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Registered number: 12326461
Annel Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2025
Nuvo Scotland Limited
Annel Ltd
Contents
Contents

| Page
--- | ---
Accountants' Report | 1
Balance Sheet | 2—3
Notes to the Financial Statements | 4—7

Page 1
Annel Ltd
Accountants' Report
For The Year Ended 30 November 2025
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of Annel Ltd for the year ended 30 November 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Annel Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Annel Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Annel Ltd and state those matters that we have agreed to state to the directors of Annel Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Annel Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Annel Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Annel Ltd . You consider that Annel Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Annel Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

25 March 2026

Nuvo Scotland Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeen
AB12 4XX
Page 1
Page 2
Annel Ltd
Balance Sheet
As At 30 November 2025
Balance Sheet
Registered number: 12326461

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 8,087 |  | 11,166
Investment Properties | 5 |  | 65,000 |  | 40,000
|  |  | 73,087 |  | 51,166
CURRENT ASSETS
Debtors | 6 | 19,062 |  | 18,286 |
Cash at bank and in hand |  | 20,214 |  | 71,878 |
|  | 39,276 |  | 90,164 |
Creditors: Amounts Falling Due Within One Year | 7 | (62,949 ) |  | (74,196 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (23,673 ) |  | 15,968
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 49,414 |  | 67,134
PROVISIONS FOR LIABILITIES
Deferred Taxation | 8 |  | (10,527 ) |  | (3,418 )
NET ASSETS |  |  | 38,887 |  | 63,716
CAPITAL AND RESERVES
Called up share capital |  |  | 100 |  | 100
Fair value reserve | 10 |  | 26,581 |  | 7,831
Profit and Loss Account |  |  | 12,206 |  | 55,785
SHAREHOLDERS' FUNDS |  |  | 38,887 |  | 63,716

Page 2
Page 3
Annel Ltd
Balance Sheet (continued)
As At 30 November 2025
For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 25 March 2026 and were signed on its behalf by:

Miss E Gulko Director
25 March 2026

The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Annel Ltd
Notes to the Financial Statements
For The Year Ended 30 November 2025
Notes to the Financial Statements
1. General Information
Annel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12326461 . The registered office is 120 Boundary Road, London, E13 9QG.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Assets held under finance leases are depreciated in the same way as owned assets.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold | 20% on cost
Computer Equipment | 20% on cost

2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold.
2.5. Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the company's contractual obligations are discharged.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Page 4
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Annel Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: 1)
- 1
4. Tangible Assets

| Land & Property
--- | ---
| Freehold | Computer Equipment | Total
| £ | £ | £
Cost or Valuation
As at 1 December 2024 | 6,840 | 10,871 | 17,711
Additions | 515 | - | 515
As at 30 November 2025 | 7,355 | 10,871 | 18,226
Depreciation
As at 1 December 2024 | 3,862 | 2,683 | 6,545
Provided during the period | 1,419 | 2,175 | 3,594
As at 30 November 2025 | 5,281 | 4,858 | 10,139
Net Book Value
As at 30 November 2025 | 2,074 | 6,013 | 8,087
As at 1 December 2024 | 2,978 | 8,188 | 11,166

Page 5
Page 6
Annel Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
5. Investment Property

| 2025
--- | ---
| £
Fair Value
As at 1 December 2024 | 40,000
Revaluations | 25,000
As at 30 November 2025 | 65,000

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cost | 29,558 |  | 29,558

| 2025 |  | 2024
| £ |  | £
Original Cost | 29,558 |  | 29,558
Valuation in 2022 | 10,442 |  | 10,442
Valuation in 2025 | 25,000 |  |
| 65,000 |  | 40,000

6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 11,315 |  | 16,564
Prepayments and accrued income | 4,157 |  | 1,722
Other debtors | 140 |  | -
Corporation tax recoverable assets | 3,394 |  | -
VAT | 56 |  | -
| 19,062 |  | 18,286

7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 23,306 |  | 62,762
Corporation tax | - |  | 7,061
VAT | - |  | 86
Accruals and deferred income | 39,643 |  | -
Directors' loan accounts | - |  | 4,287
| 62,949 |  | 74,196

8. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | 10,527 |  | 3,418

Page 6
Page 7
Annel Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:

| As at 1 December 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 November 2025
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
Miss Anna Gulko | (1,737 ) | 14,492 | (12,755 ) | - | -
Miss Elzbieta Gulko | (2,550 ) | 14,355 | (11,805 ) | - | -

The above loans are interest free and have no fixed repayment terms.
10. Reserves

| Fair value reserve | Profit and Loss Account
--- | --- | ---
| £ | £
As at 1 December 2024 | 7,831 | 55,785
Profit for the year and total comprehensive income | - | 1,091
Dividends paid | - | (23,937)
Transfer to/from Fair value reserve | - | (20,733)
Transfer to/from Profit & Loss Account | 18,750 | -
As at 30 November 2025 | 26,581 | 12,206

11. Related Party Transactions
Annel Spolka Z Organiczona Odpowiedzialnoscia is a company registered in Poland under common control of the directors.
During the year, the company recharged expenses of £18,128 (2024: £20,363) to Annel Spolka Z rganiczona
Odpowiedzialnoscia. During the year, the company was charged expenses of £67,700 (2024: £67,200) comprising of
management fees, marketing recharges and purchase by Annel Spolka Z Organiczona Odpowiedzialnoscia.
As at the year end, there was a balance of £17,600 (2024 £40,159) owing to Annel Spolka Z Organiczona Odpowiedzialnoscia in respect of these recharges. In addition, an accrual is in place for expenses charged post year end for management fees and marketing of £39,542 (2024 £nil)
No Shame Foundation is a charitable foundation registered in Poland. A director of the company is appointed President of
the foundation.
During the year, the company made charitable donations totalling £nil (2024: £14,541) to the foundation.
12. Ultimate Controlling Party
The ultimate controlling parties are both the directors Elzbieta Gulko and Anna Gulko, the shareholders of Annel Ltd.
Page 7