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| Anthemis Group Operations Limited
| Unaudited
| Financial statements
| For the year ended 31 December 2024
| Registered number: 10199876
Anthemis Group Operations Limited - Registered number: 10199876
Statement of financial position as at 31 December 2024
| 2024 | 2024 | 2023 | 2023
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | - |  | 337,102
|  |  | - |  | 337,102
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 576,807 |  | 1,526,867 |
Cash at bank and in hand |  | 2,273 |  | 9,834 |
|  | 579,080 |  | 1,536,701 |
Creditors: amounts falling due within one year | 6 | (43,654) |  | (317,323) |
Net current assets |  |  | 535,426 |  | 1,219,378
Total assets less current liabilities |  |  | 535,426 |  | 1,556,480
Deferred tax | 7 | - |  | (84,275) |
|  |  | - |  | (84,275)
Net assets |  |  | 535,426 |  | 1,472,205
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 415,694 |  | 415,694
Profit and loss account |  |  | 119,732 |  | 1,056,511
|  |  | 535,426 |  | 1,472,205
Page 1
Anthemis Group Operations Limited - Registered number: 10199876
Statement of financial position (continued) as at 31 December 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2025.
Yen Mei Lim
Director
The notes on pages 4 to 9 form part of these financial statements. Page 2
Anthemis Group Operations Limited
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 415,694 | 62,091 | 1,066,480 | 1,544,265
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (9,969) | (9,969)
Total comprehensive income for the year | - | - | (9,969) | (9,969)
Contributions by and distributions to owners |  |  |  |
Share based payment expense | - | 4,040 | - | 4,040
Transfer of share based payment reserve | - | (66,131) | - | (66,131)
Total transactions with owners | - | (62,091) | - | (62,091)
At 1 January 2024 | 415,694 | - | 1,056,511 | 1,472,205
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (497,415) | (497,415)
Total comprehensive income for the year | - | - | (497,415) | (497,415)
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (439,364) | (439,364)
Total transactions with owners | - | - | (439,364) | (439,364)
At 31 December 2024 | 415,694 | - | 119,732 | 535,426
| The notes on pages 4 to 9 form part of these financial statements.
Page 3
Anthemis Group Operations Limited
Notes to the financial statements For the year ended 31 December 2024
1. | General information
Anthemis Group Operations Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The company registration number 10199876. The registered office and principal place of business is 3rd Floor, 19-20 Berners Street, London, W1T 3NW. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
| 2.2 | Going Concern
The directors intend to apply for the Company to be struck off during 2025, following the filing of these financial statements. Accordingly, the directors have prepared the financial statements on a basis other than going concern. All non-current assets and non-current liabilities have been reclassified as current assets and current liabilities. Adjustments have been made as necessary to write down assets to their recoverable values and recognise any liabilities arising as a result of the decision to liquidate the entity.
| 2.3 | Foreign currency translation
The Company's functional and presentational currency is GBP. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period-end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies or which relate to cash and cash equivalents, are presented separately on the face of the Statement of comprehensive income under 'Other finance income'
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discount, rebates, value added tax and other sales taxes.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 4
Anthemis Group Operations Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.6 | 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.
| 2.7 | Pensions
Defined contribution pension plan A related group company operates a defined contribution pension plan and recharges pension costs to Anthemis Group Operations Limited. A defined contribution plan is a pension plan under which the related group company pays fixed contributions into a separate entity. Once the contributions have been paid, the related group company has no further payment obligations. Anthemis Group Operations Limited would only have an obligation to the related group company, to settle contributions relating to the staff whose costs are recharged to the Company. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in amounts owed to group undertakings as a liability in the Statement of financial position at the reporting date. The assets of the plan are held separately from the group company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
| 2.9 | 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. Page 5
Anthemis Group Operations Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
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:
|  |  |  | Long-term leasehold property | - | 10% |
|  |  |  | Office equipment | - | 20% |
|  |  |  | 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.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Debtors
Short term debtors are measured at transaction price, less any impairment, where there is no stated interest rate. 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.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Creditors
Short term creditors are measured at the transaction price, where there is no stated interest rate.
| 2.14 | 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. Page 6
Anthemis Group Operations Limited
Notes to the financial statements For the year ended 31 December 2024
3. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
| The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
4. | Tangible fixed assets
|  | Long-term leasehold property | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| At 1 January 2024 | 582,549 | 36,253 | 122,077 | 740,879
| Disposals | (582,549) | (36,253) | (122,077) | (740,879)
| At 31 December 2024 | - | - | - | -
| At 1 January 2024 | 248,464 | 33,236 | 122,077 | 403,777
| Charge for the year on owned assets | 44,235 | 1,284 | - | 45,519
| Disposals | (292,699) | (34,520) | (122,077) | (449,296)
| At 31 December 2024 | - | - | - | -
| Net book value |  |  |  |
| At 31 December 2024 | - | - | - | -
| At 31 December 2023 | 334,085 | 3,017 | - | 337,102
Page 7
Anthemis Group Operations Limited
Notes to the financial statements For the year ended 31 December 2024
5. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 420,132 | 377,807
| Amounts owed by group undertakings | 116,121 | 300,926
| Other debtors | 40,554 | 699,002
| Prepayments and accrued income | - | 149,132
|  | 576,807 | 1,526,867
| Amounts presented between Other debtors and Amounts owed by group undertakings have been reclassified during the year, resulting in a restatement to the 2023 balances presented.
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 2,396 | 10,448
| Accruals and deferred income | 41,258 | 306,875
|  | 43,654 | 317,323
7. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (84,275)
| Charged to profit or loss | 84,275
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | - | (84,275)
|  | - | (84,275)
Page 8
Anthemis Group Operations Limited
Notes to the financial statements For the year ended 31 December 2024
8. | Pension commitments
A related group company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the related group company in an independently administered fund. The pension cost charge represents contributions payable by Anthemis Group Operations Limited to the fund on behalf of Anthemis (UK) Limited and amounted to £NIL (2023: £26,913). Contributions due to the related group company on the fund's behalf at the reporting date amounted to £nil (2023: £nil).
9. | Related party transactions
| The Company has taken advantage of the exemption to disclose related party transactions with other group companies conferred by FRS 102 paragraph 33.1A on the basis that it is a wholly owned subsidiary.
10. | Controlling party
The immediate parent undertaking is Anthemis Asset Management Limited. The registered office of Anthemis Asset Management Limited is 3rd Floor, 19-20 Berners Street, London, W1T 3NW. The parent of the smallest group for which consolidated financial statements are prepared is Anthemis Asset Management Sarl, whose registered office is 15, Boulevard Friedrich Raiffeisen L-2411 Luxembourg.
Page 9