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Registered number: 13768473 AZENOR HOLDINGS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
AZENOR HOLDINGS LIMITED REGISTERED NUMBER: 13768473 BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  |  |  |
Fixed assets |  |  |  |  |
Investments | 4 |  | 1,701,383 |  | 51,422
|  |  | 1,701,383 |  | 51,422
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 756,883 |  | 1,091,316 |
|  | 756,883 |  | 1,091,316 |
Creditors: amounts falling due within one year | 6 | (1,335) |  | (1,435) |
Net current assets |  |  | 755,548 |  | 1,089,881
Total assets less current liabilities |  |  | 2,456,931 |  | 1,141,303
Net assets |  |  | £2,456,931 |  | £1,141,303
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 68,429 |  | 59,876
Share premium account | 8 |  | 1,982,893 |  | 991,446
Other reserves | 8 |  | 405,609 |  | 89,981
|  |  | £2,456,931 |  | £1,141,303
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2026.
C A Dyson
Director
Page 1
AZENOR HOLDINGS LIMITED REGISTERED NUMBER: 13768473 BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The notes on pages 4 to 7 form part of these financial statements. Page 2
AZENOR HOLDINGS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Share premium account | Other reserves | Total equity
At 1 May 2023 | 51,322 | - | - | 51,322
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 8,554 | 991,446 | - | 1,000,000
Share options granted | - | - | 89,981 | 89,981
Total transactions with owners | £8,554 | £991,446 | £89,981 | £1,089,981
At 1 May 2024 | 59,876 | 991,446 | 89,981 | 1,141,303
Total comprehensive income for the year | - | - | - | -
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 8,553 | 991,447 | - | 1,000,000
Share options granted | - | - | 315,628 | 315,628
Total transactions with owners | 8,553 | 991,447 | 315,628 | 1,315,628
At 30 April 2025 | £68,429 | £1,982,893 | £405,609 | £2,456,931
| The notes on pages 4 to 7 form part of these financial statements.
Page 3
AZENOR HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Azenor Holdings Limited is a private company, limited by shares and incorporated in England and Wales. The company number is 13768473. The registered office address is 2 White Lion Court, Cornhill, London, EC3V 3NP. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
| 2.4 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 4
AZENOR HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 4 (2024 -3).
4. | Fixed asset investments
|  | Investments in subsidiary companies
| Cost or valuation |
| At 1 May 2024 | 51,422
| Additions | 1,649,961
| At 30 April 2025 | £1,701,383
5. | Debtors
|  |  |  |  | 2025 | 2024
| Amounts owed by group undertakings | £756,883 | £1,091,316
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
| Amounts owed to group undertakings | - | 100
| Other creditors | 1,335 | 1,335
|  | £1,335 | £1,435
Page 5
AZENOR HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Share capital
|  |  |  |  | 2025 | 2024
|  | Allotted, called up and fully paid |  |
|  | 17,107 (2024 -8,554) A Ordinary shares of £1.00 each | 17,107 | 8,554
|  | 8,955 (2024 -8,955) B Ordinary shares of £1.00 each | 8,955 | 8,955
|  | 1,000 (2024 -1,000) C Ordinary shares of £1.00 each | 1,000 | 1,000
|  | 28,500 (2024 -28,500) D Ordinary shares of £1.00 each | 28,500 | 28,500
|  | 12,867 (2024 -12,867) E Ordinary shares of £1.00 each | 12,867 | 12,867
|  |  | £68,429 | £59,876
During the year, 8,553 A Ordinary shares of £1 each were issued for £116.918 each.
8. | Reserves
Share premium account The share premium account represents the total sum paid for shares above nominal value. Other reserves Other resereves represents the cumulative entries made to the statement of comprehensive income in the subsidiary company in respect of equity settled share based payments, as adjusted for share options cancelled. This reserve is not distributable. Page 6
AZENOR HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
9. | Share-based payments
| The company currently has two (2024 - two) active EMI schemes and ten (2024 - ten) unapproved share schemes in place. The first EMI scheme, granted in February 2024 with a vesting period of one year, has 4,000 shares in which an option can be exercised. The second EMI scheme, granted in February 2024 with a vesting period of ten years, has 165 shares in which an option can be exercised. The unapproved share schemes were granted between November 2022 and December 2023 with vesting periods of ten years each in which options over 6,010 shares can be exercised. The fair value of the shares is considered to be £116.90. This was based on the issue of shares nearest to the grant date. During the year, a total of £315,628 (2024 - £89,981) was charged to the profit and loss account of the subsidiary company in respect of options within the schemes.
|  | Weighted average exercise price (pence) 2025 | Number 2025 | Weighted average exercise price (pence) 2024 | Number 2024
| Outstanding at the beginning of the year | 43.39 | 10,175 | 33.77 | 2,123
| Granted during the year |  | - | 45.92 | 8,052
| Outstanding at the end of the year | 43.39 | 10,175 | 43.39 | 10,175
|  |  |  |  | 2025 | 2024
| Equity-settled schemes | £405,609 | £89,981
Page 7