Telsen Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Telsen Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15792438 . The registered office is 124 City Road, London, EC1V 2NX.

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. Turnover

Turnover represents amounts receivable for the sale of hardware equipment and related software subscription services, net of value added tax and trade discounts.

Turnover is recognised when the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, and the specific criteria relating to the type of revenue have been met.

Sale of hardware

Turnover from the sale of hardware, is recognised when control and the significant risks and rewards of ownership have transferred to the customer. This is generally upon delivery and acceptance of the goods by the customer.

Software subscription services

Turnover from software subscription services providing access to the company's platform is recognised on a straight-line basis over the period of the subscription agreement. Amounts invoiced in advance of the service period are recognised as deferred income and released to turnover over the period in which the services are provided. Revenue is recognised only for the period in which the customer receives access to the service.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 6 years.

2.4. Research and Development

Development costs

Expenditure incurred on the development of the company's software platform and related technology is capitalised as an intangible asset when all of the following conditions are met:

it is technically feasible to complete the asset so that it will be available for use;
management intends to complete and use the asset;
the company has the ability to use the asset;
the asset is expected to generate probable future economic benefits;
adequate technical, financial and other resources are available to complete the development; and
the expenditure attributable to the asset can be measured reliably.

Development expenditure that does not meet the above criteria is recognised as an expense as incurred.

Capitalised development costs are amortised on a straight-line basis over their estimated useful economic life of 10 years and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Research costs

Expenditure incurred during the research phase of a project is recognised as an expense in the period in which it is incurred. Where it is not possible to distinguish between the research phase and the development phase of an internal project, all expenditure is treated as having been incurred during the research phase.

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Telsen Ltd

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

Over 3 years

2.6. Financial Instruments

Financial assets

The Company’s financial assets comprise basic financial instruments, being trade and other receivables and cash at bank. Cash is represented by deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Trade and other receivable are initially measured at transaction price and thereafter at the undiscounted amount of cash or other consideration expected to be received less any impairment. Any impairment loss is recognised in the Statement of Comprehensive Income. Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The Company’s financial liabilities comprise basic financial liabilities, being trade and other payables. These are measured initially at the transaction price and thereafter at the amount of cash or other considered expected to be paid. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.

Impairment

An impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

2.7. Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price and thereafter at the undiscounted amount of cash or other consideration expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

2.8. Trade 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 initially measured at the transaction price and thereafter at the amount of cash or other considered expected to be paid.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

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Telsen Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Intangible Assets

	Goodwill	Development Costs	Total
	£	£	£
Cost
As at 1 January 2025	6	-	6
Additions	-	213,221	213,221

As at 31 December 2025	6	213,221	213,227

Amortisation
As at 1 January 2025	1	-	1
Provided during the period	1	12,280	12,281

As at 31 December 2025	2	12,280	12,282

Net Book Value
As at 31 December 2025	4	200,941	200,945

As at 1 January 2025	5	-	5

5. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2025	17,470
Additions	5,925

As at 31 December 2025	23,395

Depreciation
As at 1 January 2025	572
Provided during the period	7,731

As at 31 December 2025	8,303

Net Book Value
As at 31 December 2025	15,092

As at 1 January 2025	16,898

6. Debtors

	31 December 2025	31 December 2024
	£	£
Due within one year
Trade debtors	6,441	-
Other debtors	9,493	-

	15,934	-

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Telsen Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	31 December 2025	31 December 2024
	£	£
Trade creditors	242,151	-
Other creditors	54,308	19,221

	296,459	19,221

8. Share Capital

	31 December 2025	31 December 2024
	£	£
Allotted, Called up and fully paid	100	100

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		31 December 2025		31 December 2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		200,945		5
Tangible Assets	5		15,092		16,898

			216,037		16,903
CURRENT ASSETS
Debtors	6	15,934		-
Cash at bank and in hand		7,553		-

		23,487		-
Creditors: Amounts Falling Due Within One Year	7	(296,459 )		(19,221 )

NET CURRENT ASSETS (LIABILITIES)			(272,972 )		(19,221 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(56,935 )		(2,318 )

NET LIABILITIES			(56,935 )		(2,318 )

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			(57,035 )		(2,418 )

SHAREHOLDERS' FUNDS			(56,935)		(2,318)