REGISTERED NUMBER: 13602589 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SITEHOP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L N C Barclay

M R Chambers

G J Gaston

B T Harper

N J Kingsbury

G P J Llewellyn

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

13602589 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Intangible assets

4

20,066

1,514

Tangible assets

5

120,419

95,574

140,485

97,088

CURRENT ASSETS

Stocks

116,265

153,068

Debtors

6

333,238

274,742

Cash at bank

6,196,543

1,935,767

6,646,046

2,363,577

CREDITORS

Amounts falling due within one year

7

458,627

377,255

NET CURRENT ASSETS

6,187,419

1,986,322

TOTAL ASSETS LESS CURRENT LIABILITIES

6,327,904

2,083,410

CAPITAL AND RESERVES

Called up share capital

9

361

255

Share premium

13,514,619

6,054,033

Retained earnings

(7,187,076

)

(3,970,878

)

SHAREHOLDERS' FUNDS

6,327,904

2,083,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2026 and were signed on its behalf by:

M R Chambers - Director

1.	STATUTORY INFORMATION

Sitehop Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going Concern

The financial statements of Sitehop Ltd are prepared on a going concern basis, reflecting the expectation that the Company will continue operating into the foreseeable future. This assumption is supported by forecast data, the Company's successful fund-raising efforts during the year, and continued commercial progress.

Significant funding activities during the year included the issuance of Series Seed 3 shares led by Northern Gritstone totalling £7,500,000.

During the reporting period, the Company made substantial progress in developing and commercialising its core products. It has also built a strong order book, with revenues expected to be realised in financial year 2026.

Based on the funding secured during 2025, the progress in product development, and the visibility of future revenues, the Directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents the fair value of consideration receivable for the sale of network security and encryption hardware and software products, excluding value added tax and trade discounts.

Hardware

Revenue is recognised when control of the goods passes to the customer, typically upon delivery and acceptance by the customer, at which point the significant risks and rewards of ownership have transferred.Revenue from support, maintenance and other service contracts is recognised over the period in which the services are provided. Hardware turnover is typically a one-time event with each commercial customer.

Software

Revenue from software subscriptions, maintenance, support and other service arrangements is recognised on a straight-line basis over the contractual period during which the services are provided.Where contracts contain separately identifiable hardware and service elements, the transaction price is allocated between the performance obligations on a relative standalone selling price basis and recognised as each obligation is satisfied. While hardware turnover is typically a one-time event, software subscriptions, maintenance, support and other service is typically a repeatable event, and happens on a per annum renewal basis.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

The depreciation rates used are:

Fixtures and fittings

- 5 years straight line

Computer equipment

- 3 years straight line

Plant and machinery

- 5 years straight line

Stocks

Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2024 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

1,912

Additions

23,725

At 31 December 2025

25,637

AMORTISATION

At 1 January 2025

398

Charge for year

5,173

At 31 December 2025

5,571

NET BOOK VALUE

At 31 December 2025

20,066

At 31 December 2024

1,514

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

145,073

Additions

86,231

At 31 December 2025

231,304

DEPRECIATION

At 1 January 2025

49,499

Charge for year

61,386

At 31 December 2025

110,885

NET BOOK VALUE

At 31 December 2025

120,419

At 31 December 2024

95,574

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

158,251

139,654

Other debtors

174,987

135,088

333,238

274,742

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

770

-

Trade creditors

129,212

84,034

Taxation and social security

56,091

33,034

Other creditors & accruals

272,554

260,187

458,627

377,255

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£

£

Within one year

66,760

66,760

Between one and five years

89,014

150,210

155,774

216,970

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal Value:

£

100,000

Ordinary

£0.001

100

48,440

A Ordinary

£0.001

48

89,388

Seed 1 preference

£0.001

89

18,002

Seed 2 preference

£0.001

18

106,379

Seed 3 preference

£0.001

106

362

=======

During the year, the Company allotted 49,642 Seed 3 preference shares of £0.001 nominal value each, fully paid, at a premium of £70.50 per share, and 56737 Seed 3 preference shares of £0.001 nominal value each, fully paid, at a premium of £72.09 per share.

10.

CHARGES

On 8 January 2025, the Company entered into a bank guarantee with HSBC Innovation Banking in favour of a third party in connection with a commercial contract. The value is USD 3,512.50. The guarantee expires 25 November 2026. At the balance sheet date, no amounts had been claimed under the guarantee.

11.	SHARE OPTION SCHEME

The Company operates a share option scheme for its employees. The directors have assessed the fair value of options granted under the scheme and the resulting share-based payment charge. Based on this assessment, the directors have concluded that the impact of the share-based payment charge and corresponding reserve on the Company's financial statements is not material. Accordingly, no share-based payment expense or associated reserve has been recognised in these financial statements.