The notes on pages 4 to 17 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with UK-adopted International Financial Reporting Standards and the Companies Act 2006.

The director of the company has elected not to include a copy of the income statement within the financial statements.

Lean Technologies Development (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cordy House, 4th Floor, 91 Curtain Road, London, England, EC2A 3BS. The company's principal activities and nature of its operations are disclosed in the director's report.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

The financial statements have been prepared on a going concern basis.true

For the year ended 31 December 2025, the company reported a profit of £285,632 and, at that date, had net liabilities of £8,509,845. The company is dependent on the continued financial support of its parent company to meet its liabilities as they fall due.

The directors have obtained confirmation from the parent company that it will provide financial support to the company for a period of at least 12 months from the date of approval of these financial statements.

The directors have also considered the financial position of the wider Lean Technologies group. The consolidated balance sheet as at 31 December 2025 shows net assets of approximately $51.8m and cash and cash equivalents of approximately $45.9m, indicating that the group has sufficient resources to support the company.

Based on the above, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and have therefore adopted the going concern basis in preparing these financial statements.

Revenue for the year comprises sales of services to other companies within the Lean Technology Group. These intra-group transactions are conducted at transfer prices determined in accordance with the arm’s length principle, as required by both local tax regulations and the OECD Transfer Pricing Guidelines. The transfer prices are intended to reflect the price that would have been charged in similar transactions between independent parties under comparable circumstances.

The directors have assessed the company’s transfer pricing policy and are satisfied that the methods applied are appropriate and consistent with relevant tax legislation and international guidance. All intra-group transactions are documented and supported by transfer pricing documentation as required by applicable regulations.

The company periodically reviews its transfer pricing arrangements to ensure continued compliance with the arm’s length principle and to reflect any changes in business operations or relevant tax laws.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intangible assets     Straight line basis over 5 years

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 recognised in the income statement.

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

The company’s revenue arises from transactions with other entities within the Lean Technologies Group. At the reporting date, receivable balances primarily comprise amounts due from fellow group undertakings.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

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

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The company’s employees participate in share-based payment arrangements operated by its parent company, Lean Technologies, under which eligible employees may be granted options over equity instruments of the parent company.

The company receives employee services in respect of these awards. As the company has no obligation to settle the awards in cash or other assets, the arrangements are accounted for in these separate financial statements as equity-settled share-based payment transactions.

The fair value of the employee services received is measured by reference to the grant-date fair value of the equity instruments granted. The grant-date fair value is determined using an appropriate option pricing model, taking into account the terms and conditions on which the awards were granted.

The fair value is recognised as an employee benefit expense in profit or loss over the vesting period, based on the company’s estimate of the number of awards expected to vest. The estimate is revised at each reporting date for changes in non-market vesting conditions, with the effect of any revision recognised in profit or loss over the remaining vesting period.

For equity-settled awards, the grant-date fair value is not subsequently remeasured. The corresponding credit is recognised in equity within the share-based payment reserve, representing a capital contribution from the parent company. No financial liability is recognised by the company in respect of these awards unless the company has a present obligation to settle the awards in cash or other assets.

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property. Where the lease contains a break clause and which, at the inception of the lease, is expected to be exercised, the lease term is treated as terminating at the break clause date.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is reassessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

The average monthly number of persons (including directors) employed by the company during the year was:

The director considers that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

Borrowings comprise unsecured loans from the parent company and fellow group undertakings.

The loans are repayable on demand and are classified as current liabilities accordingly.

No interest is charged on these balances.

The loans are not subordinated and rank pari passu with the company’s other unsecured liabilities.

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

The maturity analysis of lease liabilities at 31 December 2025 includes undiscounted lease payments for the non-cancellable period and any additional periods where the company is reasonably certain not to exercise a break option.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company participates in share-based payment arrangements operated by its parent company, under which employees receive equity instruments of the parent company.

These arrangements are treated as equity-settled share-based payments. The fair value of the employee services received in exchange for the grant of equity instruments is recognised as an expense, with a corresponding credit recognised in equity within the share-based payment reserve, representing a capital contribution from the parent company.

The total amount to be expensed is determined by reference to the fair value of the equity instruments granted at the grant date. This fair value is not subsequently remeasured. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest.

At each reporting date, the company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of original estimates, if any, is recognised in profit or loss.

No liability is recognised by the company as there is no obligation to settle the awards in cash.

Employees are granted option to purchase shares in the Parent Company pursuant to the terms of the Option Plan. Each Option Plan shall be subject to all the terms and conditions of the share option agreement between the employee and the Company in a form deemed satisfactory by the Board of Directors.

(a)     An option can only be exercised to the extent vested and on the earliest to occur of the
    following events:

1.    immediately prior to (but subject to the occurrence of) an exit event or;

2.    the Board of Directors confirming in writing to a participant that the option can be exercised,
    subject to such further conditions as the Board may confirm at that time.

(b)     During his lifetime, only the employee may exercise the option. If the employee dies, the
    option may only be exercised by his personal representatives at the discretion of the Board.

The fair value of share options were based on valuation performed by an independent valuer.

During the year, the Company recorded expense against share option reserve amounting to £563,279 (2024: £590) which represents the vested shares during the year. The expense for
the year is presented as employee share option expense in the profit or loss account.

The inputs to the model used for estimating the fair value of share options at the reporting date are as follows:

The weighted average share price at the date of exercise for share options exercised during the year was £1 (2024 - £0).

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with UK adopted international accounting standards; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

The company leases office space under non-cancellable agreement. The lease expiry date is in February 2027.

The following amounts have been recognised in profit or loss in respect of leases, in accordance with IFRS 16:

- Depreciation charge for right-of-use assets – Buildings - £136,738 (2024: £137,576)

- Interest expense on lease liabilities: £28,614 (2024: £17,869)

Total: £165,352 (2024: £155,445)

The company is not subject to any externally imposed capital requirements.

The company is a wholly owned subsidiary of Lean Technologies, a company incorporated in the Cayman Islands.

Lean Technologies is owned by a number of individual shareholders, institutional investors and employee share option holders.

No single party has control of Lean Technologies, and accordingly there is no ultimate controlling party.

Transactions with group undertakings

During the year, the company provided software development services to other entities within the Lean Technologies group.

Revenue recognised in respect of these services amounted to £4,086,029 (2024: £3,339,563).

These transactions were undertaken in the normal course of business and on terms consistent with the Group’s transfer pricing policy.

Balances with group undertakings

At the reporting date, the company had the following balances with related parties:

Amounts due from fellow group undertakings: £7,440,549 (2024: £3,348,935)

Amounts due to the parent undertaking: £16,025,604 (2024: £13,245,389)

Amounts due to fellow group undertakings: £25,694 (2024: £47,937)

Amounts due from group undertakings are unsecured, interest-free and repayable on demand.

Amounts due to the parent undertaking and fellow group undertakings are unsecured. Unless otherwise agreed, these balances are repayable on demand.

The directors consider the balances due from group undertakings to be fully recoverable and, accordingly, no expected credit loss provision has been recognised (2024: £nil).

Key management personnel

The key management personnel of the company are considered to be the director.

Total compensation of key management personnel was as follows:

Short-term employee benefits: £193,426 (2024: £137,000)

Pension contributions: £12,330 (2024: £1,321)

No other transactions with key management personnel were undertaken during the year.