IRIS Accounts Production v25.4.0.155 SC657983 director 30.4.25 1.12.23 30.4.25 30.4.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime.true true true false true true false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC657983 2023-11-30 SC657983 2025-04-30 SC657983 2023-12-01 2025-04-30 SC657983 2022-11-30 SC657983 2022-12-01 2023-11-30 SC657983 2023-11-30 SC657983 ns15:Scotland 2023-12-01 2025-04-30 SC657983 ns14:PoundSterling 2023-12-01 2025-04-30 SC657983 ns10:Director1 2023-12-01 2025-04-30 SC657983 ns10:Consolidated 2025-04-30 SC657983 ns10:ConsolidatedGroupCompanyAccounts 2023-12-01 2025-04-30 SC657983 ns10:PrivateLimitedCompanyLtd 2023-12-01 2025-04-30 SC657983 ns10:Consolidated ns10:MediumEntities 2023-12-01 2025-04-30 SC657983 ns10:Consolidated ns10:Audited 2023-12-01 2025-04-30 SC657983 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2023-12-01 2025-04-30 SC657983 ns10:Medium-sizedCompaniesRegimeForAccounts 2023-12-01 2025-04-30 SC657983 ns10:Consolidated 2023-12-01 2025-04-30 SC657983 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2023-12-01 2025-04-30 SC657983 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2023-12-01 2025-04-30 SC657983 ns10:FullAccounts 2023-12-01 2025-04-30 SC657983 ns5:Subsidiary1 2023-12-01 2025-04-30 SC657983 ns10:OrdinaryShareClass1 2023-12-01 2025-04-30 SC657983 ns10:RegisteredOffice 2023-12-01 2025-04-30 SC657983 ns10:Consolidated 2022-12-01 2023-11-30 SC657983 ns5:CurrentFinancialInstruments 2025-04-30 SC657983 ns5:CurrentFinancialInstruments 2023-11-30 SC657983 ns5:ShareCapital 2025-04-30 SC657983 ns5:ShareCapital 2023-11-30 SC657983 ns5:SharePremium 2025-04-30 SC657983 ns5:SharePremium 2023-11-30 SC657983 ns5:FurtherSpecificReserve3ComponentTotalEquity 2025-04-30 SC657983 ns5:FurtherSpecificReserve3ComponentTotalEquity 2023-11-30 SC657983 ns5:RetainedEarningsAccumulatedLosses 2025-04-30 SC657983 ns5:RetainedEarningsAccumulatedLosses 2023-11-30 SC657983 ns5:ShareCapital 2022-11-30 SC657983 ns5:RetainedEarningsAccumulatedLosses 2022-11-30 SC657983 ns5:SharePremium 2022-11-30 SC657983 ns5:FurtherSpecificReserve3ComponentTotalEquity 2022-11-30 SC657983 ns5:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 SC657983 ns5:FurtherSpecificReserve3ComponentTotalEquity 2022-12-01 2023-11-30 SC657983 ns5:RetainedEarningsAccumulatedLosses 2023-12-01 2025-04-30 SC657983 ns5:FurtherSpecificReserve3ComponentTotalEquity 2023-12-01 2025-04-30 SC657983 1 2023-12-01 2025-04-30 SC657983 ns5:LandBuildings ns5:OwnedOrFreeholdAssets 2023-12-01 2025-04-30 SC657983 ns5:PlantMachinery 2023-12-01 2025-04-30 SC657983 ns5:FurnitureFittings 2023-12-01 2025-04-30 SC657983 ns5:ComputerEquipment 2023-12-01 2025-04-30 SC657983 ns5:CostValuation 2023-11-30 SC657983 ns5:UnlistedNon-exchangeTraded ns5:CostValuation 2023-11-30 SC657983 ns5:AdditionsToInvestments 2025-04-30 SC657983 ns5:AdditionsToInvestments ns5:UnlistedNon-exchangeTraded 2025-04-30 SC657983 ns5:DisposalsRepaymentsInvestments 2025-04-30 SC657983 ns5:UnlistedNon-exchangeTraded ns5:DisposalsRepaymentsInvestments 2025-04-30 SC657983 ns5:RevaluationsIncreaseDecreaseInInvestments 2025-04-30 SC657983 ns5:UnlistedNon-exchangeTraded ns5:RevaluationsIncreaseDecreaseInInvestments 2025-04-30 SC657983 ns5:CostValuation 2025-04-30 SC657983 ns5:UnlistedNon-exchangeTraded ns5:CostValuation 2025-04-30 SC657983 ns5:UnlistedNon-exchangeTraded 2025-04-30 SC657983 ns5:UnlistedNon-exchangeTraded 2023-11-30 SC657983 1 ns5:Subsidiary1 2023-12-01 2025-04-30 SC657983 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-04-30 SC657983 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-11-30 SC657983 ns10:OrdinaryShareClass1 2025-04-30 SC657983 ns5:RetainedEarningsAccumulatedLosses 2023-11-30 SC657983 ns5:SharePremium 2023-11-30 SC657983 ns5:FurtherSpecificReserve3ComponentTotalEquity 2023-11-30 SC657983 ns5:SharePremium 2023-12-01 2025-04-30

REGISTERED NUMBER: SC657983 (Scotland)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Period 1 December 2023 to 30 April 2025

for

Phonesmart Investments Ltd

Phonesmart Investments Ltd (Registered number: SC657983)

Contents of the Consolidated Financial Statements

for the Period 1 December 2023 to 30 April 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Director | 3 |

Report of the Independent Auditors | 5 |

Consolidated Income Statement | 9 |

Consolidated Other Comprehensive Income | 10 |

Consolidated Balance Sheet | 11 |

Company Balance Sheet | 12 |

Consolidated Statement of Changes in Equity | 13 |

Company Statement of Changes in Equity | 14 |

Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Financial Statements | 18 |

Phonesmart Investments Ltd

Company Information

for the Period 1 December 2023 to 30 April 2025

| DIRECTOR: | S N McGrenary

| REGISTERED OFFICE: | 25 Eagle Street,

| Craighall Business Park,

| Glasgow

| G4 9XA

| REGISTERED NUMBER: | SC657983 (Scotland)

| AUDITORS: | Accountants Plus (Hamilton) Ltd

| T/A Accountants Plus

| Statutory Auditor

| Second Floor

| Airbles House

| 270 Airbles Road

| Motherwell

| ML1 3AT

Phonesmart Investments Ltd (Registered number: SC657983)

Group Strategic Report

for the Period 1 December 2023 to 30 April 2025

The director presents his strategic report of the company and the group for the period 1 December 2023 to 30 April 2025.

ON BEHALF OF THE BOARD:

S N McGrenary - Director

21 January 2026

Phonesmart Investments Ltd (Registered number: SC657983)

Report of the Director

for the Period 1 December 2023 to 30 April 2025

The director presents his report with the financial statements of the company and the group for the period 1 December 2023 to 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of the purchase and resale of consumer electronics.

DIVIDENDS

No interim dividend was paid during the period. The director recommends a final dividend of £1,330 per share.

The total distribution of dividends for the period ended 30 April 2025 will be £ 1,463,290 .

DIRECTOR

S N McGrenary held office during the whole of the period from 1 December 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Phonesmart Investments Ltd (Registered number: SC657983)

Report of the Director

for the Period 1 December 2023 to 30 April 2025

AUDITORS

The auditors, Accountants Plus (Hamilton) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S N McGrenary - Director

21 January 2026

Report of the Independent Auditors to the Members of

Phonesmart Investments Ltd

Qualified Opinion

We have audited the financial statements of Phonesmart Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effect of the matters described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2025 and of its profit for the period 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 qualified 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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. It is noted that the accounts for the year ended 30 November 2023 were unaudited.

We were not appointed as auditor of the group until after 30 November 2023 and thus did not observe the counting of stock at the year end. We were unable to satisfy ourselves by alternative means concerning the stock held at 30 November 2023, which is included in the balance sheet at £7,311,500, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw your attention to note 9 to the financial statements regarding the prior year adjustment. Our opinion is not modified in this regard.

Report of the Independent Auditors to the Members of

Phonesmart Investments Ltd

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Phonesmart Investments Ltd

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.

The key factors impacting the detection of irregularities are the inherent difficulty in detecting irregularities, the effectiveness of the group's controls and the nature, timing and extent of the audit procedures performed.

We note that it can be harder to detect irregularities arising due to fraud as they may involve deliberate concealment or collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements Including, but not limited to, the Companies Act 2006 and significant regulations relating to the sector in which the company operates. Our procedures in relation to fraud and irregularities included but were not limited to:

- Inquiries of management whether they have knowledge of any actual, suspected or alleged fraud.

- Gaining an understanding of the legal and regulatory framework through discussion with management and identifying how the entity ensures compliance through a review of systems.

- Assessing the collective ability of the audit team to identify or recognize non-compliance with laws and regulations.

- Gaining an understanding of the internal controls established to mitigate risk related to fraud.

- Making an assessment of the susceptibility of the company's financial statements to material misstatement.

- Carrying out a review of accounting systems and procedure and making an assessment on the effectiveness of its control environment.

- Identifying the principal risks where fraud could take place eg posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transaction. Discussion of these matters by the audit team.

- Addressing the risk of fraud through management override of controls by performing journal entry testing.

- Review of board minutes and relevant correspondence with regulators and legal advisors.

- Agreement of the financial statement disclosures to underlying supporting documentation

- Consideration of these matters for the company but also for the group as a whole

The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management.

Report of the Independent Auditors to the Members of

Phonesmart Investments Ltd

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK) In particular, the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations. As a result of our procedures, we did not identify any key audit matters relating to irregularities

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

BRYAN J T WOOD FCCA (Senior Statutory Auditor)

for and on behalf of Accountants Plus (Hamilton) Ltd

T/A Accountants Plus

Statutory Auditor

Second Floor

Airbles House

270 Airbles Road

Motherwell

ML1 3AT

21 January 2026

Phonesmart Investments Ltd (Registered number: SC657983)

Consolidated Income Statement

for the Period 1 December 2023 to 30 April 2025

| Period | Year Ended |

| 1.12.23 to 30.4.25 | 30.11.23 |

| as restated |

| Notes | £ | £ | £ | £ |

TURNOVER | 45,240,689 |  | 26,277,336 |  |

Cost of sales | 36,245,357 |  | 20,505,232 |  |

GROSS PROFIT | 8,995,332 |  | 5,772,104 |  |

Administrative expenses | 1,525,896 |  | 668,923 |  |

7,469,436 |  | 5,103,181 |  |

Other operating income | (16,940 | ) | 135,731 |  |

Gain/loss on revaluation of investments | 310,715 |  | - |  |

OPERATING PROFIT | 4 | 7,763,211 |  | 5,238,912 |  |

Income from fixed asset investments | 7,647 |  | 1,288 |  |

Interest receivable and similar income | 4,311 |  | 4,839 |  |

|  |  | 11,958 |  |  |  |  | 6,127 |  |

7,775,169 |  | 5,245,039 |  |

Interest payable and similar expenses | 5 | 38,090 |  | 33,492 |  |

PROFIT BEFORE TAXATION | 7,737,079 |  | 5,211,547 |  |

Tax on profit | 6 | 1,946,802 |  | 1,217,069 |  |

PROFIT FOR THE FINANCIAL PERIOD | 5,790,277 |  | 3,994,478 |  |

Profit attributable to:

Owners of the parent | 3,543,615 |  | 2,237,956 |  |

Non-controlling interests | 2,246,662 |  | 1,756,522 |  |

5,790,277 |  | 3,994,478 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Consolidated Other Comprehensive Income

for the Period 1 December 2023 to 30 April 2025

| Period |

| 1.12.23 |

| to |  | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

| Notes | £ | £ |

PROFIT FOR THE PERIOD | 5,790,277 |  | 3,994,478 |  |

OTHER COMPREHENSIVE INCOME |

Increase in fair value reserve | 968,522 |  | 1,636,964 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX | 968,522 |  | 1,636,964 |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 6,758,799 |  | 5,631,442 |  |

Total comprehensive income attributable to:

Owners of the parent | 4,858,628 |  | 4,381,793 |  |

Non-controlling interests | 1,900,171 |  | 1,249,649 |  |

6,758,799 |  | 5,631,442 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Consolidated Balance Sheet

30 April 2025

| 30.4.25 | 30.11.23 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 1,757,561 |  | 65,560 |  |

Investments | 11 | 3,194,081 |  | 2,192,399 |  |

4,951,642 |  | 2,257,959 |  |

CURRENT ASSETS

Stocks | 12 | 5,974,393 |  | 7,311,500 |  |

Debtors | 13 | 1,278,171 |  | 617,392 |  |

Cash at bank | 1,262,332 |  | 113,994 |  |

8,514,896 |  | 8,042,886 |  |

CREDITORS

Amounts falling due within one year | 14 | 562,474 |  | 1,730,128 |  |

NET CURRENT ASSETS | 7,952,422 |  | 6,312,758 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,904,064 |  | 8,570,717 |  |

PROVISIONS FOR LIABILITIES | 16 | 21,674 |  | 16,391 |  |

NET ASSETS | 12,882,390 |  | 8,554,326 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 1,100 |  | 1,100 |  |

Share premium | 18 | 2,096,140 |  | 2,096,140 |  |

Unrealised gain on investments | 18 | 1,279,237 |  | 310,715 |  |

Retained earnings | 18 | 6,588,317 |  | 4,507,992 |  |

SHAREHOLDERS' FUNDS | 9,964,794 |  | 6,915,947 |  |

NON-CONTROLLING INTERESTS | 19 | 2,917,596 |  | 1,638,379 |  |

TOTAL EQUITY | 12,882,390 |  | 8,554,326 |  |

The financial statements were approved by the director and authorised for issue on 21 January 2026 and were signed by:

S N McGrenary - Director

Phonesmart Investments Ltd (Registered number: SC657983)

Company Balance Sheet

30 April 2025

| 30.4.25 | 30.11.23 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | - |  | - |  |

Investments | 11 | 5,234,521 |  | 4,232,839 |  |

5,234,521 |  | 4,232,839 |  |

CURRENT ASSETS

Debtors | 13 | 487,700 |  | 556,700 |  |

Cash at bank | 338,299 |  | 8,395 |  |

825,999 |  | 565,095 |  |

CREDITORS

Amounts falling due within one year | 14 | - |  | 16,000 |  |

NET CURRENT ASSETS | 825,999 |  | 549,095 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,060,520 |  | 4,781,934 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 1,100 |  | 1,100 |  |

Share premium | 18 | 2,096,140 |  | 2,096,140 |  |

Unrealised gain on investments | 18 | 1,279,237 |  | 310,715 |  |

Retained earnings | 18 | 2,684,043 |  | 2,373,979 |  |

SHAREHOLDERS' FUNDS | 6,060,520 |  | 4,781,934 |  |

Company's profit for the financial year | 1,773,354 |  | 544,417 |  |

The financial statements were approved by the director and authorised for issue on 21 January 2026 and were signed by:

S N McGrenary - Director

Phonesmart Investments Ltd (Registered number: SC657983)

Consolidated Statement of Changes in Equity

for the Period 1 December 2023 to 30 April 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 December 2022 | 1,100 |  | 2,375,036 |  | 2,096,140 |  |

As restated | 1,100 |  | 2,375,036 |  | 2,096,140 |  |

Changes in equity

Dividends | - |  | (105,000 | ) | - |  |

Total comprehensive income | - |  | 2,237,956 |  | - |  |

Balance at 30 November 2023 | 1,100 |  | 4,507,992 |  | 2,096,140 |  |

Changes in equity

Dividends | - |  | (1,463,290 | ) | - |  |

Total comprehensive income | - |  | 3,543,615 |  | - |  |

Balance at 30 April 2025 | 1,100 |  | 6,588,317 |  | 2,096,140 |  |

| Unrealised |

| gain on |  | Non-controlling |  | Total

| investments |  | Total |  | interests |  | equity

£ | £ | £ | £ |

Balance at 1 December 2022 | (1,326,249 | ) | 3,146,027 |  | - |  | 3,146,027 |  |

Prior year adjustment | - |  | - |  | 388,730 |  | 388,730 |  |

As restated | (1,326,249 | ) | 3,146,027 |  | 388,730 |  | 3,534,757 |  |

Changes in equity

Dividends | - |  | (105,000 | ) | - |  | (105,000 | ) |

Total comprehensive income | 1,636,964 |  | 3,874,920 |  | 1,249,649 |  | 5,124,569 |  |

Balance at 30 November 2023 | 310,715 |  | 6,915,947 |  | 1,638,379 |  | 8,554,326 |  |

Changes in equity

Dividends | - |  | (1,463,290 | ) | - |  | (1,463,290 | ) |

Total comprehensive income | 968,522 |  | 4,512,137 |  | 1,900,171 |  | 6,412,308 |  |

Balance at 30 April 2025 | 1,279,237 |  | 9,964,794 |  | 3,538,550 |  | 13,503,344 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Company Statement of Changes in Equity

for the Period 1 December 2023 to 30 April 2025

| Called up |  | Unrealised |

| share |  | Retained |  | Share |  | gain on |  | Total

| capital |  | earnings |  | premium |  | investments |  | equity

£ | £ | £ | £ | £ |

Balance at 1 December 2022 | 1,100 |  | 1,934,562 |  | 2,096,140 |  | (1,326,249 | ) | 2,705,553 |  |

Changes in equity

Dividends | - |  | (105,000 | ) | - |  | - |  | (105,000 | ) |

Total comprehensive income | - |  | 544,417 |  | - |  | 1,636,964 |  | 2,181,381 |  |

Balance at 30 November 2023 | 1,100 |  | 2,373,979 |  | 2,096,140 |  | 310,715 |  | 4,781,934 |  |

Changes in equity

Dividends | - |  | (1,463,290 | ) | - |  | - |  | (1,463,290 | ) |

Total comprehensive income | - |  | 1,773,354 |  | - |  | 968,522 |  | 2,741,876 |  |

Balance at 30 April 2025 | 1,100 |  | 2,684,043 |  | 2,096,140 |  | 1,279,237 |  | 6,060,520 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Consolidated Cash Flow Statement

for the Period 1 December 2023 to 30 April 2025

| Period |

| 1.12.23 |

| to |  | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 7,578,184 |  | 2,221,656 |  |

Interest paid | (38,090 | ) | (33,492 | ) |

Tax paid | (2,371,508 | ) | (679,046 | ) |

Net cash from operating activities | 5,168,586 |  | 1,509,118 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,732,881 | ) | (43,483 | ) |

Purchase of fixed asset investments | (946,791 | ) | (1,542,499 | ) |

Sale of fixed asset investments | 860,756 |  | 320,269 |  |

Interest received | 4,311 |  | 4,839 |  |

Dividends received | 7,647 |  | 1,288 |  |

Net cash from investing activities | (1,806,958 | ) | (1,259,586 | ) |

Cash flows from financing activities

New loans in year | - |  | 500,000 |  |

Loan repayments in year | (500,000 | ) | (1,004,542 | ) |

Amount introduced by directors | 15,000 |  | 15,000 |  |

Amount withdrawn by directors | (265,000 | ) | - |  |

Equity dividends paid | (1,463,290 | ) | (105,000 | ) |

Net cash from financing activities | (2,213,290 | ) | (594,542 | ) |

Increase/(decrease) in cash and cash equivalents | 1,148,338 |  | (345,010 | ) |

Cash and cash equivalents at beginning of period | 2 | 113,994 |  | 459,004 |  |

Cash and cash equivalents at end of period | 2 | 1,262,332 |  | 113,994 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Cash Flow Statement

for the Period 1 December 2023 to 30 April 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Period |

| 1.12.23 |

| to | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

£ | £ |

| Profit before taxation | 7,737,079 |  | 5,211,547 |  |

| Depreciation charges | 21,317 |  | 8,079 |  |

| Loss on disposal of fixed assets | 160,833 |  | 186,295 |  |

| Gain on revaluation of fixed assets | (310,715 | ) | (117,430 | ) |

| Exchange loss on investments | 222,320 |  | - |  |

| Dividend paid to minority shareholders | (967,445 | ) | (175,177 | ) |

| Increase in unrealised investments | - |  | 1,636,964 |  |

| Adjustment to unlisted investments | - |  | (411,448 | ) |

| Finance costs | 38,090 |  | 33,492 |  |

| Finance income | (11,958 | ) | (6,127 | ) |

6,889,521 |  | 6,366,195 |  |

| Decrease/(increase) in stocks | 1,337,107 |  | (3,911,623 | ) |

| Increase in trade and other debtors | (426,779 | ) | (318,418 | ) |

| (Decrease)/increase in trade and other creditors | (221,665 | ) | 85,502 |  |

| Cash generated from operations | 7,578,184 |  | 2,221,656 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Period ended 30 April 2025

| 30.4.25 |  | 1.12.23

£ | £ |

| Cash and cash equivalents | 1,262,332 |  | 113,994 |  |

| Year ended 30 November 2023

| 30.11.23 |  | 1.12.22

| as restated |

£ | £ |

| Cash and cash equivalents | 113,994 |  | 459,004 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Cash Flow Statement

for the Period 1 December 2023 to 30 April 2025

3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

| At 1.12.23 | Cash flow | At 30.4.25

£ | £ | £ |

| Net cash |

| Cash at bank | 113,994 |  | 1,148,338 |  | 1,262,332 |  |

113,994 |  | 1,148,338 |  | 1,262,332 |  |

| Debt

| Debts falling due within 1 year | (500,000 | ) | 500,000 |  | - |  |

(500,000 | ) | 500,000 |  | - |  |

| Total | (386,006 | ) | 1,648,338 |  | 1,262,332 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements

for the Period 1 December 2023 to 30 April 2025

1. | STATUTORY INFORMATION

| Phonesmart Investments Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported carrying value of stock. Actual results may differ from these estimates.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2% on cost

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Computer equipment | - | 33% on cost

| Stocks

| Stock, comprising of electronic goods held for resale, are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Management exercises judgement in assessing whether the carrying value of inventories is recoverable, particularly in light of rapid technological change, product obsolescence, and price erosion common within the electronics sector.

| Financial instruments

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Cash and bank balances

| Cash and bank balances are measured at the transaction price.

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| Period |

| 1.12.23 |

| to | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

£ | £ |

| Wages and salaries | 734,089 |  | 451,698 |  |

| Social security costs | 71,186 |  | 50,343 |  |

| Other pension costs | 14,926 |  | 9,064 |  |

820,201 |  | 511,105 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

3. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the period was as follows:

| Period |

| 1.12.23 |

| to | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

| Employees including directors | 12 |  | 10 |  |

| The average number of employees by undertakings that were proportionately consolidated during the period was 12 (2023 - 10 ) .

| Period |

| 1.12.23 |

| to | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

£ | £ |

| Director's remuneration | 87,500 |  | 55,917 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| Period |

| 1.12.23 |

| to | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

£ | £ |

| Other operating leases | 263,155 |  | 91,961 |  |

| Depreciation - owned assets | 21,317 |  | 8,080 |  |

| Loss on disposal of fixed assets | 160,833 |  | 186,295 |  |

| Foreign exchange differences | 193,540 |  | (1,650 | ) |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.12.23 |

| to | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

£ | £ |

| Bank interest | - |  | 475 |  |

| Interest payable | 38,090 |  | 33,017 |  |

38,090 |  | 33,492 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the period was as follows:

| Period |

| 1.12.23 |

| to | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

£ | £ |

| Current tax:

| UK corporation tax | 1,941,519 |  | 1,208,217 |  |

| Deferred tax | 5,283 |  | 8,852 |  |

| Tax on profit | 1,946,802 |  | 1,217,069 |  |

| Tax effects relating to effects of other comprehensive | income |

| 1.12.23 to 30.4.25 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Increase in fair value reserve | 968,522 |  | - |  | 968,522 |  |

| 30.11.23 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Increase in fair value reserve | 1,636,964 |  | - |  | 1,636,964 |  |

7. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

8. | DIVIDENDS

| Period |

| 1.12.23 |

| to | Year Ended

| 30.4.25 |  | 30.11.23

| as | restated |

£ | £ |

| Ordinary shares of £1 each

| Final | 1,463,290 |  | 105,000 |  |

9. | PRIOR YEAR ADJUSTMENT

| There are 2 prior year adjustments.

| Firstly, the accounts did not previously show the investment in the subsidiary which took place on 11th December 2020. This has been brought in as an adjustment to the figures for the year ended 30th November 2023.

| The adjustment was to introduce the investment using the acquisition method. The fair value was calculated as £2,097,140 -this amount being equal to the reserves of Phonesmart at 30th November 2020. The transaction was at par resulting in a share premium of £2,096,140.

| A further adjustment was made to the figures for the year ended 30th November 2023 to account for the disposal of 133 shares in Phonesmart Ltd on 11th April 2022. This reduced the investment by £56,700.

| The second prior year adjustment was to adjust the consolidated reserves as at 30th November 2022 for the minority interest in the shares in Phonesmart Ltd up to that date. As there had previously been no requirement to produce consolidated accounts, this adjustment had not previously been made,

| The adjustment in relation to the minority interest for the year ended 30th November 2023 includes the adjustment for the prior years.

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | Plant and |  | and |  | Computer |

| property |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 December 2023 | - |  | - |  | 80,448 |  | 17,164 |  | 97,612 |  |

| Additions | 1,676,456 |  | 44,715 |  | 11,710 |  | - |  | 1,732,881 |  |

| Disposals | - |  | - |  | (31,817 | ) | - |  | (31,817 | ) |

| At 30 April 2025 | 1,676,456 |  | 44,715 |  | 60,341 |  | 17,164 |  | 1,798,676 |  |

| DEPRECIATION

| At 1 December 2023 | - |  | - |  | 14,888 |  | 17,164 |  | 32,052 |  |

| Charge for period | 5,588 |  | 2,670 |  | 13,059 |  | - |  | 21,317 |  |

| Eliminated on disposal | - |  | - |  | (12,254 | ) | - |  | (12,254 | ) |

| At 30 April 2025 | 5,588 |  | 2,670 |  | 15,693 |  | 17,164 |  | 41,115 |  |

| NET BOOK VALUE

| At 30 April 2025 | 1,670,868 |  | 42,045 |  | 44,648 |  | - |  | 1,757,561 |  |

| At 30 November 2023 | - |  | - |  | 65,560 |  | - |  | 65,560 |  |

11. | FIXED ASSET INVESTMENTS

| Group

| Unlisted

| investments

£ |

| COST OR VALUATION

| At 1 December 2023 | 2,192,399 |  |

| Additions | 946,791 |  |

| Disposals | (1,002,026 | ) |

| Revaluations | 1,056,917 |  |

| At 30 April 2025 | 3,194,081 |  |

| NET BOOK VALUE

| At 30 April 2025 | 3,194,081 |  |

| At 30 November 2023 | 2,192,399 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

11. | FIXED ASSET INVESTMENTS - continued

| Group

| Cost or valuation at 30 April 2025 is represented by:

| Unlisted

| investments

£ |

| Valuation in 2005 | 1,279,237 |  |

| Cost | 1,914,844 |  |

3,194,081 |  |

| Company

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 December 2023 | 2,040,440 |  | 2,192,399 |  | 4,232,839 |  |

| Additions | - |  | 946,791 |  | 946,791 |  |

| Disposals | - |  | (1,002,026 | ) | (1,002,026 | ) |

| Revaluations | - |  | 1,056,917 |  | 1,056,917 |  |

| At 30 April 2025 | 2,040,440 |  | 3,194,081 |  | 5,234,521 |  |

| NET BOOK VALUE

| At 30 April 2025 | 2,040,440 |  | 3,194,081 |  | 5,234,521 |  |

| At 30 November 2023 | 2,040,440 |  | 2,192,399 |  | 4,232,839 |  |

| Cost or valuation at 30 April 2025 is represented by:

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2025 | - |  | 1,279,237 |  | 1,279,237 |  |

| Cost | 2,040,440 |  | 1,914,844 |  | 3,955,284 |  |

2,040,440 |  | 3,194,081 |  | 5,234,521 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

11. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Phonesmart Ltd

| Registered office: inside United Kingdom

| Nature of business: sale of electronic equipment

| %

| Class of shares: | holding |

| Ordinary | 65.00 |

12. | STOCKS

| Group |

| 30.4.25 |  | 30.11.23 |

| as | restated |

£ | £ |

| Stocks | 5,974,393 |  | 7,311,500 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.4.25 |  | 30.11.23 |  | 30.4.25 |  | 30.11.23 |

| as restated |  | as restated |

£ | £ | £ | £ |

| Trade debtors | 127,364 |  | 64,411 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | - |  | 500,000 |  |

| Other debtors | 73,891 |  | 397,748 |  | 56,700 |  | 56,700 |  |

| Directors' current accounts | - |  | 15,000 |  | - |  | - |  |

| Directors' loan accounts | 249,000 |  | - |  | 249,000 |  | - |  |

| VAT | 453,748 |  | - |  | - |  | - |  |

| Prepayments and accrued income | 374,168 |  | 140,233 |  | 182,000 |  | - |  |

1,278,171 |  | 617,392 |  | 487,700 |  | 556,700 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.4.25 |  | 30.11.23 |  | 30.4.25 |  | 30.11.23 |

| as restated |  | as restated |

£ | £ | £ | £ |

| Other loans (see note 15) | - |  | 500,000 |  | - |  | - |  |

| Trade creditors | 5 |  | 448 |  | - |  | - |  |

| Tax | 551,974 |  | 981,963 |  | - |  | - |  |

| Social security and other taxes | 7,782 |  | 12,293 |  | - |  | - |  |

| VAT | - |  | 119,170 |  | - |  | - |  |

| Net wage creditor | - |  | 23,155 |  | - |  | - |  |

| Pension creditor | 2,713 |  | 2,197 |  | - |  | - |  |

| eBay creditor | - |  | 1,046 |  | - |  | - |  |

| Directors' loan accounts | - |  | 16,000 |  | - |  | 16,000 |  |

| Accruals and deferred income | - |  | 73,856 |  | - |  | - |  |

562,474 |  | 1,730,128 |  | - |  | 16,000 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 30.4.25 |  | 30.11.23 |

| as | restated |

£ | £ |

| Amounts falling due within one year | or on demand: |

| Other loans | - |  | 500,000 |  |

16. | PROVISIONS FOR LIABILITIES

| Group |

| 30.4.25 |  | 30.11.23 |

| as | restated |

£ | £ |

| Deferred tax | 21,674 |  | 16,391 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 December 2023 | 16,391 |  |

| Provided during period | 5,283 |  |

| Balance at 30 April 2025 | 21,674 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.4.25 |  | 30.11.23

| value: |  | as restated |

£ | £ |

| 1,100 | Ordinary | £1 | 1,100 |  | 1,100 |  |

18. | RESERVES

| Group

| Unrealised |

| Retained |  | Share |  | gain on |

| earnings |  | premium |  | investments |  | Totals

£ | £ | £ | £ |

| At 1 December 2023 | 4,507,992 |  | 2,096,140 |  | 310,715 |  | 6,914,847 |  |

| Profit for the period | 3,543,615 |  | 3,543,615 |  |

| Dividends | (1,463,290 | ) | (1,463,290 | ) |

| Movement in year | - |  | - |  | 968,522 |  | 968,522 |  |

| At 30 April 2025 | 6,588,317 |  | 2,096,140 |  | 1,279,237 |  | 9,963,694 |  |

| Company

| Unrealised |

| Retained |  | Share |  | gain on |

| earnings |  | premium |  | investments |  | Totals

£ | £ | £ | £ |

| At 1 December 2023 | 2,373,979 |  | 2,096,140 |  | 310,715 |  | 4,780,834 |  |

| Profit for the period | 1,773,354 |  | 1,773,354 |  |

| Dividends | (1,463,290 | ) | (1,463,290 | ) |

| Movement in year | - |  | - |  | 968,522 |  | 968,522 |  |

| At 30 April 2025 | 2,684,043 |  | 2,096,140 |  | 1,279,237 |  | 6,059,420 |  |

Phonesmart Investments Ltd (Registered number: SC657983)

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2023 to 30 April 2025

19. | NON-CONTROLLING INTERESTS

| The company owns 867 shares in Phonesmart Ltd. The remaining 467 shares are owned by other individuals.

20. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the period ended 30 April 2025 and the year ended 30 November 2023:

| 30.4.25 |  | 30.11.23

| as | restated |

£ | £ |

| S N McGrenary

| Balance outstanding at start of period | - |  | - |  |

| Amounts advanced | 249,000 |  | - |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | 249,000 |  | - |  |

| During the year, the company entered into transactions with a director who is also a related party.

| At the balance sheet date, the above amount was owed by the director to the company. The loan is interest-free, unsecured, and repayable on demand.

| No guarantees have been entered into by the company in respect of this loan, and no amounts were written off or waived during the year.