Registration number: 10238210

SystemIQ Incubation Limited

Company Information

Directors

J M Oppenheim A S Colombel E Speelman A Hoffmann

Registered office

Russell Square House 10-12 Russell Square London WC1B 5EH

Accountants

EVMS Partners LLP Chartered Accountants45 Ludgate Hill London EC4M 7JU

SystemIQ Incubation Limited

(Registration number: 10238210)
Balance Sheet as at 31 December 2025

	Note	2025 $	2024 $
Fixed assets
Investments	4	40,867,836	42,767,643
Current assets
Debtors	5	62,870	49,296
Cash at bank and in hand		1,888,878	2,073,250
		1,951,748	2,122,546
Creditors: Amounts falling due within one year	6	(368,591)	(207,227)
Net current assets		1,583,157	1,915,319
Total assets less current liabilities		42,450,993	44,682,962
Provisions for liabilities		(3,652,712)	(4,502,014)
Net assets		38,798,281	40,180,948
Capital and reserves
Called up share capital		786	786
Share premium reserve		24,859,663	24,859,663
Retained earnings		13,937,832	15,320,499
Shareholders' funds		38,798,281	40,180,948

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 July 2026 and signed on its behalf by:
 

......................................... J M Oppenheim Director

SystemIQ Incubation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales.

The address of its registered office is: Russell Square House, 10-12 Russell Square, London, WC1B 5EH.

These financial statements were authorised for issue by the Board on 23 July 2026.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Foreign currency transactions and balances

The Company's functional and presentational currency is US Dollars.

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 profit or loss.

Tax

The tax expense for the year comprises current and deferred tax. 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 reporting 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 reporting 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; and

SystemIQ Incubation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

•	any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

Investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Trade 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.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 6).

SystemIQ Incubation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4	Investments

	Fixed asset investments $
Valuation
At 1 January 2025	42,767,643
Fair value adjustments	(1,332,051)
Disposals	(567,756)
At 31 December 2025	40,867,836
Carrying amount
At 31 December 2025	40,867,836
At 31 December 2024	42,767,643

The historic cost of investments at the balance sheet date was £21,502,255 (2024: £21,759,586). Resulting unrealised gains of £19,365,581 (2024: £21,008,057) net of carried forward tax losses which would relieve such gains are associated with the deferred tax provision of £3,652,712 (2024: £4,502,014).

The company’s investments are in unlisted entities and are predominantly held at the price suggested by the last substantive funding round of the underlying investee company. If the directors become aware that there are impairment indicators in respect of an investee, then they make appropriate adjustment to either the historic cost or the value suggested by the last funding round.

5

Debtors

Current	2025 $	2024 $
Trade debtors	49,236	46,626
Amounts owed by related parties	10,964	-
Other debtors	2,670	2,670
	62,870	49,296

SystemIQ Incubation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6

Creditors

Creditors: amounts falling due within one year

	2025 $	2024 $
Due within one year
Trade creditors	1,941	1,782
Taxation and social security	149,821	-
Accruals and deferred income	30,285	18,957
Other creditors	186,544	186,488
	368,591	207,227

7	Related party transactions

Included within other creditors are amounts of $186,544 (2024: $186,488) owed to related companies which are unsecured, interest free and repayable on demand, to companies where directors have material interest or execute significant control.