Stora Software Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Stora Software Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI683783 . The registered office is 11 Newry Road, Banbridge, Down, BT32 3HR.

The company holds 100% of the ordinary share capital of Stora Limited. The subsidiary has its registered office at 11 Newry Road, Banbridge, County Down, BT32 3HR. The nature of the subsidiary business is development and provision of storage management software.

For the year ended 31 December 2025, the subsidiary's aggregate capital and reserves and its result for the year were:

Aggregate capital and reserves £3,214,136 (2024: £1,711,118)

Loss for the year (£731,898) (2024: (£390,279))

The company and its subsidiary together qualify as a small group. The company has taken advantage of the exemption under section 398 of the Companies Act 2006 not to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

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 is a holding company. It has no employees, and its activities consist of holding its investment in Stora Limited and providing management services to it. At 31 December 2025 the company had net current assets of £37,266 and no external borrowings or other liabilities. Its ongoing costs are low and are covered by management fee income from its subsidiary.

The directors have considered the position of the group as a whole, including cash flow forecasts for Stora Limited covering at least twelve months from the date of approval of these financial statements. These forecasts take into account the group's available cash resources. On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They have not identified any material uncertainties related to events or conditions 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 management services provided to the company's subsidiary undertaking, net of value added tax. It is recognised in accordance with Section 23 Revenue of FRS 102.

Management fees

The company provides management and administrative services to its subsidiary, Stora Limited. Management fees are recognised in the period in which the services are provided, in accordance with the terms agreed between the companies. Fees invoiced in advance of the services being provided are included in creditors as deferred income. Fees for services provided but not yet invoiced are included in debtors as accrued income.

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Stora Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. Share based payments

The company operates an equity-settled Enterprise Management Incentive (EMI) share option scheme. Under the scheme, options over the company's ordinary shares are granted to employees of its subsidiary, Stora Limited. The company has no employees of its own.

The fair value of the options is measured at the grant date using a standard option pricing model. It is recognised over the vesting period as an increase in the cost of the company's investment in Stora Limited, with a corresponding credit to the share-based payment reserve. Under Section 26 of FRS 102, this represents a capital contribution to the subsidiary. No charge is recognised in the company's profit and loss account.

Non-market vesting conditions are taken into account by adjusting the number of options expected to vest at each reporting date. As a result, the cumulative amount recognised is based on the number of options that eventually vest.

When options are exercised, the exercise price received is credited to share capital, up to the nominal value of the shares issued, and to the share premium account for the excess.

2.5. Investments

Investments in subsidiary undertakings are measured at cost less accumulated impairment losses.

Cost includes intercompany loans that have been capitalised as part of the investment. It also includes capital contributions arising from share options granted by the company to employees of its subsidiary (see policy 2.4).

At each reporting date, the directors assess whether there is any indication that an investment may be impaired. If there is, the recoverable amount of the investment is estimated. Recoverable amount is the higher of fair value less costs to sell and value in use. Where the recoverable amount is lower than the carrying amount, the difference is recognised as an impairment loss in profit or loss.

The subsidiary made a loss for the year, and its net assets (£3,214,136) are below the carrying amount of the investment. The directors have therefore assessed the investment for impairment. Having considered the price per share achieved in the company's latest share issue and forecasts of the subsidiary's future cash flows, the directors are satisfied that the recoverable amount of the investment exceeds its carrying amount, and no impairment has been recognised.

3. Average Number of Employees

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

4. Investments

	Unlisted
	£
Cost or Valuation
As at 1 January 2025	2,550,029
Additions	2,234,916

As at 31 December 2025	4,784,945

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	4,784,945

As at 1 January 2025	2,550,029

The original investment of £1 was made on 22 December 2021 to acquire 100% of the equity in Stora Limited. Subsequently, Stora Software Limited provided intercompany loans to Stora Limited totalling £2,502,057. These loans have been capitalised as investments, at 31 December 2024. The total investment in Stora Limited as at 31 December 2024 was £2,550,029. Further intercompany loans to Stora Limited totalling £2,130,778 were capitalised as investments, at 31 December 2025. Additions include £104,138 relating to share options issued for the benefit of the subsidiary and settled as a capital contribution from the parent. The total investment in Stora Limited as at 31 December 2025 was £4,784,945.

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Stora Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Debtors

	2025	2024 as restated
	£	£
Due within one year
Prepayments and accrued income	3,455	3,997
Other debtors	-	165
Intercompany loan receivable	7,053	-
VAT	26,758	-

	37,266	4,162

6. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Other creditor	-	9

7. Share Capital

	2025	2024 as restated
	£	£
Allotted, Called up and fully paid	370	298

There were 80,358 shares issued and allotted on 10 September 2024. There were 71,325 shares issued and allotted on 6 October 2025.

8. Related Party Transactions

The company has taken advantage of the exemption in paragraph 33.1A of FRS 102 not to disclose transactions with its wholly owned subsidiary. There were no other related party transactions requiring disclosure.

9. Share based payment reserve

The reserve represents the cumulative capital contributions to Stora Limited arising from share options granted to its employees. Share options have been issued in Stora Software Ltd under an EMI scheme for the benefit of the employees of its subsidiary, Stora Ltd. This arrangement is settled as a capital contribution from the parent to the subsidiary.

10. Transition to FRS 102

These are the company's first financial statements prepared under FRS 102 Section 1A. The financial statements for the year ended 31 December 2024 were prepared under FRS 105, and the date of transition is 1 January 2024. On transition, the company has recognised the capital contribution to its subsidiary arising from share options granted to employees of Stora Limited. At 31 December 2024, the investment in Stora Limited and the share-based payment reserve have each increased by £47,971. There is no effect on the loss for the year ended 31 December 2024, on equity at 1 January 2024, or on cash.

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		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		4,784,945		2,550,029

			4,784,945		2,550,029
CURRENT ASSETS
Debtors	5	37,266		4,162

		37,266		4,162
Creditors: Amounts Falling Due Within One Year	6	-		(9 )

NET CURRENT ASSETS (LIABILITIES)			37,266		4,153

TOTAL ASSETS LESS CURRENT LIABILITIES			4,822,211		2,554,182

NET ASSETS			4,822,211		2,554,182

CAPITAL AND RESERVES
Called up share capital	7		370		298
Share premium account			4,690,712		2,526,499
Share Based Payment Reserve			152,109		47,971
Profit and Loss Account			(20,980 )		(20,586 )

SHAREHOLDERS' FUNDS			4,822,211		2,554,182