IRIS Accounts Production v25.4.0.155 07979321 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities services to the parent company. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 07979321 2023-12-31 07979321 2024-12-31 07979321 2024-01-01 2024-12-31 07979321 2022-12-31 07979321 2023-01-01 2023-12-31 07979321 2023-12-31 07979321 ns15:EnglandWales 2024-01-01 2024-12-31 07979321 ns14:PoundSterling 2024-01-01 2024-12-31 07979321 ns10:Director1 2024-01-01 2024-12-31 07979321 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07979321 ns10:MediumEntities 2024-01-01 2024-12-31 07979321 ns10:Audited 2024-01-01 2024-12-31 07979321 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 07979321 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07979321 ns10:FullAccounts 2024-01-01 2024-12-31 07979321 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 07979321 ns10:Director2 2024-01-01 2024-12-31 07979321 ns10:Director3 2024-01-01 2024-12-31 07979321 ns10:RegisteredOffice 2024-01-01 2024-12-31 07979321 ns5:CurrentFinancialInstruments 2024-12-31 07979321 ns5:CurrentFinancialInstruments 2023-12-31 07979321 ns5:ShareCapital 2024-12-31 07979321 ns5:ShareCapital 2023-12-31 07979321 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 07979321 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 07979321 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 07979321 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 07979321 ns5:ShareCapital 2022-12-31 07979321 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 07979321 ns5:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 07979321 1 2024-01-01 2024-12-31 07979321 ns15:Europe 2024-01-01 2024-12-31 07979321 ns15:Europe 2023-01-01 2023-12-31 07979321 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 07979321 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2023-01-01 2023-12-31 07979321 ns5:OwnedAssets 2024-01-01 2024-12-31 07979321 ns5:OwnedAssets 2023-01-01 2023-12-31 07979321 ns5:LeaseholdImprovements 2023-12-31 07979321 ns5:LeaseholdImprovements 2024-01-01 2024-12-31 07979321 ns5:LeaseholdImprovements 2024-12-31 07979321 ns5:LeaseholdImprovements 2023-12-31 07979321 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 07979321 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 07979321 ns5:WithinOneYear 2024-12-31 07979321 ns5:WithinOneYear 2023-12-31 07979321 ns5:BetweenOneFiveYears 2024-12-31 07979321 ns5:BetweenOneFiveYears 2023-12-31 07979321 ns5:AllPeriods 2024-12-31 07979321 ns5:AllPeriods 2023-12-31 07979321 ns5:DeferredTaxation 2023-12-31 07979321 ns5:DeferredTaxation 2024-01-01 2024-12-31 07979321 ns5:DeferredTaxation 2024-12-31 07979321 ns10:OrdinaryShareClass1 2024-12-31 07979321 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 07979321 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 07979321 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31

REGISTERED NUMBER: 07979321 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| RELEX LIMITED |

RELEX LIMITED (REGISTERED NUMBER: 07979321)

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Income Statement | 8 |

| Other Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

RELEX LIMITED

COMPANY INFORMATION

for the Year Ended 31 December 2024

| DIRECTORS: | J Haataja

| T S Pesonen

| T J Sirkka

| REGISTERED OFFICE: | 10 John Street

| London

| WC1N 2EB

| REGISTERED NUMBER: | 07979321 (England and Wales)

| AUDITORS: | Shaw Gibbs (Audit) Limited

| Statutory Auditor

| 264 Banbury Road

| Oxford

| OX2 7DY

RELEX LIMITED (REGISTERED NUMBER: 07979321)

STRATEGIC REPORT

for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

The principal activity of Relex Limited in the year under review was that of providing support services in accordance with their intercompany agreement to the parent company Relex Oy.

REVIEW OF BUSINESS

Relex Limited ("the company") continues to provide support services in the United Kingdom. Turnover for the year ended 31 December 2024 was £21,634,151 (2023: £17,573,590). Profit before tax was £2,344,200 (2023: £786,806). Net assets were £4,663,751 (2023: £2,622,646).

PRINCIPAL RISKS AND UNCERTAINTIES

Market and Competition risk - The company is exposed to normal market and economic risks and manages competition by concentrating on its strengths.

Regulatory risk - The company minimises regulatory risk by training key personnel and appointing external experts where appropriate, to assess any potential non-compliance. Accounting is an example of an externally audited area.

KEY PERFORMANCE INDICATORS

Key financial performance indicators during the year were as follows:

| 31.12.24 |  | 31.12.23 |  | Change |  |

| £ |  | £ |  | % |  |

Turnover |  |  | 21,634,151 |  | 17,573,590 |  | 23 |  |

Operating profit/(loss) |  |  | 2,334,439 |  | 777,726 |  | 200 |  |

Net cash flow |  |  | (330,771) |  | 95,198 |  | -447 |  |

Current assets compare to current liabilities (quick ratio) |  |  | 2.97 |  | 2.04 |  | 40 |  |

OTHER KEY PERFORMANCE INDICATORS

Turnover increased by 21% during the year due to the mark up on cost-plus activities attributed to the increase in headcount and investment made by the employees.

The company's quick ratio has increased in the period primarily due to the increase in current assets of 62% outweighing the increase in current liabilities of 11%.

FUTURE DEVELOPMENTS

The directors' strategy remains to continue investment in all employee functions in order to provide a high level of customer satisfaction resulting in continued annual turnover growth.

ON BEHALF OF THE BOARD:

J Haataja - Director

17 February 2026

RELEX LIMITED (REGISTERED NUMBER: 07979321)

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

Refer to the Strategic Report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J Haataja

T S Pesonen

T J Sirkka

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

- | 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information.

RELEX LIMITED (REGISTERED NUMBER: 07979321)

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2024

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

J Haataja - Director

17 February 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

RELEX LIMITED

Opinion

We have audited the financial statements of Relex Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

RELEX LIMITED

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 Report of the Directors.

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, 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 Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

RELEX LIMITED

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 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.

1. |  |  | At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how the management seek to comply with those laws regulations. This helps us to plan appropriate risk assessments. |

2. |  |  | During the audit we focused on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other documentation. |

3. |  |  | We assessed the risk of material misstatement in the financial statements including as a result of fraud and undertook procedures including: |

| a. |  | Reviewing the controls set in place by management |

| b. |  | Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist |

| c. |  | Challenging management assumptions with regard to accounting estimates |

| d. |  | Identifying and testing journal entries, particularly those which appear to be unusual by size or nature |

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.

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.

Samantha Daniels (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Statutory Auditor

264 Banbury Road

Oxford

OX2 7DY

17 February 2026

RELEX LIMITED (REGISTERED NUMBER: 07979321)

INCOME STATEMENT

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 4 | 21,634,151 |  | 17,573,590 |  |

Administrative expenses | 19,299,712 |  | 16,795,864 |  |

OPERATING PROFIT | 6 | 2,334,439 |  | 777,726 |  |

Interest receivable and similar income | 9,761 |  | 9,455 |  |

2,344,200 |  | 787,181 |  |

Interest payable and similar expenses | 7 | - |  | 375 |  |

PROFIT BEFORE TAXATION | 2,344,200 |  | 786,806 |  |

Tax on profit | 8 | 587,550 |  | 108,837 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,756,650 |  | 677,969 |  |

RELEX LIMITED (REGISTERED NUMBER: 07979321)

OTHER COMPREHENSIVE INCOME

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,756,650 |  | 677,969 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,756,650 |  | 677,969 |  |

RELEX LIMITED (REGISTERED NUMBER: 07979321)

BALANCE SHEET

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 463,915 |  | 632,520 |  |

CURRENT ASSETS

Debtors | 10 | 6,215,987 |  | 3,468,253 |  |

Cash at bank | 113,827 |  | 444,598 |  |

6,329,814 |  | 3,912,851 |  |

CREDITORS

Amounts falling due within one year | 11 | 2,129,978 |  | 1,922,725 |  |

NET CURRENT ASSETS | 4,199,836 |  | 1,990,126 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,663,751 |  | 2,622,646 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1,000 |  | 1,000 |  |

Capital contribution reserve | 15 | 1,149,796 |  | 877,409 |  |

Retained earnings | 15 | 3,512,955 |  | 1,744,237 |  |

SHAREHOLDERS' FUNDS | 4,663,751 |  | 2,622,646 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2026 and were signed on its behalf by:

J Haataja - Director

RELEX LIMITED (REGISTERED NUMBER: 07979321)

STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 December 2024

| Called up |  | Capital |

| share |  | Retained |  | contribution |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 1,000 |  | 1,053,099 |  | 714,144 |  | 1,768,243 |  |

Changes in equity

Total comprehensive income | - |  | 691,138 |  | 163,265 |  | 854,403 |  |

Balance at 31 December 2023 | 1,000 |  | 1,744,237 |  | 877,409 |  | 2,622,646 |  |

Changes in equity

Total comprehensive income | - |  | 1,768,718 |  | 272,387 |  | 2,041,105 |  |

Balance at 31 December 2024 | 1,000 |  | 3,512,955 |  | 1,149,796 |  | 4,663,751 |  |

RELEX LIMITED (REGISTERED NUMBER: 07979321)

CASH FLOW STATEMENT

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (23,059 | ) | 85,871 |  |

Interest paid | - |  | (375 | ) |

Tax paid | (319,903 | ) | 2,757 |  |

Net cash from operating activities | (342,962 | ) | 88,253 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | - |  | (2,510 | ) |

Sale of tangible fixed assets | 2,430 |  | - |  |

Interest received | 9,761 |  | 9,455 |  |

Net cash from investing activities | 12,191 |  | 6,945 |  |

(Decrease)/increase in cash and cash equivalents | (330,771 | ) | 95,198 |  |

Cash and cash equivalents at beginning of year | 2 | 444,598 |  | 349,400 |  |

Cash and cash equivalents at end of year | 2 | 113,827 |  | 444,598 |  |

RELEX LIMITED (REGISTERED NUMBER: 07979321)

NOTES TO THE CASH FLOW STATEMENT

for the Year Ended 31 December 2024

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before taxation | 2,344,200 |  | 786,806 |  |

| Depreciation charges | 168,605 |  | 168,522 |  |

| Profit on disposal of fixed assets | (2,429 | ) | - |  |

| Share option movement | 284,454 |  | 176,435 |  |

| Finance costs | - |  | 375 |  |

| Finance income | (9,761 | ) | (9,455 | ) |

2,785,069 |  | 1,122,683 |  |

| Increase in trade and other debtors | (2,329,668 | ) | (1,541,649 | ) |

| (Decrease)/increase in trade and other creditors | (478,460 | ) | 504,837 |  |

| Cash generated from operations | (23,059 | ) | 85,871 |  |

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:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 113,827 |  | 444,598 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 444,598 |  | 349,400 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank | 444,598 |  | (330,771 | ) | 113,827 |  |

444,598 |  | (330,771 | ) | 113,827 |  |

| Total | 444,598 |  | (330,771 | ) | 113,827 |  |

RELEX LIMITED (REGISTERED NUMBER: 07979321)

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Relex Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The company's trading address is SalesForce Tower, L25 West, 110 Bishopsgate, London, EC2N 4AY.

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.

| The accounts are presented in Pounds Sterling (£) and rounded to the nearest £1.

| Going concern

| The directors of the company have received assurances from the directors of Relex Oy, the parent company, that they will continue to utilise the services of the company for the foreseeable future. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

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

| Turnover represents amounts charged to the company's parent company under an advertising and marketing agreement, excluding value added tax. Turnover is recognised when chargeable costs are incurred.

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost.

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

| Improvements to property - over remaining term of lease

| Financial instruments

| Basic Financial Instruments, as covered by Section 11 of FRS102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS102.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

RELEX LIMITED (REGISTERED NUMBER: 07979321)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

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

| Share-based payments

| Equity-settled share-based compensation benefits are provided to employees.

| Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for services.

| The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

| The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

RELEX LIMITED (REGISTERED NUMBER: 07979321)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| There only key source of estimation of critical accounting judgement made by the directors in preparing these financial statements is in relation to share options.

| The company's employees have been granted share options by the ultimate parent company Relex Oy. The company makes use of the exemption in Section 26 of FRS 102 to account for the expense on a reasonable allocation of the parent company's total expense. The company has calculated its allocation of the parent company's total expense based on the number of participating employees in the company compared to the number of participating employees in the group.

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Europe | 21,634,151 |  | 17,573,590 |  |

21,634,151 |  | 17,573,590 |  |

5. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 13,091,439 |  | 11,437,486 |  |

| Social security costs | 1,845,786 |  | 1,419,362 |  |

| Other pension costs | 542,940 |  | 661,009 |  |

15,480,165 |  | 13,517,857 |  |

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

| 31.12.24 |  | 31.12.23

| Support services | 141 |  | 114 |  |

| Administration | - |  | 20 |  |

141 |  | 134 |  |

| Included within wages and salaries is £284,454 (2023: £176,434) relating to the share based charge in the year.

RELEX LIMITED (REGISTERED NUMBER: 07979321)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

5. | EMPLOYEES AND DIRECTORS - continued

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | - |  | - |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.24 |  | 31.12.23

£ | £ |

| Other operating leases | 446,627 |  | 485,707 |  |

| Depreciation - owned assets | 166,175 |  | 168,521 |  |

| Auditors' remuneration | 8,500 |  | 7,500 |  |

| Foreign exchange differences | 234 |  | 88 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank interest | - |  | 375 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | 697,799 |  | 2,174 |  |

| Deferred tax | (110,249 | ) | 106,663 |  |

| Tax on profit | 587,550 |  | 108,837 |  |

| UK corporation tax has been charged at 25% (2023 - 23.50%).

RELEX LIMITED (REGISTERED NUMBER: 07979321)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 2,344,200 |  | 786,806 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | 586,050 |  | 185,057 |  |

| Effects of:

| Expenses not deductible for tax purposes | 83,783 |  | 45,868 |  |

| Depreciation in excess of capital allowances | 42,151 |  | 39,003 |  |

| Utilisation of tax losses | (14,185 | ) | (107,456 | ) |

| Share options exercised | - |  | (160,249 | ) |

| Marginal relief | - |  | (49 | ) |

| Deferred tax | (110,249 | ) | 106,663 |  |

| Total tax charge | 587,550 |  | 108,837 |  |

9. | TANGIBLE FIXED ASSETS

| Improvements

| to

| property

£ |

| COST

| At 1 January 2024 | 843,026 |  |

| Disposals | (2,430 | ) |

| At 31 December 2024 | 840,596 |  |

| DEPRECIATION

| At 1 January 2024 | 210,506 |  |

| Charge for year | 166,175 |  |

| At 31 December 2024 | 376,681 |  |

| NET BOOK VALUE

| At 31 December 2024 | 463,915 |  |

| At 31 December 2023 | 632,520 |  |

RELEX LIMITED (REGISTERED NUMBER: 07979321)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts owed by group undertakings | 5,215,157 |  | 2,691,464 |  |

| Other debtors | 390,533 |  | 413,467 |  |

| VAT | 83,892 |  | 57,758 |  |

| Deferred tax asset | 171,470 |  | 61,221 |  |

| Prepayments | 354,935 |  | 244,343 |  |

6,215,987 |  | 3,468,253 |  |

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade creditors | 72,472 |  | 122,302 |  |

| Tax | 380,070 |  | 2,174 |  |

| Social security and other taxes | 494,742 |  | 409,152 |  |

| Other creditors | - |  | 115,980 |  |

| Accrued expenses | 1,182,694 |  | 1,273,117 |  |

2,129,978 |  | 1,922,725 |  |

12. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 493,624 |  | 542,070 |  |

| Between one and five years | 570,915 |  | 455,735 |  |

1,064,539 |  | 997,805 |  |

13. | DEFERRED TAX

£ |

| Balance at 1 January 2024 | (61,221 | ) |

| Provided during year | (110,249 | ) |

| Utilisation of losses |

| Share based payment asset |

| Balance at 31 December 2024 | (171,470 | ) |

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

RELEX LIMITED (REGISTERED NUMBER: 07979321)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

15. | RESERVES

| Capital |

| Retained |  | contribution |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 1,744,237 |  | 877,409 |  | 2,621,646 |  |

| Profit for the year | 1,756,650 |  | 1,756,650 |  |

| Share option charge | - |  | 284,455 |  | 284,455 |  |

| Share option exercise | 12,068 |  | (12,068 | ) | - |  |

| At 31 December 2024 | 3,512,955 |  | 1,149,796 |  | 4,662,751 |  |

16. | ULTIMATE PARENT COMPANY

| Relex Oy (incorporated in Finland) is regarded by the directors as being the company's ultimate parent company. Copies of the parent company accounts are available from Postintaival 7, 00230 Helsinki, Finland.

| It is the opinion of the directors that there is no ultimate controlling party.

17. | SHARE-BASED PAYMENT TRANSACTIONS

| The ultimate parent company, Relex Oy has reserved shares of common stock for issuance as stock options.

| The stock options granted expire in 10 years from this date or upon termination of the optionee's employment or other relationship with the company. The options vest over 5 years with 20% of the original number of shares becoming exercisable on the anniversary of the vesting start date and shall become exercisable for an additional 5% of the original number of shares granted as of the last day of each three-month period thereafter until the fifth anniversary of the vesting start date. The options are equity settled and valued using the Black Scholes method of valuation.

| Detailed below are movements in share options since 1 January 2024:

|  | Weighted average exercise price(EUR | ) | Number |  | Weighted average exercise price(EUR | ) | Number |  |

|  | 2024 |  | 2024 |  | 2023 |  | 2023 |  |

| Options outstanding at beginning of the year |  |  | 1.71 |  | 1,162,900 |  | 1.62 |  | 1,180,300 |  |

| Options granted during the year |  |  | 7.096 |  | 130,000 |  | 7.30 |  | 15,000 |  |

| Options transferred during the year |  |  | - |  | - |  | - |  | - |  |

| Options forfeited during the year |  |  | - |  | - |  | - |  | - |  |

| Options exercised during the year |  |  | 1.14 |  | (52,800 | ) | 1.14 |  | (32,400 | ) |

| Outstanding at the end of the year |  |  | 2.30 |  | 1,240,100 |  | 1.71 |  | 1,162,900 |  |

| In the year ended 31 December 2024, the company recorded employee expenses of £284,454 (2023: £176,434) related to share-based payments.