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Ndoro Limited |  |  |  |  |  |
Company Registration Number |  |  |  |  |
08833971 |  |  |  |  |  |  |
Report of the Directors and |  |  |  |  |
Unaudited Financial Statements |  |  |  |  |
Period of accounts |  |  |  |  |  |
Start date 01/02/2025 |  |  |  |  |
End date 31/01/2026 |  |  |  |  |  |
|  |  |  |  |  |  | Page 1

Ndoro Limited |  |  |  |  |  |
Contents of the Financial Statements |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |
|  |  |  |  |  |  | Page
Company Information |  |  |  |  |  | 3
Report of the Directors |  |  |  |  | 4
Profit and Loss Account |  |  |  |  | 5
Balance Sheet |  |  |  |  |  | 6 - 7
Notes to the Financial Statements |  |  |  | 8 - 11
|  |  |  |  |  |  | Page 2

Ndoro Limited |  |  |  |  |  |
Company Information |  |  |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |
Directors |  |  |  | Darren Read |  |  |
|  |  |  | Peter Read |  |  |
|  |  |  | Vladimir Postolovsky |  |  |
Registered office |  |  | Floor 4 |  |  |
|  |  |  | Henrietta Street |  |  |
|  |  |  | London |  |  |
|  |  |  | WC2E 8QH |  |  |
Company Registration Number |  | 08833971 |  |  |
|  |  |  |  |  |  | Page 3

Ndoro Limited |  |  |  |  |  |
Directors Report |  |  |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |
The directors present their report with the financial statements of the company for the
period ended 31 January 2026 |  |  |  |  |
Principal activities |  |  |  |  |  |
The principal activity of the company in the period under review was |
Management of investment assets |  |  |  |
Directors |  |  |  |  |  |  |
The director(s) shown below have held office during the whole of the period
Darren Read |  |  |  |  |  |
The director(s) shown were appointed during/after the period |  |
Peter Read |  |  |  | on | 2025-11-03 |  |
Vladimir Postolovsky |  |  | on | 2025-11-03 |  |
Small Company Provisions |  |  |  |  |
These accounts have been prepared in accordance with the provisions applicable to
companies subject to the small companies regime. |  |  |
This report was approved by the board of directors on | 2026-04-08 |
and signed on behalf of the board by |  |  |  |
Name | Darren Read |  |  |  |  |  |
Status | Director |  |  |  |  |  |
|  |  |  |  |  |  | Page 4

Ndoro Limited |  |  |  |  |  |
Profit and Loss Account |  |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |
|  |  |  |  |  | 2026 | 2,025
|  |  |  |  | Notes | £ | £
Administrative expenses |  |  |  | 3,572 | 3,745
|  |  |  |  |  | ______ | ______
Operating costs |  |  |  |  | 3,572 | 3,745
Other operating income |  |  |  | 3,215,537 | 587,601
|  |  |  |  |  | ______ | ______
Total other operating income/(loss) |  |  | 3,215,537 | 587,601
|  |  |  |  |  | ______ | ______
Operating Profit/(Loss) |  |  | 2 | 3,211,965 | 583,856
|  |  |  |  |  | ______ | ______
Interest receivable and similar |  |  | 12,203 | 23,543
|  |  |  |  |  | ______ | ______
Net Finance income/(Loss) |  |  |  | 12,203 | 23,543
|  |  |  |  |  | ______ | ______
Profit/(Loss) on ordinary activities before taxation | 3,224,168 | 607,399
|  |  |  |  |  | _______ | ______
Profit/(Loss) for the financial period after taxation | 3,224,168 | 607,399
The notes form part of these financial statements |  |  |
|  |  |  |  |  |  | Page 5

Ndoro Limited |  |  |  |  |  |
Balance Sheet |  |  |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |
Company registration number 08833971 |  |  |  |
|  |  |  |  |  | 2026 | 2,025
|  |  |  |  | Notes | £ | £
Fixed assets |  |  |  |  |  |
Investments |  |  |  | 3 | 31,523,256 | 27,554,073
|  |  |  |  |  | _______ | _______
Total fixed assets |  |  |  |  | 31,523,256 | 27,554,073
Current assets |  |  |  |  |  |
Debtors |  |  |  |  | 4 | 48,136 |
Cash at bank and in hand |  |  |  | 2,293,949 | 19,276
|  |  |  |  |  | _______ | _______
Total current assets/(liabilities) |  |  | 2,342,085 | 19,276
Creditors |  |  |  |  |  |  |
Creditors - amounts falling |  |  |  |  |
due within one year |  |  |  | 5 | 79 | 482
|  |  |  |  |  | _______ | _______
Net current assets |  |  |  |  | 2,342,006 | 18,794
|  |  |  |  |  | _______ | _______
Total assets less current liabilities |  |  | 33,865,262 | 27,572,867
|  |  |  |  |  | _______ | _______
Provision for liabilities |  |  | 6 | 3,166,865 | 1,615,509
|  |  |  |  |  | _______ | _______
Long term creditors |  |  |  |  | 3,166,865 | 1,615,509
|  |  |  |  |  | ________ | ________
Net assets/(liabilities) |  |  |  | 30,698,397 | 25,957,358
Capital and reserves |  |  |  |  |  |
Called up share capital |  |  | 7 | 1,018 | 1,018
Share premium |  |  |  |  | 400,044 | 400,044
Profit and loss account |  |  | 8 | 30,297,335 | 25,556,296
|  |  |  |  |  | ________ | ________
Total shareholders funds |  |  |  | 30,698,397 | 25,957,358
|  |  |  |  |  |  | Page 6

Ndoro Limited |  |  |  |  |  |  |
Balance Sheet |  |  |  |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |  |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
For the year ending 31 January 2026 the company was entitled to exemption 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.
The financial statements were approved by the Board of Directors on | 2026-04-08 |
SIGNED ON BEHALF OF THE BOARD BY |  |  |  |  |
Name | Darren Read |  |  |  |  |  |  |
The notes form part of these financial statements |  |  |  |
Average number of employees during period | 1 |  |  |
|  |  |  |  |  |  | Page 7 |

Ndoro Limited |  |  |  |  |  |  |
Notes to the Financial Statements |  |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |  |
1. Accounting policies |  |  |  |  |  |
Basis of preparation |  |  |  |  |  |  |
The financial statements have been prepared under the historical cost convention and in accordance with the small companies regime.
Turnover |  |  |  |  |  |  |  |
The turnover shown in the profit and loss account represents revenue earned during the period, exclusive of VAT.
Investments |  |  |  |  |  |  |
Investments are recognised initially at fair value. Subsequently they are measured at fair value if the shares |
are publicly traded or otherwise measured reliably. Other investments are measured at cost less impairment. |
Deferred taxation |  |  |  |  |  |  |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies |  |  |  |  |  |  |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchangeruling at the balance sheet date. Transactions in foreign currencies are translated into sterling atthe rate of exchange ruling at the date of the transaction. Exchange differences are taken intoaccount in arriving at the operating profit.
|  |  |  |  |  |  | Page 8 |

Ndoro Limited |  |  |  |  |  |  |
Notes to the Financial Statements |  |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |  |
2. Operating profit/(loss) |  |  |  | 2026 | 2,025 |
Profit before tax as stated after charging the following | £ | £ |
Profit/(Loss) on disposal of fixed assets |  | (21,675) | 46,044 |
|  |  |  |  |  |  | Page 9 |

Ndoro Limited |  |  |  |  |  |  |
Notes to the Financial Statements |  |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |  |
3. Fixed asset investments |  |  |  | 2026 | 2,025 |
Listed |  |  |  |  |  | 25,435,636 | 21,380,727 |
Unlisted |  |  |  |  |  | 6,087,620 | 6,173,346 |
Total |  |  |  |  |  | 31,523,256 | 27,554,073 |
4. Debtors |  |  |  |  |  | 2026 | 2,025 |
Other debtors |  |  |  |  | 48,136 |  |
|  |  |  |  |  | _____ | _ |
Total |  |  |  |  |  | 48,136 | 0 |
5. Creditors amounts falling due within one year |  | 2026 | 2,025 |
Other creditors |  |  |  |  | 79 | 482 |
|  |  |  |  |  | _____ | ___ |
Total |  |  |  |  |  | 79 | 482 |
|  |  |  |  |  |  | Page 10 |

Ndoro Limited |  |  |  |  |  |
Notes to the Financial Statements |  |  |  |
for the Period Ended 31 January 2026 |  |  |  |
6. Provisions for liabilities |  |  |  | £ |
Provisions at 1 February 2025 |  |  |  | 1,615,509 |
Movements to |  |  |  |  | 1,551,356 |
Movements from |  |  |  |  |  |
|  |  |  |  |  | _______ |
At 31 January 2026 |  |  |  |  | 3,166,865 |
Deferred tax liability on unrealised mark to market gains |  |
7. Share capital |  |  |  |  | 2026 | 2,025
Authorised type |  |  | Par value |  | £ | £
Voting |  |  |  | 200 |  | 200 | 200
Non voting |  |  |  | 800 |  | 818 | 818
|  |  |  |  |  | ____ | ____
Total |  |  |  |  |  | 1,018 | 1,018
Allotted, called up and paid |  |  |  | £ | £
Voting |  |  |  |  |  | 200 | 200
Non voting |  |  |  |  |  | 818 | 818
|  |  |  |  |  | ____ | ____
Total |  |  |  |  |  | 1,018 | 1,018
8. Reserves/Retained profit |  |  |  |  |
Retained profit reconciliation |  |  |  | £ |
Reserves at 1 February 2025 |  |  |  | 25,556,296 |
Profit/(Loss) for year |  |  |  | 3,224,168 |
Other adjustments |  |  |  |  | 1,516,871 |
Dividends paid |  |  |  |  |  |
|  |  |  |  |  | ________ |
Retained Profit/(Loss) at 31 January 2026 |  | 30,297,335 |
|  |  |  |  |  |  | Page 11