Thingtrax Limited
Unaudited Financial Statements
For the year ended 31 December 2025
Pages for Filing with Registrar
Company Registration No. 09407504 (England and Wales)
Thingtrax Limited
Company Information
Directors
A Gupta
Superseed Ventures LLP
F Doorenbosch
A D R Stroud
C Howe
(Appointed 5 August 2025)
Company number
09407504
Registered office
Centurion House
London Road
Staines-upon-Thames
TW18 4AX
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Thingtrax Limited
Balance Sheet
As at 31 December 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,578
11,840
Investments
5
471
472
8,049
12,312
Current assets
Stock
88,771
199,767
Debtors
6
399,413
793,291
Cash at bank and in hand
293,492
731,115
781,676
1,724,173
Creditors: amounts falling due within one year
7
(725,171)
(700,951)
Net current assets
56,505
1,023,222
Total assets less current liabilities
64,554
1,035,534
Creditors: amounts falling due after more than one year
8
(1,264,860)
(820,027)
Net (liabilities)/assets
(1,200,306)
215,507
Capital and reserves
Called up share capital
9
47
46
Share premium account
7,400,377
7,100,373
Profit and loss reserves
(8,600,730)
(6,884,912)
Total equity
(1,200,306)
215,507
Thingtrax Limited
Balance Sheet (Continued)
As at 31 December 2025
Page 2

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

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 15 May 2026 and are signed on its behalf by:
A Gupta
Director
Company Registration No. 09407504
Thingtrax Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Page 3
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
46
7,100,373
(4,775,752)
2,324,667
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(2,109,160)
(2,109,160)
Balance at 31 December 2024
46
7,100,373
(6,884,912)
215,507
Year ended 31 December 2025:
Loss and total comprehensive income for the year
-
-
(1,715,818)
(1,715,818)
Issue of share capital
9
1
300,004
-
300,005
Balance at 31 December 2025
47
7,400,377
(8,600,730)
(1,200,306)
Thingtrax Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 4
1
Accounting policies
Company information

Thingtrax Limited is a private company limited by shares incorporated in England and Wales. The registered office is Centurion House, London Road, Staines-upon-Thames, United Kingdom, TW18 4AX.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company made a loss during the year of £true 1,715,818 and at the balance sheet date had net liabilities of £1,2 00,306. The company continues to invest in its growth with a view to future profitability and retains the support of its investors.

At the time of approving the financial statements, the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months following the approval of these financial statements. Accordingly, the directors consider it appropriate to prepare these financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Thingtrax Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 5
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Stock

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

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

Included within stock are devices provided to clients as part of annual licence agreements. These devices remain under the ownership of the company and are written down to £nil over a period of 12 months in line with the licence period.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Thingtrax Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 6
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Thingtrax Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 7
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Foreign exchange

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

2
Employees

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

2025
2024
Number
Number
Total
18
24
3
Intangible fixed assets
Intellectual Property
£
Cost
At 1 January 2025 and 31 December 2025
218,170
Amortisation and impairment
At 1 January 2025 and 31 December 2025
218,170
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
Thingtrax Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 8
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025
38,269
Additions
1,806
At 31 December 2025
40,075
Depreciation and impairment
At 1 January 2025
26,429
Depreciation charged in the year
6,068
At 31 December 2025
32,497
Carrying amount
At 31 December 2025
7,578
At 31 December 2024
11,840
5
Fixed asset investments
2025
2024
£
£
Investments
471
472
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2025
472
Disposals
(1)
At 31 December 2025
471
Carrying amount
At 31 December 2025
471
At 31 December 2024
472
Thingtrax Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 9
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
366,264
738,626
Amounts owed by group undertakings
2,757
1,785
Other debtors
6,732
5,232
Prepayments and accrued income
23,660
47,648
399,413
793,291
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
5,183
5,057
Trade creditors
79,412
72,576
Taxation and social security
126,614
138,503
Other creditors
7,241
8,554
Accruals and deferred income
506,721
476,261
725,171
700,951
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
16,901
22,027
Convertible loans
1,247,959
798,000
1,264,860
820,027
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.00001p each
2,620,241
2,620,241
26
26
Seed shares of £0.00001p each
2,085,658
1,974,132
21
20
4,705,899
4,594,373
47
46

During the year, the company issued 111,526 seed shares of £0.00001p each for a total consideration of £300,005.

Thingtrax Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 10
10
Related party transactions

At the year end there was a balance due from ThingTrax Inc., an entity controlled by the company, of £2,757 (202 4: £1,785).

During the year the company incurred fees of £335,185 (202 4: £273,048) from ThingTrax Pakistan, an entity controlled by the company. All fees were on normal commercial terms. Included within trade creditors at the year end was a balance due to ThingTrax Pakistan of £22,650 (2024: £30,500).

During the year the company incurred fees of £8,950 (202 4: £14,500) from Superseed Ventures LLP, a director of the company. All fees were on normal commercial terms. Included within trade creditors at the year end was a balance due of £6,540.

During the year the company incurred fees of £1 2,036 (2024: £12,877) from F Dorrenbosch, a director of the company. All fees were on normal commercial terms. Included within trade creditors at the year end was a balance due of £2,041 (2024: £1,936).

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