Company Registration No. 12736777 (England)
SILBURY SPECIALTY FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SILBURY SPECIALTY FINANCE LIMITED
CONTENTS
Page
Statement of financial position
9
Notes to the financial statements
10 - 17
SILBURY SPECIALTY FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
4
12,312
44,083
Current assets
Debtors: amounts falling due within one year
5
1,295,741
980,557
Cash at bank and in hand
1,129,849
1,072,492
2,425,590
2,053,049
Creditors: amounts falling due within one year
6
2,631,386
1,462,979
Net current (liabilities)/assets
(205,796)
590,070
Total assets less current liabilities
(193,484)
634,153
Creditors: amounts falling due after more than one year
7
(169,750)
(1,526,246)
Net liabilities
(363,234)
(892,093)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
8
(363,235)
(892,094)
Total equity
(363,234)
(892,093)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The notes on pages 10-17 form an integral part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - Small entities.

The financial statements were approved by the board of directors and authorised for issue on 30 March 2026 and are signed on its behalf by:
M Taylor
Director
Company Registration No. 12736777
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SILBURY SPECIALTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 31 DECEMBER 2025
1
Accounting policies
Company information

Silbury Specialty Finance Limited is a private company limited by shares incorporated in England. The registered office is Verde 10 Bressenden Place, London, England, SW1E 5DH.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are prepared in sterling (£), which is the functional currency of the C ompany. 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 - additional assessment

The financial statements have been prepared on a going concern basis. The Company is a wholly-owned subsidiary of an investment fund, participating in wider treasury, banking, and capital funding arrangements. At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future based on existing facilities and support from the investors. The true D irectors have made this assessment after reviewing the Company’s latest forecasts for a period of 12 months from the approval date of the financial statements, and after considering the impact of the Russia-Ukraine conflict and Brexit, which have not had a material impact on the Company. The D irectors will continue to monitor the impact of the Russia-Ukraine conflict and Brexit on the activities of the Company.

1.3
Turnover
- 2 -

Turnover is recognised at the fair value of the consideration received or receivable fo r services provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of investment advisory services is recognised when the services have been performed. This is calculated in accordance with investment advisory agreements and sub-investment advisory agreements in place during the year.

1.4
Interest receivable and interest payable
Interest and fees receivable and payable by the Company are recognised on an accruals basis at the effective interest rate.
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Computers
25% straight line
SILBURY SPECIALTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 DECEMBER 2025
1
Accounting policies
(Continued)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Statement of comprehensive income.

1.6
Impairment of fixed assets
- 3 -

At each reporting year end date, the C ompany reviews the carrying amounts of its tangible 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).

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 is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the Statement of comprehensive income, 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 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 in prior years. A reversal of an impairment loss is recognised immediately in the Statement of comprehensive income, 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Short-term liquid investments with original maturities of three months or less qualify as a cash equivalent and to which the Company did not hold any such investments during the financial year. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The C ompany 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 C ompany's Statement of financial postition when the C ompany 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.

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.

SILBURY SPECIALTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 DECEMBER 2025
1
Accounting policies
(Continued)
1.8
Financial instruments (continued)
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.

1.9
Equity instruments

Equity instruments issued by the C ompany 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 C ompany.

1.10
Taxation

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

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 income statement, 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.

1.11
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 C ompany is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Director salaries, bonuses, social security and pension costs are recognised within the cost of sales. All other staff costs are recognised within Administrative expenses.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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SILBURY SPECIALTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 DECEMBER 2025
1
Accounting policies
(Continued)
1.13
Leases

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. At the reporting year end date, the Company had no outstanding commitments for future lease payments.

1.14

Debtors

Short term debtors are measured at transaction price, less any impairment.

1.15

Creditors

Short term creditors are measured at transaction price, less any impairment.

2
Judgements and key sources of estimation uncertainty

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets liabilities, income, and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future period affected.

Critical judgements

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

Recoverability of debtors

Debtors have been valued at amortised cost and are reviewed for effective evidence of impairment. Debtors include amounts due from serviced accommodation providers for rent deposits.

3
Employees

The total number of persons (including Directors) employed at the year end by the Company was:

2025
2024
Number
Number
Total
9
10

The Company operates a stakeholder defined contribution pension scheme for the benefit of the employees. The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the year amount to £24,780 (2024: £20,846).

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SILBURY SPECIALTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 DECEMBER 2025
4
Tangible fixed assets
Current financial year
Computers
£
Cost
At 1 January 2025
74,355
Additions
1,349
At 31 December 2025
75,704
Depreciation and impairment
At 1 January 2025
30,272
Depreciation charged in the year
33,120
At 31 December 2025
63,392
Carrying amount
At 31 December 2025
12,312
At 31 December 2024
44,083
Prior financial year
Computers
£
Cost
At 1 January 2024
11,256
Additions
63,099
At 31 December 2024
74,355
Depreciation and impairment
At 1 January 2024
4,551
Depreciation charged in the year
25,721
At 31 December 2024
30,272
Carrying amount
At 31 December 2024
44,083
At 31 December 2023
6,705
5
Debtors: amounts falling due within one year
2025
2024
£
£
Trade debtors
1,212,865
889,675
Prepayments
18,030
39,393
Sundry debtors
58,860
39,600
VAT recoverable
5,986
11,889
1,295,741
980,557
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SILBURY SPECIALTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 DECEMBER 2025
5
Debtors: amounts falling due within one year
(Continued)

Amounts owed by other debtors are non-interest bearing, unsecured and repayable on demand.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
52,622
64,625
Amounts owed to group undertakings
960,492
-
0
PAYE Payable
46,589
130,987
NIC Payable
219,380
196,341
Other creditors
1,352,303
1,071,026
2,631,386
1,462,979

The interest-bearing loan agreement, to fund working capital, was made on 16 February 2022 with effective date as of 23 December 2020 by and between OCM Luxembourg ECS II Silbury S.a.r.l. and the Company. The loan bears interest at the rate of 5% per annum and matures on or before 31 December 2027 (2024: 31 December 2026).

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
-
0
1,434,246
Other creditors
169,750
92,000
169,750
1,526,246

8
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
(892,094)
(1,245,935)
Profit / (Loss) for the year
528,859
353,841
At the end of the year
(363,235)
(892,094)
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

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SILBURY SPECIALTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 DECEMBER 2025
9
Audit report information
(Continued)
Senior Statutory Auditor:
David Lynch
Statutory Auditor:
Grant Thornton
Date of audit report:
30 March 2026
10
Financial commitments, guarantees and contingent liabilities

The Company has entered into a loan agreement with OCM Luxembourg ECS II Silbury S.a.r.l. with a commitment of up to £1,714,500 which was forwarded in prior periods. The Company has made re payments of £530,000 under this agreement during the year (2024: £400,00).

The Company has no other financial commitments, guarantees or contingent liabilities which have not been disclosed on the Statement of financial position.

11
Events after the reporting date

On 16th March 2026, the maturity date of amounts owing to group undertakings was extended to 31 December 2027. There were no other subsequent events after 31 December 2025 in the Directors' opinions that require disclosure in the financial statements.

12
Related party transactions
Remuneration of key management personnel
2025
2024
£
£
Aggregate compensation
1,864,101
1,379,823
Transactions with related parties

During the year, the Company entered into the following transactions with related parties:

Management fees charged to OCM Silbury ECS III No. 1 D esignated Activity Company ("DAC 1") during the year amounted to £2,582,967 (2024: £1,769,616 ).

Management fees charged to OCM Silbury Ireland No. 1 Designated Activity Company (“DAC 1”) during the year amounted to £1,680,242 (2024: £2,113,866).

The Company has an inter-company loan facility with OCM Luxembourg ECS II Silbury S.a.r.l. up to a value of £960,492. The balance at 31 December 202 5 was £960,492 (2024: £1,434,246) with interest accrued during the year totalling £56,246 (2024: £45,521).

Other information

The parent Company is OCM Luxembourg ECS II Silbury S.a.r.l. and its registered office is 26A, Boulevard Royal, 2449 Luxembourg, Luxembourg.

The ultimate holding C ompany is Oaktree European Capital Solutions Fund II Holdings (Cayman) LP, a company incorporated in the Cayman Islands.

The C ompany has availed of the higher parent exemption to prepare consolidated financial statements as it meets the criteria of an investment entity.

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SILBURY SPECIALTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 DECEMBER 2025
13
Approval of financial statements
The Directors approved the financial statements on 30 March 2026.
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