SiFive UK Ltd

Notes to the 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 and Wales.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
United Kingdom

Principal activity

The principal activity of the Company is to act as a research and development centre to support the group in developing and producing innovative microprocessors.

These financial statements were authorised for issue by the director on 17 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

The company made a loss in the year and is reliant on support from its parent undertaking to continue as a going concern. Confirmation of this support has been provided and therefore, the director considers it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Revenue is recognised under a transfer pricing agreement with the parent company and recognised in the period which the expense is incurred. Turnover is shown net of sales / value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

SiFive UK Ltd

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

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
Office equipment	3 years straight line

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

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

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.

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.

SiFive UK Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share based payments

The Company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the company's parent undertaking. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The equity element of the transaction is included in other reserves.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3	Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion the only significant judgement or key source of estimation uncertainty relates to share based payments.

Share based payments:

The parent company offers a share option scheme for employees of the group where the fair value of an option is determined at grant date depending on a number of variables. In the current year the total share based payment expense as a result of this scheme was £320,912 (2024: £225,789).

SiFive UK Ltd

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

4	Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 17 September 2026 was Thomas Solis, who signed for and on behalf of Bourner Bullock.

5	Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 17 (2024 - 12).

6	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 January 2025	96,678	96,678
Additions	7,141	7,141
At 31 December 2025	103,819	103,819
Depreciation
At 1 January 2025	62,796	62,796
Charge for the year	26,972	26,972
At 31 December 2025	89,768	89,768
Carrying amount
At 31 December 2025	14,051	14,051
At 31 December 2024	33,882	33,882

SiFive UK Ltd

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

7

Debtors

Current	2025 £	2024 £
Amounts owed by related parties	274,228	322,774
Prepayments and accrued income	436,652	271,086
Other debtors	181,390	229,601
VAT debtor	9,273	16,195
	901,543	839,656

8

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	18,011	23,142
Amounts due to related parties	10,371	-
Social security and other taxes	-	72,455
Outstanding defined contribution pension costs	30,656	21,797
Accruals	457,727	294,496
	516,765	411,890

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	52,000	52,000

10	Share-based payments

SiFive Inc (the parent company of SiFive UK Ltd) operates an equity-settled option plan for employees of the group. The options issued under the plan typically have a four year vesting period with a one year cliff and a maximum term of ten years after the grant date.

Fair value of the equity instruments at grant date is calculated using the Black-Scholes pricing model and the total fair value is expensed on a straight line basis over the vesting period.

SiFive UK Ltd

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

11	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

12	Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is SiFive Inc, incorporated in United States of America.

The address of SiFive Inc is:
1875 S Grant Street #600, San Mateo, CA 94402