INCARD LTD

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—5

Registered number: 13073893

		31 December 2025		31 December 2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,921		2,211
Investments	5		1,019		1,019

			4,940		3,230
CURRENT ASSETS
Debtors		1,993,258		759,028
Cash at bank and in hand		380,892		34,179

		2,374,150		793,207
Creditors: Amounts Falling Due Within One Year		(3,040,494 )		(1,005,048 )

NET CURRENT ASSETS (LIABILITIES)			(666,344 )		(211,841 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(661,404 )		(208,611 )

NET LIABILITIES			(661,404 )		(208,611 )

CAPITAL AND RESERVES
Called up share capital	6		172		132
Share premium account			5,186,188		3,821,209
Profit and Loss Account			(5,847,764 )		(4,029,952 )

SHAREHOLDERS' FUNDS			(661,404)		(208,611)

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INCARD LTD

Abridged 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.

All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2025 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Ms Soraya Tribouillois

Director

14 July 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

INCARD LTD is a private company, limited by shares, incorporated in England & Wales, registered number 13073893 . The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.

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. Going Concern Disclosure

The financial statements have been prepared on a going concern basis. The company incurred a loss of £1,817,812 for the year ended 31 December 2025 and had net liabilities of £661,404 at that date.

In December 2025 the company was granted an Electronic Money Institution licence by the Financial Conduct Authority and migrated to its own operating set-up, increasing its prefunding, collateral and deposit requirements.

After the reporting date, in January 2026, a group reorganisation was completed under which Incard Group Holdings Ltd became the immediate parent of the company by way of a share-for-share exchange, following which Incard Group Holdings Ltd completed a £10 million Series A funding round, the proceeds of which have been received. The directors have prepared cash flow forecasts, approved by the board in January 2026, covering a period of at least twelve months from the date of approval of these financial statements. Taking account of the funding raised by the parent company and its intention to provide financial support to the company as required, the directors are satisfied that the company will have adequate resources to meet its liabilities as they fall due. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis and have not identified any material uncertainties that may cast significant doubt on the company's ability to continue as a going concern.

2.3. 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.

2.4. 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:

Plant & Machinery

3 Years Straight Line

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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INCARD LTD

Notes to the Abridged 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 15 (2024: 14)

4. Tangible Assets

	Total
	£
Cost
As at 1 January 2025	7,706
Additions	3,839

As at 31 December 2025	11,545

Depreciation
As at 1 January 2025	5,495
Provided during the period	2,129

As at 31 December 2025	7,624

Net Book Value
As at 31 December 2025	3,921

As at 1 January 2025	2,211

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INCARD LTD

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2025

5. Investments

	Total
	£
Cost or Valuation
As at 1 January 2025	1,019

As at 31 December 2025	1,019

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	1,019

As at 1 January 2025	1,019

6. Share Capital

	31 December 2025	31 December 2024 as restated
Allotted, called up and fully paid	£	£
1,000,000 Ordinary Shares of £ 0.0001 each	100	100
716,638 Ordinary A shares of £ 0.0001 each	72	32

	172	132

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