Introduction

The Directors present their Strategic Report for Clue Computing Company Limited (“Clue”) for the year ended 31 December 2025.

Principal activity

Clue helps governments, corporations, law enforcement agencies, sports organisations, and non-profits prevent high-consequence threats, deliver justice and demonstrate the impact of investigations. Our world-class investigation and intelligence management software application assimilates large volumes of information and intelligence into centralised data structures. Through application of Artificial Intelligence (“AI”)-enabled workflows, Clue helps investigators assess, prioritise and act with confidence and efficiency.

Mission & Purpose

Clue’s mission is to protect society from harm. Clue achieves this mission by creating world-class software that connects intelligence, investigations and the global investigation community to prevent harm and bring justice to victims in society.

Clue’s market is any organisation that manages high-consequence threats, such as fraud, economic crime, insider threats, national security and sports integrity. Our market spans multiple sectors, threat types and geographies.

Key performance indicators

As a Software as a Service (“SaaS”) business, Clue’s key performance indicator is growth in Annual Recurring Revenue (“ARR”). Clue has grown its ARR at a Compound Annual Growth Rate (“CAGR”) of over 40% in the three years ended 31 December 2025.

Clue delivers long lasting, recurring impact to its customers. In the three years ended 31 December 2025 it has achieved an average Gross Retention Rate (“GRR”) of 95%.

Most Clue customers tackle multiple threats across multiple teams in their organisations. Their overall requirement is far greater than their initial use-case for Clue and this presents an opportunity for Clue to expand its ARR and impact within these organisations. This is demonstrated by the Net Retention Rate (“NRR”). In the three years ended 31 December 2025 Clue has achieved an average NRR of 127%.

Future developments

The market category for investigation and intelligence software is still relatively new. Most organisations managing high-consequence threats continue to use simple tools like spreadsheets or home-grown software solutions, which are ineffective and lack the security and domain capabilities of a purpose-built solution.

There is an increasing impact of the scale and severity of threats encountered by organisations, and the negative financial, societal and reputational consequences of not managing them correctly.

The investigation and intelligence software market category is growing rapidly and is becoming a widely recognised software category. This is set to increase further as organisations seek purpose-built solutions, like Clue, and competitors enter the market.

Principal risks and uncertainties

Risk is inherent within our business activities. Timely identification of risks, combined with appropriate management and escalation enables the likelihood and/or impact associated with such risks to be understood and managed within our defined risk appetite.

• Liquidity risk: Clue is a high growth scale up company with financial backing from debt and equity partners. During 2025 we raised a further £2.3 million from existing shareholders and extended our existing debt facility by £4 million providing the business with sufficient committed facilities, cash reserves and headroom to achieve cash generative trading.

• Interest rate risk: Clue has an exposure to interest rate risk through its debt funding. When a tranche of funding is drawn down, the interest rate is fixed for that tranche for the term of the loan, mitigating this risk.

• Credit risk: Clue manages its payment profile for its license subscriptions and services to minimise its credit risk. Clue’s main customer base is UK public sector and large private sector organisations which carry a low credit risk.

Research and Development

Clue is committed to continuous product improvement through ongoing research and development activities. Product development is focused on providing investigators and intelligence operators the tools to deliver even greater impact and intelligence outcomes.

Clue is doing this through the development of AI-enabled workflows and delivery of actionable insights from structured and unstructured data. Clue mandates the responsible use of AI within its product and development.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of the development and sale of software.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Saffery LLP have expressed their willingness to continue in office.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the requirements to disclose research and development activities, a description of future developments, and the Company's risk management activities for its financial instruments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Clue Computing Company Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting, the engagement team discussed the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, reviews included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

Clue Computing Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clue House, Petherton Road, Hengrove, Bristol, BS14 9BZ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1,000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future, being a period of at least twelve months from the date these financial statements are authorised for issue.true

In forming this view, the directors have undertaken a detailed review of the company’s financial forecasts and cash flow projections, including consideration of available cash resources, committed funding arrangements and the expected timing of future cash inflows and outflows. The forecasts include a number of assumptions regarding future trading performance, including growth in Annual Recurring Revenue (“ARR”), operating cost levels and working capital requirements.

The company has access to committed debt facilities and, together with its existing cash balances, this provides sufficient liquidity and headroom over the forecast period. The directors have assessed that the company is expected to remain in compliance with covenants attached to the company's debt facility throughout the period under review.

Whilst the forecasts are inherently subject to estimation uncertainty the directors consider these assumptions to be reasonable and supportable based on current trading and historical performance.

Based on this assessment, the directors have concluded that it is appropriate to adopt the going concern basis of accounting in the preparation of the financial statements and that no material uncertainties exist which would cast significant doubt on the company’s ability to continue as a going concern.

Turnover 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.

Turnover from user subscriptions is recognised when the significant risks and rewards of ownership of the service have passed to the buyer (usually received upfront and then recognised equally over the term of the basis agreed), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by the value of the percentage completion progress of the project as per the internal project tracking system. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

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).

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors, 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

The 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 net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Following the subdivision of shares in the year 2023, each original share option over £0.1 ordinary share was divided into 100 share options over £0.001 ordinary shares with an exercise price of £0.001. A further 7,985 (2024: 70,288) options were granted during the year with an exercise price ranging from £0.001 to £1.67. During the period 12,759 options lapsed (2024 - 6,000)

During the period nil share options were cancelled (2024 - 33,273), Nil share options were exercised (2024 - Nil). At 31 December 2025 the total outstanding options remaining was 208,964 (2024 - 213,738).

Options can be exercised on exit, on listing of the company or by discretion and will expire 10 years from the date of the grant date.

Where share options are awarded to employees, the fair value of the options at the date of grant have not been charged to profit and loss over the vesting period as it has been deemed as immaterial to the financial statements.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Government grants received during the year relate to research and development tax credits received which are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The Company recognises revenue on service contracts based upon the determined stage of completion for each contract. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by the value of the percentage completion progress of the project based upon hours completed against total expected hours to complete the work. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

In the year termination benefits costing £nil (2024: £160,000) were paid by the company. All costs were paid in the year and none were outstanding at year end.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 2 (2024 - 2).

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

The company have recognised a deferred tax liability of £947,000 (2024: £721,000) originating from timing differences in the accounting and tax treatments of items within the income statement. The company has tax losses carried forward totalling £6,599,000 (2024: 5,927,000) which could be utilised against the reversal of the deferred tax liability or future taxable profits. The corresponding deferred tax asset has not been recognised due to uncertainty regarding the timing of when this would be utilised.

The development costs intangible asset relates entirely to capitalised development costs of the Clue Platform.

The bank loans are secured by fixed charges over all present and future interests, patents, trade marks and other forms of intellectual property

Bank loans comprises a debt facility upon which a further draw down was made in the year. Interest is payable at the higher of 10.5% or EURIBOR + 7.5% up to a maximum of 12% for all advances made prior to 2025. Interest is payable at the higher of 10.0% or EURIBOR + 7.25% up to a maximum of 11.75% for all advances made during 2025.

Repayment is due by September 2026 for all advances made prior to 2025 and by December 2028 for all advances made during 2025.

All provisions are expected to be settled in the next 12 months.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Certain employees of the Company participate in the share incentive schemes operated by the company.

The options outstanding at 31 December 2025 had an exercise price ranging from £0.001 to £1.67 and a remaining contractual life of 5 to 10 years.

The share options granted are exercisable:

• In connection with an Exit, in which the options are then exercisable by the employee for 90 days

• On Listing of the company, in which the options will be notified by the Board as soon as is reasonably practicable

• By discretion of the Board at an earlier date, in which the options will be notified by the Board as soon as is reasonably practicable.

The company has two classes of shares being Ordinary 0.1p shares and Preferred Ordinary 0.1p shares, which each share class holds full voting rights.

In the current year the Company issued 76,290 (2024: 61,820) 0.1p Preferred Ordinary shares for consideration of £2,250,454 (2024: £794,000). This amount is stated net of transaction fees associated with the investment. The excess consideration has been reflected in the share premium account on the balance sheet.

During the year 9,674 ordinary shares were purchased by a minority shareholder and subsequently converted into preference shares.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Details of the company's subsidiaries at 31 December 2025 are as follows:

During the year Clue Software Limited was incorporated which is a wholly owned subsidiary of Clue Computing Company Limited. As the subsidiary was dormant during the year group accounts have not been prepared in accordance with the applicable legislation.

During the year the Company made purchases of £124,000 (2024: £155,000) from BOM Group Limited, a related party through shared directorship, for a variety of IT services, software, hardware, and rent of the Company's offices. At the year-end £3,000 (2024: £nil) was due to BOM Group Limited in respect of these amounts and included within Creditors. This balance has been settled post year-end.

During the year the Company made purchases of £nil (2024: £1,000) from Frog Capital Limited, a related party through shared directorship, for an advisory workshop. At the year end £nil (2024: £nil) was due to Frog Capital Limited in respect of these amounts.

At the year end the following amounts were payable from the directors of the Company. Clare Elford owed the company £nil (2024: £1,000) in respect of a staff advance.

The ultimate controlling parties are three minority shareholders in the company.