REGISTERED NUMBER: 12717904 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

BALTIC INVEST LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J M Kampe

N H Norgren

REGISTERED OFFICE:

100 Rochester Row

3rd Floor

London

SW1P 1JP

REGISTERED NUMBER:

12717904 (England and Wales)

ACCOUNTANTS:

Avraam Associates Limited

Chartered Accountants

495 Green Lanes

London

N13 4BS

FIXED ASSETS

Investments

4

1,015,823

330,689

CURRENT ASSETS

Debtors

5

100

100

Cash at bank

286,365

42,839

286,465

42,939

CREDITORS

Amounts falling due within one year

6

993,264

297,840

NET CURRENT LIABILITIES

(706,799

)

(254,901

)

TOTAL ASSETS LESS CURRENT LIABILITIES

309,024

75,788

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

308,924

75,688

SHAREHOLDERS' FUNDS

309,024

75,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd December 2025 and were signed on its behalf by:

J M Kampe - Director

1.	STATUTORY INFORMATION

Baltic Invest Limited is a Private Company limited by share capital incorporated in England and Wales under the Companies Act 2006 and domiciled in the United Kingdom. Its registered office is 100 Rochester Row, 3rd Floor, London, SW1P 1JP.

The Company is a holding entity and was established to raise funding through issuance of share capital and funding from its ultimate beneficiary shareholder to finance its holding activities.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by Section 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

- the requirements of Section 3 Financial Statement Presentation paragraph 3. l 7(d);

- the requirements of Section 7 Statement of Cash Flows paragraph 7.lB;

- the requirements of Section 11 Financial Instruments paragraphs ll.4l(b), ll.4l(c), ll.4l(e), l l.4l(f), 11.42, 11.44 to 11.45, 11.47, l l .48(a)(iii), l l.48(a)(iv), l l .48(b) and l l.48(c);

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, ·l2.29(a),

12.29(b) and 12.29A; and

- the requirements of Section 33 Related Party Disclosures paragraphs 33.7 and 33.lA

- the requirements of Section 6 Statement of Changes in Equity and Retained Earnings paragraph 6.lA;

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in these financial statements.

Impairment of equity investments

Determining whether the Company's equity investments have been impaired requires estimations of the investments in accordance with FRS 102 section 27. No indicators have been noted by the Company. The carrying amount of the equity investments at the balance sheet date was £1,275,243 (2023:£330,689) with no impairment loss recognised in the current or prior financial period.

Financial instruments

The Company accounts for financial instruments as basic, in accordance with the recognition criteria in Section 11 of FRS 102.

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 , where 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

Basic financial assets, which include debtors, 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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price, unless the arrangement constituted a financing transaction. In this case, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar instrument. Basic financial liabilities are subsequently measured at amortised cost, using the effective interest rate method.

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

Trade payables 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.

Classification of 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 deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The Company is dependent on the support from its shareholder to continue as a going concern. The financial statements have been prepared on a going concern basis because there are no material uncertainties related to events or conditions that may cast significant doubt about the Company's ability to continue as a going concern.

The director has considered the cash flow forecasts for both the Company and its investments, taking into account the current market conditions. This demonstrates that the Company should be able to continue to operate over the next 12 month period from the date of approval of these financial statements, as the level of operating expenses is not expected to change significantly from current levels.

Consequently, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of.these financial statements. Accordingly, the Company has adopted the going concern basis in preparing the financial statements.

Equity investments

Equity investments include investment in associate and equity investments of the Company and are all stated at acquisition cost less impairment losses, if any.

Where a Company has power to participate in (but not control) the financial and operating policy decisions of another entity it is classified as an associate. Profits and losses arising on transactions between the Company and its associate are recognised only to the extent of unrelated investors' interests in the associate. The investors' share in the associate's profits and losses resulting from these transactions is eliminated against the carrying value of the associate.

Investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.

Turnover

Distributions received are initially treated as a return of contributed capital, in line with the wording of distribution notices and the Limited Partnership Agreement of the fund making the distributions. Once all committed contributions have been returned to the Company, any further distributions received are treated as revenue. Revenue is measured at the fair value of the consideration received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st January 2024

330,689

Additions

721,136

Disposals

(36,002

)

At 31st December 2024

1,015,823

NET BOOK VALUE

At 31st December 2024

1,015,823

At 31st December 2023

330,689

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Called up share capital not paid

100

100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

1,066

1,066

Other creditors

642,245

-

Interest-free loans

347,553

294,374

Accrued expenses

2,400

2,400

993,264

297,840

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

The capital of the Company is represented by the net assets attributable to the shareholder. The Company's objective when managing the capital is to safeguard the ability to continue as a going concern in order to provide returns for shareholder and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Company.

The holder of ordinary shares is entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

8.	FINANCIAL COMMITMENTS, CONTINGENT LIABILITIES AND GUARANTEES

The Company does not have any outstanding guarantees or commitments that have not been included in these financial statements.

9.	RELATED PARTY DISCLOSURES

The Company has taken the exemption conferred by FRS 102 paragraph 33.1A to not disclose transactions with other wholly owned group companies.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the Company is Johan Mikael Kampe, who owns the entire share capital of the Company.