Company No: 09343609 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Carolyn Dawson
	Tim Groot
	Cillian Mark Hilliard
	Arnaud Jacques Michel Massenet
	Jeremy Byron Roche

REGISTERED OFFICE	2 Leman Street
	London
	E1W 9US
	United Kingdom

COMPANY NUMBER

09343609 (England and Wales)

ACCOUNTANT	Gravita Essex Limited
	Kings House
	101-135 Kings Road
	Brentwood
	Essex
	CM14 4DR
	United Kingdom

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4	1,883,188		2,125,157
Tangible assets	5	14,401		16,056
Investments	6	38,913		35,362
		1,936,502		2,176,575
Current assets
Debtors	7	1,554,893		1,552,792
Cash at bank and in hand		865,193		899,407
		2,420,086		2,452,199
Creditors: amounts falling due within one year	8	( 1,981,193)		( 1,583,013)
Net current assets		438,893		869,186
Total assets less current liabilities		2,375,395		3,045,761
Net assets		2,375,395		3,045,761
Capital and reserves
Called-up share capital		9,931		9,931
Share premium account		11,828,610		11,828,610
Other reserves		3,082,554		3,307,469
Profit and loss account		( 12,545,700 )		( 12,100,249 )
Total shareholders' funds		2,375,395		3,045,761

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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Intros.At Limited (registered number: 09343609) were approved and authorised for issue by the Board of Directors on 01 September 2026. They were signed on its behalf by:

Tim Groot Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Intros.At Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

10 years straight line

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.

Fixed asset investments

Fixed asset investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Critical accounting judgements and key sources of estimation uncertainty

The company participates in an equity settled share-based payment arrangement in which share options are issued to employees of the group. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period. The fair value is calculated using the appropriate fair value model with the estimated level of vesting being reviewed annually by management. The key assumptions of this model are a risk-free rate of 0.1%-5.25%, a staff retention rate of 70% and that the fair value of the shares at grant date is equal to the amounts paid for the company's shares in the most recent round of investment to the grant date.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	30		35

3. Share-based payments

Equity-settled share-based payment schemes

Intros.at Limited issued EMI options to certain employees which provides additional remuneration for those employees who are key to the operations of the company. The options are granted with a fixed exercise price determined at the grant of the option. The options vest at multiple dates up to September 2028 and they are exercisable within 10 years from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company.

Details of the EMI share option schemes in issue as at 31 December 2025 are as follows:
17,680,309 share options were granted from 01/01/2016 to 31/12/2021 at an exercise price of £0.0001
740,000 share options were granted from 22/12/2020 to 31/12/2021 at an exercise price of £0.1977
950,000 share options were granted on 01/03/2022 at an exercise price of £0.1977
1,825,000 share options were granted from 01/10/2023 to 31/12/2023 at an exercise price of £0.1977
750,000 share options were granted on 01/08/2025 at an exercise price of £0.1977
6,800,000 share options were granted from 01/08/2025 to 21/10/2025 at an exercise price of £0.0001

Details of the share options outstanding during the financial year are as follows:

	2025			2024
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	21,880,976	0.0337		24,114,309	0.0286
Granted during the period	7,550,000	0.0197		400,000	0.1977
Forfeited during the period	( 685,667)	0.1929		( 650,000)	0.1977
Exercised during the period	0	0		( 1,983,333)	0.0001
Outstanding at the end of the period	28,745,309	0		21,880,976	0.0337
Exercisable at the end of the period	0	0		0	0

The fair value of the share options at the grant date was calculated using the Monte Carlo model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised total expenses of £ 107,451 and £ 354,320 related to equity-settled share-based payment transactions in 2025 and 2024 respectively.

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2025	2,403,567		2,403,567
At 31 December 2025	2,403,567		2,403,567
Accumulated amortisation
At 01 January 2025	278,410		278,410
Charge for the financial year	241,969		241,969
At 31 December 2025	520,379		520,379
Net book value
At 31 December 2025	1,883,188		1,883,188
At 31 December 2024	2,125,157		2,125,157

5. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2025	111,412		111,412
Additions	5,559		5,559
Disposals	( 92,891)		( 92,891)
At 31 December 2025	24,080		24,080
Accumulated depreciation
At 01 January 2025	95,356		95,356
Charge for the financial year	7,214		7,214
Disposals	( 92,891)		( 92,891)
At 31 December 2025	9,679		9,679
Net book value
At 31 December 2025	14,401		14,401
At 31 December 2024	16,056		16,056

6. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	35,362
Additions	3,551
At 31 December 2025	38,913
Carrying value at 31 December 2025	38,913
Carrying value at 31 December 2024	35,362

7. Debtors

	2025		2024
	£		£
Trade debtors	688,037		567,189
Amounts owed by related parties	762,868		911,203
Other debtors	103,988		74,400
	1,554,893		1,552,792

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	67,520		66,973
Other taxation and social security	203,329		120,112
Other creditors	1,710,344		1,395,928
	1,981,193		1,583,013

9. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	138,000		24,450

10. Contingencies

Contingent assets

For the year ended 31 December 2025, the Company expects to have a research and development tax credit receivable from HMRC in the region of £133,000 subject to approval. Whilst this is expected to be received, no provision has been included in the accounts.