REGISTERED NUMBER: 12132924 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026

FOR

KONG INTERNATIONAL (UK) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

T P Kaweski

REGISTERED OFFICE:

Fourth Floor St James House

St James' Square

Cheltenham

England

GL50 3PR

REGISTERED NUMBER:

12132924 (England and Wales)

AUDITORS:

ML Audit LLP

Statutory Auditor

Freshford House

Redcliffe Way

Bristol

BS1 6NL

The director presents his strategic report for the year ended 31 January 2026.

Principal Activity

The principal activity of the company is to provide sales and marketing services support in the specific contracted region, being the UK, to its ultimate parent company Kong Inc., a company incorporated in the United States of America.

Introduction

Kong Inc., ("Kong" or "The Company", formerly known as Mashapps or Mashape) is a privately held software company founded in 2009 and headquartered in San Francisco, CA. Kong originated as an application program interface ("API") marketplace and evolved to offer open-source platforms, on-premises and cloud services designed to manage, monitor, and scale API and microservices. Kong Inc's platform includes API gateways, developer portals, API analytics and other features, enabling development teams to distribute, monetize, manage, analyze and consume API's. Kong Inc. is a US company formed in Delaware with foreign subsidiaries in Australia, Canada, China, France, Hungary, India, Japan, Singapore and the United Kingdom.

Kong International (UK) Limited generates revenue under a cost-plus model with monthly payments according to an ongoing service agreement with Kong Inc., and, hence, is expected to generate future taxable income.

Our strategy is aligned with the goals of Kong Inc., focusing on:

1. Sales and marketing, engineering, G&A, and post-sales support to Kong Inc;

2. Sales development in the region

Business Review

The profit for the year ended 31 January 2026 is £677,288 compared to prior year profit of £509,792; this is largely driven by a 52.6% increase in revenue. Due to the cost-plus model adopted, the revenue has increased primarily due to a rise in payroll costs in line with stronger performance and increased headcount and is expected to grow in future years.

Principal Risks and Uncertainties

Dependency on Kong: As a wholly owned subsidiary, our financial health is directly tied to Kong's success and decision-making. Any changes to strategic priorities or budget allocations could affect our future revenue.

For the year ending January 31, 2026, Kong Inc. incurred a consolidated net loss of $45.7 million and had an accumulated deficit of $336.3 million. At this stage, we purposely prioritize growth over profitability from a strategy standpoint. Prioritizing growth over profitability offers several long-term advantages for businesses, which is the reason why many pre-IPO software companies have similar positions. Growth requires higher levels of investment in the business, which enables us to capture market share, establish a strong brand presence, and scale more effectively, which typically leads to greater profitability in the future. In our view, growth-focused strategies are also key to maintaining high levels of innovation, allowing us to stay competitive and adapt to changing market conditions.

Our growth metrics are best-in-class. To name a few, year-over-year growth of ARR of ~38%, year-over-year growth of our SaaS solution of ~103%, net dollar retention of ~123%, and others. While not profitable, we do pay significant attention to efficiency and balance efficiency and growth strategic initiatives accordingly. In our view, we have healthy efficiency metrics such as New ARR to cash burn ratio of 3+, magic number of 0.58 and rule of 40 of 30%. These are all metrics intended to measure the strategic balance between growth and efficiency, and we have healthy metrics, all acknowledged by current and prospect investors.

Not being profitable is a strategic decision, which has to do with the investments we make in the business and our long-term business strategy. For reference, based on our current long-term plan, if we were to grow 10 percentage points less than our current actuals, we could be profitable by the next fiscal year.

In summary, with best-in-class growth rates, a superior margin profile, strong balance sheet, healthy efficiency metrics and significant capital availability, Kong is well-positioned to continue to scale and further enhance the capabilities of its market-leading suite of products for many years to come. Kong is also strategically well-positioned to market its services to highly regulated industries, including financial services businesses worldwide, as supported by our strong track record in that industry. To name a few customers: United Airlines (US), HSBC (UK), JP Morgan & Chase (US), Goldman Sachs (US), Santander (UK), Rabobank (The Netherlands), Hargreaves Lansdown (UK), Credit Agricole (France), and Standard Chartered Bank (Singapore).

ON BEHALF OF THE BOARD:

T P Kaweski - Director

28 October 2026

The director presents his report with the financial statements of the company for the year ended 31 January 2026.

DIVIDENDS

No dividends will be distributed for the year ended 31 January 2026 (2025: NIL).

DIRECTORS

The following director changes have taken place between 1 February 2025 and the date of this report:

T P Kaweski - appointed 15 April 2025

A Marietti - resigned 30 July 2026

PRINCIPAL RISKS AND UNCERTAINTIES

Objectives and policies

The company's objective is to support the ultimate parent company Kong Inc. by increasing market share in the UK. The director is responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage the key risks.

Strategic Risks

Dependence on the US Parent Company: the subsidiaries business is entirely dependent on the continued need for services by the US parent. Any significant changes in the parent company's strategic direction or alteration in the nature of services required, could impact the UK subsidiary's operations.

Financial Risks

Currency Risk: as the subsidiary operates in the UK and charges services in GBP, fluctuations in the exchange rate between GBP and USD could impact the financial results of the UK entity. However, this risk is partially mitigated by the cost-plus structure, which reflects the UK's local operating costs.

Credit Risk: the UK subsidiary is financially linked to the US parent, a large and stable company. While credit risk is minimal due to the financial strength of the parent, any disruption in the parent's operations could indirectly impact the UK subsidiary's cash flow.

Operational Risks

Retention of Key Talent: the success of the UK entity is dependent on retained skilled employees. Failure to retain key talent or difficulties in recruiting suitably qualified employees could impact the subsidiary's ability to meet its obligations to the US parent.

FINANCIAL INSTRUMENTS

The main financial instrument during the year relates to the intercompany balances between Kong International (UK) Limited and Kong Inc. A signed letter confirmation exists to support the balance as at 31 January 2026.

FUTURE DEVELOPMENTS

The UK subsidiary remains a stable and integral part of the overall business, providing essential services to its US parent. While there are some strategic, financial and operational risks, these are effectively mitigated through careful planning and management. The cost-plus model provides financial stability there are no significant risks expected to arise from external economic factors, employment, or regulatory charges in the foreseeable future.

The subsidiary will continue to focus on maintaining cost efficiency, service quality and employee retention, in line with the parent company's strategic objectives, ensuring continued success in the coming years.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, ML Audit LLP, have indicated their willingness to continue in office and are deemed to be reappointed under Section 487 of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

T P Kaweski - Director

28 October 2026

Opinion

We have audited the financial statements of Kong International (UK) Limited (the 'company') for the year ended 31 January 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cashflows and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the

risks or irregularities, including known and actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

- reviewed the basis, assumptions and calculations prepared by management on accounting for areas subject to estimation uncertainty, such as accrued commissions and share based payment calculations for any evidence of fraud or management override.

- undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those

leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through

discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial

statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of performing the above, our procedures to respond to the risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with

provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit;

- reviewed management's basis for estimating and accruing employee commissions and bonus expenses for evidence of material misstatement.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of law and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at

www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Jenkins (Senior Statutory Auditor)

for and on behalf of ML Audit LLP

Statutory Auditor

Freshford House

Redcliffe Way

Bristol

BS1 6NL

30 October 2026

TURNOVER

4

21,228,617

13,912,639

Administrative expenses

20,219,271

13,258,198

OPERATING PROFIT

6

1,009,346

654,441

Interest receivable and similar income

11,418

7,833

1,020,764

662,274

Interest payable and similar expenses

8

-

339

PROFIT BEFORE TAXATION

1,020,764

661,935

Tax on profit

9

343,476

152,143

PROFIT FOR THE FINANCIAL YEAR

677,288

509,792

PROFIT FOR THE YEAR

677,288

509,792

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

677,288

509,792

FIXED ASSETS

Tangible assets

10

60,227

51,986

CURRENT ASSETS

Debtors

11

6,293,721

3,815,724

Cash at bank

260,057

205,014

6,553,778

4,020,738

CREDITORS

Amounts falling due within one year

12

2,536,665

1,024,746

NET CURRENT ASSETS

4,017,113

2,995,992

TOTAL ASSETS LESS CURRENT LIABILITIES

4,077,340

3,047,978

CAPITAL AND RESERVES

Called up share capital

14

100

100

Share based payments reserve

15

1,116,330

764,256

Retained earnings

15

2,960,910

2,283,622

SHAREHOLDERS' FUNDS

4,077,340

3,047,978

The financial statements were approved by the director and authorised for issue on 28 October 2026 and were signed by:

T P Kaweski - Director

Share

Called up

based

share

Retained

payments

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 February 2024

100

1,454,292

772,499

2,226,891

Changes in equity

Total comprehensive income

-

829,330

(319,538

)

509,792

Share based payments reserve

-

-

311,295

311,295

Balance at 31 January 2025

100

2,283,622

764,256

3,047,978

Changes in equity

Total comprehensive income

-

677,288

-

677,288

Share based payments reserve

-

-

352,074

352,074

Balance at 31 January 2026

100

2,960,910

1,116,330

4,077,340

Cash flows from operating activities

Cash generated from operations

1

257,077

228,591

Interest paid

-

(339

)

Tax paid

(173,164

)

(300,147

)

Net cash from operating activities

83,913

(71,895

)

Cash flows from investing activities

Purchase of tangible fixed assets

(40,288

)

(48,199

)

Interest received

11,418

7,833

Net cash from investing activities

(28,870

)

(40,366

)

Increase/(decrease) in cash and cash equivalents

55,043

(112,261

)

Cash and cash equivalents at beginning of year

2

205,014

317,275

Cash and cash equivalents at end of year

2

260,057

205,014

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

1,020,764

661,935

Depreciation charges

32,047

21,564

Share based compensation

352,074

311,295

Finance costs

-

339

Finance income

(11,418

)

(7,833

)

1,393,467

987,300

Increase in trade and other debtors

(2,493,109

)

(667,015

)

Increase/(decrease) in trade and other creditors

1,356,719

(91,694

)

Cash generated from operations

257,077

228,591

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

260,057

205,014

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

205,014

317,275

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.25

Cash flow

At 31.1.26

£

£

£

Net cash

Cash at bank

205,014

55,043

260,057

205,014

55,043

260,057

Total

205,014

55,043

260,057

1.	STATUTORY INFORMATION

Kong International (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) and amounts are rounded to the nearest £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company is contracted by Kong Inc. to deliver sales and marketing services under an intercompany agreement. The company is remunerated by its parent for these services.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives ranges as follows:

Office equipment 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds within the carrying amount and recognised in profit or loss.

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.

The company relies on the continued support from Kong Inc. which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements. The director is satisfied that the parent company will have sufficient resources to provide this support for at least 12 months from the date of approval of these financial statements.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

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 reporting 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.

The parent company has also granted restricted stock units (RSUs), to Company employees. The fair value of RSUs is estimated based on the fair value of the Parent Company's common stock on the date of grant. The parent company grants RSUs that vest upon the satisfaction of both a service-based vesting condition and a liquidity event-related performance vesting condition. As of 31 January 2026, a liquidity event is not deemed likely and therefore no share-based payment expense or reserve has been recognised in relation to RSUs.

3.	JUDGEMENTS IN APPLYING ACCOUNTING POLICIES

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are judgements and assumptions deemed to be significant are those related to the valuation of share options. The fair values of the options are reviewed annually and are calculated by a qualified third party using the Black Scholes model whilst estimations are made regarding the number of options that are expected to vest.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United States of America

21,228,617

13,912,639

21,228,617

13,912,639

5.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

10,078,161

7,628,310

Social security costs

2,342,481

1,425,507

Other pension costs

291,230

221,779

12,711,872

9,275,596

The average number of employees during the year was as follows:

2026

2025

UK

88

71

2026

2025

£

£

Directors' remuneration

-

-

There are not considered to be any key management personnel in the UK.

6.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Other operating leases

269,989

239,637

Depreciation - owned assets

32,047

21,564

Foreign exchange differences

1,541

8,066

7.	AUDITORS' REMUNERATION

2026

2025

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

11,900

10,400

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Interest on corporation tax

-

(447

)

Interest payable

-

786

-

339

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

339,092

156,216

Adjustments in respect of

prior periods

-

(9,184

)

Total current tax

339,092

147,032

Deferred tax

4,384

5,111

Tax on profit

343,476

152,143

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

1,020,764

661,935

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

255,191

165,484

Effects of:

Expenses not deductible for tax purposes

95,533

82,408

Adjustments to tax charge in respect of previous periods

-

(9,184

)

for changes in tax rates

recognised

Other permanent differences

(7,248

)

(86,565

)

Total tax charge

343,476

152,143