ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 08911603

CHAIN IQ UK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

TWP Accounting LLP

Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE

CHAIN IQ UK LIMITED

COMPANY INFORMATION

Directors	P Schnieper
	N Patsch
	B Jaquet
	M Stalder
	R Vettiger (appointed 27 March 2025)
	D Stumm (appointed 13 March 2025)
	D Gilhawley (appointed 2 June 2026)
	W Kneubuhl (appointed 2 June 2026)


Company secretary	N Patsch


Registered number	08911603


Registered office	12th Floor
	71 Fenchurch Street
	London
	EC3M 4BS


Independent auditor	TWP Accounting LLP
	Chartered Accountants & Statutory Auditors
	The Old Rectory
	Church Street
	Weybridge
	Surrey
	KT13 8DE

CHAIN IQ UK LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 4
Independent Auditor's Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Analysis of Net Debt	13
Notes to the Financial Statements	14 - 25

CHAIN IQ UK LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their strategic report on the Company for the year ended 31 December 2025.

Introduction

Chain IQ UK Limited (the "Company") is part of the Chain IQ Group AG (the "Group"). Chain IQ Group AG, Switzerland is the ultimate parent undertaking.
The principal activity of the Company is the provision of outsourced procurement services on behalf its parent, Chain IQ Group AG.

Business review

In the year, the Company made a profit before taxation of £2,756,000 (2024: £2,301,804) and has net assets of £4,294,266 (2024: £2,214,266) at the reporting date. Customer contract base remained unchanged, whilst turnover has slightly decreased, mainly driven by allocation of procurement services within the Group entities.
The management team responsible for the operation of the business use a number of financial and non-financial key performance indicators (KPI's) in order to manage and develop the business, to achieve the Company's strategic objectives. The Company's KPI's are earnings before interest, tax, depreciation, amortisation and foreign exchange (adjusted EBITDA) which is £2,771,912 (2024: £2,340,884) in the current year, and cash position which is £566,057 (2024: £560,427) at the balance sheet date.

Principal risks and uncertainties

The management of the business and the execution of the Company’s strategy are subject to a number of risks.
Financial risk
In the ordinary course of business, the Company is exposed to a variety of financial risks that include credit risk and liquidity risk. Furthermore, information on Financial Risk management can be found in Directors’ report.
Operational risk
Operational risk is the risk of direct or indirect losses resulting from inadequate or failed internal processes or systems, human factors or from external agents.
Business risk
Business risk is the risk of adverse outcomes resulting from a weak competitive position or from poor choice of strategy, markets, products, activities or structures.
The Company is committed to the advanced management of financial, operational and business risks.

This report was approved by the board on 17 September 2026 and signed on its behalf.

P Schnieper

Director

N Patsch

Director

Page 1

CHAIN IQ UK LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Results and dividends

The profit for the year, after taxation, amounted to £2,080,000 (2024 - £1,722,411).

Dividends paid during the year comprise a final dividend of £ Nil (2024: £1,400,000) in respect of the year ended 31 December 2025.

Directors

The directors who served during the year were:

P Schnieper

N Patsch

B Jaquet

M Stalder

R Vettiger (appointed 27 March 2025)

D Stumm (appointed 13 March 2025)

Financial risk management

The directors’ financial risk management objective is to maximise financial assets and minimise financial liabilities whilst not engaging in speculation. The financial risks faced by the Company include:
- Credit risk
- Liquidity risk
The directors manage each of the above mentioned financial risks by actively reviewing and approving the terms of the parties to significant commercial contracts where payment is not anticipated in advance.

Directors' indemnity

Certain directors benefited from the qualifying third party indemnity provisions in place during the financial year and at the date of approval of this report.

Page 2

CHAIN IQ UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The directors will continue to focus on developing the Company's principal activity, on behalf of procurement services to its parent undertaking, going forward.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

CHAIN IQ UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board on 17 September 2026 and signed on its behalf.

P Schnieper

Director

N Patsch

Director

Page 4

CHAIN IQ UK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED

Opinion

We have audited the financial statements of CHAIN IQ UK LIMITED (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

CHAIN IQ UK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

CHAIN IQ UK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.

∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.

∙Enquire of management and those charged with governance around actual and potential litigation and claims.

∙Reviewing minutes of meetings of those charged with governance.

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance

∙with applicable laws and regulations.

∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.

∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.

∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.

∙Review of after year end information to ensure expenditure has been accounted for in the correct period.

∙Perform analytical review procedures to identify any irregularities and investigation thereon.

∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 7

CHAIN IQ UK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Munk FCA FCCA (Senior Statutory Auditor)

for and on behalf of

TWP Accounting LLP

Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE

17 September 2026

Page 8

CHAIN IQ UK LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	13,694,640	13,344,006
Gross profit		13,694,640	13,344,006
Administrative expenses		(10,938,640)	(11,042,291)
Operating profit	5	2,756,000	2,301,715
Interest receivable and similar income		-	89
Profit before tax		2,756,000	2,301,804
Tax on profit	9	(676,000)	(579,393)
Profit for the financial year		2,080,000	1,722,411

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 25 form part of these financial statements.

Page 9

CHAIN IQ UK LIMITED

REGISTERED NUMBER: 08911603

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	11		38,098		29,602
			38,098		29,602
Current assets
Debtors: amounts falling due after more than one year	13	153,868		153,868
Debtors: amounts falling due within one year	13	5,750,939		4,614,153
Cash at bank and in hand	14	566,057		560,427
		6,470,864		5,328,448
Creditors: amounts falling due within one year	15	(2,214,696)		(3,130,828)
Net current assets			4,256,168		2,197,620
Total assets less current liabilities			4,294,266		2,227,222
Provisions for liabilities
Deferred tax	16	-		(12,956)
			-		(12,956)
Net assets			4,294,266		2,214,266

Capital and reserves
Called up share capital	17	70,000	70,000
Profit and loss account	18	4,224,266	2,144,266
		4,294,266	2,214,266

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2026.

P Schnieper	N Patsch
Director	Director

The notes on pages 14 to 25 form part of these financial statements.

Page 10

CHAIN IQ UK LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	70,000	1,821,855	1,891,855
Comprehensive income for the year
Profit for the year - As restated	-	1,722,411	1,722,411
Dividends	-	(1,400,000)	(1,400,000)

At 1 January 2024 - As restated	70,000	2,144,266	2,214,266
Comprehensive income for the year
Profit for the year	-	2,080,000	2,080,000
At 31 December 2025	70,000	4,224,266	4,294,266

The notes on pages 14 to 25 form part of these financial statements.

Page 11

CHAIN IQ UK LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	2,080,000	1,722,411
Adjustments for:
Depreciation of tangible assets	26,246	39,648
Interest received	-	(89)
Taxation charge	676,000	579,393
(Increase)/decrease in debtors	(1,051,233)	1,332,493
(Increase) in amounts owed by groups	(125,368)	(2,171,123)
Increase/(decrease) in creditors	434,298	(396,191)
(Decrease)/increase in amounts owed to groups	(1,354,887)	494,623
Corporation tax (paid)	(644,684)	(580,000)
Net cash generated from operating activities	40,372	1,021,165

Cash flows from investing activities
Purchase of tangible fixed assets	(34,742)	(35,252)
Interest received	-	89
Net cash from investing activities	(34,742)	(35,163)
Cash flows from financing activities
Dividends paid	-	(1,400,000)
Net cash used in financing activities	-	(1,400,000)
Net increase/(decrease) in cash and cash equivalents	5,630	(413,998)
Cash and cash equivalents at beginning of year	560,427	974,425
Cash and cash equivalents at the end of year	566,057	560,427

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	566,057	560,427
	566,057	560,427

The notes on pages 14 to 25 form part of these financial statements.

Page 12

CHAIN IQ UK LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	560,427	5,630	566,057
Debt due within 1 year	-	(117,712)	(117,712)
	560,427	(112,082)	448,345

The notes on pages 14 to 25 form part of these financial statements.

Page 13

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Chain IQ UK Limited (the “Company”) provides outsourced procurement services.
The Company is a private company limited by shares which is incorporated and domiciled in the UK. The registered number is 08911603 and address of its registered office is 12th Floor, 71 Fenchurch Street, London, England, EC3M 4BS.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company’s ultimate parent undertaking, Chain IQ Group AG, Zurich (Switzerland) includes the Company in its consolidated financial statements. The consolidated financial statements of Chain IQ Group AG are prepared in accordance with all Swiss Accounting and Reporting Recommendations (Swiss GAAP FER) and are not available to the public.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

Chain IQ UK Limited has made a profit for the financial year of £2,080,000, has a cash balance of £566,057, has total assets less current liabilities of £4,294,266 and total shareholders’ funds of £4,294,266 at the reporting date. The Company operates as part of the Chain IQ Group AG (“the Group”). The strong group balance sheet combined with continued strong operating performance, means that the Group is able to meet its ongoing working capital needs for a period of more than twelve months from the date of approval of these financial statements.
The Company’s forecast and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate with the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, furthermore financial support is being provided by the parent company to enable the Company to meet the financial obligations as they fall due. The directors have satisfied themselves regarding the ability and intention of the parent to provide this support. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 14

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for procurement and consultancy services rendered to the Company's parent undertaking, Chain IQ Group AG and to third parties. Revenue is calculated on the basis of the service actually provided to the customer up to the balance sheet date. These revenues are recognised if the amount of revenue can be reliably measured and it is sufficiently probable that the economic benefits will flow to Chain IQ UK Limited.
Revenue from external clients outside of the Chain IQ Group AG represents amounts chargeable to clients for services provided during the year excluding sales tax. Services provided to clients, who at the balance sheet date have not been billed, have been recognised as revenue. Revenue recognised in this manner is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue recognised is also subject to potential adjustments if the expected level of cost savings delivered to the customer is above or below the target range as agreed with the customer.

2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	2 to 5 years
				Office equipment	-	1 to 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Employee benefits

The Company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
Short term benefits
Short term benefits including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
Defined contribution plans and other long term employee benefits
A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.
Annual bonus plan
The Company operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the Company has a legal or constructive obligation to make payments under the plan as a result of past events, the payment is probable and a reliable estimate of the obligation can be made

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Financial instruments

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 from banks and other third parties, loans to related parties and investments in ordinary shares.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. These estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year. The company makes certain assumptions in relation to the outcome of revenue contracts that impacts the recognition of accrued income. Over or under-achieving against contractual targets could influence the level of income ultimately recovered. Aside from this, the management has not identified any critical estimates and assumptions.

Procurement and consultancy services	13,694,640	13,344,006
	13,694,640	13,344,006

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	7,055,136	4,499,117
Rest of Europe	6,639,504	8,844,889
	13,694,640	13,344,006

Depreciation	26,246	39,648
Exchange differences	(10,334)	(479)
Other operating lease rentals	260,547	260,547

Auditors' remuneration

21,800

21,250

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CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	6,571,467	7,548,484
Social security costs	870,366	814,897
Cost of defined contribution scheme	592,309	761,201
	8,034,142	9,124,582

The directors did not receive any emoluments in respect of their services to the Company. They were remunerated by the parent undertaking Chain IQ Group AG, for their services to the group as a whole.

The average monthly number of employees, excluding the directors, during the year was as follows:

	2025	2024
	No.	No.

Management	5	1
Procurement	52	67
Administration	6	6

	63	74

8.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	-	89
		-	89

Page 20

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	698,937	569,001
Adjustments in respect of previous periods	23,956	-
	722,893	569,001

Total current tax	722,893	569,001

Deferred tax
Origination and reversal of timing differences	(11,956)	28,282
Adjustment in respect of previous periods	(34,937)	(17,890)
Total deferred tax	(46,893)	10,392


	Tax on profit	676,000	579,393

Profit on ordinary activities before tax

2,749,436

2,301,804

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	687,359	575,451
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(378)	21,832
Adjustments to tax charge in respect of prior periods	(10,981)	(17,890)
Total tax charge for the year	676,000	579,393

Page 21

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Dividends
		2025	2024
		£	£

	Final dividend paid £2,000 per share (2023: £2,429) in respect of prior year but not recognised as liabilities in that year	-	1,400,000
		-	1,400,000

The directors do not propose a dividend (2024: £1,400,000) for the financial year 2025.

11.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost
At 1 January 2025	179,776	303,550	483,326
Additions	8,265	26,477	34,742
At 31 December 2025	188,041	330,027	518,068
Depreciation
At 1 January 2025	179,776	273,948	453,724
Charge for the year on owned assets	8,265	17,981	26,246
At 31 December 2025	188,041	291,929	479,970
Net book value
At 31 December 2025	-	38,098	38,098
At 31 December 2024	-	29,602	29,602

12.	Investments
	In 2017 Chain IQ UK Limited invested 10 Indian Rupees for 1 Ordinary share (0.01% held) in Chain IQ India LLP, a company incorporated in India providing procurement services. The registered office of Chain IQ India LLP is 12th Floor, Gigaplex Building 9, Mindspace, Airoli West, Navi Mumbai 400708.

Page 22

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Debtors
		2025	2024
		£	£

Due after more than one year
Other debtors	153,868	153,868
	153,868	153,868

					2025	2024
					£	£

Due within one year
Trade debtors	855,865	458,755
Amounts owed by group undertakings	3,508,815	3,383,447
Other debtors	9,348	77,670
Prepayments and accrued income	1,342,974	694,281
Deferred taxation	33,937	-
	5,750,939	4,614,153

14.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	566,057	560,427
	566,057	560,427

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	307,243	17,782
Amounts owed to group undertakings	-	1,354,887
Corporation tax	4,457	-
Other taxation and social security	447,016	382,823
Other creditors	254,180	28,571
Accruals and deferred income	1,201,800	1,346,765
	2,214,696	3,130,828

Page 23

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Deferred taxation

		2025
		£

	At beginning of year	(12,956)
	Charged to profit or loss	46,893
	At end of year	33,937

The deferred taxation balance is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(9,525)	(7,401)
Short term timing differences	43,462	(5,555)
	33,937	(12,956)

There are no unused tax losses or unused tax credits.

17.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

700 (2024 - 700) Ordinary Shares shares of £100.00 each	70,000	70,000

There is a single class of ordinary shares with nominal value of £100. There are no restrictions on the distributions of dividends and the repayment of capital.

18.

Reserves

Profit and loss account

The profit and loss account represents profit and losses net of adjustments and dividends.

19.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £592,309 (2024 - £761,201).
Contributions totalling £96,169 (2024 - £24,173 payable) were payable to the fund at the balance sheet date and are included in other creditors

Page 24

CHAIN IQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	268,029	268,029
Later than 1 year and not later than 5 years	67,007	335,036
	335,036	603,065

21.	Related party transactions
	The Company has taken advantages of the following FRS102 disclosure exemptions available to qualifying entities: The Company takes disclosure exemption on transactions between group members under FRS102 Section 33.1A. During the year, key management personnel received remuneration amounting to £226,619 (2024 - £204,833) and pension contributions amounting to £16 512 (2024 - £16,441).

22.	Controlling party

The immediate parent undertaking is Chain IQ Group AG who are also the ultimate controlling party. Chain IQ Group AG is a private company incorporated in Switzerland.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Chain IQ Group AG. The consolidated financial statements of the group are not available to the public.

Page 25