The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The financial statements were approved and authorised for issue by the Board of Directors on 31 August 2026.

iPrep Limited is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:

Suite 2 Ground Floor

Orchard Brae House

30 Queensferry Road

Edinburgh

EH4 2HS

These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.

The company was involved in the development of software during the year.

The company had net liabilities of £41,012 at 30 November 2025. The director has confirmed that financial support will continue to be made available to the company for the foreseeable future and for a period of at least twelve months from the date of approval of these financial statements. Having considered the company's financial forecasts and anticipated cash flow requirements, the director believes that the company will be able to meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

• It is technically feasible to complete the intangible asset so that it will be available for use or sale;

• There is the intention to complete the intangible asset and use or sell it;

• There is the ability to use or sell the intangible asset;

• The use or sale of the intangible asset will generate probable future economic benefits;

• There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

• The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Amortisation on capitalised costs will occur once the asset is available for use.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial assets, which include cash and other taxes repayable, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 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.

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

The company has an unrecognised deferred tax asset of £27,572 (2024: £11,044) which has arisen from fixed asset timing differences and losses carried forward. Its recoverability is dependent upon future capital gains arising, the likelihood of which cannot at this stage be determined with reasonable certainty.

At the end of the financial year an amount of £214,656 (2024: £163,271) was due to the director. Interest accrues at 8% and is payable in arrears annually. Interest of £15,885 (2024: £11,413) accrued during the year. The loan is payable on demand. Should the borrower not make a payment of capital and interest on the annual date an additional 2% will be due.