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COMPANY REGISTRATION NUMBER: 11679992

Voyager Asset Management Ltd

Financial Statements

31 October 2025

Voyager Asset Management Ltd

Financial Statements

Year ended 31 October 2025

CONTENTS | PAGE

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 3

Independent auditor's report to the members | 5

Statement of comprehensive income | 9

Statement of financial position | 10

Statement of changes in equity | 11

Statement of cash flows | 12

Notes to the financial statements | 13

Voyager Asset Management Ltd

Officers and Professional Advisers

The board of directors | Mr G Waite
| Mr A D Morgan

Registered office | 23 Berkeley Square
| London
| England
| United Kingdom
| W1J 6HE

Auditor | James & Uzzell Ltd
| Chartered Certified Accountants & Statutory Auditor
| Axis 15, Axis Court
| Mallard Way
| Riverside Business Park
| Swansea
| SA7 0AJ

Voyager Asset Management Ltd

Strategic Report

Year ended 31 October 2025
The directors present their strategic report for the year ended 31st October 2025. REVIEW OF BUSINESS The results for the year and the financial position at the year end were in line with the expectations of the directors. The company will aim to maintain the current margins throughout the year ended 31st October 2026.
PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a very competitive market and has secured its position and good reputation by providing a quality service. The company's trading activities are all within the United Kingdom and therefore it does not expose itself to fluctuating exchange rates. The principal risk facing the company is the strength of the UK economy and following from that the demand for its services. The directors have considered the risk posed by inflation and have factored this into their portfolio pricing to ensure the company remains competitive whilst maintaining its exceptional service.
DEVELOPMENT AND PERFORMANCE
The directors aim to maintain the management policies which have resulted in the company`s growth & stability in recent years. They consider that the current year will be profitable and gross profit margins will remain consistent.
FINANCIAL KEY PERFORMANCE INDICATORS
The key performance indicators are set out below:

|  | 2025 | 2024
|  | £ | £
| Turnover £ | 337,808 | 265,044
| Gross Profit % | 75 | 69
| Net Profit % | 7 | 6

This report was approved by the board of directors on 5 February 2026 and signed on behalf of the board by:
Gary Waite
Gary Waite
Director

Voyager Asset Management Ltd

Directors' Report

Year ended 31 October 2025
The directors present their report and the financial statements of the company for the year ended 31 October 2025 .
DIRECTORS
The directors who served the company during the year were as follows:

Mr G Waite |
Mr A D Morgan |

DIVIDENDS
Particulars of recommended dividends are detailed in note 11 to the financial statements.
FUTURE DEVELOPMENTS
The directors are optimistic regarding the future prospects of the company and consider that the current year will continue to be profitable. The afterdate results show that activity has continued to be stable. The directors also feel they have outperformed other companies within the same market. The company maintains long standing relationships with a number of customers and continues to look to expand this customer base.
FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, related company and directors' and loans. The main purpose of these instruments is to raise funds for and finance the company's operations. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of deposit accounts and current accounts. The company has accumulated cash reserves in order to mitigate risk and to facilitate growth. In respect of related company and directors' loans, these comprise loans to and from the directors and related companies. No interest is charged on the loans and repayments are set at a level dependant upon the working capital needs of the company.
RESEARCH AND DEVELOPMENT
The company will continue its policy of investment in research and development in order to retain a competitive position in the market.
QUALIFYING INDEMNITY PROVISION
The Articles of Association of the Company contain an indemnity in favour of all the Directors of the Company that, subject to law, indemnifies the Directors, out of the assets of the Company, from any liability incurred by them in defending any proceedings in which judgement is given in their favour (or otherwise disposed of without any finding or admission of any material breach of duty on their part).
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' 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 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 judgments 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 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. DISCLOSURE OF INFORMATION TO THE AUDITORS
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.
This report was approved by the board of directors on 5 February 2026 and signed on behalf of the board by:
Gary Waite
Gary Waite
Director

Voyager Asset Management Ltd

Independent Auditor's Report to the Members of Voyager Asset Management Ltd

Year ended 31 October 2025
OPINION
We have audited the financial statements of Voyager Asset Management Ltd (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, 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 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 October 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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.
RESPONSIBILITIES OF DIRECTORS
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.
AUDITOR'S 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 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. 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: - We obtained an understanding of the legal regulatory frameworks that are applicable to the company and determined that the most significant of those relate to the reporting framework (United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard as applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)) and the relevant tax compliance regulations principally relating to those issued by HMRC. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being General Data Protection Regulation, and those laws and regulations relating to health and safety and employee matters. - We understood how Voyager Asset Management Ltd is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and by understanding the entity level controls implemented by those charged with governance. - We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered where the significant estimates and judgements are in the financial statements. We assessed the programmes and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures including testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. - Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved, journal entry testing, with a focus on manual journals or unusual transactions based on our understanding of the business. We also reviewed documentation in respect of the FCA reports for evidence of any non compliance or potential issues. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 purpose of expressing an opinion on the effectiveness of the 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. 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.

ALISON JAYNE UZZELL FCCA
(Senior Statutory Auditor)

For and on behalf of
James & Uzzell Ltd
Chartered Certified Accountants & Statutory Auditor
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ

6 February 2026

Voyager Asset Management Ltd

Statement of Comprehensive Income

Year ended 31 October 2025

| 2025 | 2024
Note | £ | £
TURNOVER | 4 | 337,808 | 265,044

Cost of sales | 83,999 | 81,677
| --------- | ---------
GROSS PROFIT | 253,809 | 183,367

Administrative expenses | 231,453 | 168,815
|  | --------- | ---------
OPERATING PROFIT | 5 | 22,356 | 14,552

Other interest receivable and similar income | 9 | 611 | 223
| --------- | ---------
PROFIT BEFORE TAXATION | 22,967 | 14,775

Tax on profit | 10 | – | ( 4,458)
| -------- | --------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME | 22,967 | 19,233
| -------- | --------

All the activities of the company are from continuing operations.

Voyager Asset Management Ltd

Statement of Financial Position

31 October 2025

| 2025 | 2024
Note | £ | £

FIXED ASSETS

Intangible assets | 12 | 35,273 | –

CURRENT ASSETS

Debtors | 13 | 110,778 | 52,533
Cash at bank and in hand | 41,959 | 96,485
| --------- | ---------
| 152,737 | 149,018

CREDITORS: amounts falling due within one year | 14 | 60,821 | 44,796
| --------- | ---------
NET CURRENT ASSETS | 91,916 | 104,222
| --------- | ---------
TOTAL ASSETS LESS CURRENT LIABILITIES | 127,189 | 104,222
| --------- | ---------

CAPITAL AND RESERVES

Called up share capital | 16 | 60,000 | 60,000
Profit and loss account | 17 | 67,189 | 44,222
| --------- | ---------
SHAREHOLDERS FUNDS | 127,189 | 104,222
| --------- | ---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 5 February 2026 , and are signed on behalf of the board by:
Gary Waite
Gary Waite
Director
Company registration number: 11679992

Voyager Asset Management Ltd

Statement of Changes in Equity

Year ended 31 October 2025

| Called up share capital | Profit and loss account | Total
| £ | £ | £
AT 1 NOVEMBER 2023 | 60,000 | 40,181 | 100,181
Profit for the year |  | 19,233 | 19,233
| -------- | -------- | ---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | – | 19,233 | 19,233
Dividends paid and payable | 11 | – | ( 15,192) | ( 15,192)
| -------- | -------- | ---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS | – | ( 15,192) | ( 15,192)
AT 31 OCTOBER 2024 | 60,000 | 44,222 | 104,222
Profit for the year |  | 22,967 | 22,967
| -------- | -------- | ---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | – | 22,967 | 22,967
| -------- | -------- | ---------
AT 31 OCTOBER 2025 | 60,000 | 67,189 | 127,189
| -------- | -------- | ---------

Voyager Asset Management Ltd

Statement of Cash Flows

Year ended 31 October 2025

| 2025 | 2024
| £ | £

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year | 22,967 | 19,233

Adjustments for: |  |
Amortisation of intangible assets | 1,216 | –
Other interest receivable and similar income | ( 611) | ( 223)
Tax on profit | – | ( 4,458)
Accrued expenses | – | 2,956

Changes in: |  |
Trade and other debtors | ( 58,245) | 37,109
Trade and other creditors | 16,025 | 1,269
| -------- | --------
Cash generated from operations | ( 18,648) | 55,886

Interest received | 611 | 223
Tax received | – | 3
| -------- | --------
Net cash (used in)/from operating activities | ( 18,037) | 56,112
| -------- | --------

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible assets | ( 36,489) | –
| -------- | --------
Net cash used in investing activities | ( 36,489) | –
| -------- | --------

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid | – | ( 15,192)
| -------- | --------
Net cash used in financing activities | – | ( 15,192)
| -------- | --------

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | ( 54,526) | 40,920
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 96,485 | 55,565
| -------- | --------
CASH AND CASH EQUIVALENTS AT END OF YEAR | 41,959 | 96,485
| -------- | --------

Voyager Asset Management Ltd

Notes to the Financial Statements

Year ended 31 October 2025
1. GENERAL INFORMATION
Voyager Asset Management Ltd is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is that of asset management.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 October 2025. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Accrued income
Accrued Income is valued at selling price in line with FRS102 and is included as accrued income in debtors.
Going concern
The company meets its day-to-day working capital requirements through its bank facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company's forecasts and projections, taking account reasonably the aforementioned possible changes in trading performance as a result of environmental & economic factors, show that the company should be able to operate within the level of its current facilities. Therefore the company continues to adopt the going concern basis in preparing its financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from investment management activities is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to portfolio income reports.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
Interest receivable
Interest income is recognised using the effective interest method.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below (i) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision. (ii) Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. (iii) Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. (iv) Going concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard (v) Research & Development Research & development tax claims could use an element of judgement for the stage of completion of the project. Capitalised research and development is amortised over the estimated useful life of the project. (vi) Accrued Income Accrued income is recognised based on income received after our balance sheet date, which is then apportioned to account for the period to our balance sheet date.
Cash & cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with bank, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Research & development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 20 years. The reason for choosing this period is based on investors risk strategy and timeline for the expiry of investments. Provision is made for any impairment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
4. TURNOVER
Turnover arises from:

| 2025 | 2024
| £ | £
Rendering of services | 337,808 | 265,044
| --------- | ---------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. OPERATING PROFIT
Operating profit or loss is stated after charging:

| 2025 | 2024
| £ | £
Amortisation of intangible assets | 1,216 | –
| ------ | ----

6. AUDITOR'S REMUNERATION

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 8,580 | 8,015
| ------ | ------

7. STAFF COSTS
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Administrative staff | 5 | 4
Management staff | 2 | 2
| ---- | ----
| 7 | 6
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 180,585 | 113,670
Social security costs | 853 | 130
Other pension costs | 2,405 | 1,415
| --------- | ---------
| 183,843 | 115,215
| --------- | ---------

8. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £
Remuneration | 19,136 | 19,136
| -------- | --------

9. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 611 | 223
| ---- | ----

10. TAX ON PROFIT
Major components of tax income

| 2025 | 2024
| £ | £

Current tax:

UK current tax income | – | ( 4,458)
| ---- | ------
Tax on profit | – | ( 4,458)
| ---- | ------

Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 22,967 | 14,775
| -------- | --------
Profit on ordinary activities by rate of tax | 5,742 | 3,694
Adjustment to tax charge in respect of prior periods | – | ( 4,455)
Effect of expenses not deductible for tax purposes | – | ( 13,993)
Effect of capital allowances and depreciation | ( 289) | –
Unused tax losses | ( 5,453) | 10,296
| -------- | --------
Tax on profit | – | ( 4,458)
| -------- | --------

Factors that may affect future tax income
There are no factors affecting future tax charge.
11. DIVIDENDS

| 2025 | 2024
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | – | 15,192
| ---- | --------

12. INTANGIBLE ASSETS

| Goodwill
| £
Cost |
Additions | 36,489
| --------
At 31 October 2025 | 36,489
| --------
Amortisation |
Charge for the year | 1,216
| --------
At 31 October 2025 | 1,216
| --------
Carrying amount |
At 31 October 2025 | 35,273
| --------
At 31 October 2024 | –
| --------

13. DEBTORS

| 2025 | 2024
| £ | £
Prepayments and accrued income | 24,865 | 24,865
Directors loan account | – | 25,868
Other debtors | 85,913 | 1,800
| --------- | --------
| 110,778 | 52,533
| --------- | --------

14. CREDITORS: amounts falling due within one year

| 2025 | 2024
| £ | £
Social security and other taxes | 6,380 | –
Other creditors | 54,441 | 44,796
| -------- | --------
| 60,821 | 44,796
| -------- | --------

15. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 2,405 (2024: £ 1,415 ).
16. CALLED UP SHARE CAPITAL
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £ 1 each | 30,000 | 30,000 | 30,000 | 30,000
Ordinary B shares of £ 1 each | 30,000 | 30,000 | 30,000 | 30,000
| -------- | -------- | -------- | --------
| 60,000 | 60,000 | 60,000 | 60,000
| -------- | -------- | -------- | --------

17. RESERVES
Profit and loss account - This reserve records retained earnings and accumulated losses net of dividends and adjustments.
18. ANALYSIS OF CHANGES IN NET DEBT

| At 1 Nov 2024 | Cash flows | At 31 Oct 2025
| £ | £ | £
Cash at bank and in hand | 96,485 | (54,526) | 41,959
| -------- | -------- | --------

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The amount owed by the directors to the company as of 31 October 2025 is £Nil (2024: £25,868). No interest has been charged in relation to this balance.
20. RELATED PARTY TRANSACTIONS
During the period the company entered into the following transactions with related parties: Other related parties

|  | 2025 | 2024
|  | £ | £
| Balance due from other related parties at year end | 85,615 | –

No interest has been incurred in relation to these balances.
21. CONTROLLING PARTY
There is no ultimate controlling party.