Passentry Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Passentry Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12369795 . The registered office is The Long Barn Down Farm, Downside, Cobham Park Road, Surrey, KT11 3NE.

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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

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 comprise capitalised development costs and are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years, in accordance with FRS 102.

The estimated useful lives range as follows:

Capitalised development costs - 3 years

Amortisation commences when the asset is available for use. Intangible assets are reviewed annually for impairment where indicators exist.

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	5 years Straight Line
Computer Equipment	25% Reducing Balance

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.

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 21 (2024: 10)

Page 2

Page 3

Passentry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2025	-
Additions	279,567

As at 31 December 2025	279,567

Amortisation
As at 1 January 2025	-
Provided during the period	48,605

As at 31 December 2025	48,605

Net Book Value
As at 31 December 2025	230,962

As at 1 January 2025	-

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	4,552	43,116	47,668
Additions	5,107	14,219	19,326

As at 31 December 2025	9,659	57,335	66,994

Depreciation
As at 1 January 2025	1,116	11,016	12,132
Provided during the period	2,096	9,993	12,089

As at 31 December 2025	3,212	21,009	24,221

Net Book Value
As at 31 December 2025	6,447	36,326	42,773

As at 1 January 2025	3,436	32,100	35,536

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	303,342	78,256
Other debtors	206,988	76,973

	510,330	155,229

Page 3

Page 4

Passentry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	5,567	42,378
Other creditors	23,562	17,509
Taxation and social security	102,473	-

	131,602	59,887

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	211	174

9. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10. Share based payments

The company operates share-based payment arrangements for certain employees and directors.

The total expense recognised in the profit and loss account for the period in respect of equity-settled share-based payments was £13,971 (2024: £nil). In measuring the expense, the company has assumed that 90% of options granted will vest, reflecting expected employee departures.

Options granted during the year vest over a period of five years.

The number of share options outstanding during the year was as follows:

(i) outstanding at the beginning of the period; Nil

(ii) granted during the period; 71,000

(iii) forfeited during the period; Nil

(iv) exercised during the period; Nil

(v) expired during the period; Nil

(vi) outstanding at the end of the period; and 71,000

(vii) exercisable at the end of the period. Nil

11. Transition to FRS 102

During the year, the company transitioned from applying the micro-entities regime under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime to applying FRS 102 Section 1A Small Entities.

The transition to FRS 102 Section 1A has been accounted for in accordance with Section 35 Transition to this FRS. Comparative figures have been restated where necessary to ensure consistency with the current year presentation.

The transition has not had a material impact on the financial position or financial performance of the company, other than the inclusion of additional disclosures required under FRS 102 Section 1A.

12. Audit Information

The auditor's report on the accounts of Passentry Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Indra Raj Giri ACA, FCCA. (Senior Statutory Auditor) for and on behalf of IG Accounting & Auditors Limited , Statutory Auditor.

IG Accounting & Auditors Limited

90 Sutherland Avenue

Welling

DA16 2NP

Page 4

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		230,962		-
Tangible Assets	5		42,773		35,536

			273,735		35,536
CURRENT ASSETS
Debtors	6	510,330		155,229
Cash at bank and in hand		3,064,156		1,836,974

		3,574,486		1,992,203
Creditors: Amounts Falling Due Within One Year	7	(131,602 )		(59,887 )

NET CURRENT ASSETS (LIABILITIES)			3,442,884		1,932,316

TOTAL ASSETS LESS CURRENT LIABILITIES			3,716,619		1,967,852

NET ASSETS			3,716,619		1,967,852

CAPITAL AND RESERVES
Called up share capital	8		211		174
Share premium account			5,561,890		3,851,522
Other reserves			1,725,377		-
Profit and Loss Account			(3,570,859 )		(1,883,844 )

SHAREHOLDERS' FUNDS			3,716,619		1,967,852