REGISTERED NUMBER: 06505300 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

Grey Monarch Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D Tompkins

SECRETARY:

Mrs A Ryan

REGISTERED OFFICE:

Connect House

Kingston Road

Leatherhead

Surrey

KT22 7LT

REGISTERED NUMBER:

06505300 (England and Wales)

AUDITORS:

Pareto Analysis Ltd (Statutory Auditor)

Parkview

23 Wadham Street

Weston-super-Mare

Somerset

BS23 1JZ

ACCOUNTANTS:

Xeinadin

Accountants and Business Advisors

Edinburgh House

1-5 Bellevue Road

Clevedon

BS21 7NP

FIXED ASSETS

Tangible assets

4

27,117

49,140

CURRENT ASSETS

Debtors

5

1,857,243

986,791

Cash at bank

407,043

156,957

2,264,286

1,143,748

CREDITORS

Amounts falling due within one year

6

(2,036,027

)

(1,051,283

)

NET CURRENT ASSETS

228,259

92,465

TOTAL ASSETS LESS CURRENT LIABILITIES

255,376

141,605

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Retained earnings

8

254,376

140,605

SHAREHOLDERS' FUNDS

255,376

141,605

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 September 2026 and were signed by:

D Tompkins - Director

1.	STATUTORY INFORMATION

Grey Monarch 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. Revenue represents invoiced software licence fee income, support and maintenance income and services income.

Subscription and cloud based Software as a Service (SaaS) income are recognised over time in the month the service is provided.

Support and maintenance income is deferred at the date of invoicing and released to the profit and loss account over time across the duration of the maintenance contract.

The balance of deferred income not released to the profit and loss account is carried in the balance sheet within accruals and deferred income.

Professional services income is recognised in the month of fulfilment of the service.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Motor vehicles

-

20% on cost

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 balance sheet date.

Deferred tax

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

On the 1 January 2026 the trade of Grey Monarch Ltd merged with Pathlock UK Ltd, a fellow group member. Grey Monarch Ltd then ceased to trade. These financial statements have therefore not been prepared using the going concern assumption. Instead assets and liabilities have been valued using a break-up basis and all liabilities have been classified as current.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2025

89,886

136,825

226,711

Additions

8,233

-

8,233

Disposals

-

(136,825

)

(136,825

)

At 31 December 2025

98,119

-

98,119

DEPRECIATION

At 1 January 2025

52,074

125,497

177,571

Charge for year

18,928

-

18,928

Eliminated on disposal

-

(125,497

)

(125,497

)

At 31 December 2025

71,002

-

71,002

NET BOOK VALUE

At 31 December 2025

27,117

-

27,117

At 31 December 2024

37,812

11,328

49,140

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

320,157

181,303

Amounts owed by group undertakings

1,373,788

673,788

Other debtors

163,298

131,700

1,857,243

986,791

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Hire purchase contracts

-

11,328

Trade creditors

33,168

45,189

Amounts owed to group undertakings

1,102,386

219,206

Social security and other taxes

69,832

76,408

Other creditors

138

1,883

Accruals and deferred income

830,503

697,269

2,036,027

1,051,283

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

8.

RESERVES

Retained

earnings

£

At 1 January 2025

140,605

Profit for the year

113,771

At 31 December 2025

254,376

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw your attention to note 2 (accounting policies), which states that the going concern assumption has not been applied and that the trade and assets of the company were transferred to a fellow group member on 1 January 2026.

Our opinion is not modified in relation to this matter.

Paul William John FCCA (Senior Statutory Auditor)

for and on behalf of Pareto Analysis Ltd (Statutory Auditor)

10.	DEFINED CONTRIBUTION SCHEMES

Charge to profit or loss in respect of defined contribution schemes 2025: £4,666 (2024: £14,094).

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the

scheme are held separately from those of the company in an independently administered fund.

11.	RELATED PARTY DISCLOSURES

The ultimate parent company of Grey Monarch Limited is Pathlock, Inc. and its registered office is 169 Madison Ave, #2246, New York, NY 10016, United States of America

12.	POST BALANCE SHEET EVENTS

On the 1 January 2026 the trade of Grey Monarch Ltd merged with Pathlock UK Ltd, a fellow group member. Grey Monarch Ltd then ceased to trade. These financial statements have therefore not been prepared using the going concern assumption. Instead assets and liabilities have been valued using a break-up basis and all liabilities have been classified as current.