Galaxkey Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

Registered number: 07338597

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,679,543		1,160,596
Tangible Assets	5		19,753		22,765

			1,699,296		1,183,361
CURRENT ASSETS
Debtors	6	432,390		267,800
Cash at bank and in hand		104,020		11,313

		536,410		279,113
Creditors: Amounts Falling Due Within One Year	7	(6,554,637 )		(5,688,689 )

NET CURRENT ASSETS (LIABILITIES)			(6,018,227 )		(5,409,576 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(4,318,931 )		(4,226,215 )

Creditors: Amounts Falling Due After More Than One Year	8		(314,061 )		(376,143 )

NET LIABILITIES			(4,632,992 )		(4,602,358 )

CAPITAL AND RESERVES
Called up share capital	9		138		138
Profit and Loss Account			(4,633,130 )		(4,602,496 )

SHAREHOLDERS' FUNDS			(4,632,992)		(4,602,358)

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Galaxkey Limited

Balance Sheet (continued)

As At 31 December 2025

For the 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.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs K R Shinde

Director

04/09/2026

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Galaxkey Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07338597 . The registered office is 176 Franciscan Road, Tooting, London, SW17 8HH.

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. Going Concern Disclosure

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The company is expecting to increase its turnover in the next couple of years and, in the meantime, any shortfall in working capital is financed by the parent company, Galaxkey Global Holding Ltd. These loans are short term loans and are interest free.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable for supply of software and other services rendered, stated net of discounts and of Value Added Tax, during the period.

The revenue from software subscription fees which covers licence fees for use of the software, maintenance and upgrade of software and other support services is recognised on a straight line basis as performance obligations are met over the period of supply.

2.4. Research and Development

Research and development expenditure is written off in the year in which it is incurred. Development expenditure, incurred on clearly defined projects, whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged over a period of three years once the product becomes marketable.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Product development 33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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Galaxkey Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. 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:

Plant & Machinery	25%
Fixtures & Fittings	25%

2.6. 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.

2.7. Pensions

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 6 (2024: 9)

4. Intangible Assets

	Development Costs	Intellectual Property	Total
	£	£	£
Cost or Valuation
As at 1 January 2025	1,588,727	15,000	1,603,727
Additions	518,947	-	518,947

As at 31 December 2025	2,107,674	15,000	2,122,674

Amortisation
As at 1 January 2025	443,131	-	443,131

As at 31 December 2025	443,131	-	443,131

Net Book Value
As at 31 December 2025	1,664,543	15,000	1,679,543

As at 1 January 2025	1,145,596	15,000	1,160,596

The total product development costs for the year was £518,947, which included £305,464 of employee costs relating to employees who were directly involved with the development of the product.

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Galaxkey Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 January 2025	81,059	2,658	83,717
Additions	8,104	290	8,394

As at 31 December 2025	89,163	2,948	92,111

Depreciation
As at 1 January 2025	58,858	2,094	60,952
Provided during the period	10,905	501	11,406

As at 31 December 2025	69,763	2,595	72,358

Net Book Value
As at 31 December 2025	19,400	353	19,753

As at 1 January 2025	22,201	564	22,765

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	61,988	59,132
Prepayments and accrued income	1,199	8,052
Other debtors	8,557	-
Rent deposit	5,800	5,800
Amounts owed by group undertakings	354,846	194,816

	432,390	267,800

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	89,580	95,879
Bank loans and overdrafts	4,233	8,094
Other taxes and social security	22,008	122,195
VAT	12,243	22,895
Other creditors	1,369	1,382
Accruals and deferred income	387,999	379,493
Amounts owed to group undertakings	6,037,205	5,058,751

	6,554,637	5,688,689

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Galaxkey Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

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

	2025	2024
	£	£
Bank loans	-	4,439
Other loans	138,124	138,124
Loan from Kalpadrum Ltd	120,471	107,563
Loan from directors and shareholders	35,703	47,572
Accruals and deferred income	19,763	78,445

	314,061	376,143

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	138	138

10. Related Party Transactions

The utimate parent company of the company is Galaxkey Global Holdings Limited, a company registered in Jersey,Channel Islands, in which Mrs Khiya Shinde and Mr Robin Tombs are substantial shareholders.

While the company is engaged in the research, development and production of encryption software, Galaxkey Leap Limited, a wholly owned subsidiary of Galaxkey Global Holdings Limited, is responsible for the marketing and sale of the product. The company was paid for the supply of software and provision of software support services at market rate determined on arms length basis.

Galaxkey India(P) Limited, a wholly owned subsidiary of Galaxkey Global Holdings Limited, provided software development service for the company. They were paid for their services at the prevailing market rate.

Kalpadrum Limited, a UK registered company, which is controlled by Mr R J Shinde and Mrs K R Shinde advanced amounts to the company. Interest is payable, when the company can afford, at 12% per annum on cumulative basis. The loan outstanding, together with interest payable, is shown as Loan from Kalpadrum Limited under the head "Creditors falling due after more than one

year". The company also received professional services from Kalpadrum Ltd which were paid for at the prevailing market rate.

Mr R J Shinde and Mrs K R Shinde have also advanced amounts to the company on which interest is payable,when the company can afford, at 12% on cumulative basis. The loans outstanding are shown as Loan from directors and shareholders under the head "Creditors falling due after more than one year". The interest payable on these loans has been accrued and is included within accruals and deferred income under the head "Creditors falling due within one year".

The company received from or advanced amounts to group companies, as detailed below, in order to meet the working capital requirements. These amounts are interest free and repayable on demand.

Loan from Galaxkey Global Holdings Limited, Jersey £6,037,205
Loan to Galaxkey India Private Limited, India £11,024
Loan to Galaxkey inc, USA £202,970
Loan to Galaxkey LEAP Ltd, UK £140,851

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Galaxkey Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

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