Stora Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—9

1. General Information

Stora Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI676210 . The registered office is 11 Newry Road, Banbridge, Down, BT32 3HR.

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. Going Concern Disclosure

The financial statements have been prepared on the going concern basis. The company made a loss of £731,757 for the year as it continued to invest in developing its platform and growing its customer base. At 31 December 2025 it had net current assets of £1,187,459, including cash of £1,455,932.

The director has prepared cash flow forecasts covering at least twelve months from the date of approval of these financial statements. These forecasts show that the company's existing cash resources are sufficient to meet its liabilities as they fall due throughout that period. On this basis, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has not identified any material uncertainties that may cast significant doubt on the company's ability to continue as a going concern.

2.3. Turnover

Turnover represents the fair value of the consideration received or receivable for services provided in the normal course of business. It is stated net of discounts, rebates and value added tax, and is recognised in accordance with Section 23 Revenue of FRS 102.

Subscription fees

The company provides customers with access to its proprietary storage management platform under subscription agreements. Subscription fees are recognised on a straight-line basis over the subscription period as the service is provided. Amounts invoiced or received in advance of the service being provided are included in creditors as deferred income. Amounts earned but not yet invoiced are included in debtors as accrued income.

Implementation and set-up fees

Fees for implementation, onboarding and set-up services are recognised as the services are performed, by reference to the stage of completion at the reporting date. Where such services do not have value to the customer separately from the ongoing subscription, the fees are deferred and recognised over the expected period of the customer relationship.

Payment processing fees

The company earns fees for processing payments made through its platform. These fees are recognised when the underlying transaction is processed. The company acts as principal in these arrangements for three reasons:

- it is primarily responsible to its customers for providing the payment service;

- it sets the fees charged to its customers independently of the charges agreed with its payment service provider;

- it bears the credit risk on the amounts due from its customers.

Payment processing fees are therefore presented gross within turnover. The charges from the payment service provider are included in cost of sales.

Management fees

Management fees receivable from group undertakings are recognised in the period in which the related services are provided.

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Stora Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. Research and Development

Research expenditure is written off to the profit and loss account in the period in which it is incurred.

Development expenditure is capitalised as an intangible fixed asset when the company can demonstrate all of the following:

- the technical feasibility of completing the asset

- its intention and ability to complete the asset and use or sell it

- how the asset will generate probable future economic benefits

- the availability of adequate technical, financial and other resources to complete it

- its ability to measure the expenditure reliably.

Capitalised development costs comprise directly attributable staff costs and other directly attributable expenditure. They are capitalised because they relate to the development of the company's proprietary storage management platform, from which the director expects the company to derive future economic benefits.

Capitalised development costs are amortised on a straight-line basis over five years, with a half-year charge in the year of addition. The amortisation charge is included in administrative expenses. Useful lives are reviewed where there is an indication of a significant change. The carrying amount is reviewed for impairment where there are indicators that it may not be recoverable.

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:

Motor Vehicles	Straight line over 4 years
Fixtures & Fittings	Straight line over 4 years
Computer Equipment	Straight line over 3 years

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

The tax charge or credit for the year comprises current tax and deferred tax. It is recognised in the profit and loss account, except where it relates to items recognised in other comprehensive income or directly in equity. In that case, the related tax is also recognised in other comprehensive income or directly in equity.

Current tax

Current tax is the amount of corporation tax payable or recoverable in respect of the taxable profit or loss for the year, together with any adjustments in respect of prior years. It is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development tax credits receivable are recognised when there is reasonable assurance that they will be received. They are included within current tax in the profit and loss account.

Deferred tax

...CONTINUED

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Stora Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Taxation - continued

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements. They arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

In particular, development expenditure that is capitalised in the financial statements is deducted for tax purposes as it is incurred. This gives rise to a deferred tax liability, which reverses as the development costs are amortised.

Deferred tax assets, including those arising from unused tax losses, are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Where the company expects to continue to incur tax losses, a deferred tax asset on tax losses is recognised only to the extent that it is supported by the reversal of deferred tax liabilities.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing differences. Deferred tax balances are not discounted.

Deferred tax assets and liabilities are offset where they relate to the same taxation authority and the company has a legally enforceable right of offset.

Deferred tax liabilities are presented within provisions for liabilities, and deferred tax assets within debtors.

2.9. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.10. Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 31 (2024: 17)

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Stora Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Intangible Assets

	Development Costs
	£
Cost
As at 1 January 2025	1,552,089
Additions	1,268,579

As at 31 December 2025	2,820,668

Amortisation
As at 1 January 2025	403,214
Provided during the period	437,276

As at 31 December 2025	840,490

Net Book Value
As at 31 December 2025	1,980,178

As at 1 January 2025	1,148,875

Under FRS 102 the company has adopted a policy of capitalising development expenditure which is amortised on a straight-line basis over five years, with a half-year charge in the year of addition.

5. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2025	-	-	34,220	34,220
Additions	17,602	8,311	29,162	55,075

As at 31 December 2025	17,602	8,311	63,382	89,295

Depreciation
As at 1 January 2025	-	-	16,535	16,535
Provided during the period	2,200	394	12,220	14,814

As at 31 December 2025	2,200	394	28,755	31,349

Net Book Value
As at 31 December 2025	15,402	7,917	34,627	57,946

As at 1 January 2025	-	-	17,685	17,685

6. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	110,749	34,308
Other debtors	95,648	138,977

	206,397	173,285

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Stora Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	3,882	-
Trade creditors	12,560	4,261
Amounts owed to group undertakings	7,053	-
Other creditors	319,664	162,910
Taxation and social security	131,711	75,252

	474,870	242,423

Other creditors includes deferred income of £303,746 (2024: £158,134).

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024 as restated
	£	£
Other creditors	11,306	-

Other creditors includes £11,306 due under finance leases.

9. Deferred Taxation

A deferred tax liability arises on capitalised development costs, which have been deducted for tax purposes as the expenditure was incurred. The company also has unused tax losses available to carry forward against future taxable profits.

A deferred tax asset has been recognised in respect of those tax losses only to the extent that it offsets the deferred tax liability on capitalised development costs. The asset and the liability relate to the same taxation authority and have been offset. Accordingly, no net deferred tax balance is recognised at 31 December 2025 (2024: £nil).

10. Share Capital

	2025	2024 as restated
	£	£
Allotted, Called up and fully paid	4,632,836	2,502,058

11. Reserves

	Capital Contribution from Parent	Profit and Loss Account
	£	£
As at 1 January 2025	47,971	(838,911 )
Loss for the year and total comprehensive income	-	(731,757 )

Movements in other reserves	104,138	-

As at 31 December 2025	152,109	(1,570,668 )

Capital contribution from parent

Reflects all amounts charged to the profit and loss on options to date.

The company’s employees participate in a share option scheme operated by the parent company. The options are settled in equity instruments of the parent. The fair value of services received is measured by reference to the fair value of the options granted and recognised as an expense over the vesting period, with a corresponding increase in equity as a capital contribution from the parent.

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Stora Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Ultimate Controlling Party

The immediate and ultimate parent undertaking is Stora Software Limited by virtue of its ownership of 100% of the issued share capital in the company. The parent is incorporated in Northern Ireland and its registered office address is 11 Newry Road, Banbridge, County Down, BT32 3HR.

Stora Software Limited is entitled to exemption from preparing group accounts under section 398 of the Companies Act 2006, as the group headed by it qualifies as a small group. Accordingly, no consolidated financial statements that include the company are prepared.

13. Share-based payments

The company's employees participate in an EMI share option scheme operated by the parent company, Stora Software Limited. Options are granted over ordinary shares of the parent and are equity-settled by the parent.

The fair value of options granted is determined at the grant date and is charged to profit or loss over the vesting period, with a corresponding credit to equity.

A charge of £104,138 in respect of share-based payment transactions was recognised in profit or loss for the year ended 31 December 2025. The comparative charge of £47,971 for the year ended 31 December 2024 arose on transition to FRS 102 (note 14).

Capital contribution from parent at 1 January 2025 was £47,971. The charge for the year ended 31 December 2025 was £104,138 leaving a closing capital contribution from parent at 31 December of £152,109.

Fair value has been estimated using a standard option pricing model.

14. Transition to FRS 102

These are the company's first financial statements prepared under FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, including Section 1A Small Entities. The financial statements for the year ended 31 December 2024 were prepared under FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime. The date of transition to FRS 102 is 1 January 2024.

The comparative figures for the year ended 31 December 2024 have been restated. The accounting policies set out in note 2 have been applied in preparing the opening balance sheet at 1 January 2024, the comparative figures and the current year figures.

The following adjustments were made on transition:

(a) Development costs: Under FRS 105, development expenditure was written off as incurred. Qualifying development expenditure has been reinstated as an intangible fixed asset, less the amortisation that would have been charged had the policy always applied. This gives a net book value of £683,298 at 1 January 2024 and £1,148,875 at 31 December 2024. In the year ended 31 December 2024, development expenditure of £705,450 was capitalised. It had previously been charged to staff costs (£634,183) and other charges (£71,267). An amortisation charge of £239,873 has been recognised.

(b) Share-based payments: FRS 105 does not require equity-settled share-based payments to be recognised. Under FRS 102 Section 26, the fair value of options granted to the company's employees under the parent company's EMI scheme is charged to profit or loss over the vesting period, with a corresponding credit to equity as a capital contribution from the parent. A charge of £47,971 has been recognised in the year ended 31 December 2024. This adjustment has no effect on total equity.

(c) Deferred tax: The capitalised development costs give rise to a deferred tax liability. This is fully offset by a deferred tax asset on unused tax losses, recognised in accordance with the policy in note 2.8. Accordingly, no net deferred tax adjustment arises on transition.

Reconciliation of equity:

As at 1 January 2024

Equity as previously reported under FRS 105 (£1,131,930)

Development costs, net of amortisation (a) £683,298

Equity as restated under FRS 102 (£448,632)

As at 31 December 2024

Equity as previously reported under FRS 105 £562,243

Development costs, net of amortisation (a) £1,148,875

...CONTINUED

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Stora Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

14. Transition to FRS 102 - continued

Share-based payment charge to profit and loss reserve (b) (£47,971)

Capital contribution from parent (b) £47,971

Equity as restated under FRS 102 £1,711,118

Reconciliation of loss for the year ended 31 December 2024:

Loss for the financial year as previously reported under FRS 105 (£807,884)

Development expenditure capitalised, previously expensed (a) £705,449

Amortisation of development costs (a) (£239,873)

Share-based payment charge (b) (£47,971)

Loss for the financial year as restated under FRS 102 (£390,279)

Effect on the balance sheet at 31 December 2024

Intangible fixed assets increased by £1,148,875.

The profit and loss reserve increased by £1,100,904 (£1,148,875 less the share-based payment charge of £47,971).

A capital contribution reserve of £47,971 has been recognised.

Total equity increased by £1,148,875. The restatement has no effect on cash.

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		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,980,178		1,148,875
Tangible Assets	5		57,946		17,685

			2,038,124		1,166,560
CURRENT ASSETS
Debtors	6	206,397		173,285
Cash at bank and in hand		1,455,932		613,696

		1,662,329		786,981
Creditors: Amounts Falling Due Within One Year	7	(474,870 )		(242,423 )

NET CURRENT ASSETS (LIABILITIES)			1,187,459		544,558

TOTAL ASSETS LESS CURRENT LIABILITIES			3,225,583		1,711,118

Creditors: Amounts Falling Due After More Than One Year	8		(11,306 )		-

NET ASSETS			3,214,277		1,711,118

CAPITAL AND RESERVES
Called up share capital	10		4,632,836		2,502,058
Capital Contribution from Parent			152,109		47,971
Profit and Loss Account			(1,570,668 )		(838,911 )

SHAREHOLDERS' FUNDS			3,214,277		1,711,118