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Registration number: 13707542

Carmenta Technologies Ltd
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Carmenta Technologies Ltd

Contents

Company Information | 1
Statement of Financial Position | 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 to 9

Carmenta Technologies Ltd

Company Information

Director | K G T Lonnqvist

Registered office | Sweden House 5 Upper Montagu Street London W1H 2AG

Independent auditor | Shaw Gibbs (Audit) Limited Statutory AuditorSalatin House 19 Cedar Road Sutton Surrey SM2 5DA

Carmenta Technologies Ltd

(Registration number: 13707542)
Statement of Financial Position as at 31 December 2025

| Note | 2025 £ | 2024 £
Current assets |  |  |
Receivables | 5 | 32,775 | 37,331
Cash at bank and in hand | 6 | 19,329 | 13,068
|  | 52,104 | 50,399
Payables: Amounts falling due within one year | 7 | (11,789) | (14,086)
Net assets |  | 40,315 | 36,313
Equity |  |  |
Called up share capital | 8 | 1 | 1
Retained earnings | 8 | 40,314 | 36,312
Shareholder's funds |  | 40,315 | 36,313

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

The financial statements of Carmenta Technologies Ltd were approved and authorised for issue by the director on 24 April 2026

.........................................

K G T Lonnqvist
Director

Carmenta Technologies Ltd

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

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 1 | 24,032 | 24,033
Profit for the year | - | 12,280 | 12,280
At 31 December 2024 | 1 | 36,312 | 36,313

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 1 | 36,312 | 36,313
Profit for the year | - | 4,002 | 4,002
At 31 December 2025 | 1 | 40,314 | 40,315

Carmenta Technologies Ltd

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

1 | General information

Carmenta Technologies Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2 | Accounting policies

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.

Going concern

The director has considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and has also reviewed the ongoing financial support from the company's parent undertaking and is confident this will be available for the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the company's financial statements.
Carmenta Technologies Ltd is reliant on the support of Carmenta Geospatial Technologies AB as the parent company which is committed to the UK market and has demonstrated its support through a
letter of support.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Carmenta Geospatial Technologies AB, which may be obtained from Box 11354, Gothenburg, 404 28, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the director in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents the value of consideration receivable for the provision of research and development services to its parent undertaking, net of value added tax. Revenue from the provision of services is recognised when the services have been provided. Revenue is recognised when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Grants

Grants of a revenue nature are credited to the Income Statement so as to match them with the expenditure to which they relate and are included in other operating income.

Research and development costs

The company expenses all research costs as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new substantially improved processes, is capitalised as an intangible asset if the process is technically and commercially feasible and the company has sufficient resources and the intention to complete development. All other development expenditures and expenditures on research activities are recognised in the Income Statement.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the statement of financial position date. All exchange differences are included in the income statement.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

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

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. 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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 3).

4 | Taxation

Tax charged/(credited) in the income statement

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 712 | 3,304

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 4,714 | 15,584
Corporation tax at standard rate | 1,179 | 3,896
Tax decrease from other short-term timing differences | (489) | (592)
Effect of expense not deductible in determining taxable profit | 22 | -
Total tax charge | 712 | 3,304

5 | Receivables

| 2025 £ | 2024 £
Trade receivables | - | 29,175
Amount owed by parent undertaking | 31,705 | 5,205
Other receivables | 1,070 | 1,431
Prepayments | - | 1,520
| 32,775 | 37,331

The amount owed by parent undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

6 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 19,329 | 13,068

7 | Payables

| 2025 £ | 2024 £
Due within one year |  |
Corporation tax | 712 | 3,810
Social security and other taxes | 1,499 | 4,497
Outstanding defined contribution pension costs | 660 | 1,502
Other payables | 84 | 77
Accrued expenses | 8,834 | 4,200
| 11,789 | 14,086

8 | Share capital and reserves

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary share of £1 | 1 | 1 | 1 | 1

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

9 | Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £7,007 (2024 - £15,928).
Contributions totalling £660 (2024 - £1,502) were payable to the scheme at the end of the year and are included in payables.

10 | Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.

11 | Parent and ultimate parent undertaking

The company's immediate parent is Carmenta Geospatial Technologies AB, incorporated in Sweden.
The most senior parent entity producing publicly available financial statements is Carmenta Geospatial Technologies AB. These financial statements are available upon request from Box 11354, Gothenburg, 404 28, Sweden.

12 | Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

13 | Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 24 April 2026 was Leanne Humphreys (FCCA), who signed for and on behalf of Shaw Gibbs (Audit) Limited.