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Registered number: 12436394
Aros Kapital Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2025
Accountum Limited
Aros Kapital Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1
Directors' Report | 2
Independent Auditor's Report | 3—5
Profit and Loss Account | 6
Statement of Comprehensive Income | 7
Balance Sheet | 8
Statement of Changes in Equity | 9
Notes to the Financial Statements | 10—15

Page 1
Aros Kapital Limited
Strategic Report
For The Year Ended 31 December 2025
Strategic Report
The directors present their strategic report for the year ended 31 December 2025.
Principal Activity
Aros Kapital Limited (the “Company”) mainly provides project finance and term lending solutions to small and medium-sized companies in Great Britain and the Republic of Ireland through programmatic partnerships.
Review of the Business
Revenue for the year was £15.6m (2024: £10.2m), an increase of 54% and the Company made an operating loss of £1.8m (2024: loss of £0.5m). The change in revenue was driven by the increase in new deployment during the year. We have also continued to make operational investments into the platform in 2025 (team, infrastructure and deployment capabilities) to execute on its long-term strategic plan. At period end, the Company had net assets of £2.8m (2024: £4.7m).
Future Outlook
The Directors remain confident about the outlook of the Company and its ambition to be the funding partner of choice and to achieve significant future growth. This will be achieved by following its key strategic objectives to deliver flexible funding solutions; driving success through long-term trusted partnerships; and enabling a progressive workplace to attract and retain talented employees.
Following a period of significant investments into the platform in combination with the outlook on onboarding new partners, the directors are optimistic of the Company’s outlook.
Principal Risks and Uncertainties
The world continues to experience a period of uncertainty with Geo-political volatility, international wars and a higher inflationary environment, which all may have a significant impact on the UK and world economies, and may create supply chain disruption, employment shortages and increasing interest rates. This uncertainty is likely to impact some of the Company’s existing loan exposures although to a varying degree and the Directors have not observed material performance issues in the Company’s loan book as a result of the tougher macro-economic environment.
The senior management team of the Company (and its parent) have successfully navigated businesses in historic periods of uncertainty, and the Directors are confident that the current macroeconomic situation will not significantly impact our ability to execute on our strategic plan, and in fact may lead to further opportunities arising.
A high-level summary of the key business risks facing the Company, which the management team is actively monitoring and mitigating through actions, are (1) credit risk, (2) liquidity risk, (3) operational risks (including business continuity, IT, governance) and (4) interest rate risk.
Going Concern
On the basis of current financial projections and committed revolving credit facilities from the parent company, the Directors are satisfied that Aros Kapital Limited has adequate resources to continue in operation for the foreseeable future and consequently the financial statements have been prepared on a going concern basis.
On behalf of the board

Mr Nils Rocklinger Director
13/04/2026

Page 1
Page 2
Aros Kapital Limited
Company No. 12436394
Directors' Report For The Year Ended 31 December 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Nils Rocklinger
Mr Jan Linnersand
Mr Tobias Price
Mr Sven Rickard Westlund | Resigned | 20/11/2025
Mr Benjamin Parry-Jones | Appointed | 04/11/2025
Mr Pal Harald Gustaf Ryfors | Appointed | 14/01/2026

Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, 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). 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 the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors
The auditors, SBM Associates Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr Nils Rocklinger Director
13/04/2026

Page 2
Page 3
Independent Auditor's Report
to the Members of
Aros Kapital Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Aros Kapital Limited for the year ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 loss 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 on the financial statements.
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 entity's ability to continue as a going concern for a period of at least 12 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 the audit:

- the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Directors' Report.
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 or 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.

Page 3
Page 4
Independent Auditor's Report (continued)
to the Members of
Aros Kapital Limited
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to include the Companies Act 2006, and relevant tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
- We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
- We examined the company’s regulatory and legal correspondence and discussed with management any known or suspected instances of fraud or non-compliance with laws and regulations.
- We assessed the risks of material misstatement in respect of fraud as follows:

1. We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks.
2. The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion.
3. In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.
4. We incorporated an element of unpredictability in the selection of the nature, timing, and extent of our audit procedures.

- Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including, designing audit procedures to address, for example:

1. The possibility of fraudulent or corrupt payments made through third parties.
2. The risk of bribery and corruption.
3. The opportunity to segregate duties within the entity.

- Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

1. Using our general commercial and sector experience and through discussions with management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management’s own assessment of the risks that irregularities may occur either because of fraud or error.
2. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
3. There is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company’s revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes, and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

- We considered the extent to which the audit was considered capable of detecting irregularities: There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
https://www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities-for-the-audit
This description forms part of our auditor's report.
Page 4
Page 5
Independent Auditor's Report (continued)
to the Members of
Aros Kapital Limited
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 that 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.

Stephen McAlpine (Senior Statutory Auditor) for and on behalf of SBM Associates Limited , Statutory Auditor
13/04/2026
SBM Associates Limited Freedman House Christopher Wren Yard, 117 High Street Croydon CR0 1QG

Page 5
Page 6
Aros Kapital Limited
Profit and Loss Account
For The Year Ended 31 December 2025
Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 15,605,189 |  | 10,141,319
Cost of sales |  | (14,283,997 ) |  | (7,872,958 )
GROSS PROFIT |  | 1,321,192 |  | 2,268,361
Administrative expenses |  | (3,109,191 ) |  | (2,790,832 )
OPERATING LOSS | 4 | (1,787,999 ) |  | (522,471 )
Other interest receivable and similar income | 9 | - |  | 22,530
LOSS BEFORE TAXATION |  | (1,787,999 ) |  | (499,941 )
Tax on Loss | 10 | (149,054 ) |  | 708
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR |  | (1,937,053 ) |  | (499,233 )

The notes on pages 10 to 15 form part of these financial statements.
Page 6
Page 7
Aros Kapital Limited
Statement of Comprehensive Income
For The Year Ended 31 December 2025
Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
LOSS FOR THE FINANCIAL YEAR |  | (1,937,053 ) |  | (499,233 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | (1,937,053 ) |  | (499,233 )

Page 7
Page 8
Aros Kapital Limited
Balance Sheet
As At 31 December 2025
Balance Sheet
Registered number: 12436394

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 11 |  | 21,429 |  | 26,760
|  |  | 21,429 |  | 26,760
CURRENT ASSETS
Debtors | 12 | 179,851,468 |  | 138,153,105 |
Cash at bank and in hand |  | 398,291 |  | 422,154 |
|  | 180,249,759 |  | 138,575,259 |
Creditors: Amounts Falling Due Within One Year | 13 | (177,475,402 ) |  | (133,866,196 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 2,774,357 |  | 4,709,063
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,795,786 |  | 4,735,823
PROVISIONS FOR LIABILITIES
Deferred Taxation | 14 |  | - |  | (2,984 )
NET ASSETS |  |  | 2,795,786 |  | 4,732,839
CAPITAL AND RESERVES
Called up share capital | 15 |  | 10,000 |  | 10,000
Share premium account |  |  | 1,490,000 |  | 1,490,000
Profit and Loss Account |  |  | 1,295,786 |  | 3,232,839
SHAREHOLDERS' FUNDS |  |  | 2,795,786 |  | 4,732,839

On behalf of the board

Mr Nils Rocklinger Director
13/04/2026

The notes on pages 10 to 15 form part of these financial statements.
Page 8
Page 9
Aros Kapital Limited
Statement of Changes in Equity
For The Year Ended 31 December 2025
Statement of Changes in Equity

| Share Capital | Share Premium | Profit and Loss Account | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
As at 1 January 2024 | 10,000 | 1,490,000 | 3,732,072 | 5,232,072
Loss for the year and total comprehensive income | - | - | (499,233 ) | (499,233)
As at 31 December 2024 and 1 January 2025 | 10,000 | 1,490,000 | 3,232,839 | 4,732,839
Loss for the year and total comprehensive income | - | - | (1,937,053 ) | (1,937,053)
As at 31 December 2025 | 10,000 | 1,490,000 | 1,295,786 | 2,795,786

Page 9
Page 10
Aros Kapital Limited
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Aros Kapital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12436394 . The registered office is Third Floor, 8 Pollen Street, London, W1S 1NG.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are presented in pound sterling (£) which is also the functional currency of the Company. All amounts are rounded to the nearest pound.
2.2. Turnover
Interest income
Interest income is recognised over the term of the loan using the effective interest method. The effective interest rate is the rate that makes the present value of all estimated future inflows and outflows during the expected interest period equal to the reported value of the asset or liability.
Interest income and interest expenses include, where applicable, accrued significant amounts of received fees that are included in the effective interest rate, transaction costs, and any discounts, premiums, and other differences between the original value of the asset/liability and the amount settled at maturity. Interest income and interest expenses presented in the income statement consist of:
- Interest on financial assets and liabilities measured at amortized cost using the effective interest method, including interest on doubtful receivables
- Interest from financial assets and liabilities measured at fair value through profit and loss.
Other Income
Other income is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Other income includes revenue earned from the rendering of services. Other income is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
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:

Leasehold | over the life of the lease
Plant & Machinery | 33% on cost

2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.5. 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 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 valued at the unpaid amount plus any interest unpaid. 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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
...CONTINUED
Page 10
Page 11
Aros Kapital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5. Financial Instruments - continued
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. Amounts 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.
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 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 or deferred tax for the year is recognised in profit or loss, except when related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by class of business is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Loan interest and fees | 15,605,189 |  | 10,141,319

Analysis of turnover by geographical market is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
United Kingdom | 13,800,752 |  | 9,231,410
Europe | 1,804,437 |  | 909,909
| 15,605,189 |  | 10,141,319

4. Operating Loss
The operating loss is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Operating lease rentals | 260,452 |  | 260,452
Depreciation of tangible fixed assets | 6,405 |  | 10,423

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Aros Kapital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 46,644 |  | 26,650

6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 1,709,845 |  | 1,638,027
Social security costs | 203,790 |  | 142,257
Other pension costs | 122,528 |  | 96,611
| 2,036,163 |  | 1,876,895

7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Office and administration | 9 |  | 8
| 9 |  | 8

8. Directors' remuneration

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 597,461 |  | 515,478

The number of directors to whom retirement benefits were accruing was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Money purchase pension schemes | 2 |  | 2

Information regarding the highest paid director was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 597,461 |  | 402,043
Company contributions to money purchase pension schemes | 33,275 |  | 30,250
| 630,736 |  | 432,293

9. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other interest receivable | - |  | 22,530

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Aros Kapital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
10. Tax on Profit

The tax charge/(credit) on the loss for the year was as follows:
| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | - |  | -
Deferred Tax
Deferred taxation | 149,054 |  | (708 )
Total tax charge for the period | 149,054 |  | (708 )
The actual charge/(credit) for the year can be reconciled to the expected charge/ (credit) for the year based on the loss and the standard rate of corporation tax as follows:
| 2025 |  | 2024
| £ |  | £
Profit before tax | (1,787,999) |  | (499,941)
Tax on profit at 25% (UK standard rate) | (447,000 ) |  | (124,985 )
Goodwill/depreciation not allowed for tax | 23,816 |  | 2,606
Expenses not deductible for tax purposes | - |  | 2,969
Capital allowances | (1,074 ) |  | (1,766 )
Short term timing differences | 573,312 |  | 120,468
Total tax charge for the period | 149,054 |  | (708)

11. Tangible Assets

| Land & Property
--- | ---
| Leasehold | Plant & Machinery | Total
| £ | £ | £
Cost
As at 1 January 2025 | 19,389 | 42,296 | 61,685
Additions | - | 1,074 | 1,074
As at 31 December 2025 | 19,389 | 43,370 | 62,759
Depreciation
As at 1 January 2025 | 5,978 | 28,947 | 34,925
Provided during the period | 1,939 | 4,466 | 6,405
As at 31 December 2025 | 7,917 | 33,413 | 41,330
Net Book Value
As at 31 December 2025 | 11,472 | 9,957 | 21,429
As at 1 January 2025 | 13,411 | 13,349 | 26,760

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Aros Kapital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
12. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 15,904,040 |  | 40,777,086
Prepayments and accrued income | 128,184 |  | 126,133
| 16,032,224 |  | 40,903,219
Due after more than one year
Trade debtors | 163,819,244 |  | 97,097,848
Deferred tax asset | - |  | 152,038
| 163,819,244 |  | 97,249,886
| 179,851,468 |  | 138,153,105

13. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 5,859 |  | 18,698
Amounts owed to group undertakings | 175,724,429 |  | 131,558,641
Other creditors | 1,680,628 |  | 2,238,945
Taxation and social security | 64,486 |  | 49,912
| 177,475,402 |  | 133,866,196

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

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | - |  | 2,984

15. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up but not fully paid | £ |  | £
10,000 Ordinary Shares of £ 1.000 each | 10,000 |  | 10,000

16. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Not later than one year | 260,452 |  | 260,452
Later than one year and not later than five years | - |  | 222,633
| 260,452 |  | 483,085

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Aros Kapital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
17. Pension Commitments
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.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £122,528 (2024: £96,611).
At the balance sheet date contributions of £10,480 (2024: £8,973) were due to the fund and are included in creditors.
18. Controlling Parties
The company's immediate parent undertaking is Aros Kapital Europe Holding AB .
The ultimate parent undertaking and that of the smallest and largest group for which group accounts are drawn up of which the company is a member is Aros Kapital AB (incorporated in Sweden). Its registered office is Vestagatan 6, 416 64 Gothenburg, Sweden .
Copies of the group accounts may be obtained from the company's registered office.
19. Loans Written Off
During the year, the Company’s loans to two counterparties entered formal administration. The administrations were completed during the year, confirming that no further recoveries would be made. In line with FRS 102 Section 11, the loans of £375,456 were deemed irrecoverable and derecognised, with the resulting loss recognised in the profit and loss account.
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