ACCOUNTS - Final Accounts preparation

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:

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.

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

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

	Not later than 1 year	46,200	-
		46,200	-

Page 7