Pangaea Data Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Pangaea Data Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11157733 . The registered office is Scott House Suite 1, The Concourse, Waterloo Station, London, SE1 7LY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	33% on cost
Computer Equipment	33% on cost

2.4. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

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Pangaea Data Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.

2.8. Taxation

Tax is recognised in profit or loss except that a charge is 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 balance sheet date in the countries where the company operates and generates income.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Research and Development

In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.11. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 16 (2024: 15)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	480	17,994	18,474
Additions	-	1,415	1,415

As at 31 December 2025	480	19,409	19,889

Depreciation
As at 1 January 2025	480	13,637	14,117
Provided during the period	-	2,639	2,639

As at 31 December 2025	480	16,276	16,756

...CONTINUED

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Pangaea Data Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Net Book Value
As at 31 December 2025	-	3,133	3,133

As at 1 January 2025	-	4,357	4,357

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2025	71

As at 31 December 2025	71

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	71

As at 1 January 2025	71

Subsidiaries

Details of the company's subsidiaries as at 31 December 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Pangaea Data Inc	US	Common Stock	100.00%	-

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	751,844	1,075,684
Amounts owed by group undertakings	644,168	190,104
Other debtors	357,992	379,739

	1,754,004	1,645,527

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	116,283	30,876
Other taxes and social security	22,552	19,104
VAT	92,364	-
Net wages	-	2,787
Other creditors	3,547	5,819
Accruals and deferred income	1,508,454	1,477,329
Directors' loan accounts	44	44

	1,743,244	1,535,959

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Pangaea Data Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
835,847 Ordinary Shares of £ 0.01 each	8,358	8,109
2,930,393 Ordinary A shares of £ 0.01 each	29,304	26,637

	37,662	34,746


Shares issued during the period:	£
24,953 Ordinary Shares of £ 0.01 each	249
266,702 Ordinary A shares of £ 0.01 each	2,667

	2,916

On 6th May 2025, 266,702 A Ordinary shares of £0.01 each were allotted and fully paid at a price of £7.499 per share.

On 21st August 2025, 22,344 Ordinary shares of £0.01 each were allotted and fully paid at a price of £7.499 per share. On the same day a further 2,609 Ordinary shares of £0.01 each were allotted and fully paid at a price of £7.896 per share.

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	87,669	-

	87,669	-

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,133		4,357
Investments	5		71		71

			3,204		4,428
CURRENT ASSETS
Debtors	6	1,754,004		1,645,527
Cash at bank and in hand		4,179,216		1,976,130

		5,933,220		3,621,657
Creditors: Amounts Falling Due Within One Year	7	(1,743,244 )		(1,535,959 )

NET CURRENT ASSETS (LIABILITIES)			4,189,976		2,085,698

TOTAL ASSETS LESS CURRENT LIABILITIES			4,193,180		2,090,126

NET ASSETS			4,193,180		2,090,126

CAPITAL AND RESERVES
Called up share capital	8		37,662		34,746
Share premium account			5,945,561		3,839,003
Fair value reserve			57,454		6,223
Profit and Loss Account			(1,847,497 )		(1,789,846 )

SHAREHOLDERS' FUNDS			4,193,180		2,090,126