Pi-eX Ltd

Chartered Accountants

2nd Floor, Heathmans House 

19 Heathmans Road

London

SW6 4TJ

In order to assist you to fulfil your duties under the Companies Act 2006, we​ have prepared for your approval​​ the financial statements of Pi-eX Ltd for the year ended 30 September 2025 which comprise the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm​​ of the Institute of Chartered Accountants in England and Wales, we are​​ subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation​.

It is your duty to ensure that Pi-eX 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)/profit of Pi-eX Ltd. You consider that Pi-eX Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the financial statements of Pi-eX 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 financial statements.

This report is made to the board of Directors​ of Pi-eX Ltd, as a body​, in accordance with the terms of accountants' engagement letter​. Accountants' work has been undertaken so that the we might compile the financial statements that we have been engaged to compile, report to the Company's board of Directors that we have done so​​ and state those matters that we​​ have agreed to state to them​​​​​ in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we​ do not accept or assume responsibility to anyone other than Pi-eX Ltd and its board of Directors, as a body, for accountants' work or for this report.

Haggards Crowther LLP​

Chartered Accountants​​

Floor 2, Heathmans House​

19 Heathmans Road​​

London​​

SW6 4TJ​

22nd June 2026​

For the year​ ending 30 September 2025, the Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the Company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Profit and Loss Account and Statement of Other Comprehensive Income in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf:

Date: 22 June 2026 

The notes 5 on to 9 form part of these financial statements.

Pi-Ex Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09206090 and its registered address is 12 St Albans Grove, London, United Kingdom, W8 5PN.

The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of ​Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's​ accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The directors consider that the company is a going concern on the basis that they will continue to provide financial support for the foreseeable future.

Interest income is recognised in profit or loss using the effective interest method.

Defined contribution pension plan 

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Income Statement.

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.