Caseware UK (AP4) 2025.0.111 2025.0.111 2026-02-28 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.10233388 2026-02-28 false 2025-03-01 7 5 true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10233388 2025-03-01 2026-02-28 10233388 2024-03-01 2025-02-28 10233388 2026-02-28 10233388 2025-02-28 10233388 c:Director2 2025-03-01 2026-02-28 10233388 c:Director3 2025-03-01 2026-02-28 10233388 d:MotorVehicles 2025-03-01 2026-02-28 10233388 d:MotorVehicles 2026-02-28 10233388 d:MotorVehicles 2025-02-28 10233388 d:MotorVehicles d:OwnedOrFreeholdAssets 2025-03-01 2026-02-28 10233388 d:OfficeEquipment 2025-03-01 2026-02-28 10233388 d:OfficeEquipment 2026-02-28 10233388 d:OfficeEquipment 2025-02-28 10233388 d:OfficeEquipment d:OwnedOrFreeholdAssets 2025-03-01 2026-02-28 10233388 d:ComputerEquipment 2025-03-01 2026-02-28 10233388 d:ComputerEquipment 2026-02-28 10233388 d:ComputerEquipment 2025-02-28 10233388 d:ComputerEquipment d:OwnedOrFreeholdAssets 2025-03-01 2026-02-28 10233388 d:OwnedOrFreeholdAssets 2025-03-01 2026-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2025-03-01 2026-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2026-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2025-02-28 10233388 d:Goodwill 2025-03-01 2026-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2025-03-01 2026-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2026-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2025-02-28 10233388 d:ComputerSoftware 2025-03-01 2026-02-28 10233388 d:ComputerSoftware 2026-02-28 10233388 d:ComputerSoftware 2025-02-28 10233388 d:OtherResidualIntangibleAssets 2025-03-01 2026-02-28 10233388 d:OtherResidualIntangibleAssets 2026-02-28 10233388 d:OtherResidualIntangibleAssets 2025-02-28 10233388 d:CurrentFinancialInstruments 2026-02-28 10233388 d:CurrentFinancialInstruments 2025-02-28 10233388 d:CurrentFinancialInstruments d:WithinOneYear 2026-02-28 10233388 d:CurrentFinancialInstruments d:WithinOneYear 2025-02-28 10233388 d:ShareCapital 2026-02-28 10233388 d:ShareCapital 2025-02-28 10233388 d:RetainedEarningsAccumulatedLosses 2025-03-01 2026-02-28 10233388 d:RetainedEarningsAccumulatedLosses 2026-02-28 10233388 d:RetainedEarningsAccumulatedLosses 2025-02-28 10233388 c:OrdinaryShareClass1 2025-03-01 2026-02-28 10233388 c:OrdinaryShareClass1 2026-02-28 10233388 c:OrdinaryShareClass1 2025-02-28 10233388 c:FRS102 2025-03-01 2026-02-28 10233388 c:AuditExempt-NoAccountantsReport 2025-03-01 2026-02-28 10233388 c:FullAccounts 2025-03-01 2026-02-28 10233388 c:PrivateLimitedCompanyLtd 2025-03-01 2026-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2025-03-01 2026-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2025-03-01 2026-02-28 10233388 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2025-03-01 2026-02-28 10233388 2 2025-03-01 2026-02-28 10233388 d:ExternallyAcquiredIntangibleAssets 2025-03-01 2026-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2025-03-01 2026-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2025-03-01 2026-02-28 10233388 d:ComputerSoftware d:OwnedIntangibleAssets 2025-03-01 2026-02-28 10233388 e:PoundSterling 2025-03-01 2026-02-28 xbrli:shares iso4217:GBP xbrli:pure

Hex Innovate (UK) Limited Registered number: 10233388 Directors' report and unaudited financial statements For the year ended 28 February 2026
HEX INNOVATE (UK) LIMITED REGISTERED NUMBER: 10233388 BALANCE SHEET AS AT 28 FEBRUARY 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 163,716 |  | 139,329
Tangible assets | 5 |  | 23,975 |  | 21,737
|  |  | 187,691 |  | 161,066
Current assets |  |  |  |  |
Stocks | 6 | 730,201 |  | 163,110 |
Debtors: amounts falling due within one year | 7 | 690,838 |  | 474,929 |
Cash at bank and in hand | 8 | 582,045 |  | 325,061 |
|  | 2,003,084 |  | 963,100 |
Creditors: amounts falling due within one year | 9 | (443,460) |  | (133,795) |
Net current assets |  |  | 1,559,624 |  | 829,305
Total assets less current liabilities |  |  | 1,747,315 |  | 990,371
Net assets |  |  | 1,747,315 |  | 990,371
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Profit and loss account | 11 |  | 1,747,215 |  | 990,271
|  |  | 1,747,315 |  | 990,371
Page 1
HEX INNOVATE (UK) LIMITED REGISTERED NUMBER: 10233388 BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2026 The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ J Hartwig | ................................................ S Thiel
Director | Director
Date: 6 August 2026 | Date:6 August 2026
The notes on pages 3 to 11 form part of these financial statements. Page 2
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
1. | General information
Hex Innovate (UK) Limited is a private company, limited by shares, domiciled and incorporated in England and Wales. The address of its registered office is 30 Old Bailey, London, EC4M 7AU. The Company's trading address is Wesley House, Bull Hill, Leatherhead, Surrey, KT22 7AH. Company number 10233388. The principal activity of the Company is the development and sale of exclusive electronic systems and software by the business. The financial statements are prepared in Pounds Sterling as this is the functional currency of the economic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors have considered the budgets and cash flow forecasts for the Company and confirmed that the Company will be able to meet its liabilities as they fall due and so the financial statements have been prepared on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP ("£"). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administrative expenses'. Page 3
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 4
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and Deferred Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 5
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss account over its useful economic life. Other intangible assets Intangible assets 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. The estimated useful lives range as follows:
|  |  |  | Patents | - |  | Over 5 years
|  |  |  | Computer software | - |  | Over 3 years
|  |  |  | Website | - |  | Over 3 years
|  |  |  | Trademarks | - |  | Over 5 years
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | Over 5 years
|  |  |  | Office equipment | - | Over 3 years
|  |  |  | Computer equipment | - | Over 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 6
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  |  | 7 | 5
Page 7
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
4. | Intangible assets
|  | Patents | Trademarks | Computer software | Website | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 March 2025 | 64,202 | 240,090 | 2,841 | 49,202 | 356,335
| Additions | 23,739 | 45,255 | - | 6,598 | 75,592
| At 28 February 2026 | 87,941 | 285,345 | 2,841 | 55,800 | 431,927
| Amortisation |  |  |  |  |
| At 1 March 2025 | 39,773 | 139,334 | 2,841 | 35,058 | 217,006
| Charge for the year | 8,306 | 35,504 | - | 7,395 | 51,205
| At 28 February 2026 | 48,079 | 174,838 | 2,841 | 42,453 | 268,211
| Net book value |  |  |  |  |
| At 28 February 2026 | 39,862 | 110,507 | - | 13,347 | 163,716
| At 28 February 2025 | 24,429 | 100,756 | - | 14,144 | 139,329
Page 8
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
5. | Tangible fixed assets
|  | Motor vehicles | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 March 2025 | 21,326 | 3,532 | 19,326 | 44,184
| Additions | 19,700 | - | 1,515 | 21,215
| Disposals | (18,826) | - | - | (18,826)
| At 28 February 2026 | 22,200 | 3,532 | 20,841 | 46,573
| Depreciation |  |  |  |
| At 1 March 2025 | 5,270 | 3,532 | 13,645 | 22,447
| Charge for the year | 2,141 | - | 3,030 | 5,171
| Disposals | (5,020) | - | - | (5,020)
| At 28 February 2026 | 2,391 | 3,532 | 16,675 | 22,598
| Net book value |  |  |  |
| At 28 February 2026 | 19,809 | - | 4,166 | 23,975
| At 28 February 2025 | 16,056 | - | 5,681 | 21,737
6. | Stocks
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Raw materials and consumables | 208,612 | 116,082
| Finished goods and goods for resale | 521,589 | 47,028
|  | 730,201 | 163,110
Page 9
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
7. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 646,685 | 429,535
| Other debtors | 7,875 | 9,239
| Prepayments and accrued income | 36,278 | 36,155
|  | 690,838 | 474,929
8. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 582,045 | 325,061
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 375,146 | 68,316
| EU VAT | - | 269
| Other taxation and social security | 48,879 | 47,072
| Other creditors | 8,676 | 7,599
| Accruals and deferred income | 10,759 | 10,539
|  | 443,460 | 133,795
10. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 100 (2025 - 100) Ordinary shares of £1.00 each | 100 | 100
| The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
Page 10
HEX INNOVATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
11. | Reserves
Profit and loss account The profit and loss account reserve represents cumulative profits and losses of the Company less dividends paid.
12. | Immediate and ultimate parent undertaking and controlling party
The immediate and ultimate parent undertaking is Hex Offshore Limited a company registered in Jersey. The Directors control the Company.
Page 11