Company No: 13184987 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	T M Hope
	T P H Jones

REGISTERED OFFICE	80 Cheapside
	London
	EC2V 6EE
	United Kingdom

COMPANY NUMBER

13184987 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	4th Floor Cumberland House
	15-17 Cumberland Place
	Southampton
	Hampshire
	SO15 2BG

	Note	2025		2024
		£		£
Fixed assets
Investments	3	8,052,644		7,549,354
		8,052,644		7,549,354
Current assets
Cash at bank and in hand		18,851		24,789
		18,851		24,789
Creditors: amounts falling due within one year	4	( 6,291)		( 6,288)
Net current assets		12,560		18,501
Total assets less current liabilities		8,065,204		7,567,855
Creditors: amounts falling due after more than one year	5	( 247,843)		( 247,843)
Net assets		7,817,361		7,320,012
Capital and reserves
Called-up share capital		39,659,272		39,659,272
Profit and loss account		( 31,841,911 )		( 32,339,260 )
Total shareholders' funds		7,817,361		7,320,012

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Rapunzel NewCo Limited (registered number: 13184987) were approved and authorised for issue by the Board of Directors on 20 October 2025. They were signed on its behalf by:

T M Hope Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rapunzel NewCo Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 80 Cheapside, London, EC2V 6EE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Rapunzel NewCo Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Taxation

Current 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 balance sheet date in the countries where the Company operates and generates income.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in associates are initially measured at cost, and subsequently remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 March 2024	7,549,354		7,549,354
Movement in fair value	503,290		503,290
At 28 February 2025	8,052,644		8,052,644
Carrying value at 28 February 2025	8,052,644		8,052,644
Carrying value at 29 February 2024	7,549,354		7,549,354

4. Creditors: amounts falling due within one year

	2025		2024
	£		£
Other creditors	6,291		6,288

5. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	247,843		247,843

Loan Notes totalling £8,333,770 were issued and partially repaid in the year ended 2022.

Loan Notes are due to be repaid on the day after the eighth anniversary of issuance.

The Company can provide the Note holders not less than one business day to repay the whole or part of the Loan Notes at any time after the issuance, provided such payment is made from the Company’s excess cash resources.