Policy Monitor Limited

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

1. General Information

Policy Monitor Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12381683 . The registered office is Unit 2 The Broadway, Printers Yard 90a, London, SW19 1RD.

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.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to time and materials used in the performance of the contract.

Software Licences

Revenue from software licence subscriptions is recognised rateably over the period of the subscription.

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:

Leasehold Improvements	3 years straight line
Plant & Machinery	3 years straight line

2.4. 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 operating profit.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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Policy Monitor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Investments

Investments in Associates are accounted for at cost less impairment

3. Average Number of Employees

Average number of employees, including directors, during the year was: 64 (2024: 63)

4. Tangible Assets

	Land & Property
	Leasehold Improvements	Plant & Machinery	Total
	£	£	£
Cost
As at 1 January 2025	25,888	66,318	92,206
Additions	-	20,745	20,745

As at 31 December 2025	25,888	87,063	112,951

Depreciation
As at 1 January 2025	20,711	35,424	56,135
Provided during the period	5,177	21,609	26,786

As at 31 December 2025	25,888	57,033	82,921

Net Book Value
As at 31 December 2025	-	30,030	30,030

As at 1 January 2025	5,177	30,894	36,071

5. Investments

	Unlisted
	£
Cost or Valuation
As at 1 January 2025	50,250
Additions	89

As at 31 December 2025	50,339

Provision
As at 1 January 2025	50,250

As at 31 December 2025	50,250

Net Book Value
As at 31 December 2025	89

As at 1 January 2025	-

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Policy Monitor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	854	942
Prepayments and accrued income	56,960	56,487
Other debtors	6,589	2,665
Amounts owed by group undertakings	-	815,545
Amounts owed by subsidiaries	355,396	310,624

	419,799	1,186,263

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	15,549	7,545
Bank loans and overdrafts	10,540	14,624
Corporation tax	-	6,439
Other taxes and social security	69,177	566,663
Other creditors	18,027	18,700
Accruals and deferred income	1,300	1,260
Amounts owed to subsidiaries	143,549	-

	258,142	615,231

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,890,790 Ordinary Shares of £ 0.0001 each	189	100


Shares issued during the period:	£
890,790 Ordinary Shares of £ 0.0001 each	89

9. Related Party Transactions

At the balance sheet date Cysure Ltd, a company owned and controlled by NH Denning, owed the company £94,306 (2024: £94,306). The loan which is included in amounts owed by subsidiaries, has no fixed repayment and carries no interest.

At the balance sheet date Cysure Inc, a company owned and controlled by Cysure Ltd, owed the company £259,690 (2024: £214,918). The loan, which is included in amounts owed by subsidiaries, has no fixed repayment and carries no interest.

At the balance sheet date Cysure IT Inc, a company owned and controlled by Cysure Ltd, owed the company £1,400 (2024: £1,400). The loan, which is included in amounts owed by subsidiaries, has no fixed repayment and carries no interest.

At the balance sheet date Diegesis Ltd, a company owned and controlled by NH Denning, was owed by the company £143,549 (2024: owed the company £815,545). The loan which is included in amounts owed to subsidiaries, has no fixed repayment and carries no interest.

10. Exemption from preparing group accounts

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Policy Monitor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

The company has taken advantage of the exemption available under s405 Companies Act 2006 from preparing group accounts, because all of its subsidiary undertakings could be excluded from consolidation in Companies Act group accounts.

11. Share-Based payments

An Enterprise Management Incentive scheme is in place under which employees are granted options over the shares of Policy Monitor Limited. The options are granted with a fixed exercise price and expire ten years after the date of the grant. Employees are required to remain in employment with the company, except where exemptions are approved by the board. The company makes grants approximately every two years.

2024: 2025:

No. Weighted average No. Weighted average

exercise price £ exercise price £

Outstanding at the beginning of the period 196,244 0.0001 196,244 0.0001

Outstanding at the end of the period 196,244 0.0001 250,924 0.0001

Exercisable at the end of the period 0 0

The total share-based payment expenses in the year are £3,486 (2024: £4,655)

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		30,030		36,071
Investments	5		89		-

			30,119		36,071
CURRENT ASSETS
Debtors	6	419,799		1,186,263
Cash at bank and in hand		76,209		60,873

		496,008		1,247,136
Creditors: Amounts Falling Due Within One Year	7	(258,142 )		(615,231 )

NET CURRENT ASSETS (LIABILITIES)			237,866		631,905

TOTAL ASSETS LESS CURRENT LIABILITIES			267,985		667,976

PROVISIONS FOR LIABILITIES
Deferred Taxation			(7,508 )		(9,018 )

NET ASSETS			260,477		658,958

CAPITAL AND RESERVES
Called up share capital	8		189		100
Other reserves			59,841		56,355
Profit and Loss Account			200,447		602,503

SHAREHOLDERS' FUNDS			260,477		658,958