For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Waymap Limited is a private company limited by shares incorporated in England and Wales. The registered office is 60 Cannon Street, London, EC4N 6NP.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Directors have assessed the Company’s financial position and forecasted cash flows for at least twelve months from the date of approval of the year-ended December 2025 financial statements. These forecasts assume the successful completion of a fundraise during February 2026, alongside effective cost management, continued delivery of existing contracts, and the conversion of elements of the Company’s established sales pipeline. Based on this review, the Directors have a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future. This expectation is underpinned by the assumption that further external equity funding will be obtained during February 2026 and no later. The Directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits. Accordingly, all expenditure incurred during this phase is recognised as an expense when it is incurred.

Intangible assets arising from development activities are recognised only when all of the following conditions are met:

• The technical feasibility of completing the intangible asset so that it will be available for use or sale;

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

• The ability to use or sell the intangible asset;

• Demonstration of how the intangible asset will generate probable future economic benefits;

• The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;

• The ability to reliably measure the expenditure attributable to the intangible asset during its development.

During the financial year ended 31 December 2024, the Company continued to invest significantly in research and development activities related to its core localisation technology and user interface platform. These activities included algorithmic enhancements to its positioning system, improvements in instruction delivery and user experience, and development work to support deployment across new customer environments.

Where the above criteria were met, certain development costs incurred during the year have been capitalised as intangible assets. These costs are subsequently amortised on a straight-line basis over their estimated useful lives, commencing from the point at which the assets are available for use in their intended form.

In cases where it was not possible to clearly distinguish between the research and development phases of internal projects, the entire expenditure was treated as research and recognised in the profit and loss account.

The costs are amortised on a straight line basis over their estimated useful lives of 10 years.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised as income when the relevant performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recognition of internally developed intangible assets

As laid out in the accounting policies the Company recognises an intangible asset when the relevant recognition criteria are considered to have been met.

In determining whether such criteria are met, the Directors consider that significant judgement is exercised. This judgement applies to the following areas:

Identification of development costs

As laid out by Section 18 of FRS 102, it is only appropriate to recognise costs that are directly attributable to development of an asset. The Directors consider the nature of the costs incurred and the extent to which they are directly attributable to the design, construction and testing of our Android and iOS indoor navigation apps and associated technological and manufactured accessories (which is considered developmental in nature because it represents the core commercial product of the Company and is expected to generate future economic benefit in excess of its carrying value).

Technical feasibility

The Directors acknowledge that judgement is required in assessing the technical feasibility of its development, which is a prerequisite of recognition of an intangible asset. In making this judgement, the Directors consider the Company's progress towards commercialisation.

Future economic benefit

The Directors are mindful that, given the stage of the Company's and the project’s development, there is no guarantee they will generate future economic benefit in excess of its carrying value. The Directors therefore exercise judgement and make estimates as to its future value generation at the time the relevant cost is capitalised to determine whether future economic benefit can be considered probable.

In making this assessment, reference is made to future sales forecasts, independently conducted market research, strategic reviews carried out by the Company, the ability of the Company to raise equity and

grant funding, and the implied valuation of the Company at which equity funding has been raised.

These factors are also considered when the Directors assess the Company's ability to access working capital to allow it to complete development.

The average monthly number of persons (including directors) employed by the company during the year was:

Details of the company's subsidiaries at 31 December 2025 are as follows:

The Company received a £50,000 government guaranteed Bounce Back Loan from Barclays Bank in December 2020. Interest for the first 12 months was paid by the government and capital repayments commenced in July 2022 in line with the loan terms. The loan is repayable in full by December 2030.

The Company has also entered into loan agreement with Innovate UK for an amount of £1m, which is fully drawn as of 10 June 2025. Repayments of the loan commenced on 18 December 2025, with further repayments due quarterly thereafter. The loan is repayable in full by March 2029.

The provision for deferred tax is made up as follows: