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REGISTERED NUMBER: 05239731 (England and Wales)

| WMG LIMITED |

| Report of the Director and |

| Consolidated Financial Statements |

| for the Year Ended 31 October 2025 |

| WMG LIMITED (Registered number: 05239731) |

Contents of the Consolidated Financial Statements

for the year ended 31 October 2025

Page |

| Company Information | 1 |

| Report of the Director | 2 |

| Report of the Independent Auditors | 4 |

| Consolidated Income Statement | 8 |

| Consolidated Other Comprehensive Income | 9 |

| Consolidated Statement of Financial Position | 10 |

| Company Statement of Financial Position | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Notes to the Consolidated Financial Statements | 15 |

| WMG LIMITED |

Company Information

for the year ended 31 October 2025

| DIRECTOR: | Mr P Van Leuven

| REGISTERED OFFICE: | 239-241 Kennington Lane

| London

| SE11 5QU

| REGISTERED NUMBER: | 05239731 (England and Wales)

| AUDITORS: | Alton & Co

| Chartered Accountants

| & Statutory Auditors

| 239-241 Kennington Lane

| London

| SE11 5QU

| WMG LIMITED (Registered number: 05239731) |

Report of the Director

for the year ended 31 October 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of of holding company to WMG group of companies in the United Kingdom. Most notably WMG Advisors LLP, a limited liability partnership whose principal activity is the provision of investment management services. WMG Advisors LLP is authorised and regulated by Financial Conduct Authority.

DIRECTOR

Mr P Van Leuven held office during the whole of the period from 1 November 2024 to the date of this report.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company and the group relate to tax and regulatory regime within which the company and its subsidiaries operate, and are also connected with the performance of the funds managed by one of its subsidiaries and the impact that poor performance has on the ability to attract and retain investors.

Other risks and uncertainties relate to the ability of one of its subsidiaries to attract and retain key investment executives. The board has strategies in place to control and minimise the effects of these

KEY PERFORMANCE INDICATORS (''KPI'')

The company's activities relate directly to those of its subsidiaries WMG Funds Limited, WMG Advisors LLP, WMG Services Limited, its key performance indicators are therefore linked to those of these subsidiaries. These relate to the performance of the funds managed, the growth of funds under management, and provision of support to other entities in the WMG Group.

The main performance indicators are the fees receivable and returns on investment activities. All other costs are fairly fixed. The directors monitor these on a monthly basis to ensure that poor performers are picked up on a timely basis and dealt with as their effect on the ability to service fixed operating costs can be critical.

The key performance indicators are as follows:

| 2025 |  | 2024 |

£ |  | £ |  |

Turnover |  | 15,392,823 |  | 5,788,818 |

Net profit / (loss) before tax |  | 873,631 |  | (685,628 | )

The directors believe that other performance indicators of the company are not the best indicators of the overall performance, development and position of the group.

| WMG LIMITED (Registered number: 05239731) |

Report of the Director

for the year ended 31 October 2025

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- | select suitable accounting policies and then 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Alton & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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

ON BEHALF OF THE BOARD:

Mr P Van Leuven - Director

14 April 2026

Report of the Independent Auditors to the Members of

WMG LIMITED

Opinion

We have audited the financial statements of WMG LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2025 and of the group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the provisions available for small entities, in the circumstances set out in note eighteen to the financial statements, 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of

WMG LIMITED

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Director has 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit; or

- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

WMG LIMITED

Auditors' 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 a Report of the Auditors 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:

We obtained an understanding of the legal and regulatory framework that are applicable to the company and determined that the most significant are the Financial Conduct Authority regulations, money laundering standards regulations and anti bribery regulations. We understand how the company is complying with those regulations by making enquiries of management and key personel; we also reviewed correspondence files. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements using our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated those identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

WMG 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 we are required to state to them in a Report of the Auditors 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.

Mr Altan Kemal FCA FCCA (Senior Statutory Auditor)

for and on behalf of Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

14 April 2026

| WMG LIMITED (Registered number: 05239731) |

Consolidated

Income Statement

for the year ended 31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

REVENUE | 9,196,950 |  | 5,788,818 |  |

Administrative expenses | 7,994,472 |  | 6,328,953 |  |

1,202,478 |  | (540,135 | ) |

Other operating income | 160,500 |  | - |  |

OPERATING PROFIT/(LOSS) | 5 | 1,362,978 |  | (540,135 | ) |

Interest payable and similar expenses | 177 |  | - |  |

PROFIT/(LOSS) BEFORE TAXATION | 1,362,801 |  | (540,135 | ) |

Tax on profit/(loss) | 7 | 330,313 |  | 145,493 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 1,032,488 |  | (685,628 | ) |

Profit/(loss) attributable to:

Owners of the parent | 1,032,488 |  | (685,628 | ) |

| WMG LIMITED (Registered number: 05239731) |

Consolidated

Other Comprehensive Income

for the year ended 31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 1,032,488 |  | (685,628 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR | 1,032,488 |  | (685,628 | ) |

Total comprehensive income/(loss) attributable to:

Owners of the parent | 1,032,488 |  | (685,628 | ) |

| WMG LIMITED (Registered number: 05239731) |

Consolidated Statement of Financial Position

31 October 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 9 | 3,025 |  | 955 |  |

Investments | 10 | 3,142,667 |  | 2,171,800 |  |

3,145,692 |  | 2,172,755 |  |

CURRENT ASSETS

Debtors | 11 | 116,628 |  | 111,095 |  |

Cash at bank | 604,673 |  | 729,346 |  |

721,301 |  | 840,441 |  |

CREDITORS

Amounts falling due within one year | 12 | 1,031,719 |  | 1,210,767 |  |

NET CURRENT LIABILITIES | (310,418 | ) | (370,326 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,835,274 |  | 1,802,429 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (1,050,000 | ) | (1,050,000 | ) |

PROVISIONS FOR LIABILITIES | 14 | (357 | ) | - |  |

NET ASSETS | 1,784,917 |  | 752,429 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 1,719,632 |  | 1,719,632 |  |

Share premium | 16 | 1,034,999 |  | 1,034,999 |  |

Retained earnings | 16 | (969,714 | ) | (2,002,202 | ) |

SHAREHOLDERS' FUNDS | 1,784,917 |  | 752,429 |  |

| WMG LIMITED (Registered number: 05239731) |

Consolidated Statement of Financial Position - continued

31 October 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 14 April 2026 and were signed by:

Mr P Van Leuven - Director

| WMG LIMITED (Registered number: 05239731) |

Company Statement of Financial Position

31 October 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 9 | - |  | - |  |

Investments | 10 | 1,310,870 |  | 1,310,870 |  |

1,310,870 |  | 1,310,870 |  |

CURRENT ASSETS

Debtors | 11 | 1,050,000 |  | 1,050,000 |  |

NET CURRENT ASSETS | 1,050,000 |  | 1,050,000 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,360,870 |  | 2,360,870 |  |

CREDITORS

Amounts falling due after more than one year | 13 | 1,050,000 |  | 1,050,000 |  |

NET ASSETS | 1,310,870 |  | 1,310,870 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 1,719,632 |  | 1,719,632 |  |

Share premium | 16 | 1,034,999 |  | 1,034,999 |  |

Retained earnings | 16 | (1,443,761 | ) | (1,443,761 | ) |

SHAREHOLDERS' FUNDS | 1,310,870 |  | 1,310,870 |  |

Company's profit for the financial year | - |  | - |  |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 14 April 2026 and were signed by:

Mr P Van Leuven - Director

| WMG LIMITED (Registered number: 05239731) |

Consolidated Statement of Changes in Equity

for the year ended 31 October 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 November 2023 | 1,719,632 |  | (1,316,574 | ) | 1,034,999 |  | 1,438,057 |  |

Changes in equity

Total comprehensive loss | - |  | (685,628 | ) | - |  | (685,628 | ) |

Balance at 31 October 2024 | 1,719,632 |  | (2,002,202 | ) | 1,034,999 |  | 752,429 |  |

Changes in equity

Total comprehensive income | - |  | 1,032,488 |  | - |  | 1,032,488 |  |

Balance at 31 October 2025 | 1,719,632 |  | (969,714 | ) | 1,034,999 |  | 1,784,917 |  |

| WMG LIMITED (Registered number: 05239731) |

Company Statement of Changes in Equity

for the year ended 31 October 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 November 2023 | 1,719,632 |  | (1,443,761 | ) | 1,034,999 |  | 1,310,870 |  |

Changes in equity

Balance at 31 October 2024 | 1,719,632 |  | (1,443,761 | ) | 1,034,999 |  | 1,310,870 |  |

Changes in equity

Balance at 31 October 2025 | 1,719,632 |  | (1,443,761 | ) | 1,034,999 |  | 1,310,870 |  |

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements

for the year ended 31 October 2025

1. | STATUTORY INFORMATION

| WMG LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Basis of consolidation

| The consolidated financial statement's include the accounts drawn up to 31 October 2025 of the company and its subsidiary undertakings WMG Funds Limited, WMG Advisors LLP and WMG Services Limited (collectively the ''Group'').

| Each entity has been included in the group financial statements using the acquisition method of accounting. Accordingly the group profit and loss account include the results of these entities. All inter company transactions and balances have been eliminated in the group financial statements. No profit and loss account is presented for WMG Limited as permitted by the Companies Act 2006.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Turnover

| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover is recognised when the right to consideration become due in case of the services at the end of service performance.

| Turnover is generated from the ordinary trading activities of the business and is derived from its UK operations.

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 October 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery | - | 25% on cost

| Fixtures and fittings | - | 25% on cost

| Computer equipment | - | 33% on cost

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Going concern

| The director has indicated that, in their judgement, there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis in preparing these financial statements.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 9 (2024 - 9 ) .

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 October 2025

5. | OPERATING PROFIT/(LOSS)

| The operating profit (2024 - operating loss) is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 1,923 |  | 8,265 |  |

6. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Exceptional items | 150,000 |  | - |  |

| Exceptional items | (62,526 | ) | (1,438,440 | ) |

87,474 |  | (1,438,440 | ) |

| a. Included in exceptional income is an amount of £150,000 (2024: nil) previously written off now recovered.

| b. Included in exceptional items is an amount £62,526 (2024: £1,406,620) irrecoverable loans written off to affiliated companies during the year..

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 329,956 |  | 184,153 |  |

| Prior year adjustments | - |  | (36,128 | ) |

| Total current tax | 329,956 |  | 148,025 |  |

| Deferred tax | 357 |  | (2,532 | ) |

| Tax on profit/(loss) | 330,313 |  | 145,493 |  |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 October 2025

9. | PROPERTY, PLANT AND EQUIPMENT

| Group

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 November 2024 | 31,742 |  | 35,449 |  | 14,345 |  | 81,536 |  |

| Additions | 3,993 |  | - |  | - |  | 3,993 |  |

| At 31 October 2025 | 35,735 |  | 35,449 |  | 14,345 |  | 85,529 |  |

| DEPRECIATION

| At 1 November 2024 | 31,242 |  | 35,444 |  | 13,895 |  | 80,581 |  |

| Charge for year | 1,478 |  | - |  | 445 |  | 1,923 |  |

| At 31 October 2025 | 32,720 |  | 35,444 |  | 14,340 |  | 82,504 |  |

| NET BOOK VALUE

| At 31 October 2025 | 3,015 |  | 5 |  | 5 |  | 3,025 |  |

| At 31 October 2024 | 500 |  | 5 |  | 450 |  | 955 |  |

10. | FIXED ASSET INVESTMENTS

| Group

| Other

| investments

£ |

| COST

| At 1 November 2024 | 2,171,800 |  |

| Additions | 970,867 |  |

| At 31 October 2025 | 3,142,667 |  |

| NET BOOK VALUE

| At 31 October 2025 | 3,142,667 |  |

| At 31 October 2024 | 2,171,800 |  |

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 October 2025

10. | FIXED ASSET INVESTMENTS - continued

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 November 2024

| and 31 October 2025 | 2,754,732 |  |

| PROVISIONS

| At 1 November 2024

| and 31 October 2025 | 1,443,862 |  |

| NET BOOK VALUE

| At 31 October 2025 | 1,310,870 |  |

| At 31 October 2024 | 1,310,870 |  |

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiaries

| WMG Funds Limited

| Registered office: United Kingdom

| Nature of business: Investment management services

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| WMG Services Limited

| Registered office: United Kingdom

| Nature of business: Service company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| H R Owen Classics Limited

| Registered office: United Kingdom

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 October 2025

10. | FIXED ASSET INVESTMENTS - continued

| Investments represent the company's 100% holding in WMG Funds Limited (managing member of WMG Advisors LLP) and WMG Services Limited (provider of services to companies in the financial sector), both registered in England and Wales.

11. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Rent Deposits | 66,307 |  | 66,307 |  | - |  | - |  |

| Prepayments | 50,321 |  | 44,788 |  | - |  | - |  |

116,628 |  | 111,095 |  | - |  | - |  |

| Amounts falling due after more than one | year: |

| Amounts owed by group undertakings | - |  | - |  | 1,050,000 |  | 1,050,000 |  |

| Aggregate amounts | 116,628 |  | 111,095 |  | 1,050,000 |  | 1,050,000 |  |

| Amounts owed by group undertakings falling due after more than one year relate to subordinated loans from WMG Limited to WMG Funds Limited. The loans are interest free and the permission of the Financial Services Authority is required before repayment can be made.

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Trade creditors | 489,312 |  | 810,958 |  |

| Tax | 329,956 |  | 184,153 |  |

| Pension control account | 5,783 |  | 5,042 |  |

| VAT | 31,510 |  | 35,456 |  |

| WMG (Bermuda) Limited | 115,048 |  | 115,048 |  |

| Accrued expenses | 60,110 |  | 60,110 |  |

1,031,719 |  | 1,210,767 |  |

| Intercompany loans are interest free and repayable on demand.

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 October 2025

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Other loans - 1-2 years | 1,050,000 |  | 1,050,000 |  | 1,050,000 |  | 1,050,000 |  |

| Subordinated loans from WMG Holdings Limited were entered into on 24 October 2005 (£250,000) and 22 November 2006 (£800,000). The loans are interest free and the permission of Financial Conduct Authority is required before repayment can be made.

14. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 357 |  | - |  |

| Group

| Deferred |

| tax |

£ |

| Provided during year | 357 |  |

| Balance at 31 October 2025 | 357 |  |

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,719,632 | Ordinary | £1 | 1,719,632 |  | 1,719,632 |  |

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 October 2025

16. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 November 2024 | (2,002,202 | ) | 1,034,999 |  | (967,203 | ) |

| Profit for the year | 1,032,488 |  | 1,032,488 |  |

| At 31 October 2025 | (969,714 | ) | 1,034,999 |  | 65,285 |  |

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 November 2024 | (1,443,761 | ) | 1,034,999 |  | (408,762 | ) |

| Profit for the year | - | - |

| At 31 October 2025 | (1,443,761 | ) | 1,034,999 |  | (408,762 | ) |

17. | RELATED PARTY DISCLOSURES

| Companies under common control

| 1) WMG (Bermuda) Limited

| An amount due to the company is £115,048 (2024: £115,048).

| 2) H R Owen Classics Limited

| An amount due from the company is £250 (2024: £250).

| All above loans are interest free and repayable on demand.

| Person with significant control

| During the year the investment was sold to this person. ( Please see note 12).

| Included in trade creditors is an amount of £458,448 (2024 : £735,611) due to him at the balance sheet date. Included in professional fees is an amount of £453,385 (2024: £35,045) charged by a company which belongs to him.

18. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

| WMG LIMITED (Registered number: 05239731) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 October 2025

19. | ULTIMATE CONTROLLING PARTY

| The parent undertaking of the smallest and largest group within which the company belongs and for which group financial statements are prepared is WMG Holdings Limited, a company registered in Jersey with company registered number 89999. The consolidated statements are available from 22 Grenville Street, St. Helier, Jersey, JE4 8PX.

| The director considers the ultimate controlling party is Mr M Dalman.