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REGISTERED NUMBER: 11482920 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2025

for

MTRE Limited

MTRE Limited (Registered number: 11482920)

Contents of the Financial Statements

for the Year Ended 31 July 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

MTRE Limited

Company Information

for the Year Ended 31 July 2025

| DIRECTOR: | M G Toone

| REGISTERED OFFICE: | Carlton House

| High Street

| Higham Ferrers

| Northamptonshire

| NN10 8BW

| BUSINESS ADDRESS: | 42 Berkeley Square

| London

| W1J 5AW

| REGISTERED NUMBER: | 11482920 (England and Wales)

| ACCOUNTANTS: | Willsons

| Chartered Accountants

| Carlton House

| High Street

| Higham Ferrers

| Northamptonshire

| NN10 8BW

MTRE Limited (Registered number: 11482920)

Balance Sheet

31 July 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 10,039 |  | 6,665 |  |

10,039 |  | 6,665 |  |

CURRENT ASSETS

Debtors | 6 | 3,791,162 |  | 3,634,923 |  |

Cash at bank | 1,659,786 |  | 1,541,357 |  |

5,450,948 |  | 5,176,280 |  |

CREDITORS

Amounts falling due within one year | 7 | 288,639 |  | 414,576 |  |

NET CURRENT ASSETS | 5,162,309 |  | 4,761,704 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,172,348 |  | 4,768,369 |  |

CAPITAL AND RESERVES

Called up share capital | 1,000 |  | 1,000 |  |

Share premium | 3,740,952 |  | 3,740,952 |  |

Retained earnings | 1,430,396 |  | 1,026,417 |  |

5,172,348 |  | 4,768,369 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MTRE Limited (Registered number: 11482920)

Balance Sheet - continued

31 July 2025

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 April 2026 and were signed by:

M G Toone - Director

MTRE Limited (Registered number: 11482920)

Notes to the Financial Statements

for the Year Ended 31 July 2025

1. | STATUTORY INFORMATION

| MTRE 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 Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover represents income generated from specialist alternative capital markets consultancy services provided during the year, excluding value added tax.

| Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

| Goodwill

| Goodwill represents the excess of the cost of the acquisition of unincorporated businesses over the fair values of net assets acquired. It is initially recognized as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

| For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit..

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on cost

| Computer equipment | - | 25% on cost

| Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date.

MTRE Limited (Registered number: 11482920)

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Leasing commitments

| Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

| Pension costs and other post-retirement benefits

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

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| 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 statement of financial position 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 trade and other receivables and cash and bank balances, 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 measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Basic financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MTRE Limited (Registered number: 11482920)

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 5 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 3,290,000 |  |

| AMORTISATION

| At 1 August 2024

| and 31 July 2025 | 3,290,000 |  |

| NET BOOK VALUE

| At 31 July 2025 | - |  |

| At 31 July 2024 | - |  |

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 August 2024 | 2,831 |  | 18,342 |  | 21,173 |  |

| Additions | 3,000 |  | 5,690 |  | 8,690 |  |

| At 31 July 2025 | 5,831 |  | 24,032 |  | 29,863 |  |

| DEPRECIATION

| At 1 August 2024 | 708 |  | 13,800 |  | 14,508 |  |

| Charge for year | 1,458 |  | 3,858 |  | 5,316 |  |

| At 31 July 2025 | 2,166 |  | 17,658 |  | 19,824 |  |

| NET BOOK VALUE

| At 31 July 2025 | 3,665 |  | 6,374 |  | 10,039 |  |

| At 31 July 2024 | 2,123 |  | 4,542 |  | 6,665 |  |

MTRE Limited (Registered number: 11482920)

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.7.25 |  | 31.7.24

£ | £ |

| Amounts owed by group undertakings | 3,767,159 |  | 3,611,236 |  |

| VAT | - |  | 267 |  |

| Prepayments | 24,003 |  | 23,420 |  |

3,791,162 |  | 3,634,923 |  |

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Trade creditors | 3,807 |  | 10,115 |  |

| Corporation Tax | 33,553 |  | 351,870 |  |

| Social security and other taxes | 3,565 |  | 52,140 |  |

| Pension | 464 |  | 451 |  |

| Accrued expenses | 247,250 |  | - |  |

288,639 |  | 414,576 |  |