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Company registration number: 15722467
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2025
| K423 LIMITED
K423 LIMITED |  |
COMPANY INFORMATION
Directors | J Close
| J Fox
| H Eltvedt
Registered number | 15722467
Registered office | Office 7
| 35-37 Ludgate Hill
| London
| EC4M 7JN
Accountants | Menzies LLP
| Chartered Accountants
| Magna House
| 18-32 London Road
| Staines-Upon-Thames
| TW18 4BP
K423 LIMITED |  |
CONTENTS
| Page
Statement of financial position | 1 - 2
Notes to the financial statements | 3 - 7
K423 LIMITED REGISTERED NUMBER:15722467 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 1,844,500 |  | 1,860,000
Tangible assets | 5 |  | 19,352 |  | 134
Investments | 6 |  | 1,628,997 |  | -
|  |  | 3,492,849 |  | 1,860,134
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 491,955 |  | 98,117 |
Cash at bank and in hand |  | 2,736,077 |  | 2,286,037 |
|  | 3,228,032 |  | 2,384,154 |
Creditors: amounts falling due within one year | 8 | (613,172) |  | (510,111) |
Net current assets |  |  | 2,614,860 |  | 1,874,043
Total assets less current liabilities |  |  | 6,107,709 |  | 3,734,177
Net assets |  |  | 6,107,709 |  | 3,734,177
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 126,749 |  | 75,047
Share premium account |  |  | 12,548,104 |  | 7,429,689
Profit and loss account |  |  | (6,567,144) |  | (3,770,559)
|  |  | 6,107,709 |  | 3,734,177
Page 1
K423 LIMITED REGISTERED NUMBER:15722467 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 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 income and retained earnings 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 Close
Director
Date: 20 July 2026
The notes on pages 3 to 7 form part of these financial statements. Page 2
K423 LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
K423 Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is given in the company information page of these financial statements. The address of the principal place of business is 24 Eversholt Street, London, NW1 1DB. The company was incorporated on the 15 May 2024. As a result, the prior period were the company's first set of accounts which represents a 8 month period from incorporation to 31 December 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. 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 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP and is rounded to the nearest £. 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 profit or loss 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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.3 | 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 generated via software services and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
K423 LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | 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 reporting date in the countries where the Company operates and generates income.
| 2.6 | 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.
| 2.7 | 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:
|  |  |  | Office equipment | - | 20% | Straight line
|  |  |  | Computer equipment | - | 33% | Straight line
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.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 4
K423 LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
3. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2024 - 3).
4. | Intangible assets
|  | Licenses
|  | £
| Cost |
| At 1 January 2025 | 1,860,000
| At 31 December 2025 | 1,860,000
| Amortisation |
| Charge for the year on owned assets | 15,500
| At 31 December 2025 | 15,500
| Net book value |
| At 31 December 2025 | 1,844,500
| At 31 December 2024 | 1,860,000
Page 5
K423 LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | - | 149 | 149
| Additions | 761 | 20,920 | 21,681
| At 31 December 2025 | 761 | 21,069 | 21,830
| Depreciation |  |  |
| At 1 January 2025 | - | 15 | 15
| Charge for the year on owned assets | 57 | 2,406 | 2,463
| At 31 December 2025 | 57 | 2,421 | 2,478
| Net book value |  |  |
| At 31 December 2025 | 704 | 18,648 | 19,352
| At 31 December 2024 | - | 134 | 134
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| Additions | 1,628,997
| At 31 December 2025 | 1,628,997
Page 6
K423 LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 60,000 | -
| Amounts owed by group undertakings | 255,034 | -
| Other debtors | 143,296 | 61,753
| Prepayments and accrued income | 33,625 | 36,364
|  | 491,955 | 98,117
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 325,795 | 97,820
| Other taxation and social security | 35,553 | -
| Other creditors | 39,473 | 39,473
| Accruals and deferred income | 212,351 | 372,818
|  | 613,172 | 510,111
9. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 46,200 | -
|  | 46,200 | -
Page 7