Silverfin false false 31/12/2025 01/01/2025 31/12/2025 P M Asman 24/04/2026 01/12/2023 C D Hazlehurst 31/07/2025 07/08/2019 N I Jeffery 17/04/2024 P J Rae 18/11/2025 01/12/2023 29 July 2026 The principal activity of the Company during the financial year was that of a digital mapping, wayfinding and asset tracking business. 07464978 2025-12-31 07464978 bus:Director1 2025-12-31 07464978 bus:Director2 2025-12-31 07464978 bus:Director3 2025-12-31 07464978 bus:Director4 2025-12-31 07464978 2024-12-31 07464978 core:CurrentFinancialInstruments 2025-12-31 07464978 core:CurrentFinancialInstruments 2024-12-31 07464978 core:Non-currentFinancialInstruments 2025-12-31 07464978 core:Non-currentFinancialInstruments 2024-12-31 07464978 core:ShareCapital 2025-12-31 07464978 core:ShareCapital 2024-12-31 07464978 core:SharePremium 2025-12-31 07464978 core:SharePremium 2024-12-31 07464978 core:OtherCapitalReserve 2025-12-31 07464978 core:OtherCapitalReserve 2024-12-31 07464978 core:RetainedEarningsAccumulatedLosses 2025-12-31 07464978 core:RetainedEarningsAccumulatedLosses 2024-12-31 07464978 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 07464978 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 07464978 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-12-31 07464978 core:PatentsTrademarksLicencesConcessionsSimilar 2025-12-31 07464978 core:OfficeEquipment 2024-12-31 07464978 core:OfficeEquipment 2025-12-31 07464978 core:CurrentFinancialInstruments core:Secured 2025-12-31 07464978 bus:OrdinaryShareClass1 2025-12-31 07464978 2025-01-01 2025-12-31 07464978 bus:FilletedAccounts 2025-01-01 2025-12-31 07464978 bus:SmallEntities 2025-01-01 2025-12-31 07464978 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 07464978 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 07464978 bus:Director1 2025-01-01 2025-12-31 07464978 bus:Director2 2025-01-01 2025-12-31 07464978 bus:Director3 2025-01-01 2025-12-31 07464978 bus:Director4 2025-01-01 2025-12-31 07464978 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:BottomRangeValue 2025-01-01 2025-12-31 07464978 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2025-01-01 2025-12-31 07464978 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2025-01-01 2025-12-31 07464978 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-01-01 2025-12-31 07464978 core:PatentsTrademarksLicencesConcessionsSimilar 2025-01-01 2025-12-31 07464978 core:OfficeEquipment core:BottomRangeValue 2025-01-01 2025-12-31 07464978 core:OfficeEquipment core:TopRangeValue 2025-01-01 2025-12-31 07464978 2024-01-01 2024-12-31 07464978 core:OfficeEquipment 2025-01-01 2025-12-31 07464978 core:CurrentFinancialInstruments 2025-01-01 2025-12-31 07464978 core:Non-currentFinancialInstruments 2025-01-01 2025-12-31 07464978 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 07464978 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07464978 (England and Wales)

# LIVING MAP LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

LIVING MAP LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2025

Contents

LIVING MAP LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 December 2025
LIVING MAP LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Intangible assets | 4 | 1,365,145 |  | 1,417,169
Tangible assets | 5 | 467 |  | 1,918
|  | 1,365,612 |  | 1,419,087
Current assets |  |  |  |
Debtors | 6 | 444,187 |  | 297,167
Cash at bank and in hand |  | 4,655 |  | 125,901
|  | 448,842 |  | 423,068
Creditors: amounts falling due within one year | 7 | ( 1,949,864) |  | ( 762,801)
Net current liabilities |  | (1,501,022) |  | (339,733)
Total assets less current liabilities |  | (135,410) |  | 1,079,354
Creditors: amounts falling due after more than one year | 8 | ( 502,282) |  | ( 655,702)
Net (liabilities)/assets |  | ( 637,692) |  | 423,652
Capital and reserves |  |  |  |
Called-up share capital | 9 | 18,140 |  | 16,282
Share premium account |  | 12,765,517 |  | 11,652,694
Other reserves |  | 131,907 |  | 356,496
Profit and loss account |  | ( 13,553,256 ) |  | ( 11,601,820 )
Total shareholder's (deficit)/funds |  | ( 637,692) |  | 423,652

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The financial statements of Living Map Limited (registered number: 07464978) were approved and authorised for issue by the Director on 29 July 2026. They were signed on its behalf by:

N I Jeffery Director |

LIVING MAP LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
LIVING MAP LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

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

##### General information and basis of accounting

Living Map Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £637,692. The Company is supported by the parent company and investments from third parties into the parent company. The director has confirmed that as at the date of signing the accounts the company has received a further £1.02 million investment committed from existing shareholders and has approximately £290k of invoices raised pending customer payment.
The Company benefits from a supportive and engaged shareholder group with a strong track record of providing financial backing where appropriate. The shareholders continue to demonstrate their commitment to the long-term success of the business. In addition to the support of its existing shareholders, the Directors/Shareholders have identified a number of potential funding options that remain available to the Company. These include further equity investment from existing shareholders, the introduction of new strategic investors, and other financing alternatives should they be required. The Directors believe that the Company has sufficient flexibility to access appropriate funding to meet its anticipated working capital requirements.
Having considered the Company's financial forecasts, the continued support of its shareholder base, and the range of funding options available, the Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

##### Prior year adjustment

When finalising the year ended 31 December 2025 accounts, it was identified that there were discrepancies in the recording of deferred revenue. This has been corrected by way of a prior year adjustment. Further detail is provided in note 2 of the accounts.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Employee benefits

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

##### Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. 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.
Fair value is measured by use of the appropriate pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

##### Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Intangible assets

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

Development costs | 3 - 5 years straight line
Trademarks, patents and licences | 10 years straight line

###### Research and development

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

###### Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years straight-line which is their estimated useful economic life. Provision is made for any impairment.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment | 1 - 3 years straight line

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

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

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 creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

#### 2. Prior year adjustment

When finalising the year ended 31 December 2025 accounts, it was identified that there were discrepancies in the recording of deferred revenue. This has been corrected by way of a prior year adjustment.

|  | As previously reported |  | Adjustment |  | As restated
Year ended 31 December 2024 |  | £ |  | £ |  | £
Turnover |  | 569,938 |  | (71,744) |  | 498,194
Accruals and deferred income |  | 67,322 |  | 71,744 |  | 139,066

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 27 |  | 32

#### 4. Intangible assets

| Development costs |  | Trademarks, patents and licences |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2025 | 6,136,066 |  | 52,375 |  | 6,188,441
Additions | 921,468 |  | 0 |  | 921,468
At 31 December 2025 | 7,057,534 |  | 52,375 |  | 7,109,909
Accumulated amortisation |  |  |  |  |
At 01 January 2025 | 4,718,897 |  | 52,375 |  | 4,771,272
Charge for the financial year | 973,492 |  | 0 |  | 973,492
At 31 December 2025 | 5,692,389 |  | 52,375 |  | 5,744,764
Net book value |  |  |  |  |
At 31 December 2025 | 1,365,145 |  | 0 |  | 1,365,145
At 31 December 2024 | 1,417,169 |  | 0 |  | 1,417,169

#### 5. Tangible assets

| Office equipment |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2025 | 39,919 |  | 39,919
Disposals | ( 572) |  | ( 572)
At 31 December 2025 | 39,347 |  | 39,347
Accumulated depreciation |  |  |
At 01 January 2025 | 38,001 |  | 38,001
Charge for the financial year | 1,244 |  | 1,244
Disposals | ( 365) |  | ( 365)
At 31 December 2025 | 38,880 |  | 38,880
Net book value |  |  |
At 31 December 2025 | 467 |  | 467
At 31 December 2024 | 1,918 |  | 1,918

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 356,426 |  | 123,996
Prepayments and accrued income | 64,077 |  | 152,251
Other debtors | 23,684 |  | 20,920
| 444,187 |  | 297,167

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 5,834 |  | 10,000
Trade creditors | 157,916 |  | 149,432
Amounts owed to director | 0 |  | 3,964
Other loans (secured) | 260,866 |  | 189,763
Accruals and deferred income | 690,058 |  | 139,066
Other taxation and social security | 731,390 |  | 247,256
Other creditors | 103,800 |  | 23,320
| 1,949,864 |  | 762,801

Security has been provided on other loans totalling £260,866 (2024 - £189,763), secured on the assets of the company. Included within bank loans is £5,834 (2024 - £10,000) relating to unsecured bank borrowings.

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 5,834
Other loans (secured) | 502,282 |  | 649,868
| 502,282 |  | 655,702

Security has been provided on other loans totalling £502,282 (2024 - £649,868), secured on the assets of the company. Included within bank loans is £nil (2024 - £5,834) relating to unsecured bank borrowings.

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
18,139,677 Ordinary shares of £ 0.001 each (2024: 16,281,876 shares of £ 0.001 each) | 18,140 |  | 16,282

During the year 1,857,801 (2024 - 3,527,960) ordinary shares were alloted at £0.60 per share.
Other reserves relate to share based payments that will be settled via share issues in the parent entity. These contributions are non-refundable, have no entitlement to dividends, interest or assets of the company on winding up and the reserve is considered distributable.

#### 10. Financial commitments

Commitments

Capital commitments are as follows:

| 2025 |  | 2024
| £ |  | £
Contracted for but not provided for: |  |  |
Finance leases entered into | 63,335 |  | 114,013

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

| 2025 |  | 2024
| £ |  | £
Unpaid contributions due to the fund (inc. in other creditors) | 10,822 |  | 6,148

#### 11. Related party transactions

Transactions with the entity's director

| 2025 |  | 2024
| £ |  | £
Amounts due to the directors | 0 |  | 3,964

Amounts due to the directors are interest-free and repayable on demand.

The Company has taken advantage of the exemption available under FRS 102 S1A.C.35 to not disclose transactions with other entities within a wholly owned group.

#### 12. Contingencies

As part of his consultancy agreement Adam Coxen is entitled to receive a payment that is contingent on a change of control of the business occurring. This payment is to be calculated using the ordinary share price at the time of the change of control multiplied by 148,292.