Company No: 09461246 (England and Wales)

Contents

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

DIRECTOR

Nikolaus Woloszczuk

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

09461246 (England and Wales)

	Note	2025		2024
		£		£
Fixed assets
Investments	3	49,806,492		42,881,554
		49,806,492		42,881,554
Current assets
Debtors	4	561,717		1,025,560
Cash at bank and in hand		36,956		162
		598,673		1,025,722
Creditors: amounts falling due within one year	5	( 13,892,037)		( 28,218,144)
Net current liabilities		(13,293,364)		(27,192,422)
Total assets less current liabilities		36,513,128		15,689,132
Creditors: amounts falling due after more than one year	6	( 31,975,001)		( 14,361,338)
Net assets		4,538,127		1,327,794
Capital and reserves
Called-up share capital		1		1
Profit and loss account		4,538,126		1,327,793
Total shareholder's funds		4,538,127		1,327,794

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.

Director's 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 director acknowledges 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 Synthesis Holding Limited (registered number: 09461246) were approved and authorised for issue by the Director on 30 December 2025. They were signed on its behalf by:

Nikolaus Woloszczuk 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

Synthesis Holding 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 22 Chancery Lane, London, WC2A 1LS, 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 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.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the valuation dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Taxation

Current tax
The current income tax charge includes provision for UK corporation tax calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date, and withholding taxes on non-UK source dividend income.

Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets in respect of losses are recognised only to the extent they are more likely than not to be realised in the short to medium term.

Fixed asset investments

Investments in associates are measured at fair value through profit and loss, and include both equity interests and loans where the main purpose of the loan is long term investment in the associate. Associates are entities in which the company has significant influence but not control.

Other investments comprise quoted shares and options, and unquoted investments in overseas partnerships. Other investments are measured initially at the transaction price and then at fair value through profit and loss, unless fair value cannot be reliably determined in which case the investment is measured at cost less impairment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	0		0

3. Fixed asset investments

	Investments in associates		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2024	1,400,000		41,481,554		42,881,554
Additions	0		11,322,288		11,322,288
Disposals	0		( 8,798,278)		( 8,798,278)
Movement in fair value	0		4,400,928		4,400,928
At 31 March 2025	1,400,000		48,406,492		49,806,492
Carrying value at 31 March 2025	1,400,000		48,406,492		49,806,492
Carrying value at 31 March 2024	1,400,000		41,481,554		42,881,554

Financial assets measured at fair value
Quoted shares - measured at price quoted on relevant stock exchange - the fair value is £47,281,567 (2024 - £40,503,024).
Investment in associate - measured at investee NAV - the fair value is £1,400,000 (2024 - £1,400,000).
Unquoted funds - measured at published fund NAV - the fair value is £1,124,925 (2024 - £978,530).
Quoted options over listed investments are included within debtors and creditors and are measured at the price quoted on the relevant stock exchange. The fair value is £(880,298) (2024 - £(783,579).

4. Debtors

	2025		2024
	£		£
Deferred tax asset	432,592		801,409
Other debtors	129,125		224,151
	561,717		1,025,560

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Shareholder loans	3,139,333		16,864,583
Other creditors	10,752,704		11,353,561
	13,892,037		28,218,144

Shareholder loans are interest free and payable on demand.

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

	2025		2024
	£		£
Other creditors	31,975,001		14,361,338

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Other creditors	21,895,001		0