QRoutes Limited

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

1. General Information

QRoutes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09993686 . The registered office is Future Space, Filton Road, Bristol, BS34 8RB.

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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

Capitalised development costs relate to the development of purpose built software. The capitalised development costs are amortised to nil on a straight line basis over their expected useful economic lives of 3 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.4. 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:

Office Equipment

2-4 years straight line

2.5. 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.

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QRoutes Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

2.6. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.8. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.9. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the company. The fair value of the services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated by reference to observable market data, namely recent transactions in the entity's shares or recent independent fair valuation of the entity. The total amount expensed is recognised to profit and loss, with a corresponding increase in share option reserve, over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital and share premium when the options are exercised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 15 (2025: 11)

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QRoutes Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

4. Intangible Assets

	Development Costs
	£
Cost
As at 1 March 2025	851,101
Additions	158,854

As at 28 February 2026	1,009,955

Amortisation
As at 1 March 2025	566,843
Provided during the period	142,718

As at 28 February 2026	709,561

Net Book Value
As at 28 February 2026	300,394

As at 1 March 2025	284,258

5. Tangible Assets

	Office Equipment
	£
Cost
As at 1 March 2025	27,329
Additions	6,565
Disposals	(5,806 )

As at 28 February 2026	28,088

Depreciation
As at 1 March 2025	20,445
Provided during the period	6,011
Disposals	(5,806 )

As at 28 February 2026	20,650

Net Book Value
As at 28 February 2026	7,438

As at 1 March 2025	6,884

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	199,493	277,287
Other debtors	103,470	84,725

	302,963	362,012

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QRoutes Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	31,826	27,481
Bank loans and overdrafts	7,181	7,004
Other creditors	871,659	719,652
Taxation and social security	120,369	86,526

	1,031,035	840,663

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans	24,616	31,797

9. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
1,316,800 Ordinary Shares of £ 0.0001 each	132	132

10. Other Commitments

The company has ongoing commitments under operating leases relating to property rental and computer costs. The total of future minimum lease payments under non-cancellable operating leases are as following:

	2026	2025
	£	£
Not later than one year	26,933	22,860
Later than one year and not later than five years	-	19,050

	26,933	41,910

11. Share based payments

Approved share scheme

Certain employees have been granted options over unissued share capital of the company. The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

Outstanding at beginning of year: 18,800 (2025: 28,200)

Issued during the year: nil (2025: nil)

Lapsed during the year: nil (2025: 9,400)

Exercised during the year: nil (2025: nil)

Outstanding at end of year: 18,800 (2025: 18,800)

The weighted average exercise price of share options was as follows:

Outstanding at beginning of year: £0.0009 (2025: £0.0009)

Issued during the year: nil (2025: nil)

Lapsed during the year: nil (2025: £0.0009)

Exercised during the year: nil (2025: nil)

Outstanding at end of year: £0.0009 (2025: £0.0009)

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		300,394		284,258
Tangible Assets	5		7,438		6,884

			307,832		291,142
CURRENT ASSETS
Debtors	6	302,963		362,012
Cash at bank and in hand		1,120,609		708,341

		1,423,572		1,070,353
Creditors: Amounts Falling Due Within One Year	7	(1,031,035 )		(840,663 )

NET CURRENT ASSETS (LIABILITIES)			392,537		229,690

TOTAL ASSETS LESS CURRENT LIABILITIES			700,369		520,832

Creditors: Amounts Falling Due After More Than One Year	8		(24,616 )		(31,797 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(74,962 )		(62,109 )

NET ASSETS			600,791		426,926

CAPITAL AND RESERVES
Called up share capital	9		132		132
Share premium account			149,975		149,975
Profit and Loss Account			450,684		276,819

SHAREHOLDERS' FUNDS			600,791		426,926