Poro Technologies Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Poro Technologies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11335936 . The registered office is Unit 13, Evolution Business Park, Milton Road, Impington, Cambridge, CB24 9NG.

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.

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

2.2. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Trademarks and patents. It is amortised to profit and loss account over its estimated economic life of 7 years.

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost lessaccumulated amortisation and any accumulated impairment losses.

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:

Leasehold	Straight line over the remaining lease term
Plant & Machinery	Straight line over 4 years
Fixtures & Fittings	Straight line over 5 years
Computer Equipment	Straight line over 3 years

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Foreign Currencies

Monetary 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 profit / loss before taxation.

2.7. Taxation

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

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Poro Technologies Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

2.8. 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.

2.9. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.10. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is

recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

2.11. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangibleassets are recognised from the development phase of a project if and only if certain specific cirteria are met in order to demonstratethe asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised developmentcosts are subsequently amortised on a straight line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.12. Convertible Debt

Compound financial instruments issued by the Company comprise convertible loan notes that can be converted to share capital at the option of the holder. The interest on the loan notes is compounding annually and as such the number of shares to be issued will vary with changes in the fair value.

Due to the varying number of shares to be issued the loan notes are treated as liabilities and not split between equity and liabilities. The liability is initially and subsequently measured at fair value, with the fair value movements recognised in the Statement of Comprehensive Income.

Transaction costs that relate to the issue of the instrument are expensed to the Statement of Comprehensive Income.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 51 (2025: 48)

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Poro Technologies Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

4. Intangible Assets

	Other
	£
Cost
As at 1 March 2025	405,203
Additions	86,956

As at 28 February 2026	492,159

Amortisation
As at 1 March 2025	115,245
Provided during the period	59,742

As at 28 February 2026	174,987

Net Book Value
As at 28 February 2026	317,172

As at 1 March 2025	289,958

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 March 2025	699,649	1,106,900	75,212	88,650	1,970,411
Additions	-	2,734,775	743	12,937	2,748,455

As at 28 February 2026	699,649	3,841,675	75,955	101,587	4,718,866

Depreciation
As at 1 March 2025	308,242	661,822	50,334	72,824	1,093,222
Provided during the period	139,170	566,218	11,512	14,435	731,335

As at 28 February 2026	447,412	1,228,040	61,846	87,259	1,824,557

Net Book Value
As at 28 February 2026	252,237	2,613,635	14,109	14,328	2,894,309

As at 1 March 2025	391,407	445,078	24,878	15,826	877,189

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	236,808	1,245,533
Prepayments and accrued income	53,066	243,141
Other debtors	13,448,093	11,896,934
Corporation tax recoverable	1,576,726	1,250,450
VAT	55,121	43,084

	15,369,814	14,679,142

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Poro Technologies Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	1,688,706	630,297
Other loans	10,426,000	539,034
Other taxes and social security	46,019	37,311
Other creditors	16,624	548,148
Accruals and deferred income	39,825	16,342

	12,217,174	1,771,132

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

	2026	2025
	£	£
Other loans	2,572,357	2,011,010

9. Loans

An analysis of the maturity of loans is given below:

	2026	2025
	£	£
Amounts falling due within one year or on demand:
Other loans	10,426,000	539,034

	2026	2025
	£	£
Amounts falling due between one and five years:
Other loans	2,572,357	2,011,010

10. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
189,203 Ordinary Shares of £ 0.00001 each	2	2
129,832 Series A-1 shares of £ 0.00001 each	1	1
76,430 Series B shares of £ 0.00001 each	1	1
75,000 Growth shares of £ 0.00001 each	1	1
94,494 Seed preferred shares of £ 0.00001 each	1	1

	6	6


Shares issued during the period:	£

On 16th June 2025, 4,817 Series B shares of £0.00001 each were allotted and fully paid at a price of £232.23 per share.

On 5th August 2025, 1,619 Series B shares of £0.00001 each were allotted and fully paid at a price of £232.23 per share.

On 2nd December 2025, 6,477 Series B shares of £0.00001 each were allotted and fully paid at a price of £232.23 per share.

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Poro Technologies Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

11. Other Commitments

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

	2026	2025
	£	£
Not later than one year	94,520	150,000
Later than one year and not later than five years	-	94,520

	94,520	244,520

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		317,172		289,958
Tangible Assets	5		2,894,309		877,189

			3,211,481		1,167,147
CURRENT ASSETS
Debtors	6	15,369,814		14,679,142
Cash at bank and in hand		648,104		2,340,287

		16,017,918		17,019,429
Creditors: Amounts Falling Due Within One Year	7	(12,217,174 )		(1,771,132 )

NET CURRENT ASSETS (LIABILITIES)			3,800,744		15,248,297

TOTAL ASSETS LESS CURRENT LIABILITIES			7,012,225		16,415,444

Creditors: Amounts Falling Due After More Than One Year	8		(2,572,357 )		(2,011,010 )

NET ASSETS			4,439,868		14,404,434

CAPITAL AND RESERVES
Called up share capital	10		6		6
Share premium account			39,005,968		36,043,505
Other reserves			2,865,638		1,897,713
Profit and Loss Account			(37,431,744 )		(23,536,790 )

SHAREHOLDERS' FUNDS			4,439,868		14,404,434