10,000	10,000
Other creditors	66,218	40,520
Taxation and social security	68,556	46,089

	150,265	104,422

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	6,667	10,000

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	5,486	5,486
Later than one year and not later than five years	914	6,400

	6,400	11,886

10. Directors Advances, Credits and Guarantees

Included within Debtors are loans made to a directors. The balance at the year end was £8,227 (2024 : Nil).

The above loan is unsecured, interest free and repayable on demand.

Page 6