ACCOUNTS - Final Accounts

Commitments under operating leases

At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Registered number: 08766937 (England and Wales)

PBTS EUROPE LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


PBTS EUROPE LIMITED

COMPANY INFORMATION

Director	D Cohen


Registered number	08766937


Registered office	Birchin Court
	5th Floor
	19-25 Birchin Lane
	London
	United Kingdom
	EC3V 9DU


Independent auditors	ZEDRA Audit and Assurance (UK) Limited


PBTS EUROPE LIMITED

CONTENTS

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


PBTS EUROPE LIMITED REGISTERED NUMBER:08766937

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	6,531,170		6,730,707
Cash at bank and in hand		740,014		616,487
		7,271,184		7,347,194
Creditors: amounts falling due within one year	5	(6,285,374)		(6,469,174)
Net current assets			985,810		878,020
Total assets less current liabilities			985,810		878,020

Net assets			985,810		878,020

Capital and reserves
Called up share capital	6	1	1
Profit and loss account		985,809	878,019
		985,810	878,020

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 by:

D Cohen

Director

Date: 24 June 2026

The notes on pages 2 to 5 form part of these financial statements.

Page 1


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies

1.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

1.2

Going concern

The Company is in a net asset position primarily supported by the intercompany loan balance owed by the parent company, Techstars Central, LLC, due to the Company's business model being based on a transfer pricing agreement with this entity.

The Company has received written confirmation from its parent company that it will continue to provide financial support to the Company for a period of 12 months from the date of signing these financial statements.

In assessing the Company's ability to continue as a going concern, the director has considered the availability of financing from the parent company, through a review of parent company position and the budgeted cash requirements of the Company. The director is confident that the Company will continue to be able to meet its obligations as liabilities fall due. For these reasons, the director continues to prepare the financial statements on a going concern basis.

1.3

Foreign currency translation

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.

Page 2


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.4

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 6% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the intercompany service agreement; and

∙the costs incurred under the intercompany service agreement can be measured reliably.

1.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

1.6

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.

1.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

1.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group
undertakings are intercompany loans, which are unsecured, interest free and repayable on demand.

Page 3


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.9

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.

1.10

Creditors

Short-term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans, which are unsecured, interest free and repayable on demand.

2.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 3 July 2026 by Adam Wildbore FCCA (Senior Statutory Auditor) on behalf of ZEDRA Audit and Assurance (UK) Limited.

Employees

The average monthly number of employees during the year was 12 (2024 - 17).

Debtors

					2025	2024
					£	£


Amounts owed by group undertakings	6,495,363	6,662,676
Other debtors	35,678	64,571
Prepayments	129	3,460
	6,531,170	6,730,707

Page 4


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	590	3,716
Amounts owed to group undertakings	6,007,502	6,007,502
Corporation tax	9,186	15,395
Other taxation and social security	46,069	64,619
Other creditors	18,299	10,821
Accruals and deferred income	203,728	367,121
	6,285,374	6,469,174

6.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 (2024 - 1) Ordinary Shares share of £1.00	1	1

	Not later than one year	6,362	32,400
		6,362	32,400

8.	Controlling party

Techstars Central, LLC is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 1050 Walnut Street, Suite 202, Boulder, CO 80302, USA.

9.	Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

Page 5