DEVYCE LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 12404413

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		17,636		15,434

			17,636		15,434
CURRENT ASSETS
Debtors	5	124,159		35,196
Cash at bank and in hand		116,904		96,142

		241,063		131,338
Creditors: Amounts Falling Due Within One Year	6	(241,610 )		(130,373 )

NET CURRENT ASSETS (LIABILITIES)			(547 )		965

TOTAL ASSETS LESS CURRENT LIABILITIES			17,089		16,399

Creditors: Amounts Falling Due After More Than One Year	7		(273,992 )		(682,270 )

NET LIABILITIES			(256,903 )		(665,871 )

CAPITAL AND RESERVES
Called up share capital	8		403		230
Share premium account			3,121,028		1,390,859
Profit and Loss Account			(3,378,334 )		(2,056,960 )

SHAREHOLDERS' FUNDS			(256,903)		(665,871)

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DEVYCE LIMITED

Balance Sheet (continued)

As At 31 December 2025

For the year ending 31 December 2025 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Stephen James Browne

Director

27th May 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

DEVYCE LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12404413 . The registered office is Scott House, Suite 1, The Concourse, Waterloo Station, London, SE1 7LY.

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.

2.2. Going Concern Disclosure

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.

The Company incurred a loss during the year of £1,321,374 (2024: £772,015).The company's losses have to date been funded by the company's parent company, Devyce Inc.

Devyce Inc. has indicated a willingness to continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.

The Directors having assessed the current financial position of Devyce Inc. and the overall group and have a

reasonable expectation that the Company will have adequate resources to continue as a going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.

2.3. Turnover

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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	Over 5 years
Computer Equipment	Over 3 years

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are

recognised when tax paid exceeds the tax payable and when the realisation of tax repayment claim is probable.

Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

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DEVYCE LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Share Based Payments

The Company reflects the economic cost of awarding share options to employees by recording an expense in the Profit and Loss Account equal to the estimated fair value of the benefit awarded at the time of the award. The expense is recognised in the Profit and Loss Account on a straight line basis over the vesting period.

The amounts charged to Profit and Loss are reflected in reserves as the options are equity settled.

3. Average Number of Employees

Average number of employees, including directors, during the period was 20 (2024: 11)

4. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	1,628	24,283	25,911
Additions	-	13,107	13,107

As at 31 December 2025	1,628	37,390	39,018

Depreciation
As at 1 January 2025	1,098	9,379	10,477
Provided during the period	266	10,639	10,905

As at 31 December 2025	1,364	20,018	21,382

Net Book Value
As at 31 December 2025	264	17,372	17,636

As at 1 January 2025	530	14,904	15,434

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	90,929	14,422
Prepayments and accrued income	17,592	13,274
Other debtors	15,638	7,500

	124,159	35,196

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	111,784	40,084
Other taxes and social security	34,309	32,795
VAT	45,410	16,390
Other creditors	8,445	7,374
Accruals and deferred income	20,622	12,690
Directors' loan accounts	21,040	21,040

	241,610	130,373

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DEVYCE LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Loan from Stour Marine	200,000	-
Amounts owed to group undertakings	73,992	682,270

	273,992	682,270

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	403	230

9. Related Party Transactions

The company is 100% owned by Devyce Inc by virtue of its ownership of 100% of the issued share capital in the company. At the year end, the company owed Devyce Inc £73,992 (2024 : £682,270).

Stour Marine Limited, a company controlled by a director and shareholder of the company provided telecommunications services of £264,036 (2024: £126,678) to the company during the year.

During the year, Stour Marine Limited also advanced a loan of £200,000 to the company. At the year end, £200,000 of principal remained outstanding.

10. Share Based Payment

The parent company operates an equity-settled share-based payment scheme. This scheme has been provided to certain employees, contractors, and advisors. At the date of the financial statements a total of 59,882 options had been granted over common stock in the parent company at an average exercise price of $0.35. Vesting periods vary from one to four years in equal instalments. At the date of the financial statements a total of 31,730 options had vested.

As disclosed in the accounting policy notes the fair value of any vested share options are charged to Profit and Loss over the vesting period.

No share based payment charge has been recognised in the year as any such expense would not be material to the financial

statements.

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