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Registered number: 11093783
Spilsbury Holdings Limited
Unaudited Financial Statements
For The Year Ended 31 December 2025
Spilsbury Holdings Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—6

Page 1
Spilsbury Holdings Limited
Balance Sheet
As At 31 December 2025
Balance Sheet
Registered number: 11093783

| 2025 | 2024 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 4 |  | 73,183 |  | -
Tangible Assets | 5 |  | 71,862 |  | 78,303
Investments | 6 |  | 1,890 |  | 6,098,971
|  |  | 146,935 |  | 6,177,274
CURRENT ASSETS
Debtors | 7 | 8,117,726 |  | 1,557,699 |
Cash at bank and in hand |  | 12,661,382 |  | 30,522,340 |
|  | 20,779,108 |  | 32,080,039 |
Creditors: Amounts Falling Due Within One Year | 8 | (604,265 ) |  | (2,248,829 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 20,174,843 |  | 29,831,210
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 20,321,778 |  | 36,008,484
NET ASSETS |  |  | 20,321,778 |  | 36,008,484
CAPITAL AND RESERVES
Called up share capital | 9 |  | 243 |  | 243
Share premium account |  |  | 87,482,241 |  | 87,482,241
Profit and Loss Account |  |  | (67,160,706 ) |  | (51,474,000 )
SHAREHOLDERS' FUNDS |  |  | 20,321,778 |  | 36,008,484

Page 1
Page 2
Spilsbury Holdings 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

J Andrews Director
8 July 2026

The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Spilsbury Holdings Limited
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Spilsbury Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11093783 . The registered office is 3-11 Pine Street, 210 Exmouth House, London, EC1R 0JH.
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. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets represent Aztec cryptocurrency tokens held by the company, initially for settlement of employee and investor warrants, and thereafter held principally for long-term strategic treasury purposes. The cryptocurrency tokens are initially recognised at cost, and then carried at cost less any accumulated amortisation and accumulated impairment losses.
The cryptocurrency tokens are assessed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Any impairment loss is recognised immediately in the profit and loss account. Disposals of tokens in settlement of warrants are recognised as vesting conditions are met. Payments received in respect of tokens for which vesting conditions have not been met are deferred and held in other creditors.
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:

Fixtures & Fittings | 25% reducing balance
Computer Equipment | Over 2 years

2.5. Foreign Currencies
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.
Page 3
Page 4
Spilsbury Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.6. Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2024: 25)
28 25
4. Intangible Assets

| Other
--- | ---
| £
Cost
As at 1 January 2025 | -
Additions | 592,224
Disposals | (519,041 )
As at 31 December 2025 | 73,183
Net Book Value
As at 31 December 2025 | 73,183
As at 1 January 2025 | -

Page 4
Page 5
Spilsbury Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
5. Tangible Assets

| Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2025 | 39,819 | 160,841 | 200,660
Additions | 6,423 | 64,185 | 70,608
Disposals | (447 ) | (3,141 ) | (3,588 )
As at 31 December 2025 | 45,795 | 221,885 | 267,680
Depreciation
As at 1 January 2025 | 13,570 | 108,787 | 122,357
Provided during the period | 7,510 | 66,578 | 74,088
Disposals | (89 ) | (538 ) | (627 )
As at 31 December 2025 | 20,991 | 174,827 | 195,818
Net Book Value
As at 31 December 2025 | 24,804 | 47,058 | 71,862
As at 1 January 2025 | 26,249 | 52,054 | 78,303

6. Investments

| Unlisted
--- | ---
| £
Cost or Valuation
As at 1 January 2025 | 6,098,971
Disposals | (6,200,954 )
Revaluations | 103,873
As at 31 December 2025 | 1,890
Provision
As at 1 January 2025 | -
As at 31 December 2025 | -
Net Book Value
As at 31 December 2025 | 1,890
As at 1 January 2025 | 6,098,971

7. Debtors

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 14,846 |  | -
Other debtors | 8,102,880 |  | 1,557,699
| 8,117,726 |  | 1,557,699

Page 5
Page 6
Spilsbury Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Trade creditors | 510,081 |  | 375,950
Other creditors | 94,184 |  | 1,872,879
| 604,265 |  | 2,248,829

9. Share Capital

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 243 |  | 243

10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Not later than one year | 113,854 |  | -
| 113,854 |  | -

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