Company No: 14704282 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	180,065		274,013
Tangible assets	4	32,460		23,223
		212,525		297,236
Current assets
Debtors	5	148,463		22,941
Cash at bank and in hand	6	4,501,358		7,480,281
		4,649,821		7,503,222
Creditors: amounts falling due within one year	7	( 172,335)		( 144,395)
Net current assets		4,477,486		7,358,827
Total assets less current liabilities		4,690,011		7,656,063
Net assets		4,690,011		7,656,063
Capital and reserves
Called-up share capital	8	19		19
Share premium account		11,313,278		11,313,278
Profit and loss account		( 6,623,286 )		( 3,657,234 )
Total shareholders' funds		4,690,011		7,656,063

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.

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 Generative Vision Ltd (registered number: 14704282) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N Boultbee Director

09 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

Generative Vision 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 10 York Road 02-101, London, SE1 7ND, 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 £.

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. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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:

Goodwill

5 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

Office equipment	4 years straight line
Computer equipment	4 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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	20		12

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2025	469,738		469,738
At 31 March 2026	469,738		469,738
Accumulated amortisation
At 01 April 2025	195,725		195,725
Charge for the financial year	93,948		93,948
At 31 March 2026	289,673		289,673
Net book value
At 31 March 2026	180,065		180,065
At 31 March 2025	274,013		274,013

4. Tangible assets

	Office equipment		Computer equipment		Total
	£		£		£
Cost
At 01 April 2025	0		38,345		38,345
Additions	2,190		19,267		21,457
At 31 March 2026	2,190		57,612		59,802
Accumulated depreciation
At 01 April 2025	0		15,122		15,122
Charge for the financial year	63		12,157		12,220
At 31 March 2026	63		27,279		27,342
Net book value
At 31 March 2026	2,127		30,333		32,460
At 31 March 2025	0		23,223		23,223

5. Debtors

	2026		2025
	£		£
VAT recoverable	17,274		5,119
Other debtors	67,716		16
Prepayments	63,473		17,806
	148,463		22,941

6. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	4,501,358		7,480,281

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	4,632		4,806
Accruals	57,874		56,163
Other taxation and social security	83,819		65,381
Other creditors	26,010		18,045
	172,335		144,395

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
860,000 A Ordinary shares of £ 0.00001 each	9		9
413,650 Seed ordinary shares of £ 0.00001 each	4		4
215,000 B Ordinary shares of £ 0.00001 each	2		2
446,330 Seed Plus reference ordinary shares of £ 0.00001 each	4		4
	19		19

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2026		2025
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	24,894		16,980
Pension contribution for the year	73,442		50,488
	98,336		67,468