Company No: 10943213 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4	1,674,215		1,591,544
Tangible assets	5	43,293		77,317
Investments	6	921		921
		1,718,429		1,669,782
Current assets
Debtors	7	1,469,482		1,826,572
Cash at bank and in hand		1,308,729		222,486
		2,778,211		2,049,058
Creditors: amounts falling due within one year	8	( 3,202,513)		( 3,426,590)
Net current liabilities		(424,302)		(1,377,532)
Total assets less current liabilities		1,294,127		292,250
Net assets		1,294,127		292,250
Capital and reserves
Called-up share capital	9	1,508		1,203
Share premium account		14,659,502		10,659,953
Profit and loss account		( 13,366,883 )		( 10,368,906 )
Total shareholder's funds		1,294,127		292,250

For the financial 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.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of KYND Limited (registered number: 10943213) were approved and authorised for issue by the Board of Directors on 20 April 2026. They were signed on its behalf by:

A M Thomas Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

KYND Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3-4 The Grain Store, 70 Weston Street, London, SE1 3QH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date, the Company had cash balances of £1.3m and net current liabilities of £0.42m. The Company continues to be loss-making as it invests in growth. The directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. These forecasts take into account expected trading performance, contracted revenue, and the Company’s cost base. The forecasts indicate that the Company will require continued access to funding in order to meet its liabilities as they fall due. The directors are progressing advanced discussions in respect of additional funding and have a track record of securing external investment. In addition, management retains flexibility to manage the cost base and discretionary spend if required. Based on the forecasts and the availability of these actions, the directors have a reasonable expectation that the Company will be able to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from subscriptions is recognised on a straight line basis over the term of the relevant subscription.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

3 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is three years. Provisions are made for any impairments.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	4 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted based on the directors valuation. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) result in a forfeit of options unless the company approves otherwise.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	52		40

3. Share-based payments

Equity-settled share-based payment schemes

The company has an HMRC approved Enterprise Management Incentive (EMI) option scheme for its UK employees. It also has a cash settled share based incentive for non-UK employees of its subsidiary.

EMI options are granted at the company's discretion. The options are issued at the then prevailing estimated fair value, based on the director's valuation. The earliest date the options can be exercised is the date on which an exit occurs. There are no performance conditions attaching to the scheme. If any individual leaves the company before the exercise of their options then their options lapse unless the Company approves otherwise.

Details of the share options outstanding during the financial year are as follows:

	2025			2024
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	6,053	0		6,898	0
Granted during the period	3,908	0.011		0	0
Forfeited during the period	( 150)	0.011		( 508)	0.011
Exercised during the period	0	0		( 337)	0.011
Outstanding at the end of the period	9,811	0		6,053	0
Exercisable at the end of the period	9,811	0.011		6,053	0.011

The cash settled share based incentive is awarded at the company's discretion. Settlement is the date on which an exit occurs. There are no performance conditions attaching to the scheme. If any individual leaves the company before the exit, then no incentive is payable.

4. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 January 2025	5,269,085		5,269,085
Additions	1,037,620		1,037,620
At 31 December 2025	6,306,705		6,306,705
Accumulated amortisation
At 01 January 2025	3,677,541		3,677,541
Charge for the financial year	954,949		954,949
At 31 December 2025	4,632,490		4,632,490
Net book value
At 31 December 2025	1,674,215		1,674,215
At 31 December 2024	1,591,544		1,591,544

5. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 January 2025	40,612		148,223		188,835
Additions	0		16,731		16,731
Disposals	( 19,641)		( 83,595)		( 103,236)
At 31 December 2025	20,971		81,359		102,330
Accumulated depreciation
At 01 January 2025	25,698		85,820		111,518
Charge for the financial year	9,856		38,247		48,103
Disposals	( 19,641)		( 80,943)		( 100,584)
At 31 December 2025	15,913		43,124		59,037
Net book value
At 31 December 2025	5,058		38,235		43,293
At 31 December 2024	14,914		62,403		77,317

6. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2025	921		921
At 31 December 2025	921		921
Carrying value at 31 December 2025	921		921
Carrying value at 31 December 2024	921		921

7. Debtors

	2025		2024
	£		£
Trade debtors	1,061,257		1,334,402
Amounts owed by Group undertakings	0		7,966
Other debtors	408,225		484,204
	1,469,482		1,826,572

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	105,347		136,605
Amounts owed to Group undertakings	193,988		0
Accruals and deferred income	2,709,183		2,761,955
Other taxation and social security	151,123		319,032
Other creditors	42,872		208,998
	3,202,513		3,426,590

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
30,542 Ordinary A shares of £ 0.01 each (2024: 29,851 shares of £ 0.01 each)	306		299
60,000 Ordinary B shares of £ 0.01 each	600		600
15,000 Ordinary Deferred shares of £ 0.01 each	150		150
337 Ordinary C shares of £ 0.01 each	3		3
	1,059		1,052
15,920 Series A1 Preferred preference shares of £ 0.01 each (2024: 15,000 shares of £ 0.01 each)	159		150
29,016 Series A2 Preferred preference shares of £ 0.01 each (2024: nil shares)	290		0
	449		150
	1,508		1,202

10. Operating lease commitments

Lessee

Amounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements are as follows:

	2025		2024
	£		£
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:	300,000		330,000