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Company Registration Number: 04729981

PNO Consultants Limited

Annual Report and Financial Statements

for the financial year ended 31 December 2025

PNO Consultants Limited

DIRECTORS AND OTHER INFORMATION

Directors | Paolo Salvatore
| PNO Group Holding B.V.
Company Registration Number | 04729981
Registered Office and Business Address | Office 4 Merseyway Innovation Centre
| 21-23 Merseyway
| Stockport
| SK1 1PN
Independent Auditors | Langers MN Limited
| Chartered Certified Accountant and Statutory Auditor
| 8-10 Gatley Road
| Cheadle
| Cheshire
| SK8 1PY

PNO Consultants Limited

DIRECTORS' REPORT

for the financial year ended 31 December 2025

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

Principal Activity

The principal activity is grant application advice and support.

Directors

The directors who served during the financial year are as follows:

Paolo Salvatore

PNO Group Holding B.V.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' 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) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). 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 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.

Disclosure of Information to Auditor Each persons who are directors at the date of approval of this report confirms that: In so far as the directors are aware: ▪there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and ▪the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Auditors

The auditors, Langers MN Limited, (Chartered Certified Accountant) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Special provisions relating to small companies

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

On behalf of the board

___________________________

Paolo Salvatore

Director

30 March 2026

PNO Consultants Limited

Company Registration Number: 04729981

STATEMENT OF FINANCIAL POSITION

as at 31 December 2025

|  |  | 2025 |  | 2024
|  | Notes | £ |  | £
Fixed Assets

Tangible assets |  | 5 | 3,765 |  | 4,794
|  |  | ───────── |  | ─────────
Current Assets

Debtors |  | 6 | 431,255 |  | 1,275,365
Cash and cash equivalents |  |  | 374,596 |  | 250,994
|  |  | ───────── |  | ─────────
|  |  | 805,851 |  | 1,526,359
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  | 7 | (216,034) |  | (167,870)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 589,817 |  | 1,358,489
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 593,582 |  | 1,363,283
Provisions for liabilities |  | 9 | (941) |  | (1,179)
|  |  | ───────── |  | ─────────
Net Assets |  |  | 592,641 |  | 1,362,104
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  |  | 1,000 |  | 1,000
Retained earnings |  |  | 591,641 |  | 1,361,104
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 592,641 |  | 1,362,104
|  |  | ═════════ |  | ═════════
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 company has taken advantage of the exemption under section 444 not to file the Income Statement.

Approved by the Board and authorised for issue on 30 March 2026 and signed on its behalf by

________________________________ |  |  |  |  |
Paolo Salvatore |  |  |  |  |
Director |  |  |  |  |

PNO Consultants Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2025

1. | General Information
| PNO Consultants Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 04729981. The registered office of the company is Office 4 Merseyway Innovation Centre, 21-23 Merseyway, Stockport, SK1 1PN which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the financial year ended 31 December 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Turnover
| Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
| Tangible assets and depreciation
| Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
|  | Plant and machinery | - | 33% Straight line
|  | Fixtures, fittings and equipment | - | 33% and 20% Straight line
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
| Leasing
| Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
| Trade and other debtors
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Provisions
| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
| Trade and other creditors
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Employee benefits
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
| Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
| Pensions
| The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | INFORMATION RELATING TO THE AUDITOR'S REPORT
| The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
| The financial statements were audited by Langers MN Limited.
| The Auditor's Report was signed by Steven Nixon BSc (Hons) FCCA (Senior Statutory Auditor) for and on behalf of Langers MN Limited on 2nd April 2026.

4. | Employees
| The average monthly number of employees, including directors, during the financial year was 12, (2024 - 11).
|  | 2025 | 2024
|  | Number | Number
| Employees | 12 | 11
|  | ═════════ | ═════════

5. | Tangible assets
|  | Plant and | Fixtures, | Total
|  | machinery | fittings and |
|  |  | equipment |
|  | £ | £ | £
| Cost
| At 1 January 2025 | 13,761 | 1,483 | 15,244
| Additions | 2,650 | 117 | 2,767
| Disposals | (2,473) | - | (2,473)
|  | ───────── | ───────── | ─────────
| At 31 December 2025 | 13,938 | 1,600 | 15,538
|  | ───────── | ───────── | ─────────
| Depreciation
| At 1 January 2025 | 9,030 | 1,420 | 10,450
| Charge for the financial year | 3,668 | 80 | 3,748
| On disposals | (2,425) | - | (2,425)
|  | ───────── | ───────── | ─────────
| At 31 December 2025 | 10,273 | 1,500 | 11,773
|  | ───────── | ───────── | ─────────
| Net book value
| At 31 December 2025 | 3,665 | 100 | 3,765
|  | ═════════ | ═════════ | ═════════
| At 31 December 2024 | 4,731 | 63 | 4,794
|  | ═════════ | ═════════ | ═════════

6. | Debtors | 2025 | 2024
|  | £ | £
| Trade debtors | 428,392 | 503,945
| Amounts owed by group undertakings | - | 744,263
| Taxation (Note 8) | - | 24,405
| Prepayments and accrued income | 2,863 | 2,752
|  | ───────── | ─────────
|  | 431,255 | 1,275,365
|  | ═════════ | ═════════

7. | Creditors | 2025 | 2024
| Amounts falling due within one year | £ | £
| Trade creditors | 62,588 | 9,010
| Taxation (Note 8) | 143,592 | 149,897
| Accruals:
| Pension accrual | 4,584 | 3,335
| Other accruals | 5,270 | 5,628
|  | ───────── | ─────────
|  | 216,034 | 167,870
|  | ═════════ | ═════════

8. | Taxation | 2025 | 2024
|  | £ | £
| Debtors:
| Corporation tax | - | 24,405
|  | ═════════ | ═════════
| Creditors:
| VAT | 125,936 | 136,253
| PAYE / NI | 17,656 | 13,644
|  | ───────── | ─────────
|  | 143,592 | 149,897
|  | ═════════ | ═════════

9. | Provisions for liabilities
| The amounts provided for deferred taxation are analysed below:
|  | Capital | Total | Total
|  | allowances |  |
|  |  | 2025 | 2024
|  | £ | £ | £
| At financial year start | 1,179 | 1,179 | 993
| Charged to profit and loss | - | - | 186
| Released during the financial year | (238) | (238) | -
|  | ───────── | ───────── | ─────────
| At financial year end | 941 | 941 | 1,179
|  | ═════════ | ═════════ | ═════════

10. | Pension costs - defined contribution
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension costs amounted to £26,563 (2024 - £22,485).

11. | Capital commitments
| The company had no material capital commitments at the financial year-ended 31 December 2025.

12. | Related party transactions
| The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

13. | Parent and ultimate parent company
| The company is a wholly owned subsidiary of PNO Innovation B.V., a company based in The Netherlands, company number 59791927.
| The companys ultimate parent undertaking is BAC 10 Topca B.V..
| The address of BAC 10 Topca B.V. is Laan van Zuid Hoorn 15, 2289DC The Netherlands.
| The parent of the largest group in which the results are consolidated is BAC 10 Topco B.V..
| BAC 10 Topco B.V. is registered in Netherlands.

14. | Events After the End of the Reporting Period
| There have been no significant events affecting the company since the financial year-end.