ACCOUNTS - Final Accounts preparation

Registered number: 15756434

PLIANT PAYMENTS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

PLIANT PAYMENTS LIMITED

COMPANY INFORMATION

Directors	K W Y Ko (appointed 15 September 2025)
	P G Harrald (appointed 15 September 2025)
	P T Grainger (appointed 13 December 2024)
	N S Behal (appointed 20 August 2024)
	M J Rau (appointed 4 April 2025)
	A Pfutze (appointed 4 April 2025)


Registered number	15756434


Registered office	8 Bishopsgate
	Huckletree
	Level 2
	London
	EC2N 4BQ


Independent auditors	Ecovis Wingrave Yeats LLP
	Chartered Accountants and Statutory Auditor
	3rd Floor, Waverley House
	7-12 Noel Street
	London
	W1F 8GQ

PLIANT PAYMENTS LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Profit and Loss Account	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 18

PLIANT PAYMENTS LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2024

Incorporation
The directors present their report and the financial statements for the period ended 31 December 2024.
The company was incorporated on 2 June 2024 and these financial statements cover the period from the date of incorporation to 31 December 2024.
Principal activity
The Company operates as part of the broader Pliant Group, a fintech company focused on delivering flexible, digital-first credit and payment infrastructure to businesses.

Directors

The directors who served during the period were:

P T Grainger (appointed 13 December 2024)

N S Behal (appointed 20 August 2024)

H Patel (appointed 2 June 2024, resigned 20 August 2024)

A J A Shazad (appointed 2 June 2024, resigned 20 August 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 1

PLIANT PAYMENTS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

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

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 29 September 2025 and signed on its behalf.

P G Harrald

Director

Page 2

PLIANT PAYMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLIANT PAYMENTS LIMITED

Opinion

We have audited the financial statements of Pliant Payments Limited (the 'Company') for the period ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 Company's affairs as at 31 December 2024 and of its loss for the period then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Page 3

PLIANT PAYMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLIANT PAYMENTS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

∙the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.

Page 4

PLIANT PAYMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLIANT PAYMENTS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

∙We considered our general commercial and sector experience and held discussions with management to identify laws and regulations that could reasonably be expected to have a material effect on the financial statements.

∙We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework (FRS 102) and the relevant tax compliance regulations in the jurisdictions in which the Company operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

∙The Company is subject to a number of other laws and regulations where consequences of non-compliance could have a material effect on the financial statements, for example imposition of fines/litigation.

∙In addition, there are other significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those laws and regulations relating to data protection, fraud, bribery and corruption. For these laws and regulations, the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.

∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimate and judgement in the financial statements.

∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included:

°Identifying and testing journal entries

There are inherent limitations of an audit. There is a higher risk that irregularities, including fraud, will not be detected during the audit as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The primary responsibility for the prevention and detection of non-compliance with all laws and regulations and fraud lies with both those charged with governance of the entity and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 5

PLIANT PAYMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLIANT PAYMENTS LIMITED (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 Auditors' 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.

Sally Casson (Senior Statutory Auditor)

for and on behalf of

Ecovis Wingrave Yeats LLP

Chartered Accountants and Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ

29 September 2025

Page 6

PLIANT PAYMENTS LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED 31 DECEMBER 2024

	2024
Note	£


Administrative expenses		(234,035)
Operating loss	4	(234,035)
Interest payable and similar expenses	8	(1,827)
Loss before tax		(235,862)
Tax on loss	9	-
Loss for the financial period		(235,862)

There was no other comprehensive income for the period.

The notes on pages 10 to 18 form part of these financial statements.

Page 7

PLIANT PAYMENTS LIMITED

REGISTERED NUMBER: 15756434

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024
Note		£

Fixed assets
Tangible assets	10		363
			363
Current assets
Debtors: amounts falling due within one year	11	60,286
		60,286
Creditors: amounts falling due within one year	12	(295,511)

Net liabilities			(234,862)

Capital and reserves
Called up share capital	13	1,000
Profit and loss account		(235,862)
		(234,862)

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

P G Harrald

Director

The notes on pages 10 to 18 form part of these financial statements.

Page 8

PLIANT PAYMENTS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
Comprehensive loss for the period
Loss for the period	-	(235,862)	(235,862)
Total comprehensive loss for the period	-	(235,862)	(235,862)
Contributions by and distributions to owners
Shares issued during the period	1,000	-	1,000
At 31 December 2024	1,000	(235,862)	(234,862)

The notes on pages 10 to 18 form part of these financial statements.

Page 9

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Pliant Payments Limited is a private company, limited by shares, incorporated and registered in England and Wales, registration number 15756434. The registered office is 8 Bishopsgate, Huckletree, Level 2, London, EC2N 4BQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

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 3).

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

2.3

Going concern

The Directors have obtained confirmation that the parent company is willing to continue supporting the Company for a period of at least 12 months from the date of approval of these financial statements. On this basis, the Directors continue to adopt the going concern assumption in preparing the financial statements.

2.4

Operating leases: the Company as lessee

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

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

Page 10

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

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

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

2.7

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Computer equipment

33%

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

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

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 11

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 12

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Deferred tax asset

Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be deducted.

To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding the future financial performance of the Company in which a deferred tax asset has been recognised.

The Company has not recorded a deferred tax asset due to the uncertainty as to whether and when future taxable profits will arise.

4.	Operating loss
	The operating loss is stated after charging:
		2024
		£

	Exchange differences	2,821
	Rent expense	6,755

5.	Employees
	The average monthly number of employees, including directors, during the period was 3.
	Staff costs, including directors' remuneration, were as follows:
		2024
		£

	Wages and salaries	125,823
	Social security costs	10,335
	Cost of defined contribution scheme	1,883
		138,041

Page 13

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

6.	Directors' remuneration
		2024
		£

	Directors' emoluments	59,167
	Directors' pension costs	1,000
	Sums paid to 3rd parties for directors services	25,000
		85,167

During the period retirement benefits were accruing to one director in respect of defined contribution pension schemes.
Included in directors' emoluments above, are directors' fees of £25,000 paid to a third party for the services of two statutory directors.
There is no key management personnel compensation other than the director's remuneration, as detailed above.

7.	Auditors' remuneration
	During the period, the Company obtained the following services from the Company's auditors and their associates:
		2024
		£

	Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements	15,000
	Fees payable to the Company's auditors and their associates in respect of:
	Taxation compliance services	2,900
	Other non-audit services	9,695

8.	Interest payable and similar expenses
		2024
		£

	Group interest payable	1,827
		1,827

Page 14

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

9.	Taxation


	Current tax on profits for the year	-
		-

	Factors affecting tax charge for the period
	The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
					2024
					£

(Loss)/profit on ordinary activities before tax

(235,862)

	(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%	(58,966)
	Effects of:
	Unrelieved tax losses carried forward	58,966
	Total tax charge for the period	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

10.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	Additions	402
	At 31 December 2024	402
	Depreciation
	Charge for the period	39
	At 31 December 2024	39
	Net book value
	At 31 December 2024	363

Page 16

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

11.

Debtors

					2024
					£


	Other debtors	57,144
	Prepayments and accrued income	3,142
		60,286

12.	Creditors: Amounts falling due within one year
		2024
		£

	Trade creditors	11,154
	Amounts owed to group undertakings	241,596
	Other taxation and social security	12,908
	Other creditors	3,767
	Accruals and deferred income	26,086
		295,511

Amounts owed to group undertakings are unsecured, accrue interest at 5% per annum, and are repayable in full on or before 31 December 2025. Beginning on 1 January 2025, the interest rate increased to 10% per annum.

Included within trade creditors is an amount of £8,160 owed to a Company with common directors who are not considered to be a related party.

13.	Share capital
		2024
		£

		Allotted, called up and fully paid

		1,000 Ordinary shares of £1.00 each	1,000

Upon incorporation, 1,000 ordinary shares with a nominal value of £1.00 each were issued and fully paid.
The shares have attached to them full rights regarding voting, payment of dividends and distributions.

Page 17

PLIANT PAYMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

14.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,883. Contributions totaling £3,767 were payable to the fund at the balance sheet date and are included in creditors.

15.	Commitments under operating leases
	At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		2024
		£

	Not later than 1 year	4,980
		4,980

16.	Related party transactions
	The Company has taken the exemption under FRS 102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions entered into between two or more wholly owned members of a group.

17.	Post balance sheet events

On 22 July 2025, the Company allotted 952,160 Ordinary shares of £1 each.

18.	Controlling party

The immediate and ultimate parent company is Pliant GmbH, a company incorporated in Germany, who does not produce consolidated financial statements available for public use.
There is no deemed ultimate controlling party.

Page 18