Company No: 10348676 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	199,533		231,311
Tangible assets	4	41,629		53,450
		241,162		284,761
Current assets
Stocks		2,762		357
Debtors
- due within one year	5	112,321		167,139
- due after more than one year	5	0		58
Cash at bank and in hand		62,586		43,144
		177,669		210,698
Creditors: amounts falling due within one year	6	( 175,830)		( 192,085)
Net current assets		1,839		18,613
Total assets less current liabilities		243,001		303,374
Creditors: amounts falling due after more than one year	7	( 119,438)		( 13,735)
Net assets		123,563		289,639
Capital and reserves
Called-up share capital	8	725		725
Share premium account		1,098,024		1,098,024
Other reserves	11	91,085		0
Profit and loss account		( 1,066,271 )		( 809,110 )
Total shareholders' funds		123,563		289,639

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Binit Group Limited (registered number: 10348676) were approved and authorised for issue by the Board of Directors on 05 October 2026. They were signed on its behalf by:

Catherine Alice Holcombe Director

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

Binit Group Limited (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 1-3 College Yard, Worcester, WR1 2LB, United Kingdom. The principal place of business is F.12 Science Park Centre, 6 Anning Drive, Babbage Way, Clyst Honiton, Exeter, EX5 2FN.

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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 reporting date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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 Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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:

Computer software	5 years straight line
Development costs	5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Office equipment	5 years straight line
Computer equipment	4 years straight line
Other property, plant and 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 Statement of Financial Position 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.

Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		13

3. Intangible assets

	Computer software		Development costs		Total
	£		£		£
Cost
At 01 April 2025	21,274		257,744		279,018
Additions	115		0		115
At 31 March 2026	21,389		257,744		279,133
Accumulated amortisation
At 01 April 2025	21,147		26,560		47,707
Charge for the financial year	76		31,817		31,893
At 31 March 2026	21,223		58,377		79,600
Net book value
At 31 March 2026	166		199,367		199,533
At 31 March 2025	127		231,184		231,311

4. Tangible assets

	Plant and machinery		Office equipment		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 April 2025	6,868		416		9,015		129,998		146,297
Additions	176		0		66		12,550		12,792
At 31 March 2026	7,044		416		9,081		142,548		159,089
Accumulated depreciation
At 01 April 2025	1,409		407		5,410		85,621		92,847
Charge for the financial year	1,698		9		1,503		21,403		24,613
At 31 March 2026	3,107		416		6,913		107,024		117,460
Net book value
At 31 March 2026	3,937		0		2,168		35,524		41,629
At 31 March 2025	5,459		9		3,605		44,377		53,450

5. Debtors

	2026		2025
	£		£
Debtors: amounts falling due within one year
Trade debtors	68,058		105,667
Prepayments and accrued income	43,808		49,702
VAT recoverable	0		11,594
Other debtors	455		176
	112,321		167,139
Debtors: amounts falling due after more than one year
Other taxation and social security	0		58

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	2,914		2,786
Trade creditors	109,833		137,856
Amounts owed to directors	1,973		1,973
Accruals and deferred income	52,746		28,472
Other taxation and social security	8,346		7,040
Other creditors	18		13,958
	175,830		192,085

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	10,769		13,735
Other loans	108,669		0
	119,438		13,735

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
47,220 A ordinary shares of £ 0.01 each	472		472
25,287 Preference shares of £ 0.01 each	253		253
	725		725

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	8,478		25,566

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)	0		304

10. Related party transactions

Transactions with the entity's directors

During the year a director maintained a loan account with the company. At the end of the year the company owed the director £1,973 (2025: £1,973). No interest is charged and there are no set repayment terms.

11. Other reserves

The Other reserves include the equity component of a convertible loan note issued by the company. The instrument has been split into its liability and equity components, with the equity element recognised within Other reserves. The liability component is measured at amortised cost using a market rate of interest for similar non-convertible debt.