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Registration number: 15326572

East X Holdings Ltd
Annual Report and Consolidated Financial Statements
for the Year Ended 31 March 2025

East X Holdings Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Consolidated Profit and Loss Account | 10
Consolidated Balance Sheet | 11
Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Financial Statements | 16 to 30

East X Holdings Ltd

Company Information

Directors | S Allan E Armitage

Registered office | Tea Auction House Hay’s Galleria Counter Street London SE1 2HD

Auditors | EVMS Partners LLP Chartered Accountants45 Ludgate Hill London EC4M 7JU

East X Holdings Ltd

Strategic Report for the Year Ended 31 March 2025

The Directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the Company is to act as a holding company.

The Group comprises the Company and its subsidiary undertakings as detailed in note 11 to these financial statements. The principal activities of the subsidiaries include the provision of administration services, and the ownership and management of investment portfolios.

Fair review of the business

The Company was incorporated on 4 December 2023. On 29 May 2024 the Company acquired East Alpha Ltd and its subsidiary undertaking, East Innovate Ltd, pursuant to a group reorganisation whereby the Company became the parent company of the Group. This transaction was considered a group reconstruction and as such the accounts are consolidated using the merger accounting method. On 17 October 2024 the ownership of East Innovate Ltd was transferred from East Alpha Ltd to East X Holdings Ltd.
Due to the adoption of merger accounting, the consolidated financial statements are prepared as if the Company had always been the parent undertaking of the Group and consequently the financial statements are prepared for the year to 31 March 2025, with the comparative period representing the year to 31 March 2024. The Company balance sheet and related notes are prepared for the period from incorporation to 31 March 2025.
The results for the year and the financial position at the year-end were considered satisfactory by the directors. The directors do not anticipate any further change in the nature of the Group's principal activities going forward.
The results for the year are shown in the statement of comprehensive income. The Group's loss for the year after taxation was £13,342,726.
Given the straightforward nature of the Group's business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance, or position of the business.

Principal risks and uncertainties

Risk is inherent in the business and activities of the Group. The key business risks and uncertainties affecting the business relate to the ongoing advisory relationships.
The Group's approach to risk management involves the identification and assessment of risks, such as foreign exchange movements on investments, to which the Group is exposed, and the on-going monitoring and management of such risks.
The Group is not exposed to any significant price, credit, liquidity, or cash flow risk.

East X Holdings Ltd

Strategic Report for the Year Ended 31 March 2025 (continued)

Section 172(1) statement

The Directors have made, and will continue to make, long-term decisions that take into consideration:
1. The interests of the Group's employees;
2. The need to foster successful relationships with clients, suppliers and wider stakeholders;
3. The impact of the Group on its’ community and the environment;
4. The principle of conducting the affairs of the Group with high standards of business behaviour; and
5. The need to act fairly when representing different members of the Group.

Approved and authorised by the Board on 1 September 2025 and signed on its behalf by:

......................................... E Armitage Director

East X Holdings Ltd

Directors' Report for the Year Ended 31 March 2025

The Directors present their report and the for the year ended 31 March 2025.

Directors of the Group

The Directors who held office during the year were as follows:

S Allan

E Armitage

Information included in the Strategic Report

As permitted by paragraph 1A of Schedule 7 to The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report. These matters relate to the business review, principal risks and uncertainties, and financial key performance indicators.

Going concern

The directors have assessed the ability of the company to continue as a going concern for at least the next 12 months from the date of approval of these financial statements. The company has substantial net current assets which the directors believe are sufficient to enable it to meet its liabilities as they fall due.
Therefore, the directors have concluded that there are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements are prepared on a going concern basis.

Disclosure of information to the auditor

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditor, EVMS Partners LLP, has indicated its willingness to continue in office, a resolution concerning their reappointment will be proposed at the board meeting to approve these financial statements.

Approved and authorised by the Board on 1 September 2025 and signed on its behalf by:

......................................... E Armitage Director

East X Holdings Ltd

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have 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 Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

East X Holdings Ltd

Independent Auditor's Report to the Members of East X Holdings Ltd

Opinion

We have audited the financial statements of East X Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 Group's and the parent Company's affairs as at 31 March 2025 and of the Group's loss 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group'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 Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

East X Holdings Ltd

Independent Auditor's Report to the Members of East X Holdings Ltd (continued)

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and the parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent Company financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of Directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors Responsibilities, the Directors are[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 Directors determine is 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 Directors are 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 Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

East X Holdings Ltd

Independent Auditor's Report to the Members of East X Holdings Ltd (continued)

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the Group’s policies with regards to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Group’s policies for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Group’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud: and obtaining an understanding of the legal and regulatory framework that the Group and the parent Company operate in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act 2006 and the UK tax law.
One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims;
and testing the appropriateness of journal entries and other adjustments.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor’s report.

East X Holdings Ltd

Independent Auditor's Report to the Members of East X Holdings Ltd (continued)

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 an auditor’s report 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.

......................................
Philip Vipond (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor
45 Ludgate Hill
London
EC4M 7JU

3 September 2025

East X Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 22,482,332 | 24,302,959
Gross profit |  | 22,482,332 | 24,302,959
Administrative expenses |  | (13,950,180) | (12,734,260)
Operating profit | 4 | 8,532,152 | 11,568,699
(Loss)/gain on revaluation of investments |  | (27,360,741) | 153,993
Other interest receivable and similar income | 5 | 1,964,760 | 1,769,056
Foreign exchange losses | 6 | (855,246) | (4,325,017)
|  | (26,251,227) | (2,401,968)
(Loss)/profit before tax |  | (17,719,075) | 9,166,731
Tax on (loss)/profit | 9 | 4,376,349 | (2,220,008)
(Loss)/profit for the financial year |  | (13,342,726) | 6,946,723
Profit/(loss) attributable to: |  |  |
Owners of the Company |  | (13,342,726) | 6,946,723

The Group has no recognised gains or losses for the year other than the results above.

East X Holdings Ltd

(Registration number: 15326572)
Consolidated Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 10 | 432,325 | 385,251
Other financial assets | 12 | 95,109,457 | 107,011,603
|  | 95,541,782 | 107,396,854
Current assets |  |  |
Debtors: amounts falling due after one year | 13 | 4,654,019 | 4,657,136
Debtors: amounts falling due within one year | 13 | 13,000,898 | 16,039,279
Cash at bank and in hand |  | 29,525,640 | 42,039,760
|  | 47,180,557 | 62,736,175
Creditors: Amounts falling due within one year | 15 | (2,807,057) | (3,375,220)
Net current assets |  | 44,373,500 | 59,360,955
Total assets less current liabilities |  | 139,915,282 | 166,757,809
Provisions for liabilities | 16 | (682,207) | (682,207)
Net assets |  | 139,233,075 | 166,075,602
Capital and reserves |  |  |
Called up share capital | 18 | 200 | 100
Merger reserve |  | 100 | 1
Retained earnings |  | 139,232,775 | 166,075,501
Equity attributable to owners of the company |  | 139,233,075 | 166,075,602
Shareholders' funds |  | 139,233,075 | 166,075,602

Approved and authorised by the Board on 1 September 2025 and signed on its behalf by:

......................................... E Armitage Director

East X Holdings Ltd

(Registration number: 15326572)
Balance Sheet as at 31 March 2025

| Note | 2025 £
Fixed assets |  |
Investments | 11 | 4,175,407
Current assets |  |
Debtors | 13 | 300
Creditors: Amounts falling due within one year | 15 | (4,001,127)
Net current liabilities |  | (4,000,827)
Net assets |  | 174,580
Capital and reserves |  |
Called up share capital | 18 | 200
Retained earnings |  | 174,380
Shareholders' funds |  | 174,580

The company made a profit after tax for the financial period of £13,674,380.

Approved and authorised by the Board on 1 September 2025 and signed on its behalf by:

......................................... E Armitage Director

East X Holdings Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company

| Share capital £ | Merger reserve £ | Retained earnings £ | Total equity £
At 1 April 2024 | 100 | 1 | 166,075,501 | 166,075,602
Loss for the year | - | - | (13,342,726) | (13,342,726)
Dividends | - | - | (13,500,000) | (13,500,000)
New share capital subscribed | 100 | - | - | 100
Merger adjustment, increase in equity | - | 99 | - | 99
At 31 March 2025 | 200 | 100 | 139,232,775 | 139,233,075

| Share capital £ | Merger reserve £ | Retained earnings £ | Total equity £
At 1 April 2023 | 100 | 1 | 159,302,981 | 159,303,082
Profit for the year | - | - | 6,946,723 | 6,946,723
Dividends | - | - | (174,203) | (174,203)
At 31 March 2024 | 100 | 1 | 166,075,501 | 166,075,602

East X Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 March 2025

| Share capital £ | Retained earnings £ | Total £
Profit for the year | - | 13,674,380 | 13,674,380
Dividends | - | (13,500,000) | (13,500,000)
New share capital subscribed | 200 | - | 200
At 31 March 2025 | 200 | 174,380 | 174,580

East X Holdings Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
(Loss)/profit for the year |  | (13,342,726) | 6,946,723
Adjustments to cash flows from non-cash items |  |  |
Depreciation | 4 | 37,936 | 44,575
Revaluation of investments |  | 27,360,741 | (153,993)
Loss on disposal of tangible assets |  | 14,297 | -
Finance income |  | (1,964,760) | (1,769,056)
Finance costs |  | 855,246 | -
Corporation tax expense | 9 | (4,376,349) | 2,220,008
Foreign exchange gains/losses |  | (823,255) | 4,597,590
|  | 7,761,130 | 11,885,847
Working capital adjustments |  |  |
Decrease in debtors | 13 | 3,490,863 | 296,531
(Decrease)/increase in creditors | 15 | (568,064) | 1,157,804
Cash generated from operations |  | 10,683,929 | 13,340,182
Corporation tax paid | 9 | (2,512,689) | (3,200,000)
Net cash flow from operating activities |  | 8,171,240 | 10,140,182
Cash flows from investing activities |  |  |
Interest received |  | 1,877,267 | 1,765,351
Acquisitions of tangible assets |  | (132,307) | (371,725)
Proceeds from sale of tangible assets |  | 33,000 | -
Advances of loans |  | (1,419,771) | -
Acquisitions of investments | 11 | (7,537,991) | (16,570,843)
Net cash flows from investing activities |  | (7,179,802) | (15,177,217)
Cash flows from financing activities |  |  |
Interest paid |  | (5,657) | -
Proceeds from issue of ordinary shares, net of issue costs |  | 99 | -
Payments to finance lease creditors |  | - | (23,882)
Dividends paid |  | (13,500,000) | (174,203)
Net cash flows from financing activities |  | (13,505,558) | (198,085)
Net decrease in cash and cash equivalents |  | (12,514,120) | (5,235,120)
Cash and cash equivalents at 1 April |  | 42,039,760 | 47,274,880
Cash and cash equivalents at 31 March |  | 29,525,640 | 42,039,760

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Tea Auction House, Hay’s Galleria, Counter Street, London, SE1 2HD

These financial statements were authorised for issue by the Board on 1 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The Group's functional and presentation currency is the pound sterling.

Basis of consolidation
The consolidated financial statements present the results of the Company and its subsidiary undertakings ('the Group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
On 29 May 2024 the Company acquired East Alpha Ltd and its subsidiary undertaking, East Innovate Ltd, pursuant to a group reorganisation whereby the Company became the parent company of the Group. This transaction was considered a group reconstruction and as such the accounts are consolidated using the merger accounting method. On 17 October 2024 the ownership of East Innovate Ltd was transferred from East Alpha Ltd to East X Holdings Ltd.
For the consolidated accounts, the adoption of merger accounting presents East X Holdings Ltd as if it had always been the parent undertaking of the Group.

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Summary of disclosure exemptions

In preparing these financial statements, the Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and therefore an individual Statement of comprehensive income for the Company has not been presented. The total profit for the year for the Company for the period ended 31 March 2025 was £13,674,380.
As the Company is a qualifying entity for the purposes of FRS102, the Company has taken exemptions under section 1.12 of FRS 102 and not presented an individual Statement of cash flows for the Company.
East Innovate Ltd (company number 13769885) has taken advantage of the exemption allowed under section 479 of the Companies Act 2006 for the year ended 31 March 2025. Therefore the parent undertaking East X Holdings Ltd (company number 15326572) guarantees all outstanding liabilities to
which the subsidiary company is subject at the end of the financial year to which the guarantee relates, until they are satisfied in full, and the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.

Going concern

The directors have assessed the ability of the Company to continue as a going concern for at least the next 12 months from the date of approval of these financial statements. The Company has substantial net current assets which the directors believe are sufficient to enable it to meet its liabilities as they fall
due.
Therefore, the directors have concluded that there are no material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements are prepared on a going concern basis.

Judgements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Group’s accounting policies.
In applying the Group’s accounting policies, the directors are required to make judgements in determining the carrying amount of assets and liabilities. The directors’ judgements are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, the actual results and outcomes may differ.

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Key sources of estimation uncertainty

The directors consider the following to be a key judgement and source of estimation uncertainty:
Carrying value of unlisted investments
The Group holds a number of unlisted investments which principally fall into the following categories:
- Units in open-ended funds with readily available market values. The carrying value of these assets at 31 March 2025 was £71,674,558 (2024: £79,336,777).
- Investments in early-stage technology companies, held both directly and through an investment in a closed-ended fund. The carrying value of these assets at 31 March 2025 was £23,431,148 (2024: £27,674,826).
There are no significant estimates required in relation to the former category.
In relation to the latter category where there is no readily available market value, the directors must exercise their judgement in assessing the fair value of the assets. In assessing whether there have been any indicators of changes in fair value of assets, the directors have considered both external and internal sources of information.
This includes information provided by the fund manager (which is also part of the Group) to the fund investors generally, information obtained directly from the investee companies (for example details of recent and proposed investment rounds, trading updates and formal reporting) as well as wider market information. Typically, there are relatively frequent investment rounds in the companies in which Group invests and the directors are generally able to calibrate estimates of fair value by reference to these, considering the need for upward or downward adjustments to reflect specific circumstances. Nonetheless, there is a significant level of estimation uncertainty in the valuation of investments of this type and in each case a range of values that could be considered reasonable.
As at 31 March 2025, the directors determined that a reliable measure of fair value could not be determined for one of the investments. This has a carrying value of £4,337,423 based on the price achieved at an investment round in March 2024. The investee company is an early-stage venture in a highly specialised technical field. In February 2025 the investee company announced it was launching a new investment round at a price which would value the Group’s holding at around £69,000,000. That investment round remains incomplete at the date of signing of these accounts.
The directors consider that these factors mean that as at 31 March 2025 there was a significant range of reasonable fair value measures in relation to this asset, the probabilities of which cannot be reasonably assessed. This investment is therefore being held at carrying value until a reliable measure of fair value becomes available.
.

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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.
Turnover comprises licence fee income, service administration fees and management fees recognised by the Group on an accruals basis and measured at fair value of the consideration receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 Group operates and generates taxable income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investments

Investments in subsidiaries and related undertakings are valued at cost less provision for impairment.
Unlisted investments are held at fair value, and any changes in the fair value are charged through the Statement of comprehensive income. Where there is no readily ascertainable market value, the directors must exercise their judgement in assessing the fair value of the investment portfolio.

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Leases

Operating leases are those leases where the company has use of an asset but where significantly all risks and rewards of ownership remain with the lessor and the lease term is not expected to be a significant portion of the useless life of the asset.
Rental payments under operating leases are charged to the Statement of comprehensive income on a straight line basis over the term of the lease. Any incentives to enter into an operating lease are credited to the Statement of comprehensive income as a reduction in the rental expense on a straight line basis over the term of the lease.
Finance leases are those leases that transfer substantially all the risks and reward of ownership of an asset to the lessee. It is presumed that such a transfer of risks and rewards occurs if at the inception of a lease the present value of the minimum lease payments, including any initial payment, amounts to substantially all of the fair value of the leased asset. The present value is calculated by using the interest rate implicit in the lease. If the fair value of the asset is not determinable, an estimate is used.
A finance lease is recognised as a right of use asset, depreciated on a straight-line basis over the life of the lease. In addition, at the lease commencement, the company is required to initially recognise a lease liability, which is subsequently measured at amortised cost.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Long term employee benefits

The Group operates a long term incentive plan for its employees. At the end of each accounting period an accrual is made representing an estimate of the fair value of the liability arising under the terms of the scheme.

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Other financial instruments

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The Group does not hold collateral against its trade and other receivables to its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The Group's cash holdings comprise on demand balances. All cash is held with banks with strong credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

3 | Turnover

The analysis of the Group's turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Rendering of services | 22,482,332 | 24,302,959

All turnover arose from continuing activities within the United Kingdom.

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 37,936 | 44,575
Operating lease expense - property | 621,310 | 560,657
Loss on disposal of property, plant and equipment | 14,297 | -
Donations | 609,618 | 424,696

5 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 1,880,187 | 1,695,817
Other finance income | 84,573 | 73,239
| 1,964,760 | 1,769,056

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest expense on other finance liabilities | 5,657 | -
Foreign exchange | 849,589 | 4,325,017
| 855,246 | 4,325,017

7 | Staff costs

The aggregate payroll costs were as follows:

| 2025 £ | 2024 £
Wages and salaries | 8,406,235 | 6,756,686
Social security costs | 1,272,268 | 884,126
Pension costs, defined contribution scheme | 38,450 | 28,394
Other employee expense | 32,114 | 16,544
| 9,749,067 | 7,685,750

No director received emoluments from the Company or Group in relation to the current or previous years.

The average number of persons employed by the Group (including Directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 29 | 23
Directors | 2 | 2
| 31 | 25

The Company has no employees.

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

8 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of these financial statements | 10,000 | 20,000
Audit of the financial statements of subsidiaries of the company | 20,000 | -
| 30,000 | 20,000
Other fees to auditors |  |
All other non-audit services | 11,000 | 4,000

9 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 308,920 | 3,827,116
UK corporation tax adjustment to prior periods | (286,932) | (122,872)
| 21,988 | 3,704,244
Deferred taxation |  |
Arising from origination and reversal of timing differences | (4,449,924) | (1,472,385)
Adjustment in respect of previous periods | 51,587 | (11,851)
Total deferred taxation | (4,398,337) | (1,484,236)
Tax (receipt)/expense in the income statement | (4,376,349) | 2,220,008

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

9 | Taxation (continued)

The tax on profit before tax for the year differs from the standard rate of corporation tax in the UK of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
(Loss)/profit before tax | (17,719,075) | 9,166,731
Corporation tax at standard rate | (4,429,769) | 2,291,683
Expenses not deductible in determining taxable profit (tax loss) | 87,536 | 71,679
Decrease in UK tax from adjustments relating to prior periods | (235,345) | (134,723)
Tax increase relating to investment revaluations | 207,974 | -
Tax decrease relating to other differences | (6,745) | (8,631)
Total tax (credit)/charge | (4,376,349) | 2,220,008

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Timing differences on fixed assets | (60,842) | -
Deferred remuneration | 392,605 | -
Fair value movement on investments | 7,585,185 | 682,207
| 7,916,948 | 682,207

2024 | Asset £ | Liability £
Timing differences on fixed assets | 327,047 | -
Deferred remuneration | 140,785 | -
Fair value movement on investments | 3,050,779 | 682,207
| 3,518,611 | 682,207

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

10 | Tangible assets

Group

| Motor vehicles £
Cost or valuation
At 1 April 2024 | 408,897
Additions | 132,308
Disposals | (52,880)
At 31 March 2025 | 488,325
Depreciation
At 1 April 2024 | 23,647
Charge for the year | 37,936
Eliminated on disposal | (5,583)
At 31 March 2025 | 56,000
Carrying amount
At 31 March 2025 | 432,325
At 31 March 2024 | 385,251

11 | Investments

Company

| 2025 £
Investments in subsidiaries | 4,175,407

Details of undertakings

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
East Alpha Ltd | UK | Ordinary shares | 100% | 0%

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

11 | Investments (continued)

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
East Innovate Ltd | UK | Ordinary shares | 100% | 0%
East X Ventures Ltd | UK | Ordinary shares | 100% | 0%

Subsidiary undertakings
East Alpha Ltd The principal activity of East Alpha Ltd is the provision of administration services.
East Innovate Ltd The principal activity of East Innovate Ltd is that of an investment company.
East X Ventures Ltd The principal activity of East X Ventures Ltd is to act as investment manager to a VC group.

EXV Starmaker One GP LLP, an entity controlled by the Group, is excluded from the consolidation on the grounds that its inclusion is not material for the purposes of giving a true and fair view.

12 | Other financial assets

Group

| Unlisted investments £ | Other investments £ | Total £
Non-current financial assets
Cost or valuation
At 1 April 2024 | 107,011,603 | - | 107,011,603
Additions | 22,425,717 | 3,751 | 22,429,468
Fair value adjustments | (27,360,741) | - | (27,360,741)
Disposals | (6,970,873) | - | (6,970,873)
At 31 March 2025 | 95,105,706 | 3,751 | 95,109,457
Carrying amount
At 31 March 2025 | 95,105,706 | 3,751 | 95,109,457

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

13 | Debtors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £
Trade debtors |  | - | 3,407,375 | -
Amounts owed by related parties | 22 | 4,826,032 | 4,844,554 | -
Other debtors |  | 1,505,009 | 207,689 | 300
Prepayments |  | 415,723 | 8,267,629 | -
Deferred tax assets | 9 | 7,916,948 | 3,518,611 | -
Income tax asset | 9 | 2,991,205 | 450,557 | -
|  | 17,654,917 | 20,696,415 | 300
Less non-current portion |  | (4,654,019) | (4,657,136) | -
|  | 13,000,898 | 16,039,279 | 300

£4,654,019 (2024 - £4,657,136) of the loan to related party is classified as non current.The Group has provided a loan of €5,500,000 to an entity under common control. The loan is due for repayment in November 2026; loan interest is accrued annually and included within other debtors due within one year.

14 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £
Cash at bank | 29,525,640 | 42,039,760 | -

15 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £
Due within one year |  |  |  |
Trade creditors |  | 304,223 | 233,180 | -
Amounts due to related parties | 22 | 13,013 | - | 4,001,127
Social security and other taxes |  | 238,959 | 30,760 | -
Pensions payable |  | 8,871 | 9,327 | -
Other payables |  | 28,498 | 143,406 | -
Accruals |  | 2,213,493 | 2,646,510 | -
Income tax liability | 9 | - | 312,037 | -
|  | 2,807,057 | 3,375,220 | 4,001,127

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

16 | Provisions for liabilities

Group

| Deferred tax £
At 1 April 2024 | 682,207
At 31 March 2025 | 682,207

17 | Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £38,450 (2024 - £28,394).
Contributions totalling £8,871 (2024 - £9,327) were payable to the scheme at the end of the year and are included in creditors.

18 | Share capital

On incorporation 100 Ordinary shares were issued at par. On 29 May 2024 an additional 100 shares were issued in exchange for the Ordinary shares in East Alpha Ltd as part of the group reconstruction detailed further in the accounting policies. Merger relief under the Companies Act 2006 applies to this transaction.
The share capital shown in the consolidated accounts as at 31 March 2024 represents the share capital of the Company as at that date.

19 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 523,340 | 637,285
Later than one year and not later than five years | 2,093,360 | 2,093,360
Later than five years | 1,722,113 | 2,203,763
| 4,338,813 | 4,934,408

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

19 | Obligations under leases and hire purchase contracts (continued)

The amount of non-cancellable operating lease payments recognised as an expense during the year was £621,310 (2024 - £560,657).

20 | Dividends

During the period the company paid an interim dividend of £67,500 per Ordinary share totalling £13,500,000.
The dividend in the comparative financial statements represents the dividend paid by East Alpha Ltd during the year ended 31 March 2024 of £1,724.03 per Ordinary share totalling £174,203.

21 | Commitments

Group

Other financial commitments

East Innovate Ltd has committed to provide a maximum of £20,000,000 of capital funding to a venture capital fund, of which £7,224,989 has been drawn down at the balance sheet date. Due to there being sufficient uncertainty over the timing and extent of future capital calls, the unfunded commitment has not been recognised as a liability in these financial statements.

22 | Related party transactions

Group

During the year, the Group invested £10,475,407 (2024: £3,680,874) in entities under common directorship. In addition, the Group invested £6,970,873 in an entity in which one of the subsidiaries is General Partner.
Included in the statement of comprehensive income are service and licence fees totalling £22,419,832 (2024: £24,302,959), to a partnership under common control incorporated in England and Wales. Trade debtors of nil (2024: £3,407,375) relate to this income.
An amount of £4,654,019 was outstanding from a company under common control as at 31 March 2025 (2024: £4,657,136) in relation to a loan made during the year ended 30 June 2022. This amount is included in debtors due in more than one year.
During the year, the Group provided a temporary loan to a Director of the Company, totalling $1,800,000, which is considered to be a related party transaction. The value of the outstanding loan as at 31 March 2025 was £1,396,357, with £2,920 being the accrued interest on the loan.
Management fee income of £62,500 (2024: nil) is derived from fees invoiced to a related entity. Included in debtors is £172,213 receivable from this entity in respect of management fees and recharged set-up costs.

East X Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

23 | Parent and ultimate parent undertaking

The ultimate controlling party is E Armitage.