Company No: 15033703 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2025		31.07.2024
		£		£
Fixed assets
Tangible assets	4	31,898		20,734
		31,898		20,734
Current assets
Debtors	5	111,652		88,655
Cash at bank and in hand		3,671,113		6,445,635
		3,782,765		6,534,290
Creditors: amounts falling due within one year	6	( 72,402)		( 58,191)
Net current assets		3,710,363		6,476,099
Total assets less current liabilities		3,742,261		6,496,833
Net assets		3,742,261		6,496,833
Capital and reserves
Called-up share capital	7	48		48
Share premium account		6,959,057		6,959,057
Other reserves		115,336		0
Profit and loss account		( 3,332,180 )		( 462,272 )
Total shareholders' funds		3,742,261		6,496,833

For the financial period 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 financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Malted AI Ltd (registered number: 15033703) were approved and authorised for issue by the Board of Directors on 12 May 2026. They were signed on its behalf by:

Mr I Mackie Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Malted AI Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Level 4, Dashwood House, 69 Old Broad Street, London, EC2M 1QS, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The financial statements are prepared for the period from 1 August 2024 to 31 December 2025. This represents an extended accounting period of 17 months. Comparative figures relate to the 12 month period ended 31 July 2024 and are therefore not directly comparable with those of the current period. The accounting period has been extended in order to align the company’s financial year-end with the reporting date of 31 December, which the directors consider will improve the consistency and comparability of financial reporting.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for platform services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment	5 years straight line
Computer equipment	3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	Period from 01.08.2024 to 31.12.2025		Period from 27.07.2023 to 31.07.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	18		8

3. Share-based payments

Equity-settled share-based payment schemes

The Company has a share option scheme for employees and consultants.

Details of the share options outstanding during the financial year are as follows:

	31.12.2025			31.07.2024
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	1,612	0.001		0	0
Granted during the period	19,426	9.080		1,612	0.001
Forfeited during the period	( 8,378)	( 8.660)		0	0
Outstanding at the end of the period	12,660	8.210		1,612	0.001
Exercisable at the end of the period	0	0		0	0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

4. Tangible assets

	Office equipment		Computer equipment		Total
	£		£		£
Cost
At 01 August 2024	5,610		18,949		24,559
Additions	12,530		18,580		31,110
At 31 December 2025	18,140		37,529		55,669
Accumulated depreciation
At 01 August 2024	267		3,558		3,825
Charge for the financial period	4,710		15,236		19,946
At 31 December 2025	4,977		18,794		23,771
Net book value
At 31 December 2025	13,163		18,735		31,898
At 31 July 2024	5,343		15,391		20,734

5. Debtors

	31.12.2025		31.07.2024
	£		£
Corporation tax	63,983		24,215
Other debtors	47,669		64,440
	111,652		88,655

6. Creditors: amounts falling due within one year

	31.12.2025		31.07.2024
	£		£
Trade creditors	17,592		10,600
Other creditors	54,810		47,591
	72,402		58,191

7. Called-up share capital

	31.12.2025		31.07.2024
	£		£
Allotted, called-up and fully-paid
300,000 Ordinary shares of £ 0.0001 each	30		30
82,917 Seed Preferred 1 ordinary shares of £ 0.0001 each	8		8
100,264 Seed Preferred 2 ordinary shares of £ 0.0001 each	10		10
	48		48