Company registration number 10258153 (England and Wales)
4SYTE FUNDING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4SYTE FUNDING LTD
COMPANY INFORMATION
Directors
Mr P Barker
Mr M Gundersen
Mr N A Sellars
Company number
10258153
Registered office
Second Floor Steeple House
Church Lane
Chelmsford
Essex
CM1 1NH
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
4SYTE FUNDING LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 25
4SYTE FUNDING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

What we do

4Syte Funding Limited is a growing independent provider of asset-based funding for small and medium sized enterprises (SMEs). Our business provides businesses with the finance they need for working capital, cashflow, business expansion and debt consolidation. Our business is dedicated to providing solutions to SMEs with hands-on service and a human touch. Our purpose is to help SMEs thrive.

Review of the business

2025 was a year of significant progress and strong performance with increasing debts factored volumes resulting in a profit before tax for the Company of £575,156

Portfolio quality remains strong, with current expectations for low levels of bad debts, supported by ongoing risk management. We believe that disciplined risk management combined with close client engagement delivers exceptional service something that all our clients buy into. New business volumes remain strong and we have achieved year-on-year sales growth. Our growing portfolio combined with our increased funding capacity and the dedication and expertise of our teams gives us confidence we will continue to deliver value for our customers, colleagues, shareholders, and partners in 2026 and beyond.

We have a solid funding base ensuring we are optimally positioned to address our customers' financing needs while continuing to grow sustainably.

Our Strategy

Our Board and colleagues remain focused on our objectives and our ambition to be the funding partner of choice to enable us to achieve significant future growth. Focusing on our objectives will provide the company with resilience to thrive through any economic uncertainty. The directors are optimistic that continuing this approach and demonstrating the values with its clients, staff, and suppliers, while maintaining market awareness, will allow future growth.

- Be a rewarding and progressive place to work.

- Optimise and maximise opportunities in existing markets.

- Increase our funding capacity to deliver flexible funding requirements to SMEs.

- Enhance technology to enable our teams to deliver the expert service customers require.

Operational review

Challenges remain for SMEs in 2026 and we expect business confidence grow. The portfolio will be more productive with any falls in interest rates and business growth on deals will drive greater revenue and profitability.

Notwithstanding the uncertain economic landscape, our strategy is having a positive impact on our performance. We continue to closely monitor conditions and seek ways to better understand the needs, risks, and challenges of our customers.

We continue to invest in our people, systems and processes to ensure that our business can provide support for businesses both now and in the future, Service remains the key to our success, and we believe that the most effective support for our clients is a blend of personal relationships under pinned by effective technology.

4SYTE FUNDING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

Risk management, robust governance, and internal control are central to the way we manage all aspects of our business. We take a prudent, robust, and transparent approach to risk management and internal processes remain central to how we manage our business. Our values, purpose and culture, responsible practices are central to how our businesses operate.

We have a robust risk management framework to protect our profitability and ensures we operate responsibly. Along with meeting regulatory requirements we operate in an evolving, self-regulated market and continue to proactively strengthen standards to ensure that robust quality assurance and risk management processes are embedded at all levels of organisation. We manage operations responsibly and conduct business in an ethical and transparent way.

The performance of the SME finance sector continues to be influenced primarily by macroeconomic conditions and overall business confidence. During 2025, SMEs operated in an environment characterised by moderating but still elevated inflation, relatively high borrowing costs, and ongoing economic uncertainty. While inflation has eased from prior peaks, the cumulative impact of sustained price increases, alongside tighter lending conditions, continues to place pressure on cash flow and funding accessibility.

In addition, geopolitical uncertainty, and structural factors, including the ongoing effects of the Russia–Ukraine conflict on supply chains and the evolving long-term implications of the UK’s exit from the European Union, continue to contribute to a complex and uncertain operating environment for our clients.

Business risk:

The Company is exposed to the risk of underperformance arising from adverse external factors, particularly a deterioration in macroeconomic conditions or weakening SME confidence. Although lending markets remained active in 2025, access to finance continued to be selective, with varying lender appetite and increased competition from specialist providers.

To mitigate these risks, the Company maintains a disciplined approach to financial planning, including regular reforecasting of performance, ongoing assessment of risks and opportunities, and close monitoring of market conditions. These are reviewed frequently by the management team to ensure appropriate and timely responses to changes in the external environment.

Credit risk:

Credit risk represents the potential for financial loss arising from a client or underlying debtor failing to meet their payment obligations in respect of advances made. This risk is inherent in invoice finance, where funding is provided against receivables and is dependent on the collectability of invoices.

The Company manages this exposure through defined underwriting standards and disciplined credit controls, including the setting of exposure limits, monitoring of debtor performance, and regular review of concentration risk within client ledgers. Particular focus is placed on large or concentrated debtor positions, given the increased risk associated with reliance on a limited number of counterparties.

Ongoing monitoring and validation procedures are applied to material exposures to ensure early identification of deterioration in credit quality. The Company maintains a diversified portfolio supported by an experienced credit team and operates within established credit policies designed to ensure that risks are appropriately assessed, understood, and aligned with expected returns.

Market risk:

The Company operates in a competitive SME finance market, where changes in pricing, competitor activity, and demand may adversely impact growth and profitability.

This risk is mitigated through the maintenance of strong relationships with clients, introducers, and key market participants, supporting origination, retention, and market positioning.

4SYTE FUNDING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Liquidity, funding, and capital risk:

Liquidity and funding risk represent the risk that the Company is unable to meet its financial obligations as they fall due, secure funding on acceptable terms, or maintain sufficient capital to support operations and strategic objectives.

The Company maintains appropriate funding tenor and covenant headroom to support both operational requirements and client demand. Liquidity is actively managed through ongoing monitoring of cash flows and funding requirements, including stress considerations.

Capital adequacy is regularly assessed by the Board to ensure the Company is sufficiently capitalised to absorb potential losses and provide appropriate protection to creditors.

Operational risk:

Operational risk represents the risk of loss arising from inadequate or failed internal processes, people, and systems, or from external events, including cyber threats.

The Company is exposed to operational risk through the delivery of high-volume transaction processing and client servicing activities. This includes risks relating to system integrity, process efficiency, and the increasing threat of cyber-attacks.

These risks are mitigated through established policies and procedures, ongoing compliance training, and a focus on attracting and retaining appropriately skilled personnel. Controls are designed to ensure resilience and minimise the impact of any operational disruption.

During the year, IT controls and cybersecurity frameworks were further strengthened through collaboration with external IT partners, enhancing system security and operational robustness.

Key performance indicators

The key financial and other performance indicators for our activities during the year are as follows:

Turnover: £14,505,128 (2024: £12,046,673)

Operating profit: £5,440,043 (2024: £4,691,524)

Profit before tax: £575,156 (2024: £753,440)

We continue to build on the profits achieved in prior years with profits before tax of £575,156.

Customer demand for working capital solutions remained robust throughout 2025, driven by ongoing cash flow pressures, elevated operating costs, and a continued high-interest rate environment. SMEs increasingly prioritised liquidity and certainty of funding, particularly in the context of persistent late payment challenges across the UK market.

Against this backdrop, demand for invoice finance remained resilient, with businesses turning to flexible, receivables-based funding as traditional bank appetite became more selective and, in some cases, retrenched from the product. Specialist and alternative lenders continued to play an increasingly important role in meeting this demand.

Debtor book utilisation increased over the year reflecting clients’ growing reliance on invoice finance to support day-to-day liquidity and mitigate the impact of extended payment cycles.

Cost of funds increased during the year reflecting the sustained higher interest rate environment for much of 2025, with only modest easing observed toward the latter part of the period.

4SYTE FUNDING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

On behalf of the board

Mr N A Sellars
Director
31 March 2026
4SYTE FUNDING LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of independent provider of asset-based funding for small and medium sized enterprises (SMEs).

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Barker
Mr M Gundersen
Mr N A Sellars
Auditor

In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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; and

- 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.

Matters covered in the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the business review, principal risks and uncertainties, future developments and information on financial risk management objectives and policies.

4SYTE FUNDING LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr N A Sellars
Director
31 March 2026
4SYTE FUNDING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 4SYTE FUNDING LTD
- 7 -
Opinion

We have audited the financial statements of 4Syte Funding Ltd (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 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.

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 contained within the annual report. 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. 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 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 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 our audit:

- the information given in the strategic report and the directors' r eport 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.

4SYTE FUNDING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 4SYTE FUNDING LTD (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

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

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of factoring. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, FCA regulation in relation to anti-money laundering regulations, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

4SYTE FUNDING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 4SYTE FUNDING LTD (CONTINUED)
- 9 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the design of the company’s remuneration policies.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Daniel Rose (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
31 March 2026
4SYTE FUNDING LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
14,505,128
12,046,673
Cost of sales
(9,065,085)
(7,355,149)
Gross profit
5,440,043
4,691,524
Administrative expenses
(5,616,419)
(4,601,560)
Other operating income
-
0
60,000
Operating (loss)/profit
4
(176,376)
149,964
Interest receivable and similar income
6
751,532
603,476
Profit before taxation
575,156
753,440
Tax on profit
7
-
0
(246,821)
Profit for the financial year
575,156
506,619
4SYTE FUNDING LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
£
£
Profit for the year
575,156
506,619
Other comprehensive income
-
-
Total comprehensive income for the year
575,156
506,619
4SYTE FUNDING LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
11,618
14,500
Current assets
Debtors
10
137,918,147
118,392,487
Cash at bank and in hand
1,732,459
810,879
139,650,606
119,203,366
Creditors: amounts falling due within one year
11
(56,102,962)
(115,182,320)
Net current assets
83,547,644
4,021,046
Total assets less current liabilities
83,559,262
4,035,546
Creditors: amounts falling due after more than one year
12
(79,048,560)
-
0
Net assets
4,510,702
4,035,546
Capital and reserves
Called up share capital
15
750,100
750,100
Profit and loss reserves
3,760,602
3,285,446
Total equity
4,510,702
4,035,546

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 March 2026 and are signed on its behalf by:
Mr N A Sellars
Director
Company registration number 10258153 (England and Wales)
4SYTE FUNDING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
750,100
2,878,827
3,628,927
Year ended 31 December 2024:
Profit and total comprehensive income
-
506,619
506,619
Dividends
8
-
(100,000)
(100,000)
Balance at 31 December 2024
750,100
3,285,446
4,035,546
Year ended 31 December 2025:
Profit and total comprehensive income
-
575,156
575,156
Dividends
8
-
(100,000)
(100,000)
Balance at 31 December 2025
750,100
3,760,602
4,510,702
4SYTE FUNDING LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
19
(19,089,241)
(18,685,321)
Income taxes paid
(200,311)
(493,415)
Net cash outflow from operating activities
(19,289,552)
(19,178,736)
Investing activities
Purchase of intangible assets
(4,150)
(17,500)
Interest received
751,532
603,476
Net cash generated from investing activities
747,382
585,976
Financing activities
Proceeds/(Repayment) of borrowings
24,856,976
-
0
Proceeds/(Repayment) of bank loans
(5,293,226)
18,854,743
Dividends paid
(100,000)
(100,000)
Net cash generated from financing activities
19,463,750
18,754,743
Net increase in cash and cash equivalents
921,580
161,983
Cash and cash equivalents at beginning of year
810,879
648,896
Cash and cash equivalents at end of year
1,732,459
810,879
4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

4Syte Funding Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor Steeple House, Church Lane, Chelmsford, Essex, CM1 1NH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention,. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts. The directors have considered the outlook for the company and do believe the company will continue being a going concern. The Company continues to trade profitably. In the event of a further reduction in cashflow in the coming months, the company has sufficient reserves, principally in cash, to enable it to continue in business for the foreseeable future.true

1.3
Revenue

Turnover arises from asset based lending and financial services to clients, representing arrangement fees, factoring fees, service charges, discount income and other charges and is shown net of VAT and other sales related taxes.

Arrangement fees, factoring fees, and service charges are measured at the fair value of the consideration received or receivable and is recognised when services are delivered, when the amount of revenue can be reliably measured and when it is probable that future economic benefits will flow to the entity.

Other charges are recognised at the earlier of the time of receipt or once clients have complied with all other standard contractual obligations.

Discount income is recognised in the statement of comprehensive income for all financial assets measured at fair value. Discount income is calculated and applied to clients' accounts on a daily basis.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% on straight line basis
4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of trade and other debtors

The company makes a judgement of the recoverable value of trade receivables. When assessing impairment, management considers factors including the current credit rating of the customer, the ageing profile of the receivable, historical expense and any other relevant specific knowledge.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Service charge
8,130,767
5,898,839
Discount interest
4,936,011
4,633,712
Other turnover
1,438,350
1,514,122
14,505,128
12,046,673
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
14,505,128
12,046,673
2025
2024
£
£
Other revenue
Interest income
751,532
603,476
4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
23,000
21,175
Amortisation of intangible assets
7,032
5,134
Operating lease charges
18,428
35,050
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0

The directors received no direct remuneration for their services to the company in the current period. The directors are remunerated for their services to the group as a whole.

6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest receivable from group companies
751,532
603,476
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
751,532
603,476
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
246,821
4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
575,156
753,440
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
143,789
188,360
Tax effect of expenses that are not deductible in determining taxable profit
-
0
58,461
Group relief
(143,789)
-
0
Taxation charge for the year
-
246,821
8
Dividends
2025
2024
£
£
Interim paid
100,000
100,000
9
Intangible fixed assets
Software
£
Cost
At 1 January 2025
23,800
Additions
4,150
At 31 December 2025
27,950
Amortisation and impairment
At 1 January 2025
9,300
Amortisation charged for the year
7,032
At 31 December 2025
16,332
Carrying amount
At 31 December 2025
11,618
At 31 December 2024
14,500
4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Loans due from customers
131,227,635
109,222,308
Corporation tax recoverable
58,611
-
0
Amounts owed by group undertakings
5,321,227
8,664,951
Prepayments and accrued income
1,310,674
505,228
137,918,147
118,392,487
11
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
13
-
0
59,484,810
Advances due to clients
54,410,745
54,628,591
Corporation tax
-
0
141,700
Other taxation and social security
277,988
237,532
Deferred income
14
1,244,676
629,465
Other creditors
1,503
1,500
Accruals
168,050
58,722
56,102,962
115,182,320
12
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
13
54,191,584
-
0
Other borrowings
13
24,856,976
-
0
79,048,560
-
0
13
Loans and overdrafts
2025
2024
£
£
Bank loans
54,191,584
59,484,810
Loans from group undertakings
24,856,976
-
0
79,048,560
59,484,810
Payable within one year
-
0
59,484,810
Payable after one year
79,048,560
-
0
4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Loans and overdrafts
(Continued)
- 23 -

4Syte Funding Ltd has a debenture created on 23 September 2022, 16 October 2023 and 10 September 2025 held with RBS Invoice Finance Limited. The bank hold a fixed and floating charge over the assets of the company.

The company has an asset based lending facility agreement supported by a British Business Bank guarantee under their enable scheme with a minimum period of 36 months from the commencement date to February 2028.

Other borrowings relates to an intercompany loan which is interest bearing at 10% during the year and repayable after 3 years.

14
Deferred income
2025
2024
£
£
Other deferred income
1,244,676
629,465
15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
750,100
750,100
750,100
750,100
16
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
22,842
22,042
Years 2-5
26,920
48,296
49,762
70,338
17
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Related party transactions
(Continued)
- 24 -
Purchases
Purchases
2025
2024
£
£
Entities with control, joint control or significant influence over the company
4,709,955
3,936,218
Interest recevied
Interest payable
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
751,532
663,476
-
-
Group entities
-
-
1,285,412
-
2025
2024
Amounts due to related parties
£
£
Group entities
24,856,976
-

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
4,160,653
7,439,347
Group entities
1,160,574
1,225,603
18
Ultimate controlling party

The parent company of the company is 4Syte Limited, a company registered in England & Wales. The registered office is located at Second Floor, Steeple House, Church Lane, Chelmsford, Essex, CM1 1NH.

The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by 4SYTE Limited. The accounts are available from the Second Floor Steeple House, Church Lane, Chelmsford, Essex, England, CM1 1NH.

4SYTE FUNDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
19
Cash absorbed by operations
2025
2024
£
£
Profit after taxation
575,156
506,619
Adjustments for:
Taxation charged
-
0
246,821
Investment income
(751,532)
(603,476)
Amortisation and impairment of intangible assets
7,032
5,134
Movements in working capital:
Increase in debtors
(19,467,049)
(40,803,408)
(Decrease)/increase in creditors
(68,059)
21,688,662
Increase in deferred income
615,211
274,327
Cash absorbed by operations
(19,089,241)
(18,685,321)
20
Analysis of changes in net debt
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
810,879
921,580
1,732,459
Borrowings excluding overdrafts
(59,484,810)
(19,563,750)
(79,048,560)
(58,673,931)
(18,642,170)
(77,316,101)
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