REGISTERED NUMBER: 07120589 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

CABVISION NETWORK LIMITED

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

3

Income Statement

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTOR:

L A J DaCosta

REGISTERED OFFICE:

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

REGISTERED NUMBER:

07120589 (England and Wales)

SENIOR STATUTORY AUDITOR:

Brian Leighton

INDEPENDENT AUDITORS:

Accura Accountants Ltd (Statutory Auditor)

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

The director presents his report with the financial statements of the company for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of supplying media and fixed credit card terminal payment systems to licenced taxi drivers.

DIRECTOR

L A J DaCosta held office during the whole of the period from 1 December 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Accura Accountants Ltd (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

L A J DaCosta - Director

27 August 2026

Opinion

We have audited the financial statements of Cabvision Network Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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 Financial Reporting Standard 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 30 November 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Director has 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Fraud - Identifying and responding to risks of material misstatement due to fraud

Fraud risk assessment

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could

indicate an incentive or pressure by management to commit, or provide an opportunity to commit, fraud. Our risk

assessment procedures included;

- enquiries of management and internal accounting staff, concerning the Company's policies and procedures relating to:

- detecting and responding to the risks of fraud; and

- internal controls established to mitigate risks related to fraud;

- enquiries of management and internal accounting staff as to whether they had knowledge of any actual, suspected or alleged fraud;

- discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the audit partner, managers and staff who have commercial knowledge and experience of the Fintech industry, and this experience was relevant to the discussion about where fraud risks may arise.

Risk communications

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

Fraud risks

As required by auditing standards we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular we considered the risk that revenue is recorded in the wrong period and the risk that the management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgments.

Procedures to address fraud risks

Our audit procedures included evaluating the design and implementation, and operating effectiveness of internal

controls relevant to mitigate these risks. We also performed substantive audit procedures including;

- Comparing journal entries to supporting documentation and review for any unusual journal descriptions;

- Assessing significant accounting estimates and judgements for bias;

- Obtaining third party confirmations for all bank balances and material debtors and creditors balances; and

- Assessing when revenue was recognised, particularly focusing on revenue recognised in the days before and after the year end date, and whether it was recognised in the correct year.

- Testing journal entries to identify unusual transactions.

Laws and regulations

- Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations.

Risk assessment

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. For this risk assessment, matters considered included the following:

- our general commercial and technology based payment processing sector experience;

- discussion with the management of the company (as required by auditing standards);

- inspection of the company's regulatory and legal correspondence; and

- discussions with the directors and other management about the policies and procedures regarding compliance with

laws and regulations.

Direct laws context and link to audit

The potential effect of laws and regulations on the financial statements varies considerably. The Company is subject to United Kingdom laws and regulations, such as the Companies Act 2006. Other relevant rules and regulations include the following:

- Financial reporting legislation (including related UK companies' legislation).

- Taxation legislation (direct and indirect) in the UK.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Most significant indirect law/ regulation areas

The Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or harm to the company's ability to operate.

We identified the following areas as those most likely to have such an effect:

- The Payment Services and Electronic Money (amendment) Regulations, company is regulated by the Financial Conduct Authority (FCA).

- Financial Services and Markets Act 2000

- Health, safety, welfare and fire safety

- Anti-bribery fraud and corruption

- Anti-money laundering regulations

- United Kingdom employment law

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of law or regulations is not disclosed to us or evident from relevant correspondence, our audit will not detect that breach.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Brian Leighton (Senior Statutory Auditor)

for and on behalf of Accura Accountants Ltd (Statutory Auditor)

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

27 August 2026

TURNOVER

2,269,273

2,465,756

Cost of sales

(971,496

)

(1,075,699

)

GROSS PROFIT

1,297,777

1,390,057

Administrative expenses

(1,028,777

)

(1,147,731

)

269,000

242,326

Other operating income

3

92,725

-

OPERATING PROFIT

5

361,725

242,326

Interest receivable and similar income

9,540

7,867

371,265

250,193

Interest payable and similar expenses

-

(14,361

)

PROFIT BEFORE TAXATION

371,265

235,832

Tax on profit

(66,870

)

(1,965

)

PROFIT FOR THE FINANCIAL YEAR

304,395

233,867

FIXED ASSETS

Intangible assets

8

1,110,038

841,055

Tangible assets

9

6,781

8,283

1,116,819

849,338

CURRENT ASSETS

Debtors

10

1,675,516

2,068,607

Cash at bank and in hand

694,754

815,638

2,370,270

2,884,245

CREDITORS

Amounts falling due within one year

11

437,118

606,926

NET CURRENT ASSETS

1,933,152

2,277,319

TOTAL ASSETS LESS CURRENT LIABILITIES

3,049,971

3,126,657

CREDITORS

Amounts falling due after more than one year

12

(915,566

)

(1,363,516

)

PROVISIONS FOR LIABILITIES

13

(279,204

)

(212,335

)

NET ASSETS

1,855,201

1,550,806

CAPITAL AND RESERVES

Called up share capital

14

2,700,001

2,700,001

Retained earnings

(844,800

)

(1,149,195

)

SHAREHOLDERS' FUNDS

1,855,201

1,550,806

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

The financial statements were approved by the director and authorised for issue on 27 August 2026 and were signed by:

L A J DaCosta - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

2,700,001

(1,048,029

)

1,651,972

Prior year adjustment

-

(335,033

)

(335,033

)

As restated

2,700,001

(1,383,062

)

1,316,939

Changes in equity

Total comprehensive income

-

452,394

452,394

Balance at 30 November 2024

2,700,001

(930,668

)

1,769,333

Prior year adjustment

-

(218,527

)

(218,527

)

As restated

2,700,001

(1,149,195

)

1,550,806

Changes in equity

Total comprehensive income

-

304,395

304,395

Balance at 30 November 2025

2,700,001

(844,800

)

1,855,201

1.	STATUTORY INFORMATION

Cabvision Network Limited 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.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Provisions

Provisions (liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Turnover

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010 and it has now been fully amortised.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Improvement to property - 20% straight line on cost

Plant and machinery - 25% on reducing balance

Computer equipment - 33% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Development costs have been capitalised as they meet the conditions set out in Section 18 of FRS 102. The costs shall be deferred to future periods until they are amortised. Amortisation shall commence with the commercial production or application of the product and shall be allocated on a systematic basis to each accounting period over which they are expected to be sold. The circumstances of deferring the expenditure shall be reviewed at the end of each accounting period to ensure the accounting treatment is still justified.

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.

Impairment of assets

Functional and presentation currency

The company's functional and presentational current is £ sterling.

Employee benefits

3.	OTHER OPERATING INCOME

The other operating income represents the total R&D expenditure credit (RDEC) claimed for the year.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 17 ) .

5.	OPERATING PROFIT

The operating profit is stated after charging:

30.11.25

30.11.24

as restated

£

£

Depreciation - owned assets

2,461

2,831

Development costs amortisation

280,311

269,407

Auditors' remuneration

18,000

20,000

6.	VAT EXPENSE

30.11.25

30.11.24

as restated

£

£

Input VAT expense

-

(94,902

)

7.	PRIOR YEAR ADJUSTMENT

The effects of the prior period adjustment on the statements of financial position and income statements as at November 30, 2024 and 2023 are summarised below as per HMRC VAT recalculation for the prior years:-

2024

2023

£

£

VAT provision, as previously reported

130,400

65,400

Adjustment of VAT provision as per HMRC recalculation

218,527

109,263

VAT provision, as restated

348,927

174,663

2024

2023

£

£

Administrative expenses, as previously reported

1,052,829

1,224,958

Adj input VAT claimed in error re: partial exemption

94,902

93,903

Administative expenses, as restated

1,147,731

1,318,861

2024

2023

£

£

Interest expenses, as previously reported

-

862

VAT interest charged by HMRC

14,361

15,360

Interest expenses, as restated

14,361

16,222

8.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 December 2024

25,000

4,364,701

4,389,701

Additions

-

549,294

549,294

At 30 November 2025

25,000

4,913,995

4,938,995

AMORTISATION

At 1 December 2024

24,999

3,523,647

3,548,646

Charge for year

-

280,311

280,311

At 30 November 2025

24,999

3,803,958

3,828,957

NET BOOK VALUE

At 30 November 2025

1

1,110,037

1,110,038

At 30 November 2024

1

841,054

841,055

9.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2024

274,262

Additions

959

At 30 November 2025

275,221

DEPRECIATION

At 1 December 2024

265,979

Charge for year

2,461

At 30 November 2025

268,440

NET BOOK VALUE

At 30 November 2025

6,781

At 30 November 2024

8,283

10.

DEBTORS

30.11.25

30.11.24

as restated

£

£

Amounts falling due within one year:

Trade debtors

1,715

39,495

Other debtors

371,096

350,811

372,811

390,306

30.11.25

30.11.24

as restated

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,302,705

1,678,301

Aggregate amounts

1,675,516

2,068,607

Within other debtors are prepayments of £15,569 (2024: £16,155), VAT £20,645 (2024: £24,494) and PDQ payments £228,188 (2024: £305,788).

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

as restated

£

£

Trade creditors

111,303

106,095

Taxation and social security

17,917

11,441

Other creditors

307,898

489,390

437,118

606,926

Other creditors include accrued expenses of £119,912 (2024: £138,289), VAT provision of £185,920 (2024: £348,927) and pension liablity of £2,066 (2024: £2,174).

Included in the accrued expenses is the auditor's remuneration fee £18,000 (2024: £20,000).

Provisions for VAT liability

HMRC has concluded their investigation and the company has a balance owed to HMRC of £185,920 as at year end for incorrect calculations of input VAT in the prior years.

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.25

30.11.24

as restated

£

£

Due to director

915,566

1,363,516

13.	PROVISIONS FOR LIABILITIES

30.11.25

30.11.24

as restated

£

£

Deferred tax

279,204

212,335

Deferred tax

£

Balance at 1 December 2024

212,335

Charge to Income Statement during year

66,869

Balance at 30 November 2025

279,204

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.25

30.11.24

value:

as restated

£

£

1

Ordinary

£1

1

1

2,700,000

Preference

£1

2,700,000

2,700,000

2,700,001

2,700,001

15.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Other long-term creditors is a balance of £915,566 which is owed to the director L A J DaCosta (2024: £1,363,516).

16.	RELATED PARTY DISCLOSURES

Included in debtors is £1,315,499 owed by companies both within and outside the group (in 2024 £1,678,300). All companies are related to Cabvision Network Ltd by virtue of common ownership.

17.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L A J DaCosta.

The ultimate parent undertaking, who held 100% of the share capital during this period, is Onmedia Group Limited, registered in England and Wales, registration number 07137556 and registered office address is at Langley House, 53 Theobald Street, Borehamwood WD6 4RT, England. This company is controlled by the director of Cabvision Network Limited, Mr L DaCosta by virtue of share holding.

18.	DEVELOPMENT EXPENDITURE

Development expenditure of £549,294 (2024: £273,533) has been capitalised during the year as they relate to clearly defined projects, one of which the company is still working on and development amortisation will commence once the product is launched. Amortisation is calculated annually on a systematic basis over which the product is expected to be sold, estimated to be over five years. The entries shall be reviewed at the end of each accounting period to ensure the accounting treatment is still justified.

19.	FINANCIAL RISK MANAGEMENT AND INDUSTRY UPDATE

The company has exposures to two areas of risks: liquidity risk and customer credit exposure.

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. The company is required to report capital adequacy to the FCA on a regular basis.

FCA requirements

As per new requirements introduced by the Financial Conduct Authority for electronic money institutions in the payment processing industry, the company is required to submit periodical reports to the FCA to remain compliant with client assets rules. Breaching any applicable FCA regulations will result in losing the FCA licence to operate their business.

Industry information

The London Black Taxi industry is contracting around 4% a year due to newer and innovative competitors such as Uber and Lyft etc. However Cabvision is very competitive in its' industry where it controls 20% of black cab industry and have a very strong client retention percentage.

20.	COMPARATIVES

Where necessary, comparative figures have been adjusted to conform to current year presentation of the financial statements. In addition to the prior year adjustment described in note 7, the amount due to the director of £1,363,516, previously included within creditors falling due within one year in the financial statements for the year ended 30 November 2024, has been reclassified as falling due after more than one year in the comparative figures presented in these financial statements. This reduced creditors falling due within one year, and increased creditors falling due after more than one year, by £1,363,516 as at 30 November 2024, with a corresponding effect on net current assets. This reclassification has no effect on the company's net assets or profit for either period.

21.	SUBSEQUENT EVENTS

Subsequent to the year end, the Company incurred further development expenditure of approximately £57,869 in relation to the Moneybag software application. On 25 February 2026, the Company terminated the engagement of its principal software development contractor and active development of the project was suspended pending a strategic review by the director. The Company retains ownership of the software codebase and all associated intellectual property rights.

The director is currently evaluating the future commercial application of the project, including potential completion, sale or alternative deployment of the underlying technology. The termination of the development contract occurred after the reporting date and is considered a non-adjusting event under FRS 102. Accordingly, no adjustment has been made to the carrying amount of the capitalised development costs recognised at 30 November 2025.