Going concern The Directors have examined significant areas of possible financial risk, in particular cash requirements and the ongoing obligations. The Company has a net current asset position of £248,972 as at 31 December 2025, as well as financial support from its immediate parent company. After due consideration, the Directors believe that the Company has adequate resources to continue in operational existence for a year ended of not less than twelve months from the date of the approval of the financial statements, as such it is appropriate to adopt the going concern basis. Exemptions for qualifying entities under FRS 102 The company has taken advantage of the following exemptions under FRS 102: - Para 1.12(b), from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company Jaguar Topco Limited includes the Company cash flows in their consolidated financial statements. - Para 4.12(a)(iv) from preparing a reconciliation of the number of shares outstanding at the beginning and end of the period. Entity financial statements The Company is a wholly owned subsidiary of Velos IOT Jersey Limited, which is part of the Jaguar Topco Limited group based in Jersey. These financial statements are the Company's separate financial statements. The financial statements are presented in pound sterling (GBP) which is the presentation and functional currency of the Company and have been rounded off to the nearest pound currency unit unless otherwise stated. Foreign currencies The financial statements are presented in GBP which is the Company's functional and presentation currency, being the currency of the primary economic environment in which the Company operates. The issued share capital of the Company is denominated in GBP. The Directors of the Company believe that GBP most faithfully represents the economic effects of the underlying transactions, events and conditions. Transactions in currencies other than GBP are recorded at the rate of exchange prevailing on the dates of transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the financial reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Gains and losses arising on translation are included in the Statement of Income and Retained Earnings for the year ended. Expenses All expenses are accounted for on the accrual basis. Employee benefits The Company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. i. Short term benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the year ended in which the service is received. ii. Pension costs The Company operates a defined contribution pension scheme. Contributions are charged to the Statement of Income and Retained Earnings for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end. Taxation The income tax expense or credit for the year is the tax payable on the current year's taxable income, based on the income tax rate applicable within the Company's jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting year in the countries where the Company operates and generates taxable income. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting year and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Financial assets Basic financial assets, including debtors, cash and cash equivalents are initially recognised at transaction price, unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. (i) Debtors Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using EIR, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. (ii) Cash at bank and in hand Cash at bank and in hand comprises cash balances and call deposits held with financial institutions. (iii) Other financial assets Other financial assets are initially measured at fair value, which is normally the transaction price excluding transaction costs. These assets include financial assets at fair value through profit or loss and are designated as at fair value through profit or loss. Such assets are subsequently carried at fair value and the changes in the fair value are recognised in the Statement of Income and Retained Earnings, except for financial assets whose fair values cannot be measured reliably. Such assets are measured at cost less impairment. Financial assets are derecognised when: a) the contractual rights to the cash flows from the asset expires 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 creditors 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. (i) Creditors Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using EIR. Creditors are classified as current if the payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Critical accounting estimates and judgements The preparation of the financial statements requires the Directors to make judgements, estimates and assumptions that may affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. These financial statements do not include any significant estimates, key judgements and assumptions.