RABBIT HOLE LABS LIMITED


Directors	ANDERSON HACKNEY, Justin
	BLUME, Benjamin Adam
	COLLINS, Xavier Noble
	KEEGAN, Allison Mc Gowen


Registered Address	86-90 Paul Street
	London
	EC2A 4NE


Registered Number	16002564 (England and Wales)

Notes to the Financial Statements
for the period ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	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 rendering of services.

	Defined contribution pension plan
	The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

	Share-based payments
	Share-based payments are accounted for as an equity-settled transaction in accordance with FRS 102 Section 26. The fair value of the options at the grant date is recognised as an expense over the vesting period, with a corresponding credit to equity.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is provided on all intangible fixed assets as follows: Intellectual property - 10 years straight-line

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Office Equipment	4

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Government grants or assistance
	Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. The Research and Development Expenditure Credit (RDEC) is recognised as a government grant in accordance with FRS 102 Section 24. The gross RDEC credit is recognised within other income in the profit and loss account in the period to which the qualifying expenditure relates and the associated corporation tax is included within the tax charge for the period.

Government grants or assistance

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

The Research and Development Expenditure Credit (RDEC) is recognised as a government grant in accordance with FRS 102 Section 24. The gross RDEC credit is recognised within other income in the profit and loss account in the period to which the qualifying expenditure relates and the associated corporation tax is included within the tax charge for the period.

2.	Average number of employees


		2025
	Average number of employees during the year	9

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
Additions	89,678	89,678
At 31 December 25	89,678	89,678
Amortisation and impairment
Charge for year	2,016	2,016
At 31 December 25	2,016	2,016
Net book value
At 31 December 25	87,662	87,662
At 06 October 24	-	-

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
Additions	55,472	55,472
Disposals	(275)	(275)
At 31 December 25	55,197	55,197
Depreciation and impairment
Charge for year	5,720	5,720
On disposals	(61)	(61)
At 31 December 25	5,659	5,659
Net book value
At 31 December 25	49,538	49,538
At 06 October 24	-	-

5.	Fixed asset investments
	During the period, the company invested in Wonder Studios Inc., a company incorporated in the United States, acquiring a 100% equity interest for a total consideration of $0.01. The company is a parent company that is exempt from the requirement to prepare consolidated financial statements by virtue of section 399 of the Companies Act 2006. The group headed by the company qualifies as a small group and the directors have therefore elected not to prepare consolidated group accounts

Fixed asset investments

During the period, the company invested in Wonder Studios Inc., a company incorporated in the United States, acquiring a 100% equity interest for a total consideration of $0.01.

The company is a parent company that is exempt from the requirement to prepare consolidated financial statements by virtue of section 399 of the Companies Act 2006. The group headed by the company qualifies as a small group and the directors have therefore elected not to prepare consolidated group accounts

6.	Debtors: amounts due within one year

		2025
		£
	Trade debtors / trade receivables	61,801
	Amounts owed by group undertakings	2,925
	Amounts owed by associates and joint ventures / participating interests	1,020
	Other debtors	259,357
	Prepayments and accrued income	79,087
	Total	404,190


	Included within Amounts owed by group undertakings is an inter-company loan totalling £2,925 owed by a subsidiary company, Wonder Studios Inc, based in the United States of America. The loan is unsecured, interest-free and repayable on demand. Included within Amounts owed by associates and joint ventures / participating interests is a loan totalling £1,020 owed by a related party company, Realdreams.io Ltd, based in the United Kingdom. The loan is unsecured, interest-free and repayable on demand.

Included within Amounts owed by group undertakings is an inter-company loan totalling £2,925 owed by a subsidiary company, Wonder Studios Inc, based in the United States of America. The loan is unsecured, interest-free and repayable on demand. 

Included within Amounts owed by associates and joint ventures / participating interests is a loan totalling £1,020 owed by a related party company, Realdreams.io Ltd, based in the United Kingdom. The loan is unsecured, interest-free and repayable on demand.

7.	Creditors: amounts due within one year

		2025
		£
	Trade creditors / trade payables	59,138
	Other creditors	5,350
	Accrued liabilities and deferred income	7,500
	Total	71,988

8.	Events after reporting date
	After the period end, on 7 January 2026, Ziv Reichert was appointed as Director of the Company. After the period end, on 24 March 2026, 13,569 options over Ordinary shares with an exercise price of £2.1621 were granted over 4 years. 26,451 options over Ordinary shares with an exercise price of £4.9093 ($6.57) were granted over 4 years. A further 344 options over Ordinary shares with an exercise price of £2.1621 were granted over 1 year.

Events after reporting date

After the period end, on 7 January 2026, Ziv Reichert was appointed as Director of the Company.

After the period end, on 24 March 2026, 13,569 options over Ordinary shares with an exercise price of £2.1621 were granted over 4 years. 26,451 options over Ordinary shares with an exercise price of £4.9093 ($6.57) were granted over 4 years. A further 344 options over Ordinary shares with an exercise price of £2.1621 were granted over 1 year.

9.	Further information regarding the company's financial position
	These financial statements are prepared from incorporation on 7 October 2024 to 31 December 2025, and are the first set of financial statements presented for the company. During the period, the company established an equity-settled share option scheme to incentivise key employees. Under the plan,16,461 options with an exercise price of £1.1975 ($1.61) and fair value of £6.808172 ($9.15) were granted over 4 years. 33,548 options with an exercise price of £0.0001 and a fair value of £6.808172 ($9.15) were granted over 4 years. A further 4,368 options with an exercise price of £0.0001 and a fair value of £6.808172 ($9.15) were granted over 1 year. The fair value of the share options has been valued at £6.808172 ($9.15) based on the 2025 funding round undertaken during the period. The weighted average exercise price of the share options outstanding and exercisable as at 31 December 2025 was £0.362569. The value of the options that vested in the period was £75,258 and this was charged to the profit and loss. The total carrying amount is £75,258 recognised in the share-based payment reserve within equity.

Further information regarding the company's financial position

These financial statements are prepared from incorporation on 7 October 2024 to 31 December 2025, and are the first set of financial statements presented for the company.

During the period, the company established an equity-settled share option scheme to incentivise key employees. Under the plan,16,461 options with an exercise price of £1.1975 ($1.61) and fair value of £6.808172 ($9.15) were granted over 4 years. 33,548 options with an exercise price of £0.0001 and a fair value of £6.808172 ($9.15) were granted over 4 years. A further 4,368 options with an exercise price of £0.0001 and a fair value of £6.808172 ($9.15) were granted over 1 year. 

The fair value of the share options has been valued at £6.808172 ($9.15) based on the 2025 funding round undertaken during the period. The weighted average exercise price of the share options outstanding and exercisable as at 31 December 2025 was £0.362569.

The value of the options that vested in the period was £75,258 and this was charged to the profit and loss. The total carrying amount is £75,258 recognised in the share-based payment reserve within equity.

	Notes	2025
		£	£
Fixed assets
Intangible assets	3		87,662
Tangible assets	4		49,538
			137,200
Current assets
Debtors	6	404,190
Cash at bank and on hand		9,651,757
		10,055,947
Creditors amounts falling due within one year	7	(71,988)
Net current assets (liabilities)			9,983,959
Total assets less current liabilities			10,121,159
Net assets			10,121,159
Capital and reserves
Called up share capital			179
Share premium			11,356,160
Other reserves			75,258
Profit and loss account			(1,310,438)
Shareholders' funds			10,121,159