Final Results For The Year Ended 31 December 2025

SuperSeed Capital Limited

30 March 2026

 

SUPERSEED CAPITAL LIMITED

(the "Company")

FINAL RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

SuperSeed Capital Limited, a company established as a venture capital fund of funds for early-stage AI/SaaS companies, announces that the final results for the financial year ended 31 December 2025, as detailed below, have been fully extracted from the Annual Report and Audited Financial Statements for the year ended 31 December 2025, which were approved and authorised for issue by the Board of Directors on 26 March 2026.

In the coming days, the full Annual Report and Audited Financial Statements will be available on the Company's website at: https://www.superseed.com/investors/superseed-capital/documents/.

The Company invests in technology-led innovation, primarily through funds managed by SuperSeed Ventures LLP (the "Investment Manager"). The Company's principal investment to date is in SuperSeed II LP (the "Fund").

For more information, please contact:

SuperSeed Capital Limited	[phone]
Mads Jensen, Investment Manager
VSA Capital - AQSE Corporate Adviser and Broker	[phone]
Corporate Finance: Andrew Raca / Dylan Sadie

Chairman's Statement
Introduction
This is my fourth statement on the audited financial statements of SuperSeed Capital Limited ("SuperSeed" or the "Company") since our admission to trading on the Aquis Stock Exchange Growth Market in January 2022. Market conditions for listed investment companies remained challenging throughout 2025, with sector wide discounts to NAV persisting. Despite this environment, I am pleased to report that the Company delivered another year of NAV growth.
As at 31 December 2025, the Company's NAV per share increased to £1.3688, up from £1.2544 at the end of 2024, reflecting a year of continued value creation within our underlying portfolio. The fully diluted NAV per share at year end stood at £1.33, representing a 12p increase over the prior year.
The Company was originally established to give public market investors access-without minimum commitments-to early-stage venture investments sourced through SuperSeed Ventures LLP. This objective continues to be achieved. However, the Board remains focused on enhancing liquidity and evaluating future share issuances, which would allow the Company to continue supporting its principal investment, SuperSeed II LP (the "Fund"), and broader opportunities as they arise.
During the year, the Company continued to manage its liquidity requirements through the issuance and subsequent repayment of loan notes, supported in part by selective sales of interests in the Fund to its manager. These actions enabled the Company to meet capital calls from the Fund while recognising both realised and unrealised gains. Total comprehensive income for the year was £270,618, compared with £281,871 in 2024.
Investment Policy
The Company invests in early-stage European software and AI businesses that demonstrate the potential to scale rapidly and materially improve or disrupt traditional service led industries. Our objective is to deliver long term capital growth for shareholders through disciplined exposure to innovative, high growth technology companies.
Performance
The Company produced strong performance during the year, driven by valuation uplifts within the Fund's underlying portfolio. Net assets increased to £3.24m (2024: £2.97m), and the fair value of investments rose to £3.29m (2024: £3.05m).
The Fund delivered a particularly robust final quarter, with portfolio revenue growing at nearly 100% annualised in Q4. Two new companies-Hive Autonomy and SOLVE Chemistry-were added during Q4 2025, with two further investments, Cursive and All3, completing shortly after year end.
Key Fund metrics as at year end included:
·     Net IRR: 21.1% ·     TVPI: 1.25x ·     DPI: 0.13x ·     Portfolio CARR: $22m (up 69% from $13m at start of year)
These indicators reflect the maturing profile of the Fund's 27 company portfolio.
The Fund's investment period has now concluded, and several portfolio companies are advancing towards Series A rounds, providing potential catalysts for future valuation growth.
ESG
The Company continues to comply with the Guernsey Finance Sector Code of Corporate Governance, which is considered appropriate for a company of our size.
The Company and its Investment Manager remain committed to responsible investment and ESG principles. As an externally managed investment vehicle with no employees or premises, our primary ESG influence is exerted through oversight of the Manager and active monitoring of the portfolio companies. Further details of the Manager's ESG related policies and practices can be found at: https://www.superseed.com/journal/superseed-esg-policies-and-investment-strategy/
Outlook
The Board believes that the Company remains well positioned to benefit from continued innovation and investment in AI and B2B software. The Fund's portfolio is increasingly mature, with several companies approaching major funding milestones. The combination of a hands on, experienced investment manager and an established portfolio of growing companies continues to make the Company an attractive long term investment proposition.
We thank our shareholders for their continued support and look forward to executing on our strategy in the year ahead.
Joseph Truelove
Chairman
SuperSeed Capital Limited

Investment Manager's Report
Two product releases in 2025 changed the way software gets built. In February, Anthropic launched Claude Code as a research preview: the first agentic tool that could take instructions, execute actions on a developer's computer, and deliver working code. In November, they released Opus 4.5, a model capable enough that it settled the question of whether AI could write production code. By the end of the year, AI-assisted development had gone from experiment to default.
Then, in February 2026, Anthropic released CoWork, extending the same agentic capability to every knowledge worker. In the weeks that followed, roughly $1 trillion was wiped from software company valuations. The market grasped what developers had known for months: AI agents can do much of what traditional per-seat software does, and the licensing model that built the SaaS industry is under genuine threat.
These events occurred after the reporting period, but they are the context in which the Fund's 2025 results should be read.
This is the "SaaSpocalypse." It is real, but it is also overdone.
The panic is selective. Horizontal point-solution SaaS vendors with low switching costs face genuine disruption. An AI agent that can process expenses, schedule meetings, or manage basic workflows makes the dedicated tool redundant. Atlassian fell 35% in days. Intuit fell 34%. The North American Tech Software Index dropped roughly 30% from its September 2025 peak.
The broader picture tells a different story. Gartner forecasts worldwide software spending will grow 14.7% in 2026 to over $1.4 trillion, roughly $180 billion in net new spending in a single year. Forrester projects global SaaS spending will nearly double from $318 billion (2025) to $576 billion by 2029. The software market is getting larger, not smaller.
What is changing is where the value sits. There will be a rich software industry on the other side of this transition, built by companies that step up to provide the agent workflows, orchestration, and intelligence around core data platforms that enterprises need. But it will belong to companies that can make the transition. Those that cannot will be left behind.
In the PC era, value shifted from hardware to software. In the internet era, from infrastructure to applications. In the AI era, value is moving from model providers to those who make AI deployable in specific sectors. The winning companies will build applications with domain expertise, verification, and the decision scaffolding that makes AI outputs trustworthy.
The deployment gap
The capability constraint is over. The models are here. Agentic harnesses work. Open-source models match proprietary systems at a fraction of the cost. China's Moonshot released Kimi K2.5, comparable to the best proprietary systems at agentic work and built for running up to a hundred agents in parallel. Raw capability is no longer the bottleneck.
And yet 95% of enterprise AI projects still fail to reach production.
MIT's 2025 research found the primary obstacles are data quality (43%), lack of technical maturity (43%), and skills shortage (35%). S&P Global reports 42% of companies now abandon AI initiatives before production, up from 17% the previous year.
Software development transformed first because the models were trained on verification systems (test suites, type checkers, continuous integration). Through reinforcement learning, they got fast feedback on what works and what does not. Other sectors lack this. Institutional knowledge lives in people's heads and walks out the door when they leave. Decision logic sits in spreadsheets no one maintains. The verification systems were never built.
Portfolio Performance
At the Company level, SuperSeed Capital Limited reported net assets of GBP 3.24 million as at 31 December 2025, with the fair value of investments at GBP 3.29 million. Net asset value per share was GBP 1.3688 (fully diluted: GBP 1.33), and total comprehensive income for the year was GBP 270,618. The NAV increase reflects continued value creation within the Fund's underlying portfolio.
During the year, the Company managed its liquidity through issuance and repayment of convertible loan notes and selective sales of interests in the Fund to the Investment Manager. The aggregate principal of the convertible loan notes was reduced from GBP 1 million to GBP 400,000, with the redemption date extended to February 2028. The Investment Manager, SuperSeed Ventures LLP, is the counterparty to these transactions.
At the Fund level, Q4 was the strongest quarter since inception, capping twelve months of accelerating growth:
·     Net IRR: 21.1% ·     TVPI: 1.25x ·     DPI: 0.13x ·     Portfolio CARR: $22 million (up 69% from $13 million at the start of the year)
Portfolio revenue grew at nearly 100% annualised in Q4, up from 50% year-on-year in 2024. Over four years, the Fund has delivered 21.1% net IRR, top quartile for its vintage year according to Cambridge Associates. That compares with 10.6% annualised from the S&P 500 over the same period.
Popp had a breakout year as its AI-powered recruitment platform found clear product-market fit. Finteum brought Goldman Sachs live on its distributed ledger platform for intraday liquidity management; four of the world's largest banks are now active on the platform. Duel closed a $16 million Series A, with enterprise clients including Estee Lauder, Lush, and Victoria's Secret. OctaiPipe secured ABB as both strategic investor and distribution partner for AI-powered data centre cooling.
A small number of portfolio companies had a harder year. That comes with the territory at pre-seed. Where commercial traction has been slower than hoped, we are working with founders on repositioning and restructuring. There is potential in several of these situations going into 2026.
New investments
2025 was the Fund's final year of active investment. We completed seven new investments, with two more closing just after year-end, bringing the portfolio to 27 companies.
In Q1, we completed three investments. Biographica has built a foundational model and graph-based ML system for crop gene identification that cuts the process from six months to two weeks. Bench applies AI to aerospace and automotive design, compressing multi-variable optimisation from months to hours.
In Q2 and Q3, we added two. Ploy maps every employee permission across every enterprise system and automates just-in-time access and revocation. As AI agents proliferate and the number of non-human identities in enterprise systems multiplies, this problem is growing fast. Fit Collective uses 348 million fit data points to fix clothing sizing before production. About half of online fashion returns are fit-related; Fit Collective eliminates the problem at source.
In Q4, two more. Hive Autonomy is building a universal platform for remote and autonomous operation of industrial vehicles. One operator, multiple machines, from a centralised station. Forklifts, excavators, diggers: these machines move trillions of pounds of materials globally, and most operate exactly as they did fifty years ago. SOLVE Chemistry combines automated high-throughput flow chemistry with machine learning, compressing pharmaceutical process development from 9-24 months to weeks and generating 20x more data than traditional methods. Already working with BASF, AstraZeneca, and Hovione.
Shortly after year-end, the Fund completed its final two investments: Cursive, a DeepMind spin-out building real-time generative AI models, and All3, a construction technology company that extends our Physical AI thesis into one of the world's largest industries.
The investment period is now complete.
Portfolio spotlight: Physical AI
I want to draw attention to three portfolio companies that show where AI creates defensible value in the physical world.
Hive Autonomy works where traditional automation fails. Automated guided vehicles need controlled environments and fixed paths. Hive's AI operates in unpredictable conditions: active warehouses, construction sites, factories. Every site is different. The hard part is not the model. It is making autonomy work where scripted automation breaks down.
OctaiPipe tackles one of AI's ironies: its own energy consumption. Data centres now consume approximately 1.5% of global electricity, approaching 3% by 2030. OctaiPipe's AI cuts facility power consumption by up to 30%. With ABB now distributing the product to the world's largest operators, hyperscale opportunities are in the pipeline for 2026.
All3 brings the same logic to construction. Paper processes, tribal knowledge, and manual coordination waste billions a year. All3's system spans AI-generated designs, robotic timber manufacturing, and autonomous on-site assembly. Construction has seen essentially zero productivity improvement in fifty years. All3 is built to change that.
What these three have in common: they operate in physical industries where failure is expensive, environments are messy, and knowing the domain matters more than having the biggest model.
Outlook for 2026
The shakeout in legacy software will continue. Gartner predicts 35% of point-product SaaS tools will be replaced by AI agents by 2030. But the market for software that helps organisations deploy and verify AI is growing fast. Our portfolio companies are building that software.
The AI infrastructure buildout continues at a staggering pace. The major cloud providers have announced 2026 infrastructure spending totalling over $600 billion. What AI applications actually generate in revenue is a fraction of that. Whether this becomes the foundation for the next computing platform or one of the largest capital misallocations in history depends on how fast the application layer catches up. We are building on the application layer.
Geopolitics is, counterintuitively, working in favour of European software. The Middle East conflict has destabilised energy markets; Europe entered 2026 with gas storage well below prior-year levels. The Trump administration has tied EU digital regulation enforcement to tariff negotiations. France has ordered 2.5 million civil servants off American cloud platforms by 2027. The EU's forthcoming Cloud and AI Development Act is expected to require European infrastructure for EU customers. The European sovereign cloud market is projected to grow from EUR 20 billion to EUR 100 billion by 2031.
Christine Lagarde made the point well in her March 2026 ECB speech: unlike in the 1920s, today's AI capabilities depend on global supply chains, so geopolitical fragmentation would erode them immediately. The 1920s are the cautionary tale precisely because policymakers treated technology and international order as separate domains. That was the mistake. For European software companies, though, data sovereignty, regulatory divergence, and local procurement mandates are expanding the addressable market. Every new regulation increases demand for compliant, European-built software.
Three Fund portfolio companies are approaching Series A rounds, with significant fundraising activity expected in H1 2026. As these rounds close at valuations reflecting the revenue growth already achieved, we expect further expansion in the Fund's TVPI.
Conclusion
We began investing in January 2022, nearly a year before ChatGPT's release. Since then, the model layer has produced enormous winners: OpenAI's valuation approaches $1 trillion, and Anthropic is not far behind. Building foundation models requires tens of billions in capital and is a race with very few entrants. For venture investors at the earliest stages, the opportunity sits in the application layer: companies that take these powerful models and make them work in specific industries, with the domain expertise and verification that turns raw capability into reliable software.
The current disruption is destroying value in commodity software. The infrastructure buildout is funnelling hundreds of billions into the compute layer. Application-layer companies with proprietary data and deep domain knowledge are where we believe lasting, investable value will concentrate.
That is what we built the portfolio to do. With three companies approaching Series A in H1 2026, we expect the next twelve months to translate portfolio momentum into marked-up valuations.
Mads Jensen
Managing Director
SuperSeed Ventures LLP

Statement of Comprehensive Income
for the year ended 31 December 2025
		2025		2024
	Notes	£		£
Income
Realised gain on investments held at fair value through profit or loss		175,483		114,032
Unrealised gain on investments held at fair value through profit or loss	7	277,034		322,505
Bank interest income		406		3,740
Total income		452,923		440,277
Expenses
Administration fees	14	31,371		32,406
Audit fees		25,950		25,000
Directors' fees	14	20,000		20,000
Insurance		1,036		1,036
Legal & professional fees		40,086		47,118
Loan interest		39,955		7,878
Management fees		8,013		7,053
Regulatory fees		15,801		16,813
Sundry expenses		93		1,102
Total expenses		182,305		158,406
Total profit and comprehensive income for the year		270,618		281,871
Basic earnings per share	6	0.1144		0.1192
Diluted earnings per share	6	0.1144		0.1167
All the above items are derived from continuing operations.
There is no other comprehensive income for the year.

Statement of Financial Position
as at 31 December 2025
			2025		2024
		Notes	£		£
Non-current assets
Investments		7	3,292,621		3,050,658
Total non-current assets			3,292,621		3,050,658
Current assets
Trade and other receivables		8	7,318		7,417
Cash and cash equivalents			36,062		27,870
Total current assets			43,380		35,287
Total assets			3,336,001		3,085,945
Current liabilities
Trade and other payables		9	47,499		43,403
Loans payable		10	50,402		75,060
Total current liabilities			97,901		118,463
Total liabilities			97,901		118,463
Net assets			3,238,100		2,967,482
Equity
Share capital		12	2,369,743		2,369,743
Retained earnings			868,357		597,739
Total equity			3,238,100		2,967,482
Net asset value per ordinary share			1.3688		1.2544

Statement of Changes in Equity
for the year ended 31 December 2025
		Share Capital		Retained Earnings		Total
		£		£		£
Balance as at 1 January 2024		2,369,743		315,868		2,685,611
Total comprehensive income for the year		-		281,871		281,871
Balance as at 31 December 2024		2,369,743		597,739		2,967,482
		Share Capital		Retained Earnings		Total
		£		£		£
Balance as at 1 January 2025		2,369,743		597,739		2,967,482
Total comprehensive income for the year		-		270,618		270,618
Balance as at 31 December 2025		2,369,743		868,357		3,238,100

Statement of Cash Flows
for the year ended 31 December 2025
		2025		2024
		£		£
Cash flows from/(used in) operating activities
Net profit for the year		270,618		281,871
Realised gain on investments		(175,483)		(114,032)
Unrealised gain on investment revaluation		(277,034)		(322,505)
Movement in prepayments		99		(3,257)
Movement in trade and other payables		4,438		13,443
Loan interest		39,613		7,818
Net cash flow (used in) operating activities		(137,749)		(136,662)
Cash flows from/(used in) investing activities
Purchase of investments		(770,795)		(694,122)
Proceeds from disposal of investments		981,349		724,679
Movement in prepaid investments		-		(32,392)
Net cash flow (used in)/from investing activities		210,554		(1,835)
Cash flows from/(used in) financing activities
Loan interest		(39,613)		(7,818)
Proceeds from loan		835,000		460,000
Repayment of loan		(860,000)		(385,000)
Net cash flow from/(used in) financing activities		(64,613)		67,182
Net movement in cash and cash equivalents during the year		8,192		(71,315)
Cash and cash equivalents at the beginning of the year		27,870		99,185
Cash and cash equivalents at the end of the year		36,062		27,870

Notes to the Financial Statements

for the year ended 31 December 2025

1

General Information

The Company was incorporated on 6 October 2021 in Guernsey, as a non-cellular company limited by shares under The Companies (Guernsey) Law, 2008 (as amended) ("Company Law"). The Company is regulated by the Guernsey Financial Services Commission as a Registered Closed-ended Collective Investment Scheme pursuant to The Protection of Investors (Bailiwick of Guernsey) Law, 2020 and the Registered Collective Investment Schemes Rules and Guidance 2021. The address of the registered office is given on page 3.

The main purpose of the Company is to carry on business as a fund-of-funds. The Company will invest in technology-led innovation primarily through unquoted funds managed directly and indirectly through SuperSeed II LP by SuperSeed Ventures LLP, the Investment Manager, with the objective of maximising investors' long term total returns - principally through capital appreciation.

2

Significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been adopted consistently in the preparation of the financial statements unless otherwise stated.

Basis of accounting

These  financial  statements  are  prepared  in  accordance  with  International  Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and The Companies (Guernsey) Law, 2008. These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss.

a)

Functional and presentational currency

The financial statements are presented in British Pound Sterling ("GBP" or "£"), which is the Company's functional currency as the Company's primary business transactions and majority of overall transactions are conducted in GBP. The Directors consider GBP as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions of the Company.

b)

Foreign currency translation

Monetary assets and liabilities are translated from currencies other than GBP ("foreign currencies") to GBP (the "functional currency") at the rate prevailing at the period end date. Income and expenses are translated from foreign currencies to the functional currency at the rate prevailing at the date of the transaction. Exchange differences are recognised in the Statement of Comprehensive Income.

Foreign currency transaction gains and losses on financial instruments classified as fair value through profit or loss are included in the Statement of Comprehensive Income.

c)

Financial instruments

Financial assets and financial liabilities are recognised in the Company's Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are only offset and the net amount reported in the Statement of Financial Position and Statement of Comprehensive Income when there is a currently enforceable legal right to offset the recognised amounts and the Fund intends to settle on a net basis or realise the asset and liability simultaneously.

The Company's financial assets comprise of  receivables and cash at amortised cost and investments held at fair value through profit and loss.

Receivables

With the exception of receivables related to investments, receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They principally comprise trade and other receivables. They are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition, and subsequently carried at amortised cost using the effective interest rate method, less provisions for impairment. The effect of discounting on these financial instruments is not considered to be material.

For assets measured at amortised cost, IFRS 9 requires an assessment of impairment based on providing for expected losses. The Company has chosen to apply an impairment approach similar to the simplified approach for expected credit losses under IFRS 9 for the Company's receivables.  Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on life time expected credit losses at each reporting date. This approach takes into account historic observed loss rates over the expected life of the receivables, and is adjusted for forward looking estimates.

Investments at fair value through profit or loss

(i)

Classification

The Company classifies its investments as financial assets at fair value through profit or loss. These financial assets are designated by the Company at fair value through profit or loss at inception.

(ii)

Recognition

Purchase and sales of investments will be recognised on the trade date which is the date on which the Company commits to purchase or sell the investment. Investment purchases which involve earn-out payments or similar deferred payments will be accounted for at the best estimate of fair value, any subsequent changes in these fair value estimates are recognised in the Statement of Comprehensive Income as part of the changes in fair value of financial assets held at fair value through profit or loss.

(iii)

Measurement

The investments will be initially recognised at cost, being the fair value of consideration given. Subsequently such assets are carried at fair value and the changes in fair value are recognised in the profit and loss.

(iv)

Derecognition of financial assets

A financial asset (in whole or in part) is derecognised either:

•

When the Company has transferred substantially all the risks and rewards of ownership; or

•

When it has neither transferred nor retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or

•

When the contractual right to receive cash flow has expired.

Cash and cash equivalents

Cash and cash equivalents are defined as cash in hand, demand deposits and highly liquid investments readily convertible to known amounts of cash with an original maturity of three months or less and are subject to an insignificant risk of changes in value. As at 31 December 2025 cash and cash equivalents consists only of cash at bank.

d)

Fair value estimation

International Financial Reporting Standard 13, "Fair Value Measurement" recommends investments treated as "financial assets at fair value through profit or loss" to be subsequently measured at fair value. IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions. Fair value under IFRS 13 is an exit price regardless of whether that price is directly observable or estimated using another valuation technique.

The Board has delegated responsibility for carrying out the fair valuation of the Company's portfolio to the Investment Manager.

Investments are reported as having the fair value estimated by the Investment Manager at the reporting date. The fair value of the Company's investments in SuperSeed Fund II LP and other future investments will be calculated in accordance with International Private Equity and Venture Capital ("IPEV") valuation guidelines. Under IPEV guidelines, the fair value of unquoted investments can be calculated using a number of approaches, broadly categorised under three headings, Income Approach, Market Approach and Replacement Cost.

Given the type and stage of investments, the Investment Manager will seek to take a Market Approach where possible, most often based on calibration to the price of the recent investment and market multiples. Alternative methodologies may be considered in accordance with IPEV.

It is the opinion of the Directors, that the IPEV valuation methodology used in deriving a fair value is not materially different from the fair value requirements of IFRS 13.

All valuations made by the Investment Manager will be made, in part, on valuation information provided by the portfolio companies of SuperSeed Fund II LP alongside other future investments. Although the Investment Manager will evaluate all such information and data, it may not be able to confirm the completeness, genuineness or accuracy of such information or data. In addition, the financial reports provided by the Portfolio Companies may be provided only on a quarterly basis and generally will be issued one to two months after their respective valuation dates. Consequently, each quarterly Net Asset Value is likely to contain information that may be out of date and require updating and completing. Shareholders should bear in mind that the actual Net Asset Values at such time may be materially different from the quarterly valuations.

Investment income from financial assets at fair value through profit or loss is recognised in the Statement of Comprehensive Income when the Company's right to receive payments is established.

e)

Financial liabilities

The classification of financial liabilities at initial recognition depends on the purpose for which the financial liability was issued and its characteristics.

All financial liabilities are initially recognised at fair value net of transaction costs incurred. All purchases of financial liabilities are recorded on trade date, being the date on which the Company becomes party to the contractual requirements of the financial liability. Unless otherwise indicated, the carrying amounts of the Company's financial liabilities approximate to their fair values. The Company's financial liabilities consist of only financial liabilities measured at amortised cost.

(i)

Financial liabilities measured at amortised cost

These include trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest rate method.

(ii)

Derecognition of financial liabilities

A financial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income.

f)

Segmental reporting

In accordance with IFRS 8, Operating Segments, the Company is required to present and disclose segmental information. The Chief Operating Decision Maker, which is the Board, is of the opinion that the Company is engaged in a single segment of business through its investment portfolio, with the aim of providing long-term returns through capital appreciation to shareholders. The financial information used by the Chief Operating Decision Maker to manage the Company presents the business as a single segment.

g)

Critical accounting judgements and key sources of estimation uncertainty

IFRS requires the Directors to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability in future periods.

The areas where assumptions and estimates are significant to the financial statements include the valuation of investments. The Company's investment into SuperSeed II LP is measured at the net asset value of the Company's investment at year end. The underlying investments of SuperSeed II LP are valued in accordance with the IPEV methodology in which unlisted investments are carried at such fair value as is considered appropriate by the Investment Manager. The investment in Duel Holdings has been valued at fair value and in Kluster Enterprises Limited at recent round of financing. The models used to determine fair values are validated and periodically reviewed by the Investment Manager. Refer to note 2 (d) for further disclosure details.

h)

Income and expenses

Operating income and expenses have been accounted for on an accruals basis, and are recognised in the Statement of Comprehensive Income in the period which they are incurred.

i)

Management fees

Management fees are accounted for on an accruals basis and are measured at the fair value of the consideration paid.

j)

Going concern

The Directors, and the Investment Manager having considered the Company's objectives and available resources along with its projected income and expenditure, are satisfied that the Company has adequate resources to meet its liabilities as they fall due and continue in operational existence for the foreseeable future. The Company adopts an "Overcommitment Policy" in order to reduce the cash reserves held by the Company that have not been called by its commitment-based investments. In order to meet ongoing investment commitments, the Company may utilise any cash reserves held, incur borrowings, issue new share capital or sell assets in order to realise their value.  Given the lack of new capital from shareholders, the Company has sold further portions of its commitment in SuperSeed II LP to the Investment Manager during the year, in the same manner as in previous years. The Directors are cognisant of potential capital calls from underlying investments. Loans can also be drawn from the Investment Manager under the Convertible Loan Note Instrument entered into on 21 June 2024, if required. The Directors do not consider there to be any threat to the going concern status of the Company.

For these reasons, the Company continues to adopt the going concern basis in preparing the financial statements.

3

Adoption of new and revised standards

Standards issued and effective

There are new standards and amendments to existing standards that are effective for the period beginning on 1 January 2025 and have therefore been adopted. None of these standards or amendments have a significant impact on the Company's financial results or position; hence they have not been disclosed.

Standards issued but not yet effective

At the date of authorisation of these financial statements, several new, but not yet effective, Standards and amendments to existing Standards and Interpretations have been published by the IASB. None of these Standards or amendments to existing Standards have been early adopted early by the Company.

IFRS 18 'Presentation and Disclosure in Financial Statements' is effective for periods beginning on or after 1 January 2027.

IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18  will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined  performance measures within the financial statements.

The Directors are currently assessing the detailed implications of applying the new standard on the Company's financial statements. The adoption of IFRS 18 is not expected to impact the Company's net profit, however the manner in which items are disclosed and information provided is anticipated to change.

The Company will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.

4

Taxation

The Company is exempt from income taxation in Guernsey under the provisions of the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989, as amended. An annual fee of £1,600 (2024: £1,600) is payable and is included in the Statement of Comprehensive Income within regulatory fees.

5

Material agreements

Investment Manager

Under the Alternative Investment Fund Management Agreement dated 21 January 2022, the Company has appointed SuperSeed Ventures LLP as the Company's Investment Manager to provide portfolio and risk management services to the Company. The Investment Manager does not charge separate fees to the Company for managing funds where it is already paid a fee as part of a direct fund management mandate (including the Company's investment in SuperSeed II LP). For all other investments, the Investment Manager is entitled to receive from the Company a management and performance fee for the management of investments. This is calculated as being:

(a)

0.25 per cent. of the Total Portfolio Value; and

(b)

20 per cent. of the aggregate net realised profits on Investments since the start of the relevant Calculation Period.

In each case, calculated as at the end of a Calculation Period and payable in arrears within 30 days after the end of that Calculation Period.

For these purposes:

"Calculation Period" means each calendar quarter, with the first Calculation Period commencing on Admission and ending on 31 March 2022.

"Investment" means any investment or other asset (including cash) of the Company of any description, the acquisition or holding of which is authorised under the investment policy of the Company from time to time, and in the case of investment commitments into other funds the total commitment to that fund should be regarded as an "Investment".

"net realised profits" means the net profit received by the Company following a disposal of an Investment as recorded in its accounts in accordance with the Company's adopted accounting policies from time to time.

"Portfolio" means the portfolio of Investments held by the Company directly or indirectly from time to time.

If all assets were to be realised at the current valuation, the Manager would be due additional management fees that have not been accrued in the amount of £85,928 (2024: £86,298).

Administrator

Under the Administration agreement dated 15 October 2021, Imperium Fund Services Limited provides secretarial, directors and administration services to the Company and is entitled to remuneration and reimbursement of expenses as may be determined from time to time by the parties. The Company adopts the cyber policies of the Administrator. The Board are comfortable with their cyber policies, controls and reporting.

VSA Engagement Letter

Under the engagement letter dated 7 October 2021, the Company appointed VSA Capital Limited to act as its Corporate Adviser for the purposes of seeking admission of the Company's shares to trading on the Access Segment of the Growth Market operated by Aquis Exchange Limited, for which the Company agreed to pay VSA Capital Limited £40,000 plus any applicable VAT.

AQSE Corporate Adviser Agreement

Under the AQSE Corporate Adviser agreement dated 7 October 2021, the Company has appointed VSA Capital Limited to act as corporate adviser and broker to the Company on an on-going basis following admission of the Company's shares to trading on the AQSE, for which the Company agreed to pay VSA Capital Limited a fee of £40,000 plus any applicable VAT per annum payable quarterly in advance. The annual retainer fee was reduced to £30,000 from 1 July 2024.

Registrar

The Company utilises the services of MUFG Corporate Markets (Guernsey) Limited as a registrar in relation to the transfer and settlement of its issued shares. Under the terms of the Registrar Agreement, the Registrar is entitled to an annual fee of £4,326 per annum. In addition, the Registrar is entitled to remuneration as may be determined from time to time by the parties. Additional remuneration of £2,055 (2024: £2,179) was paid during the year.

6

Earnings per share

Earnings per share is calculated by dividing the profit or loss for the period by the weighted average number of ordinary shares in issue during the period.

31 December 2025

31 December 2024

£

£

Total profit and comprehensive income for the year

270,618

281,871

Weighted average number of shares in issue

2,365,606

2,365,606

Basic earnings per share

0.1144

0.1192

Diluted weighted average number of shares in issue

2,365,606

2,415,606

Diluted earnings per share

0.1144

0.1167

7

Investments held at fair value through profit or loss

31 December 2025

31 December 2024

£

£

Cost at beginning of the year

2,170,199

1,875,058

Purchases during the year

770,794

905,788

Disposals during the year

(805,865)

(610,647)

Cost as at 31 December

2,135,128

2,170,199

Movement in fair value at beginning of the year

880,459

557,954

Movement in fair value during the year

277,034

322,505

Movement in fair value as at 31 December

1,157,493

880,459

Fair value at year end

3,292,621

3,050,658

All investments are fair valued at the year end.

The Company has committed to invest up to £2,130,000 in SuperSeed II LP, of which £377,942 is unfunded, inclusive of recallable distributions, as at 31 December 2025.

8

Trade and other receivables

31 December 2025

31 December 2024

£

£

Prepayments

7,318

7,417

Total

7,318

7,417

9

Trade and other payables

31 December 2025

31 December 2024

£

£

Administration fees payable

-

1,500

Audit fees payable

25,950

25,000

Legal fees payable

1,355

4,722

Management fees payable

20,194

12,181

Total

47,499

43,403

10

Loans payable credit facility

31 December 2025

31 December 2024

£

£

Loans balance b/fwd

75,000

-

Loans received

835,000

460,000

Loans repaid

(860,000)

(385,000)

Loans payable c/fwd

50,000

75,000

Loan interest accrued

402

60

Total

50,402

75,060

On 14 September 2022 a convertible loan note agreement was signed with SuperSeed Ventures LLP, which was due to expire in September 2024. A new replacement convertible loan note agreement was signed on 21 June 2024. The loan facility, which has a maximum term of 2 years, has an aggregate principal amount of notes outstanding at any time limited to £1,000,000.

The notes when issued and outstanding shall rank pari passu, equally and rateably, without discrimination or preference among themselves and as obligations of the Company.

Until the notes are repaid by the Company or converted into Shares, in each case in accordance with the provisions of this Instrument, interest shall accrue and be paid on the principal amount of the notes outstanding at the rate of SONIA plus 10% per annum.

All outstanding notes shall automatically convert into fully paid Shares of the class set out below at the Conversion Price on written notice of the noteholder. The noteholder shall have the right to serve a Conversion Notice on the Company at any time to convert some or all of the notes outstanding into fully paid Ordinary Shares at a price of £1.30 per Share.

On 12 February 2026 a new convertible loan note agreement was signed that replaced the agreement dated 21 June 2024. This new loan facility, which has a maximum term of 2 years, has a reduced aggregate principal amount of notes outstanding at any time limited to £400,000, with other terms regarding interest and conversion remaining unchanged.

11

Financial risk management

The Company's activities expose it to a variety of financial risks including credit risk, liquidity risk, and the market risks of interest rate risk, price risk and foreign currency risk. The Company uses different methods to measure and manage the various types of risk to which it is exposed. These methods are explained below.

a)

Credit risk

Credit risk refers to the risk that the counterparty to a financial instrument will default on its contractual obligations that it has entered into with the Company resulting in financial loss to the Company. At 31 December 2025, the major financial assets which were exposed to credit risk are cash and cash equivalents, investments (see note 7) and trade and other receivables (see note 8). The maximum exposure to credit risk is represented by the carrying value of each financial asset recognised in the statement of financial position. The Company has no overdue financial assets as at the year end.

The table below shows the cash balance at the reporting date and the Standard & Poor's credit rating for the counterparty as at 5 January 2026.

Rating

Carrying Amount

31 December 2025

HSBC UK Bank plc

A-

36,062

b)

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its obligations arising from financial liabilities. At 31 December 2025 the Company had £36,062 in cash balances. Financial liabilities consist of trade and other payables (see note 9) and loan balance (see note 10).

The following table details the Company's expected maturity for its financial liabilities as at 31 December 2025:

Total

Less than

More than

31 December 2025

3 months

12 months

£

£

£

Financial liabilities

Trade and other payables

47,499

47,499

-

Loans payable

50,402

50,402

-

97,901

97,901

-

The Company's investments will be, by their nature, illiquid. As a result, the Company may not be able to liquidate quickly any part of its investment at an amount close to fair value.

In order to meet ongoing liquidity requirements, the Company may incur borrowings, issue new share capital or sell assets in order to realise their value.

c)

Market risk

i)   Interest rate risk

Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Company is exposed to interest rate risk as it has current account balances.

The Company's only interest-bearing liabilities are the loans as detailed in note 10. As these are all short term the Company considers interest rate risk, in respect of financial liabilities to be minimal. The Company monitors market interest rates and will place interest bearing assets at best available rates but also taking into consideration the counterparty's credit rating and financial position.

During the year, the interest received on current accounts and deposit accounts was immaterial, and therefore no sensitivity analysis has been provided.

ii)  Price Risk

The Company's investments will be susceptible to market price risk arising from the business and financial uncertainties facing individual underlying portfolio companies. The value of investments may fall as well as rise and consequently the Company may not be able to return all or any of the investment made by shareholders. To manage market price risk, the Investment Manager will review the performance of the underlying portfolio companies and will be in regular contact with the management of the underlying portfolio companies for business and operational matters.

The table below summarises the sensitivity of the Company's investments. It is based upon  the assumption that the investments increase or decrease by 10% with all the other variables held constant. The Directors feel that 10% best represents the margin of price risk associated to the activity of the Company.

2025

£

Effect on net assets attributable to investments of an increase in the index

329,262

Effect on net assets attributable to investments of a decrease in the index

(329,262)

ii)  Foreign currency risk

As all monetary assets and liabilities and all transactions of the Company are denominated in its functional currency, the Company is not exposed to significant foreign currency risk.

Financial investments measured at fair value

IFRS 13 requires disclosure of fair value measurements by level of the following fair value hierarchy:

•

Level 1 -

Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

•

Level 2 -

Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and,

•

Level 3 -

Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The Company's investments have been classified within Level 3 as these investments are valued based on unobservable inputs and trade infrequently or not at all.

The following table presents the investments carried on the Statement of Financial Position by level within the valuation hierarchy as at 31 December 2025.

31 December 2025

Level 1

Level 2

Level 3

Total

£

£

£

£

Investments

-

-

3,292,621

3,292,621

There have been no transfers between levels during the year. Due to the nature of the investments, they are always expected to be classified under Level 3.

Note 7 shows a reconciliation of all movements in the fair value of investments categorised within Level 3 between the beginning and the end of the reporting year.

The Company's investment into SuperSeed II LP is measured at the net asset value of the Company's investment at year end. The investment in Duel Holdings has been valued at fair value and in Kluster Enterprises Limited at recent round of financing.

SuperSeed II LP's investments are valued in accordance IPEV valuation guidelines, including valuing investments at the price at which third party capital has recently been raised, comparative industry price earnings ratios discounted for marketability and performance of the investment, and net asset valuations for asset based investments. Net asset value is a significant unobservable input used in the valuation of the underlying investments in the current year.

A reasonably possible change in the net asset value used +/-10.0% would result in:

-

An increase in carrying value of GBP 249,139 or 8% (+10%)

-

A decrease in carrying value of GBP (249,139) or -8% (-10%)

A reasonably possible change in the recent capital raising price used +/-10.0% would result in:

-

An increase in carrying value of GBP 80,124 or 2% (+10%)

-

A decrease in carrying value of GBP (80,124) or -2% (-10%)

12

Share Capital

31 December 2025

31 December 2024

Number

£

Number

£

Authorised:

Ordinary Shares of no par value

Unlimited

Unlimited

Unlimited

Unlimited

Issued:

Allotted and paid up Ordinary Shares of no par value

2,365,606

2,369,743

2,365,606

2,369,743

On 21 June 2024, 100,000 warrants in the Company were issued with an exercise price of 120p. Each warrant shall entitle the warrant holder (VSA Capital Limited) to subscribe in cash for one share at the exercise price. Each warrant was exercisable at any time during the subscription period on or prior to the expiry date, which was 21 December 2024.

The subscription rights shall automatically lapse and be of no further effect if they have not been exercised by the expiry date. As at 21 December 2024 the warrants had not been exercised and thus lapsed. There were no warrants outstanding at the year end.

Shares issued pursuant to the exercise of a warrant will rank in full for all dividends and other distributions declared, made or paid after the relevant exercise date and rank pari passu in all other respects with the shares in issue at that date.

Ordinary shareholders are entitled to vote at the general meeting of the Company, to receive dividends and to participate in the results of the Company.

13

Capital risk management

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

Management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account any warrants and the convertible loan note. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. As at 31 December 2025, in addition to the equity, £50,000 of convertible loan notes were outstanding. As the expectation at the year end was for these to be repaid rather than converted, they have been reflected in current liabilities (note 10).

14

Related parties

Joseph Truelove, Andrew Hatton and Mads Jensen were Directors of the Company during the year. Colette Taylor was Alternate Director to Andrew Hatton during the year.

Joseph Truelove earned £20,000 in the year ended 31 December 2025 (2024: £20,000). At the year end £5,000 had been prepaid in respect of the first quarter of 2026 (2024: £nil).

Andrew Hatton and Colette Taylor are employees and Directors of the Administrator, whose services include the provision of the directorship and alternate directorship. During the year ended 31 December 2025, the Company incurred £31,371 (2024: £32,406) of administration fees of which £nil was outstanding at the year end (2024: £1,500).

Mads Jensen is Managing Partner of the Investment Manager, management fees for the year were £8,013 (2024: £7,053) (see Note 5). He  has waived any director fees payable to himself.  He holds 604,797 (2024: 604,797) shares in the Company via nominee.

During 2025 a total of £1,070,000 (2024: £1,300,000) capital commitment in SuperSeed II LP was transferred from the Company to SuperSeed Ventures LLP for a combined consideration of £981,349 (2024: £724,679).

Please refer to note 10 of the financial statements for related party transactions with SuperSeed Ventures with respect to credit facility arrangements.

15

Ultimate controlling party

In the opinion of the Directors the ultimate controlling party is Mads Jensen.

16

Events after the end of the reporting period

On 16 January 2026 the Company drew down a further £90,000 on the loan facility. This, along with the balance as detailed in note 10 is due for repayment, with interest, on 31 March 2026.

On 26 January 2026 the Company invested a further £85,130 of its commitment in SuperSeed II LP.

On 12 February 2026, as detailed in note 10, the loan facility was extended and updated.

On 17 February 2026 the Company drew down a further £65,000 on the loan facility. This, along with the balance as detailed above and in note 10 is due for repayment, with interest, on 31 March 2026.

On 17 February 2026 the Company invested a further £48,738 of its commitment in SuperSeed II LP.

There are no further subsequent events to note.

 

END