Cadro Technologies Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11797448

Cadro Technologies Limited

Financial Statements

31 January 2026

Cadro Technologies Limited

Financial Statements

Year ended 31 January 2026

Contents	Page

Strategic report	1

Directors' report	4

Independent auditor's report to the members	6

Statement of comprehensive income	10

Statement of financial position	11

Statement of cash flows	12

Notes to the financial statements	13

Cadro Technologies Limited

Strategic Report

Year ended 31 January 2026

The directors present their Strategic Report together with the audited financial statements for the period ended 31 January 2026. Principal activities The company's principal activity during the period continued to be the provision of investment management services. Business and financial performance review The company has continued its growth trajectory during the year, focusing on expanding its technological platform and strengthening its client advisory team through key recruitments. Turnover increased by 70% to £855,816 (2025: £503,205), reflecting growing client engagement and service adoption. However, continued investment in its mobile application development, team expansion and wider operational infrastructure contributed to a reported loss before tax of £2,648,501 (2025: £2,430,434). Client satisfaction remains exceptionally high, with notable growth in net new asset intake and a robust client pipeline. The Company's performance continues to be recognised externally, achieving the distinctions of Best Newcomer at the City of London Wealth Management Awards and Gamechanger of the Year at the Citywealth Magic Circle Awards. Key Performance Indicators (KPI's):

	2026	2025
	£	£
Turnover	855,816	503,205
Loss before tax	2,648,501	2,430,434

Principal risks and uncertainties The business is subject to a number of risks which are monitored by the Board. Liquidity risk The Board regularly monitors its investment requirement in conjunction with reviewing the forecast cash position and as the company is regulated by the Financial Conduct Authority (FCA), regular reporting requirements need to be met and sustained, which ensure the company remains liquid. Foreign currency exchange rate risk Currently, the company has a normal level of exposure to price and credit risks arising from trading activities which are largely conducted in sterling. In the future, the company will be receiving fee income in other currencies, therefore currency risk may need to be managed in the future. Credit risk The company has no credit risk as client monies are held by third parties. It is the policy of the Board to settle trade and other debts within the terms agreed. Economic risk The company and its clients are impacted by general economic conditions. The company's major costs are variable and therefore it is able to respond and adapt to meet clients' needs in the provision of its investment management services. Interest rate risk The company has interest bearing assets. Interest bearing assets comprise only cash and cash equivalents which earn interest at fixed and variable rates. This is not considered a material income for the company going forward. Going concern risk The company is currently loss making and relies on funding from its investors until it reaches breakeven. Future developments The company will continue to innovate its tech-based offerings and expand, in time, into other services not currently provided and new markets. Section 172 Statement In considering how to promote the success of the company as set out in Section 172 of the Companies Act 2006, the Directors are required to explain how they consider the interests of the key stakeholders when seeking to promote the company's success. The key stakeholder groups are set out below, how we engage with them and how we measure the effectiveness of the engagement: Engagement with stakeholders is central to the Company's approach to doing business. The Directors regularly review the performance of the business employing financial and non-financial metrics. Due to the fast-changing nature of the industry, regular forecasting is performed to ensure that the Company can meet customer demands at all times as swiftly and efficiently as possible. We actively engage with and support our employees as a responsible employer. We also consider health, safety, and welfare to be a primary responsibility and maintain appropriate structure and process to support this. We are focussed on delivering value to our customers and we recognise the importance of all in our network who make this possible. Our business nurtures and integrates supplier relationships as an inherent part of our operations. It is our aim pro-actively to support the communities which we impact. The Company plans to scale its operations significantly via network effects and through building a community supporting a more accessible approach to finance. We are also proud of our commitment to shaping the future development of personal finance, via the innovative use of technology, to improve accessibility and help modernise our industry. Maintaining a reputation for excellence and high standards of service are central to our ethos and a key part of engaging with and maintaining positive relations with prospective and existing clients. Given its FCA-regulated status, the Company's conformity with the comprehensive set of prescribed standards required thereby, ensures that, in addition to complying with the UK's financial sector regulatory framework, as it expands, the Company invests continuously in systems, processes and training to ensure that compliance and accreditation is maintained and that high standards are assured.

This report was approved by the board of directors on 8 June 2026 and signed on behalf of the board by:

J Buck	N Williams
Director	Director

Registered office:

Berkeley Square House

Berkeley Square

London

United Kingdom

W1J 6BD

Cadro Technologies Limited

Directors' Report

Year ended 31 January 2026

The directors present their report and the financial statements of the company for the year ended 31 January 2026 .

Directors

The directors who served the company during the year were as follows:

E Heaton
GM Hurst
J Buck
N Williams

Dividends

The directors do not recommend the payment of a dividend.

Events after the reporting period

Particulars of events after the reporting date are detailed in note 22 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 8 June 2026 and signed on behalf of the board by:

J Buck	N Williams
Director	Director

Registered office:

Berkeley Square House

Berkeley Square

London

United Kingdom

W1J 6BD

Cadro Technologies Limited

Independent Auditor's Report to the Members of Cadro Technologies Limited

Year ended 31 January 2026

Opinion

We have audited the financial statements of Cadro Technologies Limited (the 'company') for the year ended 31 January 2026 which comprise the statement of comprehensive income, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor's 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 UK, including the FRC’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.

Conclusions relating to going concern

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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

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. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor’s 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform auditor procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management and the finance team, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes asking questions and reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist with the organisation for fraud. Key areas include timing of recognising income around the year end and posting o unusual journals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our 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 auditor's 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.

Alexander Baker

(Senior Statutory Auditor)

For and on behalf of

Burgess Hodgson Audit Limited

Chartered accountants & statutory auditor

Camburgh House

27 New Dover Road

Canterbury

Kent

CT1 3DN

2 July 2026

Cadro Technologies Limited

Statement of Comprehensive Income

Year ended 31 January 2026

			Period from
		Year to	8 Feb 24 to
		31 Jan 26	31 Jan 25
Note		£	£
Turnover	4	855,816	503,205

Cost of sales	( 146,213)	( 82,829)
	---------	---------
Gross profit	709,603	420,376

Administrative expenses		( 3,368,757)	( 2,868,520)
Other operating income	5	2,482	–
		------------	------------
Operating loss	6	( 2,656,672)	( 2,448,144)

Other interest receivable and similar income	10	8,228	17,807
Interest payable and similar expenses	11	( 57)	( 97)
		------------	------------
Loss before taxation		( 2,648,501)	( 2,430,434)

Tax on loss	12	45,319	94,585
		------------	------------
Loss for the financial year and total comprehensive income		( 2,603,182)	( 2,335,849)
		------------	------------

All the activities of the company are from continuing operations.

Cadro Technologies Limited

Statement of Financial Position

31 January 2026

	2026	2025
Note	£	£

Fixed assets

Intangible assets	13	1,611,313	1,320,027
Tangible assets	14	18,574	25,104
Investments	15	1	1
		------------	------------
		1,629,888	1,345,132

Current assets

Debtors	16	284,887	304,496
Cash at bank and in hand		1,041,038	1,028,232
		------------	------------
		1,325,925	1,332,728

Creditors: amounts falling due within one year	17	( 290,819)	( 234,987)
		------------	------------
Net current assets		1,035,106	1,097,741
		------------	------------
Total assets less current liabilities		2,664,994	2,442,873
		------------	------------
Net assets		2,664,994	2,442,873
		------------	------------

Capital and reserves

Called up share capital	19	242	200
Share premium account	20	10,151,450	7,326,189
Profit and loss account	20	( 7,486,698)	( 4,883,516)
		-------------	------------
Shareholders funds		2,664,994	2,442,873
		-------------	------------

These financial statements were approved by the board of directors and authorised for issue on 8 June 2026 , and are signed on behalf of the board by:

J Buck	N Williams
Director	Director

Company registration number: 11797448

Cadro Technologies Limited

Statement of Cash Flows

Year ended 31 January 2026

	2026	2025
	£	£

Cash flows from operating activities

Loss for the financial year	( 2,603,182)	( 2,335,849)

Adjustments for:
Depreciation of tangible assets	14,265	12,627
Amortisation of intangible assets	449,849	313,898
Other interest receivable and similar income	( 8,228)	( 17,807)
Interest payable and similar expenses	57	97
Tax on loss	( 45,319)	( 94,585)
Accrued expenses/(income)	16,991	( 17,045)

Changes in:
Trade and other debtors	19,609	( 69,242)
Trade and other creditors	38,841	( 17,798)
	------------	------------
Cash generated from operations	( 2,117,117)	( 2,225,704)

Interest paid	( 57)	( 97)
Interest received	8,228	17,807
Tax received	45,319	94,585
	------------	------------
Net cash used in operating activities	( 2,063,627)	( 2,113,409)
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 7,735)	( 4,281)
Purchase of intangible assets	( 741,135)	( 649,496)
	------------	------------
Net cash used in investing activities	( 748,870)	( 653,777)
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	2,825,303	2,000,245
	------------	------------
Net cash from financing activities	2,825,303	2,000,245
	------------	------------

Net increase/(decrease) in cash and cash equivalents	12,806	( 766,941)
Cash and cash equivalents at beginning of year	1,028,232	1,795,173
	------------	------------
Cash and cash equivalents at end of year	1,041,038	1,028,232
	------------	------------

Cadro Technologies Limited

Notes to the Financial Statements

Year ended 31 January 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Berkeley Square House, Berkeley Square, London, W1J 6BD, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Since period end, the directors have secured additional capital and are in advanced discussions with numerous investors. Based on this, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, therefore the company continues to adopt the going concern basis in preparing its financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. These items in the financial statements where these judgements and estimates have been made are set out below: i. Useful economic life of intangible assets The expected product lifecycle of intangible assets has been assessed by management as the anticipated lifecycle of the Cadro App based on industry benchmarks for similar digital platforms in the wealth management sector. Given the rapidly evolving nature of financial technology and app development, a 5-year useful life is considered reasonable. The estimate will be reassessed annually, and potential adjustments will be made to reflect any significant changes in market conditions, technological advancements, or strategic objectives.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	App Development	-	5 year straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	4 year straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Rendering of services	855,816	503,205
	---------	---------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Other operating income	2,482	–
	-------	----

6. Operating loss

Operating profit or loss is stated after charging:

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Amortisation of intangible assets	449,849	313,898
Depreciation of tangible assets	14,265	12,627
Foreign exchange differences	9,656	2,202
	---------	---------

7. Auditor's remuneration

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Fees payable for the audit of the financial statements	9,000	7,500
	-------	-------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2026	2025
	No.	No.
Administrative staff	18	13
Management staff	4	4
	----	----
	22	17
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Wages and salaries	1,712,500	1,517,094
Social security costs	226,114	186,877
Other pension costs	66,969	53,075
	------------	------------
	2,005,583	1,757,046
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Remuneration	440,000	428,386
Company contributions to defined contribution pension plans	9,042	8,189
	---------	---------
	449,042	436,575
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2026	2025
	No.	No.
Defined contribution plans	3	3
	----	----

Remuneration of the highest paid director in respect of qualifying services:

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Aggregate remuneration	160,000	139,972
	---------	---------

10. Other interest receivable and similar income

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Interest on cash and cash equivalents	8,228	17,807
	-------	--------

11. Interest payable and similar expenses

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Interest on banks loans and overdrafts	57	97
	----	----

12. Tax on loss

Major components of tax income

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£

Current tax:

UK current tax income	( 45,319)	( 94,585)
	--------	--------
Tax on loss	( 45,319)	( 94,585)
	--------	--------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

		Period from
	Year to	8 Feb 24 to
	31 Jan 26	31 Jan 25
	£	£
Loss on ordinary activities before taxation	( 2,648,501)	( 2,430,434)
	------------	------------
Loss on ordinary activities by rate of tax	( 660,123)	( 607,609)
Effect of expenses not deductible for tax purposes	14,469	10,250
Effect of capital allowances and depreciation	1,632	2,086
Unused tax losses	718,740	679,172
Revenue items capitalised	( 74,718)	( 83,899)
Research and development tax credit	(45,319)	(94,585)
	------------	------------
Tax on loss	( 45,319)	( 94,585)
	------------	------------

13. Intangible assets

	App Development
	£
Cost
At 1 February 2025	1,869,231
Additions	741,135
	------------
At 31 January 2026	2,610,366
	------------
Amortisation
At 1 February 2025	549,204
Charge for the year	449,849
	------------
At 31 January 2026	999,053
	------------
Carrying amount
At 31 January 2026	1,611,313
	------------
At 31 January 2025	1,320,027
	------------

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

14. Tangible assets

	Equipment
	£
Cost
At 1 February 2025	53,258
Additions	7,735
	--------
At 31 January 2026	60,993
	--------
Depreciation
At 1 February 2025	28,154
Charge for the year	14,265
	--------
At 31 January 2026	42,419
	--------
Carrying amount
At 31 January 2026	18,574
	--------
At 31 January 2025	25,104
	--------

15. Investments

	Shares in group undertakings
	£
Cost
At 1 February 2025 and 31 January 2026	1
	----
Impairment
At 1 February 2025 and 31 January 2026	–
	----

Carrying amount
At 31 January 2026	1
	----
At 31 January 2025	1
	----

At the balance sheet date, the company's investments consisted of the ownership of 100% of the ordinary share capital of Cadro Capital Ltd.

Subsidiaries, associates and other investments

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Cadro Capital Ltd	Berkeley Square House, Berkeley Square, London, W1J 6BD	Ordinary	100

16. Debtors

	2026	2025
	£	£
Trade debtors	99,892	46,033
Prepayments and accrued income	89,481	111,921
Corporation tax repayable	45,319	94,585
Other debtors	50,195	51,957
	---------	---------
	284,887	304,496
	---------	---------

17. Creditors: amounts falling due within one year

	2026	2025
	£	£
Trade creditors	83,316	52,124
Amounts owed to group undertakings	1	1
Accruals and deferred income	72,627	55,636
Social security and other taxes	82,613	66,920
Director loan accounts	40,229	40,229
Other creditors	12,033	20,077
	---------	---------
	290,819	234,987
	---------	---------

18. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 66,969 (2025: £ 53,075 ).

19. Called up share capital

Issued, called up and fully paid

	2026		2025
	No.	£	No.	£
Ordinary shares of £ 0.001 each	212,442	212	199,954	200
A Ordinary shares of £ 0.001 each	4,827	5	–	–
Seed shares of £ 0.001 each	24,444	24	–	–
	---------	----	---------	----
	241,713	242	199,954	200
	---------	----	---------	----

The company's authorised and allotted share capital consists of 236,886 (2025: 199,954) ordinary shares and £4,827 (2025: 4,217) of growth shares .

20. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

21. Analysis of changes in net debt

	At 1 Feb 2025	Cash flows	At 31 Jan 2026
	£	£	£
Cash at bank and in hand	1,028,232	12,806	1,041,038
Debt due within one year	(40,230)	–	(40,230)
	------------	--------	------------
	988,002	12,806	1,000,808
	------------	--------	------------

22. Events after the reporting period

The company raised additional funding of £1,000,000 during April 2026 through a new share issue.

Cadro Technologies Limited

Notes to the Financial Statements (continued)

Year ended 31 January 2026

23. Related party transactions

At the balance sheet date the company owed the directors £40,229 (2025: £40,229). At the balance sheet date the company owed £1 (2025: £1) to a subsidiary company.