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Registration number: 12475558

Duality Quantum Photonics Ltd
Unaudited Filleted Financial Statements
for the Year Ended 28 February 2026

Duality Quantum Photonics Ltd

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 8

Duality Quantum Photonics Ltd

Company Information

Directors | A Politi A Laing

Company secretary | B Sharpe

Registered office | Square Works 17-19 Berkeley Square Bristol BS8 1HB

Accountants | Sansum & Co Limited 1 Meadow View High Street Burbage Marlborough SN8 3AF

Duality Quantum Photonics Ltd

(Registration number: 12475558)
Balance Sheet as at 28 February 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Intangible assets | 4 | 167,858 | 77,386
Tangible assets | 5 | 377,242 | 259,337
|  | 545,100 | 336,723
Current assets |  |  |
Debtors | 6 | 621,663 | 302,436
Cash at bank and in hand |  | 561,555 | 519,478
|  | 1,183,218 | 821,914
Creditors: Amounts falling due within one year | 7 | (271,976) | (197,552)
Net current assets |  | 911,242 | 624,362
Total assets less current liabilities |  | 1,456,342 | 961,085
Creditors: Amounts falling due after more than one year | 7 | (346,700) | (151,012)
Net assets |  | 1,109,642 | 810,073
Capital and reserves |  |  |
Called up share capital | 8 | 9 | 9
Retained earnings |  | 1,109,633 | 810,064
Shareholders' funds |  | 1,109,642 | 810,073

For the financial year ending 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 July 2026 and signed on its behalf by:

......................................... A Laing Director

Duality Quantum Photonics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Square Works
17-19 Berkeley Square
Bristol
BS8 1HB

These financial statements were authorised for issue by the Board on 10 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Duality Quantum Photonics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Duality Quantum Photonics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2025 - 16).

Duality Quantum Photonics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

4 | Intangible assets

| Trademarks, patents and licenses £ | Total £
Cost or valuation
At 1 March 2025 | 79,923 | 79,923
Additions acquired separately | 95,693 | 95,693
At 28 February 2026 | 175,616 | 175,616
Amortisation
At 1 March 2025 | 2,537 | 2,537
Amortisation charge | 5,221 | 5,221
At 28 February 2026 | 7,758 | 7,758
Carrying amount
At 28 February 2026 | 167,858 | 167,858
At 28 February 2025 | 77,386 | 77,386

5 | Tangible assets

| Furniture, fittings and equipment £ | Other tangible assets £ | Total £
Cost or valuation
At 1 March 2025 | 29,292 | 280,966 | 310,258
Additions | 2,942 | 227,237 | 230,179
At 28 February 2026 | 32,234 | 508,203 | 540,437
Depreciation
At 1 March 2025 | 8,889 | 42,032 | 50,921
Charge for the year | 7,511 | 104,763 | 112,274
At 28 February 2026 | 16,400 | 146,795 | 163,195
Carrying amount
At 28 February 2026 | 15,834 | 361,408 | 377,242
At 28 February 2025 | 20,403 | 238,934 | 259,337

Duality Quantum Photonics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

6 | Debtors

Current | 2026 £ | 2025 £
Trade debtors | 199,122 | -
Other debtors | 422,541 | 302,436
| 621,663 | 302,436

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Loans and borrowings | 9 | 169,725 | 75,539
Taxation and social security |  | 7,094 | 26,575
Accruals and deferred income |  | 91,013 | 90,960
Other creditors |  | 4,144 | 4,478
|  | 271,976 | 197,552

Creditors: amounts falling due after more than one year

| Note | 2026 £ | 2025 £
Due after one year |  |  |
Loans and borrowings | 9 | 346,700 | 151,012

8 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary 0.001p shares of £0.00 each | 850,000 | 9 | 850,000 | 9

Duality Quantum Photonics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

9 | Loans and borrowings

Non-current loans and borrowings

| 2026 £ | 2025 £
Hire purchase contracts | 64,231 | -
Other borrowings | 282,469 | 151,012
| 346,700 | 151,012

Current loans and borrowings

| 2026 £ | 2025 £
Hire purchase contracts | 81,004 | -
Other borrowings | 88,721 | 75,539
| 169,725 | 75,539

10 | Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 151,667 | 127,523
Contributions paid to money purchase schemes | 2,642 | 2,641
| 154,309 | 130,164