WEWALK LIMITED


Directors	CEYLAN, Kursat
	HUMPHREYS, Harry Bartholomew
	MERICLILER, Gokhan


Registered Address	Wework
	123 Buckingham Palace Road
	London
	SW1W 9SH


Registered Number	12387785 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Turnover policy
	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 sale of goods and from the rendering of services.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	1. Intangible assets: Intangible assets comprise software rights and are stated at cost less accumulated amortisation and impairment losses. 2. Useful life: Software rights are amortised over 4 years on a straight-line basis. 3. Amortisation: Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life of the asset.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Office Equipment	4

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Government grants or assistance
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants or assistance

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	5		4

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 25	266,000	266,000
At 31 December 25	266,000	266,000
Amortisation and impairment
At 01 January 25	54,333	54,333
Charge for year	66,500	66,500
At 31 December 25	120,833	120,833
Net book value
At 31 December 25	145,167	145,167
At 31 December 24	211,667	211,667

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 January 25	14,067	14,067
At 31 December 25	14,067	14,067
Depreciation and impairment
At 01 January 25	5,394	5,394
Charge for year	3,217	3,217
At 31 December 25	8,611	8,611
Net book value
At 31 December 25	5,456	5,456
At 31 December 24	8,673	8,673

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 25	1,321,391	1,321,391
Additions	375,422	375,422
At 31 December 25	1,696,813	1,696,813
Net book value
At 31 December 25	1,696,813	1,696,813
At 31 December 24	1,321,391	1,321,391

	Notes
	¹Investments in group undertakings and participating interests

6.	Stocks

	2025	2024
	£	£
Other stocks	65,335	76,243
Total	65,335	76,243

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	39,347	89,683
Bank borrowings and overdrafts	11,370	11,371
Taxation and social security	8,897	7,034
Other creditors	-	13,679
Total	59,614	121,767

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	-	10,224
Total	-	10,224

9.	Share capital
	The company has three classes of shares in issue: Ordinary shares, A Preferred shares and Series Seed Preferred shares, each with a nominal value of £0.001 per share. All shares are fully paid. The rights attaching to each class of shares are set out in the company’s Articles of Association.

10.	Related party transactions
	During the year, the company entered into transactions with its subsidiary undertakings, including WeWalk TR, WeWalk US and WeWalk DE. These transactions primarily consisted of capital contributions made to support the subsidiaries’ operations and development activities. The total amount of such transactions during the year was approximately £375,000. All transactions were carried out on an arm’s length basis.

10.

Related party transactions

During the year, the company entered into transactions with its subsidiary undertakings, including WeWalk TR, WeWalk US and WeWalk DE.

These transactions primarily consisted of capital contributions made to support the subsidiaries’ operations and development activities.

The total amount of such transactions during the year was approximately £375,000.

All transactions were carried out on an arm’s length basis.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		145,167		211,667
Tangible assets	4		5,456		8,673
Investments	5		1,696,813		1,321,391
			1,847,436		1,541,731
Current assets
Stocks	6	65,335		76,243
Debtors		138,173		95,703
Cash at bank and on hand		427,287		501,145
		630,795		673,091
Creditors amounts falling due within one year	7	(59,614)		(121,767)
Net current assets (liabilities)			571,181		551,324
Total assets less current liabilities			2,418,617		2,093,055
Creditors amounts falling due after one year	8		-		(10,224)
Net assets			2,418,617		2,082,831
Capital and reserves
Called up share capital			1,341		1,228
Share premium			3,430,170		2,567,953
Other reserves			-		199,307
Profit and loss account			(1,012,894)		(685,657)
Shareholders' funds			2,418,617		2,082,831