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REGISTERED NUMBER: 14074480 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Ezpada Ltd

Ezpada Ltd (Registered number: 14074480)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Report of the Directors | 2 |

Report of the Independent Auditors | 4 |

Profit and Loss Account | 7 |

Balance Sheet | 8 |

Notes to the Financial Statements | 9 |

Ezpada Ltd

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | L Gunev

| S Hakobjan

| REGISTERED OFFICE: | 16 Berkeley Street

| London

| W1J 8DZ

| REGISTERED NUMBER: | 14074480 (England and Wales)

| INDEPENDENT AUDITORS: | Frazier & Deeter (UK Audit) LLP

| Level 32 A, Tower 42

| 25 Old Broad Street

| London

| EC2N 1HQ

Ezpada Ltd (Registered number: 14074480)

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of trading services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

L Gunev

S Hakobjan

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing 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.

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Frazier & Deeter (UK Audit) LLP, were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Ezpada Ltd (Registered number: 14074480)

Report of the Directors

for the Year Ended 31 December 2025

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

L Gunev - Director

6 March 2026

Report of the Independent Auditors to the Members of

Ezpada Ltd

Opinion

We have audited the financial statements of Ezpada Limited ('the Company') for the year ended 31 December 2025 which comprise the Profit and Loss Account, Balance Sheet, and notes to the financial statements, including 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 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 2025 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 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.

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 entity'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.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee the company will continue in operation.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Directors’ report

The director are responsible for the directors' report contained within the annual report. Our opinion on the financial statements does not cover this report and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the directors' report and, in doing so, consider whether the information therein is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 in the directors' report, 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report have been prepared in accordance with applicable legal requirements

Report of the Independent Auditors to the Members of

Ezpada Ltd

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 directors' report.

Under the Companies Act 2006 we are required 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

We have nothing to report in these respects.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 2, 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.

Report of the Independent Auditors to the Members of

Ezpada 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.

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 and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected noncompliance.

We assessed the risks of material misstatement in respect of fraud through reading board minutes and using analytical procedures to identify any unusual or unexpected relationships, alongside enquiring of directors and other management as to the company's high level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud. We also performed procedures including identifying journal entries to test based on a risk assessment and comparing the identified entries to supporting documentation.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities due to fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect all non-compliance with laws and regulations.

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 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.

Peter Hine (Senior Statutory Auditor)

for and on behalf of Frazier & Deeter (UK Audit) LLP

Level 32 A, Tower 42

25 Old Broad Street

London

EC2N 1HQ

6 March 2026

Ezpada Ltd (Registered number: 14074480)

Profit and Loss Account

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

€ | € |

TURNOVER | 1,108,021 |  | 1,093,994 |  |

Administrative expenses | 1,030,050 |  | 994,186 |  |

OPERATING PROFIT | 77,971 |  | 99,808 |  |

Interest receivable and similar income | 9,264 |  | 2,673 |  |

87,235 |  | 102,481 |  |

Interest payable and similar expenses | 97 |  | 16,607 |  |

PROFIT BEFORE TAXATION | 87,138 |  | 85,874 |  |

Tax on profit | - |  | - |  |

PROFIT FOR THE FINANCIAL YEAR | 87,138 |  | 85,874 |  |

Ezpada Ltd (Registered number: 14074480)

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | € | € | € | € |

FIXED ASSETS

Tangible assets | 4 | 2,918 |  | 21,680 |  |

CURRENT ASSETS

Debtors | 5 | 610,242 |  | 720,054 |  |

Cash at bank | 571,969 |  | 237,754 |  |

1,182,211 |  | 957,808 |  |

CREDITORS

Amounts falling due within one year | 6 | 307,654 |  | 189,151 |  |

NET CURRENT ASSETS | 874,557 |  | 768,657 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 877,475 |  | 790,337 |  |

CAPITAL AND RESERVES

Called up share capital | 2,306,801 |  | 2,306,801 |  |

Retained earnings | (1,429,326 | ) | (1,516,464 | ) |

877,475 |  | 790,337 |  |

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

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2026 and were signed on its behalf by:

L Gunev - Director

Ezpada Ltd (Registered number: 14074480)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Ezpada Ltd 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 presentation currency of the financial statements is the Euro (€).

| The primary economic environment of the company is within the United Kingdom and GBP (£) is the functional currency of the company. The controlling party of the company prepares its financial statements in Euros (€) and Euro is the presentation currency of the financial statements.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| 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

| Tangible fixed assets are are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Computer Equipment - 33% on cost

Ezpada Ltd (Registered number: 14074480)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Basic financial assets, which include debtors and cash bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Profit and Loss Account.

| Financial assets are derecognised when, the contractual rights to the cash flows from the asset expire or settle, or substantially all the risks and rewards of the ownership of the asset are transferred to another party, or control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

| Foreign currencies

| These financial statements include translation of items from GBP to EUR at the reporting date. The rates which have been used are as follows;

| Average rate used - 1.1717 EUR : 1 GBP

| Closing rate used - 1.1453 EUR : 1 GBP

| 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.

Ezpada Ltd (Registered number: 14074480)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The company made a profit before tax of €87,138 during the year (2024: €85,874). The parent and ultimate controlling party, Ezpada AG, has confirmed its intention to provide such financial support as is necessary to the company as to enable the company to both meet its liabilities as they fall due and carry on its business without a significant curtailment in operations until a date at least twelve months from the date of approval of these financial statements.

| After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, including receiving support as necessary from the parent company. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 3 ) .

4. | TANGIBLE FIXED ASSETS

| Computer

| equipment

€ |

| COST

| At 1 January 2025 | 64,894 |  |

| Additions | 632 |  |

| At 31 December 2025 | 65,526 |  |

| DEPRECIATION

| At 1 January 2025 | 43,214 |  |

| Charge for year | 19,394 |  |

| At 31 December 2025 | 62,608 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,918 |  |

| At 31 December 2024 | 21,680 |  |

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

| 31.12.25 |  | 31.12.24

€ | € |

| Amounts owed by group undertakings | 535,167 |  | 585,953 |  |

| Other debtors | 21,474 |  | 55,558 |  |

| VAT | 10,764 |  | 21,104 |  |

| Prepayments | 42,837 |  | 57,439 |  |

610,242 |  | 720,054 |  |

Ezpada Ltd (Registered number: 14074480)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

€ | € |

| Trade creditors | 2,529 |  | 49,505 |  |

| Taxation and social security | 24,363 |  | 11,734 |  |

| Other creditors | 280,762 |  | 127,912 |  |

307,654 |  | 189,151 |  |

7. | OPERATING LEASE COMMITMENTS

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

| 31.12.25 |  | 31.12.24

€ | € |

| Within one year | 103,077 |  | 114,738 |  |

| Between one and five years | 8,590 |  | 9,035 |  |

111,667 |  | 123,773 |  |

8. | RELATED PARTY DISCLOSURES

| Within debtors falling due within one year is an amount of €535,167 owed from the parent company (2024: €585,953 owed from the parent company).

9. | ULTIMATE CONTROLLING PARTY

| The immediate and ultimate controlling party is Ezpada AG, whose registered office is 139 Baarerstrasse, 6300 Zug, Switzerland.