The directors present the strategic report for the year ended 31 March 2025.

Saveable Limited ("Saveable" and "Company") is authorised and regulated by the Financial Conduct Authority (FRN 739214) to carry out investment and credit broking services. Saveable trades under the name Plum Money. The Company is authorised to provide investment services, ancillary services and execute trades in a range of financial instruments. In practice, the Company services retail customers, primarily with respect to reception, transmission and execution of orders along with safekeeping (custody) of financial instruments.

The target customer base comprises UK resident individuals and interactions are via an app. The Company services retail customers via the Plum App, offering them access to a range of investment products, including a range of low-cost mutual funds, US stock trading, and market-leading cash products including money-market funds and an innovative Cash ISA product.

Saveable is wholly owned by Plum Fintech Limited which developed its own technology to enable its services including Savings Al, Open Banking powered account aggregation as well as many consumer facing features through an iOS and Android mobile app.

Plum Fintech Limited is registered with the Financial Conduct Authority (FCA) as an Account Information Service Provider (AISP), firm reference number 836158. In addition, the firm was authorised by the FCA as an electronic money agent of Modulr FS Limited, firm reference number 900573.

The post-Covid era has continued to shape consumer behaviour, particularly against the backdrop of sustained inflationary pressures, higher interest rates, and broader economic uncertainty throughout the UK in 2024/25. These conditions have reinforced the importance of financial resilience among individuals, driving a dual focus on building savings buffers and making informed, long-term investment decisions.

Customer numbers continued to grow strongly throughout the financial year. In 2024, we launched one of our most successful investing products to date - the Cash ISA - which increased our AUM in the product to exceed £1.1 billion by the end of the reporting period. Total revenue increased by 49.9% to £7.56 million (2024: £5.04 million), demonstrating strong momentum in our core business activities and the successful launch of our Cash ISA product.

With Bank of England interest rates reaching 5.25%, the highest level since the 2007/08 financial crisis, Saveable launched its Cash ISA product in April 2024 to help consumers grow their savings. In 2024 alone, we paid £28 million in interest, four times more than a traditional bank would have offered. This demonstrates strong product market fit, tackling money inertia while advancing our focus on long-term sustainability. The focus of the Company during the year was two-fold; strengthening existing investment and trading products, as well as rolling out innovative and market-leading cash-return products, to enable the Company’s customers to maximise their returns in the high interest rate environment.

Looking ahead to the next financial year, we remain focused on our mission to make users’ money go further. Our teams are dedicated to developing new features and products for UK customers, strengthening Saveable’s value proposition while creating additional revenue streams in a highly competitive market.

In parallel, the Group has incorporated a new subsidiary, Plum NewCo, with the goal of obtaining an EMI license from the FCA. This will allow us to further enhance our product offering and expand the value we deliver to our growing user base.

The Company has in place established governance arrangements, which include a clear organisational structure, defined responsibilities, processes to identify, manage, monitor and report on risk, and internal control mechanisms. The Company continues to strengthen its control environment in response to evolving regulatory expectations and internal assessments.

The Company has in place established governance arrangements, which include a clear organisational structure, defined responsibilities, processes to identify, manage, monitor and report on risk, and internal control mechanisms. The Company continues to strengthen its control environment in response to evolving regulatory expectations and internal assessments.

Our senior governance framework is well established and comprises the Board and formal committees. These include Risk and Compliance Committee as well as CASS Oversight Committee. Each committee is formally constituted and has a regular agenda, minutes and tracking of actions. Saveable's committees typically meet on a monthly basis, or more frequently where required and committee membership is reviewed periodically to ensure there is effective representation from relevant functions.

The Board has carried out an assessment of the principal risks and uncertainties to which the Company is exposed and are detailed below:

Strategic Risk

The Company operates in a competitive environment and runs the risk that revenue and customer growth do not meet expectations or slow down. Strategic and business risk is the risk that Company fails to achieve its goals or strategic objectives. The strategy is monitored and analysed frequently, allowing for remedial actions to be taken as soon as deviations are identified.

Operational Risk

Operational risk is the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events. Saveable is committed to delivering operational excellence to meet the expectations of our customers and regulators. The Company continues to enhance its operational and compliance controls.

As a financial technology Company, Saveable relies on its people, operational infrastructure and technology. There is an inherent risk of failure for any of those resources. In order to mitigate this risk, the Company has adopted a Business Continuation Policy that is being reviewed regularly and has robust incident management protocols in place to deal with any issues quickly and effectively as they arise.

Financial Crime Risk

Saveable has no appetite for breaching the spirit and letter of financial crime regulations and legislation and has put in place a suite of preventative and detective controls. The control environment is continually assessed in light of emerging risks and where appropriate remedial action is undertaken.

To mitigate this risk, the Company has robust know-your-customer ("KYC") and anti-money laundering ("AML") policies and monitors customers and transactions regularly. Saveable uses a combination of third party and bespoke in-house tools to manage financial crime, KYC and AML processes.

Third Party Risk

Saveable works with a number of third parties in its daily operations to provide a large number of services. Failure in their systems and/or processes can have an adverse impact on the Company. The Company has Service Level Agreements in place with its crucial vendors and monitors, in real time, the performance of these service providers which allows for immediate actions to be taken in case of any disruptions.

Cyber and Data Security Risk

The Company evaluates its security risks, processes and practices and has adopted a number of measures to lower the likelihood and impact of these risks. These include continuous infrastructure and network scanning, security and phishing training for all staff and pen-testing of the application. Saveable continuously reviews and enhances its cyber security measures to protect the confidentiality and integrity of data.

Regulatory and conduct risk

Management of regulatory and conduct risk is one of Saveable's highest priorities. It is fundamental to the mission, that the firm operates in compliance with all financial services regulations and does not cause detriment to its customers or the market. There are the two elements of this risk as follows:

• Regulatory risk is the risk of failing to comply with regulations leading to regulatory fines or restrictions;

• Conduct risk is the risk that the behaviour of the firm or its staff results in detriment to customers or the wider market.

Responsibility for management of regulatory and conduct risk sits with the business in general, in particular senior management and function leads who form the first line of defence. The nature of the underlying controls depends on the processes and responsibilities of each function. The Compliance team provides second line oversight of the risk, and provides advice and training to the business to support their compliance with existing and new regulations, undertaking surveillance and regular and focused testing. The Compliance team also works alongside senior management to ensure and maintain an open dialogue with the Financial Conduct Authority (FCA).

The directors are aware of their duty to comply with s172 of the Companies Act 2006 and have a duty to promote the success of the Company. The directors meet on a minimum quarterly basis to review the performance of the business, the product road map and the financial performance of the Company. They discuss market conditions which could have an impact of the performance of the Company, strategic partnerships and any funding that may be required in the future.

All decisions made by the directors consider the long-term consequences they may have on the business, its activities, the Company's employees and relationships with all other stakeholders. All decisions are made in good faith and intend to maintain high standards of business conduct and maintain a good reputation. The Chief Executive Officer updates the shareholders on a quarterly basis through the Platform, including new initiatives within the business, new landmark partnerships and deals and product updates.

The Company maintains a good relationship with its customers and suppliers. We believe customer satisfaction is paramount in running a good business and would also not be possible without good supplier relationships.

Employees

As a group, our people are at the heart of our business, supporting our users and working on new products and services every day. We want our people to feel engaged and empowered to deliver great outcomes for our users, to feel that Plum is a great place to work and to be healthier and happier themselves. In addition, aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team's productivity and our individual employees' potential within the business via regular surveys and team meetings. We continually invest in employee development and wellbeing to create and encourage an inclusive culture within the organisation.

Our culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognised for their hard work. The monthly 'All hands' give all members of the Company the opportunity to present ideas and achievements to all staff including Senior Leadership. The aim of these meetings is to update the team on the performance of the Company and progress against strategy.

Users

We consider our users in everything we do at Plum. Our client success team are committed to responding in a timely manner to the user's questions and provide meaningful responses.

We regularly hold interviews/surveys with our users to obtain insights and assess how we can improve our offerings to serve the needs and requests of our numerous users. In addition, we have implemented a range of tools to allow us to monitor, assess and improve the level of support to our users. This will allow us to enhance our communication and interaction with users giving them the best possible service.

Suppliers

We work with a wide range of suppliers both in the UK and globally. We remain committed to being fair and transparent in our dealings with all of our suppliers.

The Partnerships & Strategy team have the oversight of the appointment and provision of services by suppliers, including initial and ongoing due diligence. This team updates the Board on a regular basis. The Company has procedures requiring due diligence of suppliers as to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modern slavery matters. The Company has systems and processes in place to ensure suppliers are paid in a timely manner.

Community and Environment

The Board's approach to social responsibility, Diversity & the community is of high importance. At Plum, we strive to create sustainable value and help users seek more meaningful returns by introducing two ESG (Ethical, Social and Governance) offerings, the 'Balanced' and 'Growth' ESG funds, which promote environmental and social characteristics by including companies based on the impact of their conduct or products on society and/or the environment. Corporate social responsibility principles are part of our culture and decision-making process.

The Board will continue to commit and broaden the Company's work and associations with charitable organisations and support events promoting inclusion and diversity.

Regulators

We work with our regulators and the government in an open and proactive manner to help develop regulations that meet the needs of all our stakeholders.

We have a risk and control framework to ensure that the Company complies with all legal and regulatory requirements relating to the provision of products and services to our users.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the Company continued to be that of providing investment services, ancillary services and execution of trades in a range of financial instruments.

The results for the year are set out on page 13.

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:

Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

Each of the persons who is a director at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the Company's auditor is unaware; and

• they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

We have audited the financial statements of Saveable Limited (the 'Company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 March 2025 and of its profit for the year 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have 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 material misstatements in the Strategic Report or 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.

As explained more fully in the Directors' Responsibilities Statement, 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.

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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent 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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and applicable Financial Services and Markets Act 2000 (FSMA 2000) legislation.

• We obtained an understanding of how the Company complies with these requirements by discussions with management, those charged with governance, review of minutes of the company's board meetings, inspection of the breach register inspection of legal and regulatory correspondence and reports to the regulator, the FCA.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

Saveable Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-7 Clerkenwell Green, 2nd Floor, London, United Kingdom, EC1R 0DE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 3 'Financial Statement Presentation' paragraph 3.17(d);

• Section 11 'Financial Instruments' paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

In reaching this conclusion, cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements were reviewed, together with the Company's financial position, business model and principal risks. The Company benefits from being part of a wider group and has access to group funding arrangements. The directors consider the Company to have sufficient resources to meet its liabilities as they fall due and to maintain compliance with regulatory capital requirements.

Turnover represents services recharged to other group entities and net interest margin from Cash ISA, shown net of value added tax.    

Management recharges are recalculated based on the fair value of services rendered and are in line with the group's agreed transfer pricing policy. Management recharges represent the investing turnover of the group and associated subscriber turnover generated from these activities.    

Turnover from the Cash ISA product represents the net interest earned by the Company, being the difference between interest received from partner banks on customer deposits and interest paid to customers. Both components are measured using the effective interest method.    

Tangible fixed assets 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.

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 current liabilities.

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 balance sheet 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 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.

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 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.

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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.

There are no critical accounting estimates or judgements applied by the directors which have a significant impact on the amounts disclosed in these financial statements.

The whole of turnover is attributable to the the principle activity of the Company wholly undertaken in the United Kingdom.

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

The Company has taken advantage of the exemption not to disclose transactions within a 100% group. No further transactions were undertaken with related parties as such that are required to be disclosed under FRS 102.

The statutory audit fee of £40,000 (2024: £7,650) and FCA CASS audit fee of £75,000 (2024: £17,325) is borne by the parent Company.

The immediate and ultimate parent undertaking is Plum Fintech Limited, whose registered office is 2-7 Clerkenwell Green, 2nd Floor, London, England, EC1R 0DE. This is the largest and smallest level at which consolidated financial statements are prepared. The Company is controlled by its directors.