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Registered number:
FOR THE YEAR ENDED 28 FEBRUARY 2026
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OLIO EXCHANGE LIMITED
COMPANY INFORMATION
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OLIO EXCHANGE LIMITED
CONTENTS
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OLIO EXCHANGE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
Olio reduced its net loss by 25% during the year (FY 2025/26: £2.2m vs. FY 2024/25: £2.9m). This was driven by higher turnover (FY 2025/26: £4.0m vs. FY 2024/25: £3.6m) and lower operating costs (FY 2025/26: £5.1m vs. FY 2024/25: £5.8m).
The improvement reflects both revenue diversification through new B2B revenue streams launched during the year and a reduction in the underlying cost base. The directors note that the FY 2025/26 cost base does not yet reflect the full structural saving from a restructuring exercise conducted in December 2025; the majority of redundancy payments fell into the March 2026 payroll, with the full-year benefit visible from FY 2026/27 onwards. Fully-loaded staff costs are the primary driver of operating costs. The December 2025 restructure was a difficult but necessary decision to put Olio on a clear path to profitability. The average monthly number of employees, including directors, for FY 2025/26 was 55 (FY 2024/25: 69). Headcount at year-end was 45, with further reductions expected to flow through during FY 2026/27 as the restructure completes. Operating costs fell elsewhere due to reductions in spend across software and subscriptions, marketing, professional services and miscellaneous categories as part of a continued push towards EBITDA breakeven, which the directors are targeting during 2027. During the year, Olio also diversified its revenue base by launching new B2B revenue streams. The Iceland/Gander partnership commenced earlier in the year offering discounted food distribution services (Reductions Feed); and the Sainsbury's/FareShare charity food redistribution partnership commenced its phased roll-out from January 2026, with the full Sainsbury's estate onboarded by Spring 2026. Olio also developed a solution to support front-of-store customer donations for Sainsbury’s, scheduled to launch in June 2026. All new revenue streams are recognised on a gross/principal basis under FRS 102, with associated partner costs presented separately within Cost of Sales as Partner Integration Costs. The reported 13% growth includes the effect of recognising these new revenue streams on a gross basis; underlying growth was lower.
We think of our impact as the number of people using Olio and the number of listings shared by them. Marketplace liquidity (sufficient demand to absorb a significant proportion of available supply) is also very important, which is why we look carefully at the number of portions of food and number of household items that are successfully shared (i.e. picked up) by another Olio user.
Our ultimate environmental impact can be expressed in terms of CO2 emissions and litres of water not wasted.
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OLIO EXCHANGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
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OLIO EXCHANGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
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OLIO EXCHANGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
The Company's financial instruments comprise cash at bank, trade and other receivables, and trade and other payables arising directly from operations. The Company's activities expose it to a limited level of financial risk, which is managed in line with the overall risk appetite approved by the Board.
Price Risk
The Company has minimal exposure to price risk. It does not trade in commodities or hold investments subject to material price volatility. Revenue is generated primarily through contractual service fees under the FWH Programme and digital subscription income from app users. Both streams are contracted or predictable in nature and are not directly sensitive to changes in market prices. Operating expenditure is closely monitored, with supplier pricing reviewed periodically to ensure value for money.
Credit Risk
Credit risk primarily arises from receivables due from corporate clients and digital payment intermediaries (Apple/Google). The Company's exposure to credit risk is concentrated in a small number of large B2B clients. Balances are reviewed on a monthly basis and provisions are recognised where recovery is deemed uncertain in line with the bad debt provisioning policy formalised in FY 2025/26. Receivables turnover and ageing are reviewed monthly by the Finance team and reported to the Board.
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OLIO EXCHANGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
The Company manages liquidity risk through prudent cash management and forecasting processes. Cash reserves of £3.69m were held at year-end (FY 2024/25: £5.69m), providing a strong liquidity position relative to operational needs. The business operates with no external debt and maintains close oversight of working capital to ensure sufficient funds are available to meet liabilities as they fall due. Forward-looking cash flow models are prepared regularly and reviewed by management to ensure adequate liquidity is maintained at all times.
Cash Flow Risk
Cash flow risk relates to the timing of inflows from corporate clients and app stores versus the timing of operating outflows. The risk is managed through active cash forecasting, maintaining cash buffers, and ensuring short-term deposits are held with major UK financial institutions. The Company has no exposure to variable-rate borrowings or foreign exchange movements that would materially affect future cash flows.
Financial Risk Management Objectives and Policies
The Board’s objective is to maintain financial stability and protect shareholder value through disciplined cost management, predictable cash flows, and responsible use of capital. The Company’s financial risk management framework includes:
∙Maintaining a debt-free capital structure and significant cash reserves;
∙Regular monitoring of cash burn and liquidity forecasts against targets;
∙Diversification of revenue streams to reduce reliance on any single partner or channel;
∙Ensuring all counterparties meet minimum creditworthiness standards; and
∙Avoiding speculative financial instruments or derivative exposures.
The directors expect the net loss for 2026/27 to decrease vs. 2025/26 due to: (1) Higher revenues driven by the expansion of FWH Programme, including internationally, and a new B2B revenue stream, Reductions Feed. (2) The full-year benefit of the lower cost base following the December 2025 restructure. The Board is therefore targeting EBITDA breakeven during 2027.
This report was approved by the board on 7 August 2026 and signed on its behalf.
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OLIO EXCHANGE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
The Directors present their report and the financial statements for the year ended 28 February 2026.
The Directors who served during the year were:
The results for the year ended 28 February 2026 are shown in the Income Statement on page 11 with additional details provided within the Business review section of the Strategic Report.
Dividends
The Company issued no dividends during 2026 (2025: £nil).
The Directors have considered the business activities as well as the principal risks and uncertainties set out in the Strategic Report to conclude a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future (refer to Note 2.2 for further details). The Company therefore continues to adopt the going concern basis in preparing its Financial Statements.
The Company made no political donations during 2026 (2025: £nil).
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OLIO EXCHANGE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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.
There have been no significant events affecting the Company since the year end (see Note 22).
The auditors, Wisteria Audit Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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OLIO EXCHANGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLIO EXCHANGE LIMITED
We have audited the financial statements of Olio Exchange Limited (the 'Company') for the year ended 28 February 2026, which comprise the Income Statement, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, the Analysis of Net Debt 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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OLIO EXCHANGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLIO EXCHANGE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the 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.
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OLIO EXCHANGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLIO EXCHANGE LIMITED (CONTINUED)
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company, and sector in which they operate. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as: Financial Reporting Standard 102 applicable in the UK and Republic of Ireland ('United Kingdom Generally Accepted Accounting Practice), Companies Act 2006 and taxations laws.
∙We understood how the Company is complying with those legal and regulatory frameworks through discussions with management and those charged with governance.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°challenging assumptions and judgements made by management in its significant accounting estimates;
°identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
°assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.
Our procedures to obtain sufficient appropriate audit evidence in response to the assessment risks of material misstatement due to fraud included:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
∙Performing a detailed review of the Company’s year-end adjusting entries;
∙Enquiries being made of management with regard to actual and potential litigation and claims;
∙Obtaining and reviewing minutes of Board meetings, evidence of legal fees incurred, and any correspondence with HMRC, for indicators of possible fraud and non-compliance;
∙Testing the appropriateness of the accounting policies relating to revenue recognition and performing specific procedures over the existence and cut-off of revenue around the year end;
∙Carrying out substantive testing of journal entries to assess whether they are appropriate, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
∙Performing a detailed review of key accounting estimates, including a respective review of outcomes against estimates included in the prior year’s financial statements and assessing whether the judgements made in arriving at the accounting estimates are indicative of potential bias; and
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OLIO EXCHANGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLIO EXCHANGE LIMITED (CONTINUED)
∙We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Statutory Auditors & Chartered Accountants
Pikes End
HA5 2EX
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OLIO EXCHANGE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2026
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OLIO EXCHANGE LIMITED
REGISTERED NUMBER: 09428660
BALANCE SHEET
AS AT 28 FEBRUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 31 form part of these financial statements.
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OLIO EXCHANGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2026
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OLIO EXCHANGE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2026
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OLIO EXCHANGE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2026
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Olio Exchange Limited is a private Company, limited by shares, registered in England and Wales, registration number 09428660. The registered office is 11a Brackenbury Road, London, England, W6 0BE.
2.Accounting policies
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see Note 3).
The following principal accounting policies have been applied:
The Directors have assessed Olio Exchange Limited's ability to continue as a going concern by reviewing its financial position, liquidity and forecast cash flows over a period of at least 12 months from the date of approval of these financial statements.
As at 28 February 2026 the Company held cash reserves of £3.69m and had no external debt. Post year-end trading has continued to improve: the loss before taxation for the three months to 30 June 2026 averaged approximately £54,000 per month, reflecting the reduced cost base following the December 2025 restructuring. Cash at 30 June 2026 was £3.34m. On this basis, and holding the current run-rate flat with no revenue growth, the Company's cash reserves provide a runway of over 60 months, extending well beyond the assessment period. The Directors have prepared a financial model reflecting the Company's planned trajectory, which indicates EBITDA breakeven during 2027. The going concern conclusion does not, however, depend on this growth being achieved, nor on any new external funding, of which none is currently required. The Directors have also considered a downside scenario reflecting the loss of a major client, together with the mitigating cost actions available, and remain satisfied that the Company would retain adequate resources throughout the assessment period. Based on these factors, the Directors have concluded that there are no material uncertainties that cast significant doubt on the Company's ability to continue as a going concern for 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.
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Food Waste Hero (FWH) Revenue: Revenue from FWH services is recognised over time as the services are rendered, in line with the terms of the contract. This reflects the ongoing nature of the service provided to supermarkets, where food is collected, redistributed, and the obligations under the agreement are fulfilled. Consumer-to-Consumer (C2C) Sales: Revenue from app supporter subscriptions via Apple and Google Store is recognised on a straight-line basis over the subscription period, reflecting the continuous delivery of app functionality and benefits to the user during that time. Reductions Feed: Revenue from Reductions Feed is recognised over the period in which promotion services are provided to retail partners. The Company acts as principal and therefore recognises revenue on a gross basis. Related partner integration and delivery costs are recognised within cost of sales. Marketing Revenue is made up of advertising revenue within both our Apple and Google apps and is recognised on a straight line basis monthly when based on the reports from Apple and Google respectively. Revenue recognition for all streams is aligned with the stage of completion or performance obligations fulfilled, ensuring compliance with applicable financial reporting standards.
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
Expenditure on research and development is written off in the year in which it is incurred. Where appropriate, development expenditure is capitalised and amortised over its useful economic life.
During the financial year, Olio Exchange Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Office equipment 20% Straight Line Computer equipment 33% Straight Line
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The Company participates in a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs and other retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
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. All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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. Debt instruments that comply with all of the condition of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of 11.9 of FRS 102, the Company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
A provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the Financial Statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the Financial Statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The fair value of options is determined using the Company's valuation at grant date, adjusted for expected volatility, dividend yield, and time to maturity, based on market and Company-specific data, which is considered by management to be the most appropriate method of valuation. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Analysis of turnover by country of destination:
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 24
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
8.Taxation (continued)
There are currently no factors that may affect future tax charges.
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 26
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 27
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 28
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Defined contribution schemes
The Company operates defined contribution retirement benefit schemes for all qualifying employees. The total expense charged to profit or loss in the year ended 28 February 2026 was £66,128 (2025: £77,915).
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 30
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OLIO EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
During the year, the Company identified inaccuracies in the accounting for share-based payments in prior periods. These arose due to incomplete and inconsistent data within the share option administration system, which resulted in certain grants, exercises and forfeitures not being fully reflected in previous calculations.
A comprehensive review and reconciliation of the underlying data have been performed, and the opening reserves have been restated to correct these errors. The adjustment relates to the reclassification of balances between the share-based payment reserve and retained earnings in respect of share options exercised in FY24. The adjustment has no impact on the current or prior year profit and loss account but results in a restatement of comparative equity figures. The effect of this adjustment on reserves is as follows:
The Company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the Company that have significant control.
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