Company No: 10737703 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTOR

J Bara

REGISTERED OFFICE	128 City Road
	London
	EC1V 2NX
	United Kingdom

COMPANY NUMBER

10737703 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	4th Floor EQ Building
	111 Victoria Street
	Redcliffe
	Bristol
	BS1 6AX

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	1,456		1,184
		1,456		1,184
Current assets
Debtors	5	47,414		43,527
Cash at bank and in hand		85		6,376
		47,499		49,903
Creditors: amounts falling due within one year	6	( 11,567,262)		( 10,933,134)
Net current liabilities		(11,519,763)		(10,883,231)
Total assets less current liabilities		(11,518,307)		(10,882,047)
Net liabilities		( 11,518,307)		( 10,882,047)
Capital and reserves
Called-up share capital		10,256		10,256
Share premium account		127,949		127,949
Other reserves	8	38,642		0
Profit and loss account		( 11,695,154 )		( 11,020,252 )
Total shareholders' deficit		( 11,518,307)		( 10,882,047)

For the financial year ending 30 April 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of IDZ Ltd (registered number: 10737703) were approved and authorised for issue by the Director on 27 August 2026. They were signed on its behalf by:

J Bara Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

IDZ Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 128 City Road, London, EC1V 2NX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of IDZ Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The director has assessed the Balance Sheet and forecasted cash flows covering a period of 12 months from the date of approval of these financial statements. The director notes that the business has net liabilities as shown in the balance sheet. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Based on this ongoing financial support and the basis that the business is moving into commercialisation, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black-Scholes model which is considered by the director to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on the directors best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Other 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

3 years straight line

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	2		2

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 May 2025	83,030		83,030
At 30 April 2026	83,030		83,030
Accumulated amortisation
At 01 May 2025	83,030		83,030
At 30 April 2026	83,030		83,030
Net book value
At 30 April 2026	0		0
At 30 April 2025	0		0

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 May 2025	2,430		2,430
Additions	999		999
At 30 April 2026	3,429		3,429
Accumulated depreciation
At 01 May 2025	1,246		1,246
Charge for the financial year	727		727
At 30 April 2026	1,973		1,973
Net book value
At 30 April 2026	1,456		1,456
At 30 April 2025	1,184		1,184

5. Debtors

	2026		2025
	£		£
VAT recoverable	1,556		1,654
Corporation tax	45,858		41,873
	47,414		43,527

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	92,286		0
Other taxation and social security	4,821		4,501
Other creditors	11,470,155		10,928,633
	11,567,262		10,933,134

There are no amounts included above in respect of which any security has been given by the small entity.

Included in other creditors is a loan from the director of £11,404,476 (£10,919,791). The loan is repayable on demand and is provided interest free.

7. Deferred tax

The company has trade losses carried forward of £6,668,377 (2025 - £6,160,939) which are available for relief against future taxable profits of the company. No deferred tax asset has been recognised on these losses as their recoverability is uncertain.

8. Share-based payments

During the year the company granted equity-settled Enterprise Management Incentive ("EMI") share options to an employee. The options were granted on 1 October 2025 over 102,564 ordinary shares with an exercise price of £0.86 per share.

The contractual life of all options granted is 10 years and the options vest over a three-year period. Options are forfeited if the employee leaves the company before the options vest.

The fair value of share options has been calculated using the Black-Scholes valuation model, the company recognised a share option charge expense in the year of £38,642 (2025 - £Nil) in the profit and loss and correspondingly in other reserves.

During the year, the company granted 102,564 options (2025 - Nil) and no share options were exercised (2025 - Nil). The number of share options which vested during the year was 31,339 (2025 - Nil) and the number that were forfeited or expired during the year was Nil (2025 - Nil).