The directors present the strategic report for the year ended 31 December 2024.

The principal activity of the company continued to be that of the running of an aparthotel business at 181-183 Warwick Road, W2, London.

The company's business is to operate an aparthotel at 181-183 Warwick Road, London.

The performance of the company is set out in the profit and loss account within these financial statements. Total turnover increased marginally to £20,389,029 (2023: £19,368,808. Total cost of sales and administration costs have also seen marginal increases to £6,902,352 and £6,308,528 respectively (2023: £6,972,477 and £6,360,216). The company generated a loss for the financial year of £4,917,181 (2023: £4,694,774).

The aparthotel is well located to benefit from the continued demand for quality affordable accommodation from both corporate and private customers.

Going concern

In preparing the financial statements, the Directors have assessed the entity's ability to continue as a going concern.

The company was acquired by Pandox AB on the 28 August 2024. Upon completion of the sale the external bank debt was paid in full along with the repayment of the previous intercompany debt and loan notes.

The acquisition included both the hotel property and the hotel operations operated as an independent brand under a new management agreement with Axiom Hospitality.

The Company is now partly funded by loans from other Pandox AB group companies which are required to be repaid in full by the 28 August 2029. The directors have considered the forecasts prepared and consider that with parent company support, which the parent has committed to provide, the company will continue to trade for a period of at least 12 months from the signing of the accounts. Accordingly, the financial statements are prepared on a going concern basis.

In order to deliver the Company's business objectives, the company needs to deliver to three key stakeholder groups:

•    Staff

•    Guests

•    Investors

The company uses a number of measures to assess how well the company is delivering to its stakeholders.

Staff measures

Team turnover - This measures how many people leave the company each year and is an indicator of engagement and job satisfaction. Motivated and committed staff are key to delivering good customer services. There is also a cost associated with recruiting and training staff. For the year 2024 76 employees were hired within the hotel operations (2023: 79).

Health and safety - This measures how well the company looks after its people and its guests. It is critical to the company to provide safe working environments and safe hotels for its guests to stay in. This is measured by Health and Safety audits by external independent experts.

Guest Measures

Guest satisfaction - The company actively seeks feedback from its guests so that it can act on their experiences to improve the services provided guest satisfaction is measured continually and analysed on a monthly basis.

Investors

Profit Growth - The company measures its profit growth against last year focusing on Earnings Before Interest, Taxation, Deprecation and Amortisation (EBITDA), and against its budgets and reports on a monthly basis. EBITDA for the year 2024 was £10,216,018 (2023: £9,436,435).

Principal risks and uncertainties

Financing and interest rates

The company's objective is to reduce the risk of financial loss due to a counter party's failure to honour its obligations. Credit is only given to corporates and standard payment terms are quoted on all contracts. The hotel is primarily responsible for implementing the group's credit control procedures with monitoring provided by the group finance function. This responsibility includes the determination of credit-worthy customers, management of individual exposures and ensuring payment is secured in accordance with the agreed terms.

Liquidity

The company aims to mitigate liquidity risk by managing cash generation by its operations.

Hotel investment is approved following a detailed appraisal process and an assessment of the financial needs of the investment. All capital items are approved at board level whether purchased outright, leased, rented or subject to hire purchase agreements. The method of funding for each is dictated in each case by cash flow implications.

IT

With the majority of the group's processes and information systems being held on central file servers situated within a single site data centre, the group's objective is to eliminate the principal single points of failure within the key elements of hardware, software and data communications. This is achieved by having automated fail-over systems as well as a replication of the central data centre located in off-site premises.

Competition

Competitive risk exists in all business and the company's objective is to be able to identify such risks at an early stage so that an appropriate strategy can be implemented to reduce that risk. This is achieved through a regime of regular forecasting and budgeting together with a systematic review process of historic and future performance by senior management.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

Change of name

The company passed a special resolution on 20 November 2024 changing its name from SOF-10 Starlight 12 Operations Limited to Pandox Kensington Limited.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company has made no qualifying third party indemnity provisions for the benefit of its directors during the year.

The auditors, Deloitte LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

In accordance with section 414C(11) of the Companies Act 2006, the Company has chosen to include information in relation to principal activities, business review, risk management and future developments in the Company's Strategic Report.

The directors are responsible 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then 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;

• 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In our opinion the financial statements of Pandox Kensington Limited (the 'company'):

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and

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

We have audited the financial statements which comprise:

• the statement of comprehensive income;

• the statement of financial position:

• the statement of changes in equity;

• the related notes 1 to 25;

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).

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's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the company's industry and its control environment and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company's business sector.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation; and

• do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We discussed among the audit engagement team including internal tax specialist regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud and our procedures performed to address it are described below:

• We identified a pinpointed fraud risk around manual adjustments between the hotel revenue system and the general ledger. We inspected the reconciliation between the hotel revenue system and the general ledger, and performed tests of detail on any differences between the two system to identify any inappropriate adjustments.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

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

• enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

• reading minutes of meetings of those charged with governance.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic and directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic and directors' report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors' report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

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

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

• certain disclosures of directors' remuneration specified by law are not made; or

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

We have nothing to report in respect of these matters

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 26 form part of these financial statements.

The notes on pages 13 to 26 form part of these financial statements.

The notes on pages 13 to 26 form part of these financial statements.

Pandox Kensington Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX.

The continuing activity of the Company is the running of an aparthotel business in London, United Kingdom.

The financial statements have been prepared in compliance with the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Company's accounting policies (see note 2).

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Pandox AB. These consolidated financial statements are available from its website: https://www.pamdox.se/investor-relations/financial-reports-and-presentations/.

In preparing the financial statements, the Directors have assessed the entity's ability to continue as a going concern.true

The company was acquired by Pandox AB on the 28 August 2024. Upon completion of the sale the external bank debt was paid in full along with the repayment of the intercompany debt and loan notes.

The acquisition included both the hotel property and the hotel operations operated as an independent brand under a new management agreement with Axiom Hospitality.

The Company is now partly funded by loans from other Pandox AB group companies which are required to be repaid in full by the 28 August 2029. The directors have considered the forecasts prepared and consider that with parent company support, which the parent has committed to provide, the company will continue to trade for a period of at least 12 months from the signing of the accounts. Accordingly, the financial statements are prepared on a going concern basis.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover 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 from room sales and other guest services is recognised when rooms are occupied and as services are provided.

All turnover is derived in the UK.

Intangible assets comprise goodwill which were initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The Company reviews the carrying value of its intangible assets on an annual basis. If the carrying value of the intangible assets is greater than the recoverable amount, the carrying value is reduced through a charge to the Statement of Comprehensive Income in the period of impairment.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 3 months. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The company does not currently apply hedge accounting for interest rate derivatives. The Company uses derivative financial instruments to reduce exposure to interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible assets are held at cost less depreciation and are reviewed for impairment if circumstances suggest that the carrying amount may not be recoverable. Recoverable amounts are determined based on value-in-use calculations and estimated sales proceeds. These calculations require assumptions to be made regarding future cash flows and the choice of a suitable discount rate in order to calculate the present value of those cash flows. Actual outcomes may vary from these estimates.

An analysis of turnover by class of business is as follows:

All turnover arose within the United Kingdom.

There were no non-audit services provided to the company during the period.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

There was no directors' remuneration within the company for the current or prior year.

The hotel owned and operated by the company are operated under a management contract with Axiom Hospitality Limited. Therefore, no key management personnel are employed directly by the company.

Derivative financial instrument measured at fair value through profit or loss comprises an interest rate swap agreement entered into on the company's previously held bank loan.

The Company had entered into an interest rate swap, swapping the variable GBP-SONIA rate for a fixed rate of 3.106%, on the Company's notional bank loan balance of £78,974,870.

Fair value losses on derivative financial instruments measured at fair value through profit or loss totalling £915,674 (2023 gain: £737,075) and are shown within the Statement of Comprehensive Income.

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

As of 24 May 2021 the prevailing tax rate applicable under the UK corporation tax regime was substantively enacted to 25% with the change coming into effect from 1 April 2023. The Chancellor in his Autumn Statement on 17 November 2022, retierated the increase in Corporation Tax rates to 25%. Opening and closing deferred tax balances are calculated at a rate of 25%.                        

The parent company Pandox UK Holdco 2 Limited entered into a loan facility agreement on the 22 August 2024 to borrow £115million and the company is an obligor and guarantor under the terms of the loan agreement.

The loan was settled in full upon the acquisition of the company by Pandox AB.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

No adjusting post balance sheet events have occurred to date and the Directors have a reasonable expectation that there will be no significant impact to the Company's financial results.

The immediate parent company is Pandox UK Holdco 2 Limited, a company incorporated in the United Kingdom at 1 Bartholomew Lane, London, EC2N 2AX.

The ultimate controlling party is Pandox AB, a company registered in Sweden, Financial statements for Pandox AB are available from the following website: https://www.pandox.se/investor-relations/financial-reports-and-presentations