REGISTERED NUMBER: 10969092 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

KORE LABS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Del Prete

D Tavana

S J Clark

G Hepburn

R J Dunne

REGISTERED OFFICE:

The Old Police Station

Whitburn Street

Bridgnorth

WV16 4QP

REGISTERED NUMBER:

10969092 (England and Wales)

ACCOUNTANTS:

Stanton Ralph & Co Limited

Chartered Accountants

The Old Police Station

Whitburn Street

Bridgnorth

Shropshire

WV16 4QP

FIXED ASSETS

17,707

Tangible assets

4

-

CURRENT ASSETS

2,351,089

Debtors

5

1,339,439

2,056,146

Cash at bank

1,395,006

4,407,235

2,734,445

CREDITORS

2,548,458

Amounts falling due within one year

6

2,237,711

1,858,777

NET CURRENT ASSETS

496,734

1,876,484

TOTAL ASSETS LESS CURRENT LIABILITIES

496,734

CREDITORS

1,026,404

Amounts falling due after more than one year

7

1,333,338

850,080

NET (LIABILITIES)/ASSETS

(836,604

)

CAPITAL AND RESERVES

352

Called up share capital

9

361

10,638,593

Share premium

11,328,582

928,189

Share based payment reserve

1,343,985

-

Other reserves

1,159,179

(10,717,054

)

Retained earnings

(14,668,711

)

850,080

(836,604

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 28th May 2026 and were signed on its behalf by:

S Del Prete - Director

1.	STATUTORY INFORMATION

Kore Labs 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The directors consider income received in respect of grants to be a key part of the company's operations. As a result income received from grants is included within turnover in line with the costs incurred under the terms of the grant.

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 etc

-

20% on reducing balance

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.

Share based payments

The company offers multiple share option schemes to its employees and suppliers. At each reporting date, a charge is recorded in the income statement based on the fair value of the options, determined at the grant date, spread evenly over the period which the company receives a service. In calculating the total charge only options expected to vest are considered.

Where the options contain non-market based performance conditions, the number of options expected to vest is altered to reflect the probability of the conditions being satisfied. Where this estimate is revised between periods, the change is reflected in the current period results.

Going concern

The directors have prepared the financial statements on a going concern basis in accordance with the requirements of FRS 102. In assessing the appropriateness of this basis, the directors have considered the company's forecasts and projections, taking into account current trading performance and reasonably possible changes in future conditions, over a period of at least twelve months from the date of approval of these financial statements.

This assessment includes consideration of a planned £3 million capital raise launched in Q2 2026, forecast revenue growth during 2026, and anticipated cost savings to be realised over the same period. Based on this assessment, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future and have not identified any material uncertainties that would cast significant doubt on the company's ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

Other reserves - advance share subscriptions

Amounts received in respect of advance subscriptions for shares are recognised within equity on receipt where the Company has no contractual obligation to repay the funds in cash and the amounts are mandatorily applied towards the issue of equity instruments. Advance subscription funds are recorded in a separate, non distributable advance subscription reserve until such time as the relevant shares are allotted and issued. The advance subscription reserve is not available for distribution and is not used to absorb losses prior to the issue of shares.

On the date the shares are allotted and issued, the balance held in the advance subscription reserve is reclassified to share capital (at nominal value) and share premium, with no impact on profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2024 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2025

32,186

Disposals

(32,186

)

At 31st December 2025

-

DEPRECIATION

At 1st January 2025

14,479

Eliminated on disposal

(14,479

)

At 31st December 2025

-

NET BOOK VALUE

At 31st December 2025

-

At 31st December 2024

17,707

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

670,067

1,742,716

Other debtors

669,372

608,373

1,339,439

2,351,089

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

7,900

10,306

Trade creditors

148,446

129,318

Taxation and social security

130,866

130,104

Other creditors

1,950,499

2,278,730

2,237,711

2,548,458

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans

1,333,338

1,026,404

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Other loans

1,333,338

1,018,500

The Company’s secured borrowings are a long term loan provided by Innovate UK Loans Limited. The loan is secured by a debenture granted in favour of the lender, incorporating fixed and floating charges over the assets of the Company.

The fixed charges apply to certain specified assets, while the floating charge extends to all other present and future assets and undertaking of the Company.

The debenture contains a negative pledge, which restricts the Company from granting additional security over its assets to other parties without the prior consent of the lender.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

8,971,353

A Ordinary

£0.00004

359

351

42.972

B Ordinary

£0.00004

2

1

361

352