REGISTERED NUMBER: 09092423 (England and Wales)

DELIO LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1ST APRIL 2025 TO 31ST DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

17

DIRECTORS:

Mr G Morgan

Mr. A C Webb

Mr. W Sherman

REGISTERED OFFICE:

29 Windsor Place

Cardiff

CF10 3BZ

REGISTERED NUMBER:

09092423 (England and Wales)

SENIOR STATUTORY AUDITOR:

Steven Davies BSc FCA

AUDITORS:

Carston ETL

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

The directors present their strategic report for the period ended 31 December 2025. This reporting period represents a transitional period of nine months following the change in the Company's accounting reference date from 31 March to 31 December.

REVIEW OF BUSINESS

Financial Performance

The period reflects continued progress in the Company's development. Revenue for the period was £2.6m (year ended 31 March 2025: £3.4m). The change in revenue reflects both the shortened reporting period and continued development of the Company's strategy, operations and commercial pipeline.

Acquisition by iAltA

Post year-end, the Company was acquired by iAltA Holdings Ltd, part of the iAltA Group. This represents a significant strategic development and provides the Company with enhanced access to capital, broader market opportunities and complementary capabilities within the private markets ecosystem. The acquisition is expected to strengthen the Company's ability to deliver its long-term strategy and accelerate its growth trajectory.

Strategy and Objectives

Following the acquisition, the Company's strategy is aligned with the broader objectives of the iAltA group. The Company is focused on continuing to develop and scale its core technology platform to support increasing levels of private market investment activity, while enhancing its ability to deliver integrated, end-to-end solutions across technology, structuring and administration.

In parallel, the Company is pursuing expansion in key international markets and seeks to deepen relationships with its existing client base. Investment in product development remains a priority, particularly in relation to automation, user experience and data capabilities. The directors remain focused on progressing the business towards sustainable profitability and positive cash generation over the medium term, supported by increased recurring revenues and operational leverage.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates in an environment characterised by macroeconomic and geopolitical uncertainty, which may impact investor sentiment and levels of capital raising activity. While the long-term outlook for private markets remains positive, short-term volatility may affect the timing and volume of transactions.

The Company's commercial model includes enterprise clients, resulting in inherently long and complex sales cycles. This may lead to variability in the timing of new business conversion and revenue recognition.

The Company is also subject to technology and operational risks, including the need to maintain a secure, reliable and scalable platform. Any failure in these areas could impact client service and the Company's reputation.

Following the acquisition, there is an additional risk associated with the successful integration and alignment of the Company with the iAltA group. The directors continue to monitor this closely to ensure that the anticipated strategic benefits are realised.

FUTURE DEVELOPMENTS

Delio has a clear and well-defined product and proposition roadmap. The Company will continue to iterate and deliver cutting-edge functionality, features and solutions that will fulfil the needs of our clients, whilst continuing to make us attractive to prospects.

Key areas of focus for the forthcoming period include completing the integration within the iAltA group, execution of the product development roadmap, expansion into new markets and client segments, and continued progress towards profitability

The directors are confident that the Company's strategy, supported by its new ownership structure, will enable it to deliver its strategic objective of sustainable long-term growth.

PRINCIPAL ACTIVITY

Delio provides technology and structuring solutions that enable financial institutions to access, distribute and manage private market investments. Our platform delivers an end-to-end private markets operating system supporting deal distribution, transaction management, investor reporting and regulatory governance.

ON BEHALF OF THE BOARD:

Mr G Morgan - Director

21st May 2026

The directors present their report with the financial statements of the company for the period 1st April 2025 to 31st December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the development and provision of an end-to-end digital private markets infrastructure, offering white-labelled technology and investment structuring capabilities to financial institutions.

DIVIDENDS

No dividends will be distributed for the period ended 31st December 2025.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

Mr G Morgan has held office during the whole of the period from 1st April 2025 to the date of this report.

Other changes in directors holding office are as follows:

Mr. A C Webb and Mr. W Sherman were appointed as directors after 31st December 2025 but prior to the date of this report.

Mrs F Meyerowitz , Mr G R Lewis and Mr E P G Keelan ceased to be directors after 31st December 2025 but prior to the date of this report.

GOING CONCERN

The financial statements are prepared on a going concern basis as the directors are satisfied that the Company has the ability to continue in business for the foreseeable future. In making this assessment the directors have considered future projections of operating performance and detailed cash flow forecasts. In addition, the directors have reviewed the risks and uncertainties to which the business is exposed, and they believe the Company is well placed to address these challenges.

Following the acquisition by iAlta Holdings Ltd in January 2026, the Company will rely on the financial support of the parent company as required. The directors have confirmed that they have received a letter of support from the parent company, confirming that they will provide support for a period of at least 12 months from the approval of the accounts.

As with any company placing reliance on a letter of support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements they have no reason to believe that it will not do so.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Carston ETL, will be proposed for re-appointment in a forthcoming Board Meeting.

ON BEHALF OF THE BOARD:

Mr G Morgan - Director

21st May 2026

Opinion

We have audited the financial statements of Delio Ltd (the 'company') for the period ended 31st December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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 company's affairs as at 31st December 2025 and of its loss for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and industry, discussions with management and directors we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Other laws and regulations where non-compliance may have a material effect on the company's operations include those associated with the company's FCA registration and regulatory requirements.

Our audit procedures included:

- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;

- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;

- examining supporting documents for all material balances, transactions and disclosures;

- enquiry of management, about litigations and claims and inspection of relevant correspondence;

- analytical procedures to identify any unusual or unexpected relationships;

- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, investments, recoverability of trade debtors and revenue recognition;

- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business;

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 sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Steven Davies BSc FCA (Senior Statutory Auditor)

for and on behalf of Carston ETL

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

21st May 2026

TURNOVER

2,620,678

3,429,588

Cost of sales

1,387,917

1,659,436

GROSS PROFIT

1,232,761

1,770,152

Administrative expenses

2,480,352

2,241,292

(1,247,591

)

(471,140

)

Other operating income

-

2,475

OPERATING LOSS

4

(1,247,591

)

(468,665

)

Interest receivable and similar income

8

359

(1,247,583

)

(468,306

)

Interest payable and similar expenses

6

51,006

99,560

LOSS BEFORE TAXATION

(1,298,589

)

(567,866

)

Tax on loss

7

(160,866

)

(171,041

)

LOSS FOR THE FINANCIAL PERIOD

(1,137,723

)

(396,825

)

LOSS FOR THE PERIOD

(1,137,723

)

(396,825

)

OTHER COMPREHENSIVE INCOME

-

(498,799

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

-

(498,799

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(1,137,723

)

(895,624

)

FIXED ASSETS

Intangible assets

8

9,588,273

9,795,679

Tangible assets

9

3,528

14,356

Investments

10

15,375

15,378

9,607,176

9,825,413

CURRENT ASSETS

Debtors

11

865,474

1,021,205

Cash at bank

40,293

89,384

905,767

1,110,589

CREDITORS

Amounts falling due within one year

12

2,947,644

2,280,895

NET CURRENT LIABILITIES

(2,041,877

)

(1,170,306

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,565,299

8,655,107

CREDITORS

Amounts falling due after more than one year

13

(219,940

)

(152,031

)

PROVISIONS FOR LIABILITIES

17

(1,904,373

)

(1,924,367

)

NET ASSETS

5,440,986

6,578,709

CAPITAL AND RESERVES

Called up share capital

18

35,724

35,724

Share premium

19

16,704,934

16,704,934

Retained earnings

19

(11,299,672

)

(10,161,949

)

SHAREHOLDERS' FUNDS

5,440,986

6,578,709

The financial statements were approved by the Board of Directors and authorised for issue on 21st May 2026 and were signed on its behalf by:

Mr G Morgan - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1st April 2024

29,481

(9,765,124

)

15,661,180

498,799

6,424,336

Changes in equity

Increase in share capital

6,243

-

-

-

6,243

Total comprehensive income

-

(396,825

)

-

(498,799

)

(895,624

)

Premium on share issue

-

-

1,043,754

-

1,043,754

Balance at 31st March 2025

35,724

(10,161,949

)

16,704,934

-

6,578,709

Changes in equity

Total comprehensive income

-

(1,137,723

)

-

-

(1,137,723

)

Balance at 31st December 2025

35,724

(11,299,672

)

16,704,934

-

5,440,986

Cash flows from operating activities

Cash generated from operations

1

726,495

(54,605

)

Interest paid

(51,006

)

(99,562

)

Interest element of finance lease payments paid

-

(4,022

)

Tax paid

140,872

1,079,125

Net cash from operating activities

816,361

920,936

Cash flows from investing activities

Purchase of intangible fixed assets

(947,645

)

(1,333,007

)

Purchase of tangible fixed assets

(1,340

)

-

Sale of tangible fixed assets

339

-

Movement in amts owed by/to group

(3

)

-

Interest received

8

359

Net cash from investing activities

(948,641

)

(1,332,648

)

Cash flows from financing activities

New loans in year

140,000

160,000

Loan repayments in year

(52,542

)

(788,163

)

Capital repayments in year

(4,269

)

(7,090

)

Share issue

-

6,243

Share premium

-

1,043,756

Net cash from financing activities

83,189

414,746

(Decrease)/increase in cash and cash equivalents

(49,091

)

3,034

Cash and cash equivalents at beginning of period

2

89,384

86,350

Cash and cash equivalents at end of period

2

40,293

89,384

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1/4/25

to

Year ended

31/12/25

31/3/25

£

£

Loss before taxation

(1,298,589

)

(567,866

)

Depreciation charges

1,166,369

1,453,438

Loss on disposal of fixed assets

513

-

Share option issue

-

(498,799

)

Movement in amts owed by/to group

(3

)

-

Finance costs

51,006

99,560

Finance income

(8

)

(359

)

(80,712

)

485,974

Decrease/(increase) in trade and other debtors

155,731

(291,015

)

Increase/(decrease) in trade and other creditors

651,476

(249,564

)

Cash generated from operations

726,495

(54,605

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31st December 2025

31/12/25

1/4/25

£

£

Cash and cash equivalents

40,293

89,384

Year ended 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

89,384

86,350

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

89,384

(49,091

)

40,293

89,384

(49,091

)

40,293

Debt

Finance leases

(4,270

)

4,269

(1

)

Debts falling due within 1 year

(247,376

)

(19,542

)

(266,918

)

Debts falling due after 1 year

(152,021

)

(67,910

)

(219,931

)

(403,667

)

(83,183

)

(486,850

)

Total

(314,283

)

(132,274

)

(446,557

)

1.	STATUTORY INFORMATION

Delio Ltd 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" 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Equipment

-

Straight line over 3 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Research and development

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under hire purchase and finance lease agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight-line basis.

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.

Fixed asset investments

Where fixed asset investments can be reliably valued there are measured at fair value.

If the fixed asset investment cannot be reliably valued it is measured at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

Period

1/4/25

to

Year ended

31/12/25

31/3/25

£

£

Wages and salaries

680,657

582,465

Social security costs

47,250

19,553

Other pension costs

37,839

52,922

765,746

654,940

The average number of employees during the period was as follows:

Period

1/4/25

to

Year ended

31/12/25

31/3/25

26

26

Period

1/4/25

to

Year ended

31/12/25

31/3/25

£

£

Directors' remuneration

330,000

172,842

Directors' pension contributions to money purchase schemes

8,275

5,150

Information regarding the highest paid director for the period ended 31st December 2025 is as follows:

Period

1/4/25

to

31/12/25

£

Emoluments etc

163,333

Pension contributions to money purchase schemes

4,900

4.	OPERATING LOSS

The operating loss is stated after charging:

Period

1/4/25

to

Year ended

31/12/25

31/3/25

£

£

Hire of plant and machinery

-

899

Depreciation - owned assets

6,068

14,272

Depreciation - assets on finance leases

5,250

15,447

Loss on disposal of fixed assets

513

-

Development costs amortisation

1,155,051

1,423,719

Auditors' remuneration

12,350

12,350

Foreign exchange differences

16,125

8,797

5.	EXCEPTIONAL ITEMS

Period

1/4/25

to

Year ended

31/12/25

31/3/25

£

£

Staff share options

-

498,799