MATERIAL INDEX LTD


Directors	LAKHANI, Jay Dilip
	LEWIS, Morgan William Richard Gostwyck
	SMITH, Robert Peter


Registered Address	71-75 Shelton Street
	Covent Garden
	London
	WC2 9JQ


Registered Number	14747938 (England and Wales)

Balance Sheet as at
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		6,369		8,981
			6,369		8,981
Current assets
Debtors	4	694,028		219,794
Cash at bank and on hand		173,625		442,839
		867,653		662,633
Creditors amounts falling due within one year	5	(213,145)		(132,619)
Net current assets (liabilities)			654,508		530,014
Total assets less current liabilities			660,877		538,995
Net assets			660,877		538,995
Capital and reserves
Called up share capital			2		2
Share premium			1,424,035		950,788
Other reserves			537,345		-
Profit and loss account			(1,300,505)		(411,795)
Shareholders' funds			660,877		538,995

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 18 June 2026, and are signed on its behalf by:

SMITH, Robert Peter
Director
Registered Company No. 14747938

MATERIAL INDEX LTD

Notes to the Financial Statements
for the year ended 31 March 2026

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.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	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 rendering of goods and services. The company acts as an agent in relation to certain sales arrangements and therefore recognises only the commission earned on these transactions as revenue. Management has assessed that the company does not obtain control of the goods sold and is not exposed to the significant risks and rewards associated with ownership.

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 rendering of goods and services.

The company acts as an agent in relation to certain sales arrangements and therefore recognises only the commission earned on these transactions as revenue. Management has assessed that the company does not obtain control of the goods sold and is not exposed to the significant risks and rewards associated with ownership.

	Defined contribution pension plan
	The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

	Share-based payments
	The share-based payment has been accounted for as an equity-settled transaction in accordance with FRS 102 Section 26. The fair value of the options at the grant date is recognised as an expense over the vesting period, with a corresponding credit to equity.

	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.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Office Equipment	4

	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


		2026		2025
	Average number of employees during the year	13		8

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 April 25	10,449	10,449
At 31 March 26	10,449	10,449
Depreciation and impairment
At 01 April 25	1,468	1,468
Charge for year	2,612	2,612
At 31 March 26	4,080	4,080
Net book value
At 31 March 26	6,369	6,369
At 31 March 25	8,981	8,981

4.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	258,775	56,731
Other debtors	183,817	155,464
Prepayments and accrued income	251,436	7,599
Total	694,028	219,794

5.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	19,656	2,866
Taxation and social security	141,540	80,505
Other creditors	15,716	49,248
Accrued liabilities and deferred income	36,233	-
Total	213,145	132,619

6.	Operating lease commitments
	At 31 March 2026, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £20,925 (2025: £12,000), and this is due within 1 year.

7.	Further information regarding the company's financial position
	During the year, the company established an equity-settled share option scheme to incentivise key employees. Under the plan, 228,702 options were granted, comprising 156,600 options with an exercise price of £0.000001 and 72,102 options with an exercise price of £0.81. All options have been valued at a fair value of £3.24507 per share, based on the October 2025 funding round. The value of options vested in the year was £537,345 (2024: £nil) and this has been charged as an expense to the profit and loss account. No options were exercised, forfeited or expired during the year. The total carrying amount of £537,345 (2024: £nil) is recognised in other reserves. The total number of share options outstanding at the year end is 228,702 (2024: nil).

Further information regarding the company's financial position

During the year, the company established an equity-settled share option scheme to incentivise key employees. Under the plan, 228,702 options were granted, comprising 156,600 options with an exercise price of £0.000001 and 72,102 options with an exercise price of £0.81. All options have been valued at a fair value of £3.24507 per share, based on the October 2025 funding round.

The value of options vested in the year was £537,345 (2024: £nil) and this has been charged as an expense to the profit and loss account. No options were exercised, forfeited or expired during the year. The total carrying amount of £537,345 (2024: £nil) is recognised in other reserves.

The total number of share options outstanding at the year end is 228,702 (2024: nil).