Company No: 11462530 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	13,940		36,678
Tangible assets	4	4,911		10,761
Investments	5	201		201
		19,052		47,640
Current assets
Debtors	6	315,838		430,060
Cash at bank and in hand		1,429,190		18,283
		1,745,028		448,343
Creditors: amounts falling due within one year	7	( 605,640)		( 1,450,263)
Net current assets/(liabilities)		1,139,388		(1,001,920)
Total assets less current liabilities		1,158,440		(954,280)
Creditors: amounts falling due after more than one year	8	( 1,167,000)		( 1,526,809)
Net liabilities		( 8,560)		( 2,481,089)
Capital and reserves
Called-up share capital	9	1,000		1,800
Share premium account		1,799,500		2,598,700
Capital redemption reserve		800,000		0
Profit and loss account		( 2,609,060 )		( 5,081,589 )
Total shareholder's deficit		( 8,560)		( 2,481,089)

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Statement of Comprehensive Income has not been delivered.

The financial statements of Plus X Holdings Ltd (registered number: 11462530) were approved and authorised for issue by the Director. They were signed on its behalf by:

T B Kress Director

07 October 2026

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

Plus X Holdings Ltd (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 167-169 Great Portland Street, 5th Floor, London, W1W 5PF, 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 director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has 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.

Group accounts exemption

Group accounts exemption s399
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

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 reporting date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income 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 recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

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

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

Defined contribution schemes
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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

5 years straight line

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:

Computer equipment

5 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other 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.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	10		25

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2025	185,735		185,735
At 31 March 2026	185,735		185,735
Accumulated amortisation
At 01 April 2025	149,057		149,057
Charge for the financial year	22,738		22,738
At 31 March 2026	171,795		171,795
Net book value
At 31 March 2026	13,940		13,940
At 31 March 2025	36,678		36,678

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 April 2025	36,772		36,772
At 31 March 2026	36,772		36,772
Accumulated depreciation
At 01 April 2025	26,011		26,011
Charge for the financial year	5,850		5,850
At 31 March 2026	31,861		31,861
Net book value
At 31 March 2026	4,911		4,911
At 31 March 2025	10,761		10,761

5. Fixed asset investments

	2026		2025
	£		£
Subsidiary undertakings	201		201

Investments in subsidiaries

	2026
	£
Cost
At 01 April 2025	201
At 31 March 2026	201
Carrying value at 31 March 2026	201
Carrying value at 31 March 2025	201

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2026	Held
Plus X Slough Ltd	167-169 Great Portland Street, London, England, W1W 5PF	Creating workspaces that unlock potential and drive growth, innovation, and impact.	Ordinary	100.00%	Direct
Plus X Brighton Ltd	167-169 Great Portland Street, London, England, W1W 5PF	Creating workspaces that unlock potential and drive growth, innovation, and impact.	Ordinary	100.00%	Direct
Central Research Laboratory (Hayes) Ltd	167-169 Great Portland Street, London, England, W1W 5PF	Creating workspaces that unlock potential and drive growth, innovation, and impact.	Ordinary	100.00%	Direct

6. Debtors

	2026		2025
	£		£
Trade debtors	25,858		14,995
Amounts owed by group undertakings	204,034		381,336
Other debtors	85,946		33,729
	315,838		430,060

Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	106,875		67,122
Amounts owed to group undertakings	476,450		388,047
Other taxation and social security	13,723		62,163
Other creditors	8,592		932,931
	605,640		1,450,263

Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

8. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Other creditors	1,167,000		1,526,809

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
50,000 Ordinary C shares of £ 0.01 each	500		500
25,000 Ordinary B shares of £ 0.01 each	250		250
25,000 Ordinary A shares of £ 0.01 each	250		250
	1,000		1,000
Nil Deferred preference shares (2025: 80,000 shares of £ 0.01 each)	0		800
	1,000		1,800

On 11 June 2025, the Company redesignated 80,000 preference shares of £0.01 each as deferred shares and subsequently cancelled these shares following a share buyback.

10. Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with wholly owned group undertakings.