WITH ROUTE LIMITED


Director	KANDEL, Edward Neill Alexander


Registered Address	86-90 Paul Street
	3rd Floor
	London
	EC2A 4NE


Registered Number	15380719 (England and Wales)

Balance Sheet as at
31 January 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		3,504		4,998
			3,504		4,998
Current assets
Debtors	4	2,348		60,324
Cash at bank and on hand		137,050		498,543
		139,398		558,867
Creditors amounts falling due within one year	5	(23,376)		(22,635)
Net current assets (liabilities)			116,022		536,232
Total assets less current liabilities			119,526		541,230
Net assets			119,526		541,230
Capital and reserves
Called up share capital			12		12
Share premium			783,493		783,493
Other reserves			29,172		-
Profit and loss account			(693,151)		(242,275)
Shareholders' funds			119,526		541,230

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 28 October 2026, and are signed on its behalf by:

KANDEL, Edward Neill Alexander
Director
Registered Company No. 15380719

WITH ROUTE LIMITED

Notes to the Financial Statements
for the year 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.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The financial statements have been prepared on a going concern basis. The director considers this basis to be appropriate as the company has obtained additional funding subsequent to the year end, to enable the company to continue to trade for at least a period of twelve months from the date of approval of the 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 rendering of services.

	Defined contribution pension plan
	The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

	Share-based payments
	The share-based payment has been accounted for as an equity-settled transaction in accordance with FRS 102 Section 26. The fair value of the options at the grant date is recognised as an expense over the vesting period, with a corresponding credit to equity.

	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.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Research and development
	Research and development expenditure is expensed to the profit and loss account in the period in which it is incurred. Research and development tax credits are recognised as an asset, when there is reasonable certainty that the claim will be agreed by HMRC and the amount can be measured reliably. In practice, this is when the claim has been submitted to and accepted by HMRC.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Office Equipment	4

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks with original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant change in value.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	5		3

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 February 25	5,976	5,976
At 31 January 26	5,976	5,976
Depreciation and impairment
At 01 February 25	978	978
Charge for year	1,494	1,494
At 31 January 26	2,472	2,472
Net book value
At 31 January 26	3,504	3,504
At 31 January 25	4,998	4,998

4.	Debtors: amounts due within one year

	2026	2025
	£	£
Other debtors	1,542	58,508
Prepayments and accrued income	806	1,816
Total	2,348	60,324

5.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	2,220	6,706
Taxation and social security	-	6,728
Other creditors	1,434	1,480
Accrued liabilities and deferred income	19,722	7,721
Total	23,376	22,635

6.	Events after reporting date
	Subsequent to the year end on 21 May 2026, the Company allotted 289,186 Seed Preferred shares for total cash consideration of £1,831,039. This share issue occurred after the reporting date and, accordingly, no adjustment has been made to the financial statements in respect of this transaction. Subsequent to the year end, Mikolaj Jablonka resigned as a director on 24 July 2026.

7.	Further information regarding the company's financial position
	During the year, the company established an equity-settled share option scheme to incentivise key employees. Under the plan, 31,552 options with an exercise price of £0.10 and fair value of £4.60 were granted between 4 August 2025 and 7 August 2025 over the company’s ordinary shares. The fair value of the share options has been valued at £4.60 based on the funding round in April 2024. The number and weighted average exercise price (WAEP) of the shares were as follows: Number of options WAEP (£) As at 1 February 2025 - - Number of options granted 31,552 0.10 Exercised - - Forfeited - - As at 31 January 2026 31,552 0.10 The share based payment charge in the year was £29,172 (2025: £nil) and this was charged to the profit and loss. The total carrying amount is £29,172 (2025: £nil) recognised in the share-based payment reserve within equity.

Further information regarding the company's financial position

During the year, the company established an equity-settled share option scheme to incentivise key employees. Under the plan, 31,552 options with an exercise price of £0.10 and fair value of £4.60 were granted between 4 August 2025 and 7 August 2025 over the company’s ordinary shares.

The fair value of the share options has been valued at £4.60 based on the funding round in April 2024.

The number and weighted average exercise price (WAEP) of the shares were as follows:

                                                Number of options       WAEP (£)
As at 1 February 2025             -                                   -
Number of options granted      31,552                         0.10
Exercised                                 -                                   -
Forfeited                                   -                                   -
As at 31 January 2026             31,552                         0.10

The share based payment charge in the year was £29,172 (2025: £nil) and this was charged to the profit and loss. The total carrying amount is £29,172 (2025: £nil) recognised in the share-based payment reserve within equity.