MAZE AI LIMITED


Directors	Santiago Castineira Fernandez
	Adrian Jozwik
	Andrew Triedman
	Thomas Harry Wetherald


Registered Address	5 New Street Square
	London
	EC4A 3TW


Registered Number	15203461 (England and Wales)

Balance Sheet as at
31 January 2026

	Notes	31 Jan 2026		31 Oct 2024
		£	£	£	£
Called up share capital not paid			-		7,737
Fixed assets
Intangible assets	3		973		1,416
Tangible assets	4		70,313		12,159
Investments	5		9,809		-
			81,095		13,575
Current assets
Debtors	6	226,555		55,789
Cash at bank and on hand		17,701,186		4,418,879
		17,927,741		4,474,668
Creditors amounts falling due within one year	7	(117,392)		(21,545)
Net current assets (liabilities)			17,810,349		4,460,860
Total assets less current liabilities			17,891,444		4,474,435
Net assets			17,891,444		4,474,435
Capital and reserves
Called up share capital			8		6
Share premium			23,289,438		4,862,463
Profit and loss account			(5,398,002)		(388,034)
Shareholders' funds			17,891,444		4,474,435

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 23 October 2026, and are signed on its behalf by:

Thomas Harry Wetherald
Director
Registered Company No. 15203461

MAZE AI LIMITED

Notes to the Financial Statements
for the period ended 31 January 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Share-based payments
	The company provides equity settled share based payment arrangements to its employees and others providing similar services, including employees of its subsidiary. Equity settled arrangements are measured at fair value at the date of grant, using the Black Scholes model and excluding the effect of non market based vesting conditions. The fair value is expensed on a straight line basis over the vesting period, with a corresponding increase in equity. The amount expensed is based on the number of options expected to vest, revised at each reporting date. Where options are granted to employees of a subsidiary, the cost is added to the investment in that subsidiary. Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to the date of vesting. Where a modification is not beneficial to the employee, there is no change to the charge for share based payment. Settlements and cancellations are treated as an acceleration of vesting, and the unvested amount is recognised immediately in the profit and loss account.

Share-based payments

The company provides equity settled share based payment arrangements to its employees and others providing similar services, including employees of its subsidiary. Equity settled arrangements are measured at fair value at the date of grant, using the Black Scholes model and excluding the effect of non market based vesting conditions. The fair value is expensed on a straight line basis over the vesting period, with a corresponding increase in equity. The amount expensed is based on the number of options expected to vest, revised at each reporting date. Where options are granted to employees of a subsidiary, the cost is added to the investment in that subsidiary.

Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to the date of vesting. Where a modification is not beneficial to the employee, there is no change to the charge for share based payment. Settlements and cancellations are treated as an acceleration of vesting, and the unvested amount is recognised immediately in the profit and loss account.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Reducing balance (%)
	Office Equipment	25

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

2.	Average number of employees


		2026		2024
	Average number of employees during the year	5		0

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 November 24	1,657	1,657
At 31 January 26	1,657	1,657
Amortisation and impairment
At 01 November 24	241	241
Charge for year	443	443
At 31 January 26	684	684
Net book value
At 31 January 26	973	973
At 31 October 24	1,416	1,416

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 November 24	12,387	12,387
Additions	71,353	71,353
At 31 January 26	83,740	83,740
Depreciation and impairment
At 01 November 24	228	228
Charge for year	13,199	13,199
At 31 January 26	13,427	13,427
Net book value
At 31 January 26	70,313	70,313
At 31 October 24	12,159	12,159

5.	Fixed asset investments
	The addition of £9,809 is a capital contribution to Maze AI Inc, being the cost of share options granted by the company to employees of Maze AI Inc.

	Investments in groups¹	Total
	£	£
Cost or valuation
Additions	9,809	9,809
At 31 January 26	9,809	9,809
Net book value
At 31 January 26	9,809	9,809
At 31 October 24	-	-

	Notes
	¹Investments in group undertakings and participating interests

6.	Debtors: amounts due within one year

	2026	2024
	£	£
Amounts owed by group undertakings	137,022	-
Other debtors	75,463	55,789
Prepayments and accrued income	14,070	-
Total	226,555	55,789

7.	Creditors: amounts due within one year

	2026	2024
	£	£
Taxation and social security	48,955	4,647
Other creditors	2,490	12,398
Accrued liabilities and deferred income	65,947	4,500
Total	117,392	21,545

8.	Contingent liabilities
	There were no financial guarantees or commitments, either ongoing or entered into during the period.

9.	Off-balance sheet arrangements
	The company had no off-balance sheet arrangements at year-end or at any stage during the period.

10.	Related party transactions
	At the period end, there were £178 of loans outstanding owed to the director, and £137,022 of loans outstanding owed from Maze AI Inc. These amounts are interest-free and repayable on demand. During the period, the company granted share options to employees of Maze AI Inc. The cost of these share options, £9,809, has been treated as a capital contribution and added to the company’s investment in Maze AI Inc.

10.

Related party transactions

At the period end, there were £178 of loans outstanding owed to the director, and £137,022 of loans outstanding owed from Maze AI Inc. These amounts are interest-free and repayable on demand.

During the period, the company granted share options to employees of Maze AI Inc. The cost of these share options, £9,809, has been treated as a capital contribution and added to the company’s investment in Maze AI Inc.

11.	Further information regarding the company's financial position
	The company operates a share option scheme for its employees, including employees of Maze AI Inc. The total share based payment cost for the period was £317,731, of which £307,922 was charged to staff costs and £9,809 added to the investment in Maze AI Inc.