Yubico Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Yubico Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07007100 . The registered office is Sweden House, 5 Upper Montagu Street, London, W1H 2AG.

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. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

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 & Machinery

straight line over 3 years

2.5. 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 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 valued at the unpaid amount plus any interest unpaid. 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 and loans from group companies, 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 payments 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. Amounts 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.

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 operating profit.

Page 2

Page 3

Yubico Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income 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 is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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. Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

2.10. Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2024: 9)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2025	1,023

As at 31 December 2025	1,023

Depreciation
As at 1 January 2025	881
Provided during the period	142

As at 31 December 2025	1,023

Net Book Value
As at 31 December 2025	-

As at 1 January 2025	142

Page 3

Page 4

Yubico Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Amounts owed by group undertakings	246,579	210,806
Other debtors	97,927	115,787

	344,506	326,593

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	120	10,488
Other creditors	140,688	122,521
Taxation and social security	100,216	100,888

	241,024	233,897

7. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000

8. Related Party Transactions

The company is a wholly owned subsidiary member of it's group and has therefore taken advantage of the provisions of Section 33.1A of FRS102 not to disclose transactions with entities that are wholly owned members of the group.

Other than disclosed in these accounts, there were no other transactions with related parties that were not made under normal market conditions.

9. Ultimate Controlling Party

The company is a 100% subsidiary of Yubico AB, a company incorporated in Sweden at Gävlegatan 22, 113 30 Stockholm, Sweden

10. Audit Information

The auditor's report on the accounts of Yubico Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Malcolm McGready (Senior Statutory Auditor) for and on behalf of Ensors , Statutory Auditor.

Ensors

Chartered Accountants

Connexions

159 Princes Street

Ipswich

IP1 1QJ

Page 4

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		-		142

			-		142
CURRENT ASSETS
Debtors	5	344,506		326,593
Cash at bank and in hand		438,624		363,167

		783,130		689,760
Creditors: Amounts Falling Due Within One Year	6	(241,024 )		(233,897 )

NET CURRENT ASSETS (LIABILITIES)			542,106		455,863

TOTAL ASSETS LESS CURRENT LIABILITIES			542,106		456,005

NET ASSETS			542,106		456,005

CAPITAL AND RESERVES
Called up share capital	7		1,000		1,000
Profit and Loss Account			541,106		455,005

SHAREHOLDERS' FUNDS			542,106		456,005