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Registration number: 08783164

Journolink Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Journolink Ltd

Contents

Company Information | 1
Accountants' Report | 2
Balance Sheet | 3 to 4
Statement of Changes in Equity | 5
Notes to the Unaudited Financial Statements | 6 to 11

Journolink Ltd

Company Information

Directors | Peter Richard Ibbetson Gemma Hartley Guise James Philip Tetteh Kofi Gareth Coombes-Olney

Company secretary | Sally Ibbetson

Registered office | International House 10 Churchill Way Cardiff CF10 2HE

Accountants | Robert A Harris & Co Business & Technology Centre Bessemer Drive Stevenage Herts SG1 2DX

Chartered Management Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Journolink Ltd
for the Year Ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Journolink Ltd for the year ended 31 December 2025 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Journolink Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Journolink Ltd and state those matters that we have agreed to state to the Board of Directors of Journolink Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Journolink Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Journolink Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Journolink Ltd. You consider that Journolink Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Journolink Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
Robert A Harris & Co
Business & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX

21 May 2026

Journolink Ltd

(Registration number: 08783164)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 1,235 | -
Current assets |  |  |
Debtors | 5 | 13,503 | 28,204
Cash at bank and in hand |  | 6,011 | 15,402
|  | 19,514 | 43,606
Creditors: Amounts falling due within one year | 6 | (25,413) | (37,096)
Net current (liabilities)/assets |  | (5,899) | 6,510
Total assets less current liabilities |  | (4,664) | 6,510
Creditors: Amounts falling due after more than one year | 6 | (45,000) | (4,994)
Net (liabilities)/assets |  | (49,664) | 1,516
Capital and reserves |  |  |
Called up share capital | 7 | 287 | 287
Share premium reserve |  | 853,894 | 853,894
Retained earnings |  | (903,845) | (852,665)
Shareholders' (deficit)/funds |  | (49,664) | 1,516

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

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Journolink Ltd

(Registration number: 08783164)
Balance Sheet as at 31 December 2025

Approved and authorised by the Board on 21 May 2026 and signed on its behalf by:

......................................... Peter Richard Ibbetson Director

Journolink Ltd

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Share premium £ | Retained earnings £ | Total £
At 1 January 2025 | 287 | 853,894 | (852,665) | 1,516
Loss for the year | - | - | (51,180) | (51,180)
At 31 December 2025 | 287 | 853,894 | (903,845) | (49,664)

| Share capital £ | Share premium £ | Retained earnings £ | Total £
At 1 January 2024 | 287 | 853,894 | (838,415) | 15,766
Loss for the year | - | - | (14,250) | (14,250)
At 31 December 2024 | 287 | 853,894 | (852,665) | 1,516

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
International House
10 Churchill Way
Cardiff
CF10 2HE
England and Wales

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | 33.3% straight line basis
Fixtures and fittings | 25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.
The option scheme is an approved Enterprise Management Incentive Scheme (EMI). EMI is a form of share option scheme that provides significant tax advantages to employees. The option vesting period is within 10 years of being granted and set on an exit-only vesting event, (if there is no exercise by then they just lapse). Option holders must have an employment contract and work for the company for at least 25 hours a week or a minimum of 75% of their paid working time.
Options have been granted to two employees to 31/12/2023 on Class B ordinary shares totalling 1028 shares.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2024 - 10).

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 January 2025 | 33,507 | 33,507
Additions | 1,853 | 1,853
At 31 December 2025 | 35,360 | 35,360
Depreciation
At 1 January 2025 | 33,507 | 33,507
Charge for the year | 618 | 618
At 31 December 2025 | 34,125 | 34,125
Carrying amount
At 31 December 2025 | 1,235 | 1,235

5 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 13,200 | 27,900
Other debtors | 303 | 304
| 13,503 | 28,204

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Bank loans and overdrafts | 8 | 5,277 | 10,648
trade creditors |  | 1,644 | 958
Taxation and social security |  | 12,836 | 19,122
Accruals and deferred income |  | 1,780 | 1,751
Other creditors |  | 3,876 | 4,617
|  | 25,413 | 37,096

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 5,277 | 10,648

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 8 | 45,000 | 4,994

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
A Class Shares- ordinary of £1 each | 4 | 4 | 4 | 4
B Class Shares - ordinary of £0.01 each | 24,402 | 244 | 24,402 | 244
C Class Shares - Preference of £0.01 each | 3,942 | 39 | 3,942 | 39
| 28,348 | 287 | 28,348 | 287

8 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | - | 4,994
Other borrowings | 45,000 | -
| 45,000 | 4,994

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 5,277 | 10,648

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Bank borrowings

Corona Virus Bounce Back Loan is denominated in GBP Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £5,276 (2024 - £15,642). The loan is unsecured and backed by UK Government guarantee

Other borrowings

Convertable Loan is denominated in GBP Sterling with a nominal interest rate of Nil%. The carrying amount at year end is £45,000 (2024 - £Nil). The existing shareholders of the company have advanced the sum of £45,000 to the company and agreed to advance a further £5,000 in January 2026, under an agreement that these funds are to be converted to ordinary share capital of the company. The trems of the conversion rights provide for conversion using the same valuation of the last investment round. The Loan is interest free, unsecured and ranks in priority to unsecured creditors.The loan is only repayable on a material change in ownership, sale or liqidation of the company.

9 | Related party transactions

Other transactions with directors

During the year amounts totaling £4,095 were paid to the director, James Philip Tetteh Kofi, for consultancy services rendered to the company.