Company No: 06122111 (England and Wales)

Contents

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

Directors	J J Coller
	P Leach

Registered office	Park House
	116 Park Street
	London
	W1K 6AF
	United Kingdom

Company number

06122111 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	3,264		4,897
Investments	4	4,337,323		4,337,323
		4,340,587		4,342,220
Current assets
Debtors
- due within one year	5	1,080,401		1,458,367
- due after more than one year	5	6,254,973		2,684,388
Cash at bank and in hand		131,519		206,947
		7,466,893		4,349,702
Creditors: amounts falling due within one year	6	( 1,772,009)		( 1,275,507)
Net current assets		5,694,884		3,074,195
Total assets less current liabilities		10,035,471		7,416,415
Creditors: amounts falling due after more than one year	7	( 9,927,644)		( 7,228,142)
Net assets		107,827		188,273
Capital and reserves
Called-up share capital		1		1
Profit and loss account		107,826		188,272
Total shareholder's funds		107,827		188,273

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Coller Holdings Limited (registered number: 06122111) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

J J Coller 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

Coller Holdings 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 Park House, 116 Park Street, London, W1K 6AF, United Kingdom. The principal activity of the company is to provide head office services to a venture capital group.

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

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The financial statements contain information about Coller Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from requirements to prepare consolidated financial statements.

Foreign currency

Functional and presentation currency:

The Company's functional and presentational currency is Pounds Sterling.

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. Nonmonetary 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 are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other
foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Turnover

Revenue 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. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Interest income

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

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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.

Capital expenditure below £5,000 is written off in the year of purchase.

Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Fixed asset investments are included in the balance sheet at cost less provisions for any permanent diminution in value.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Basic financial assets
Basic financial assets, which include debtors 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 creditors 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 creditors 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.

2. Employees

	31.03.2025		31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		14

3. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 April 2024	6,530		6,530
At 31 March 2025	6,530		6,530
Accumulated depreciation
At 01 April 2024	1,633		1,633
Charge for the financial year	1,633		1,633
At 31 March 2025	3,266		3,266
Net book value
At 31 March 2025	3,264		3,264
At 31 March 2024	4,897		4,897

4. Fixed asset investments

Investments in subsidiaries

	31.03.2025
	£
Cost
At 01 April 2024	3,541,694
At 31 March 2025	3,541,694
Carrying value at 31 March 2025	3,541,694
Carrying value at 31 March 2024	3,541,694

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	795,629		795,629
At 31 March 2025	795,629		795,629
Carrying value at 31 March 2025	795,629		795,629
Carrying value at 31 March 2024	795,629		795,629

5. Debtors

	31.03.2025		31.03.2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	659,599		17,996
Prepayments and accrued income	416,589		1,145,142
Other debtors	4,213		295,229
	1,080,401		1,458,367
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings	6,174,184		2,684,388
Other debtors	80,789		0
	6,254,973		2,684,388

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Bank overdrafts	1,194,560		1,129,107
Trade creditors	2,148		27,306
Accruals	202,410		42,283
Taxation and social security	353,236		46,460
Other creditors	19,655		30,351
	1,772,009		1,275,507

UBS has secured its bank overdraft provision by way of a fixed charge over any assets deposited with them at the Balance Sheet date and in the future. Director, Mr J J Coller, has personally guaranteed this loan.

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

	31.03.2025		31.03.2024
	£		£
Other creditors	9,927,644		7,228,142

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	31.03.2025		31.03.2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	16,188		13,119
Other pensions commitments not shown in the Balance Sheet	138,901		106,563
	155,089		119,682

9. Related party transactions

During the year, the company received fees of £1,260,000 (2024: £1,140,000) from CICAP Limited, a company which Mr J J Coller and Mr P Leach were directors of during the year.

During the year, the company operated a loan with Mr J J Coller. At the year end the balance due to Mr J J Coller was £9,927,644 (2024: £7,228,142 ) included within "Creditors falling due after more than one year". During the year, the company also accrued fees totalling £1,068,500 (2024: £368,929 ) in relation to Mr J J Coller.

During the year, the company operated a loan with Holding Big Tow 2021 Sociedad Limitada Unipersonal, its wholly owned subsidiary. At the year end the balance due to Coller Holdings Limited was £6,174,184 (2024: £2,684,388) included within "amounts owed by group undertakings due after more than one year".

During the year, the company had a loan to Alternative Proteins Association, a company which Mr J J Coller was a director of during the year. During the year, the company provided in full for the £275,000 outstanding loan due to the uncertainty of its recoverability. At the year end, the net loan balance of £Nil (2024: £200,000) is included within "Other debtors falling due within one year".

During the year, the company received secondment recharges of £61,829 (2024: £58,109 ) from Alternative Proteins Association.

During the year, the company raised fees totalling £1,185,000 (2024: £772,786) to MLC 50 LLP, an LLP which Mr J J Coller is the ultimate beneficiary, of which £Nil (2024: £732,786) was accrued at year end. At the year end the balance due from MLC 50 LLP was £582,000 (2024: £Nil), included within "Trade debtors".

During the year, the company accrued a rent expense of £137,000 (2024: £Nil) payable to CICAP Limited, a company which Mr J J Coller and Mr P Leach were directors of during the year, under an agreement for the use of shared office space, included within "Creditors falling due within one year".

10. Ultimate controlling party

In the opinion of the directors, Mr J J Coller was the ultimate controlling party by virtue of being the sole shareholder.