Trufin Labs Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Trufin Labs Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14186889 . The registered office is 2nd Floor, Crawford Corner, 91-93 Baker Street, London, W1U 6QQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

In the current year, the company has adopted FRS 102 Section 1A – Small Entities. This does not affect the recognition or measurement of amounts reported in the financial statements; it only results in reduced disclosures in line with the requirements of Section 1A

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern for the foreseeable future. Therefore, the financial statements have been prepared on the going concern basis.

2.3. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible fixed assets are digital assets and cryptocurrencies held by the business and are measured under the cost model, less any accumulated impairment losses. The company considers that these digital and cryptographic assets have an indefinite useful life and are therefore not amortised.

2.5. Tangible Fixed Assets and Depreciation

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.

Fixtures & Fittings	33% Straight line method
Computer Equipment	33% Straight line method

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 profit or loss.

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Trufin Labs Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Foreign Currencies

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.7. Pensions

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.

2.8. Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.9. Debtors

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.

2.10. Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11. Registrar Filing Requirements

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2024: 8)

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Trufin Labs Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2025	377,312
Disposals	(259,162 )

As at 31 December 2025	118,150

Net Book Value
As at 31 December 2025	118,150

As at 1 January 2025	377,312

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	103	16,077	16,180
Additions	-	4,165	4,165

As at 31 December 2025	103	20,242	20,345

Depreciation
As at 1 January 2025	103	9,426	9,529
Provided during the period	-	5,860	5,860

As at 31 December 2025	103	15,286	15,389

Net Book Value
As at 31 December 2025	-	4,956	4,956

As at 1 January 2025	-	6,651	6,651

6. Debtors

	2025	2024
	£	£
Due within one year
Amounts owed by group undertakings	124,894	1,023,916
Other debtors	80,102	53,805

	204,996	1,077,721

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	35,643	24,429
Amounts owed to group undertakings	3,567,543	2,073,554
Other creditors	22,568	14,995
Taxation and social security	31,687	31,119

	3,657,441	2,144,097

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Trufin Labs Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1	1

9. Related Party Transactions

During the year, the company entered into transactions with the following related parties, carried out on normal commercial terms.

Amounts Receivable from Related Parties at the year end:

1. TruFin Ltd: £124,894

Amounts Payable to Related Parties at the year end:

1. TruFin Holdings Limited: £2,204,551

2. TruFin Limited: £1,362,992

The directors consider that these disclosures represent all material related party transactions for the period.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		118,150		377,312
Tangible Assets	5		4,956		6,651

			123,106		383,963
CURRENT ASSETS
Debtors	6	204,996		1,077,721
Cash at bank and in hand		1,761,383		188,377

		1,966,379		1,266,098
Creditors: Amounts Falling Due Within One Year	7	(3,657,441 )		(2,144,097 )

NET CURRENT ASSETS (LIABILITIES)			(1,691,062 )		(877,999 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(1,567,956 )		(494,036 )

NET LIABILITIES			(1,567,956 )		(494,036 )

CAPITAL AND RESERVES
Called up share capital	8		1		1
Profit and Loss Account			(1,567,957 )		(494,037 )

SHAREHOLDERS' FUNDS			(1,567,956)		(494,036)