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Registered number: 15145317 NEAR ONE LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DEC 2025
NEAR ONE LIMITED REGISTERED NUMBER: 15145317 BALANCE SHEET AS AT 31 DEC 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 11,593,754 |  | 42,987,454
Tangible assets | 5 |  | 45,687 |  | 35,467
|  |  | 11,639,441 |  | 43,022,921
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 856,522 |  | 408,188 |
Current asset investments | 7 | 5,121,696 |  | 2,396,002 |
Cash at bank and in hand | 8 | 2,403,345 |  | 11,341,073 |
|  | 8,381,563 |  | 14,145,263 |
Creditors: amounts falling due within one year | 9 | (1,297,303) |  | (1,093,471) |
Net current assets |  |  | 7,084,260 |  | 13,051,792
Total assets less current liabilities |  |  | 18,723,701 |  | 56,074,713
Net assets |  |  | 18,723,701 |  | 56,074,713
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 10,000 |  | 10,000
Share premium account |  |  | 86,418,189 |  | 86,418,189
Profit and loss account |  |  | (67,704,488) |  | (30,353,476)
|  |  | 18,723,701 |  | 56,074,713
Page 1
NEAR ONE LIMITED REGISTERED NUMBER: 15145317 BALANCE SHEET (CONTINUED) AS AT 31 DEC 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 statement of comprehensive income in accordance with 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 on 30 Jun 2026.
A Labanouski
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
NEAR ONE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEC 2025
1. | General information
Near One Limited is a private company, limited by shares and incorporated in England and Wales. The company's registered office address is 101 New Cavendish Street, 1st floor South, London. United Kingdom, W1W 6XH. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland 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 judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Revenue
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.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
NEAR ONE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEC 2025 2.Accounting policies (continued)
| 2.4 | 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.
| 2.5 | Intangible assets
Intangible assets are initially recognised at cost. After initial recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Where intangible assets consist of digital assets, cost is determined using the first-in, first-out (FIFO) method. The FIFO method is applied on a universal basis to all digital assets of the same nature, such that cost is determined by reference to the entity's aggregate holdings of each type of digital asset, irrespective of the individual wallet or address in which any particular unit is held. Intangible assets consisting of digital assets are determined to have an indefinite useful economic life. These assets are therefore not amortised but are reviewed and tested for impairment on a regular basis, and in any event at each reporting date. FRS 102 requires that all intangible assets be treated as having a finite useful life. The directors consider that an indefinite life best reflects the substance of the entity's digital assets, which have no foreseeable limit to the period over which they are expected to generate economic benefits. Applying an indefinite life therefore requires a true and fair override of FRS 102.
| 2.6 | Tangible fixed assets
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:
|  |  |  | Computer equipment | - | 33% |
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. Page 4
NEAR ONE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEC 2025 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | 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.
| 2.9 | Creditors
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. | Employees
| The average monthly number of employees during the year was as follows:
|  |  | 31 December | 31 December
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employee | 2 | 3
Page 5
NEAR ONE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEC 2025
4. | Intangible assets
|  | Digital Assets
|  | £
| Cost |
| At 1 January 2025 | 60,411,570
| Additions | 6,246,045
| Disposals | (24,308,424)
| At 31 Dec 2025 | 42,349,191
| Amortisation |
| At 1 January 2025 | 17,424,117
| Charge for the year on owned assets | 19,930,406
| On disposals | (6,599,086)
| At 31 Dec 2025 | 30,755,437
| Net book value |
| At 31 Dec 2025 | 11,593,754
| At 31 Dec 2024 | 42,987,453
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NEAR ONE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEC 2025
5. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 January 2025 | 41,560
| Additions | 31,185
| At 31 Dec 2025 | 72,745
| Depreciation |
| At 1 January 2025 | 6,093
| Charge for the year on owned assets | 20,965
| At 31 Dec 2025 | 27,058
| Net book value |
| At 31 Dec 2025 | 45,687
| At 31 Dec 2024 | 35,467
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 417,476 | 5,594
| Amounts owed by group undertakings | 5,250 | 27,256
| Other debtors | 72,391 | 104,302
| Prepayments and accrued income | 361,405 | 271,036
|  | 856,522 | 408,188
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NEAR ONE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEC 2025
7. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Money Market Funds | 5,121,696 | 2,396,002
|  | 5,121,696 | 2,396,002
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,403,345 | 11,341,073
|  | 2,403,345 | 11,341,073
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 37,253 | 150,924
| Amounts owed to group undertakings | - | 179
| Other taxation and social security | 19,856 | 96,485
| Other creditors | 1,616 | 15,815
| Accruals and deferred income | 1,238,578 | 830,068
|  | 1,297,303 | 1,093,471
10. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in independently registered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £9,491. Contributions totalling £1,138 were payable to the funds at the reporting date and are included in creditors.
11. | Controlling party
The company's immediate and ultimate parent company is Near One Holding limited, a private limited liability company registered under England and Wales and the company number is 15430912 and having its registered office at 101 New Cavendish Street, London, W1W 6XH.
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