Registration number: 10690376

Papercast Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 12

Papercast Limited

Company Information

Directors

R Bicket P Caplan B Pavlic R Skender C Bake B Johnston

Registered office

55 Baker Street London W1U 7EU

Accountants

Carbon Accountancy Limited Chartered Accountants80-83 Long Lane London EC1A 9ET

Papercast Limited

(Registration number: 10690376)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	282,881	285,675
Tangible assets	5	823	1,303
Investments	6	6,386	6,386
		290,090	293,364
Current assets
Stocks	8	134,882	227,397
Debtors	7	2,642,272	1,600,915
Cash at bank and in hand		107,051	57,021
		2,884,205	1,885,333
Creditors: Amounts falling due within one year	10	(2,467,845)	(3,255,946)
Net current assets/(liabilities)		416,360	(1,370,613)
Total assets less current liabilities		706,450	(1,077,249)
Creditors: Amounts falling due after more than one year	10	(3,696,294)	(1,842,597)
Net liabilities		(2,989,844)	(2,919,846)
Capital and reserves
Called up share capital	9	715	650
Share premium reserve		1,200,360	259,400
Retained earnings		(4,190,919)	(3,179,896)
Shareholders' deficit		(2,989,844)	(2,919,846)

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2026 and signed on its behalf by:
 

Papercast Limited

(Registration number: 10690376)
Balance Sheet as at 31 December 2025

......................................... R Bicket Director

Papercast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
55 Baker Street
London
W1U 7EU

These financial statements were authorised for issue by the Board on 11 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

As at the balance sheet date, the Company had net liabilities of £2,989,844 (2024 - £2,919,846) and net current assets of £416,360 (2024 - net current liabilities of £1,370,613) after making a loss of £1,011,023 (2024 - £432,970).

Included in the net liabilities, however, are shareholder convertible loan notes amounting to the value of £3,696,294 (2024 - shareholder loans of £1,837,597).

These accounts have been prepared on the going concern basis which is dependent on the Directors being able to financially support the Company. The Directors have reviewed the Company's forecasts and are satisfied that sufficient working capital exists to enable the Company to continue trading for the foreseeable future.

The Directors have confirmed that they will continue to support the Company.

On the basis of the above, the Directors consider that the going concern basis is deemed appropriate for the preparation of these accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Papercast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following are met:
• the Company has transferred the significant risks and rewards of the ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	50% on cost

Papercast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
IP & Software Licence	5 years
Development expenditure	3-6 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Papercast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 6).

Papercast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4	Intangible assets

	Development expenditure  £	Total £
Cost or valuation
At 1 January 2025	2,494,380	2,494,380
Additions acquired separately	261,314	261,314
At 31 December 2025	2,755,694	2,755,694
Amortisation
At 1 January 2025	2,208,705	2,208,705
Amortisation charge	264,108	264,108
At 31 December 2025	2,472,813	2,472,813
Carrying amount
At 31 December 2025	282,881	282,881
At 31 December 2024	285,675	285,675

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2025	21,687	21,687
Additions	1,519	1,519
At 31 December 2025	23,206	23,206
Depreciation
At 1 January 2025	20,383	20,383
Charge for the year	2,000	2,000
At 31 December 2025	22,383	22,383
Carrying amount
At 31 December 2025	823	823
At 31 December 2024	1,303	1,303

Papercast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6	Investments

	2025 £	2024 £
Investments in subsidiaries	6,386	6,386