Company registration number 04298345 (England and Wales)
DC DWEK CORPORATE FINANCE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
DC DWEK CORPORATE FINANCE LIMITED
COMPANY INFORMATION
Director
D C Dwek
Secretary
S Dwek
Company number
04298345
Registered office
41 Hamilton Gardens
London
NW8 9PX
Auditor
BKL Audit LLP
Chartered Accountants
5 Fleet Place
London
EC4M 7RD
DC DWEK CORPORATE FINANCE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
DC DWEK CORPORATE FINANCE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents the strategic report for the year ended 31 December 2025.

Fair review of the business

A summary of the results of the year's trading is given on page 8. 2025 was a stable year. A key development was the execution of the Sizewell C desalination plant contract to IDE Water Technologies. DC Dwek CFL is the UK partner/​advisor and David Dwek was appointed as a director of IDE Water Solutions UK Limited. Income consequently rose from £295,494 in 2024 to £451,105 in 2025. At the end of the year, there was a bad debt provision of £1,239,921 in the financial statements in respect of unpaid invoices and accrued fees, versus a provision of £1,037,299 in 2024. This provision was increased to 95% for all outstanding invoices over 90 days and accrued fees during the period and reflects the continued uncertainty over the recovery of these monies. There is the potential to obtain payment for some of the outstanding invoices. Advice was provided in the technology, telecommunications, media, water, energy and property sectors. For the future, the company will continue to provide investment advisory services to the water, technology, telecommunications, energy, property and media sectors. The company is developing corporate, family office and private equity clients who are looking to develop in Europe.

Principal risks and uncertainties

Management regularly review and agree policies for managing risks and uncertainties. One of the main risks is liquidity risk, the risk that the company will not be able to meet its financial obligations as they fall due. The company's policy throughout the year has been to ensure it has adequate liquidity to meet its liabilities as and when they fall due by careful management of working capital. Another major risk is credit risk. The director manages the credit risk by constantly monitoring and reviewing the relationship with its debtors. The company has a number of debtors with long outstanding balances. The director continues to engage with the clients because of the deep knowledge that he has of their business and the view that the company will be paid a significant proportion of what is due to the company. Further, the company has 2-​4 clients at any one time. As such revenue is derived from a small number of key clients. The company maintains a minimum regulatory capital for Financial Conduct Authority purposes of £75,000 and in the event of the loss of revenue, costs and dividends will be reduced in order to maintain the minimum capital requirement.

Key performance indicators

Key performance indicators are as follows:

2025
2024
2023
£
£
£
Revenue
451,105
295,494
181,171
Profit/ (Loss) before tax
126,513
67,637
(35,090)
Net assets
292,607
219,437
166,300
DC DWEK CORPORATE FINANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Statement by the director in perfomance of his statutory duties in accordance with s172(1) Companies Act 2006

The Board of Directors of DC Dwek Corporate Finance Limited (“DC Dwek CFL” or the “Company”) has always acted in good faith with its clients, advisors and partners and the regulatory and financial authorities. The Company endeavours to treat customers fairly and to only work with selected clients or partners that comply with Know your Client (KYC) and with Anti Money Laundering (AML) requirements and are fully transparent. DC Dwek CFL maintains confidentiality of client information according to the GDPR regulations and avoids or fully discloses any potential conflicts of interest in a timely manner.

The 2026 business plan for the Company focuses on diversifying the client base across three key sectors, telecom media and technology, water and renewable energy and real estate. The focus is on building businesses, financial advisory, restructuring and strategic transactions. In addition, joining company boards as a Non-​Executive Director or Chairman is also a key target for 2026.

Since 2002, DC Dwek CFL has been regulated by the Financial Conduct Authority and its predecessor organisations for corporate finance advisory services. DC Dwek CFL has always behaved responsibly and will continuously adapt its business to the requirements of the market and to the regulatory environment.

On behalf of the board

D C Dwek
Director
20 April 2026
DC DWEK CORPORATE FINANCE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of corporate finance.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £24,500 (2024 - £Nil). The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

D C Dwek
Statement of director's responsibilities

The directors are responsible for preparing the annual 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 these financial statements, the directors are 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.

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 in respect of future developments.

Auditor

In accordance with the company's articles, a resolution proposing that BKL Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

DC DWEK CORPORATE FINANCE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
D C Dwek
Director
20 April 2026
DC DWEK CORPORATE FINANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF DC DWEK CORPORATE FINANCE LIMITED
- 5 -
Opinion

We have audited the financial statements of DC Dwek Corporate Finance Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2025 and of its 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 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.

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 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.

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 director is 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 our audit:

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

DC DWEK CORPORATE FINANCE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DC DWEK CORPORATE FINANCE LIMITED
- 6 -
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 identifie d material misstatements in the strategic report or the director's r eport.

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 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.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, 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 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Capability of the audit in detecting irregularities, including fraud:

Based on our understanding of the entity and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with tax regulations, FCA regulations and health and safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included:

• Discussions with the members, including consideration of known or suspected instances of non-compliance

with laws and regulations and fraud; and

• Identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale.

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 resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DC DWEK CORPORATE FINANCE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DC DWEK CORPORATE FINANCE LIMITED
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Richard Pugh FCA
21 April 2026
Senior Statutory Auditor
For and on behalf of BKL Audit LLP
Chartered Accountants
Statutory Auditor
5 Fleet Place
London
EC4M 7RD
DC DWEK CORPORATE FINANCE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Revenue
3
451,105
295,494
Administrative expenses
(333,092)
(230,282)
Other operating income
1,561
1,111
Operating profit
4
119,574
66,323
Investment income
8
6,939
1,314
Profit before taxation
126,513
67,637
Tax on profit
9
(28,843)
(14,500)
Profit for the financial year
97,670
53,137

The income statement has been prepared on the basis that all operations are continuing operations.

DC DWEK CORPORATE FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
10,349
2,977
Investments
12
39,532
19,521
49,881
22,498
Current assets
Trade and other receivables
13
417,466
530,608
Investments
14
123,328
15,750
Cash and cash equivalents
37,542
20,839
578,336
567,197
Current liabilities
15
(335,610)
(370,258)
Net current assets
242,726
196,939
Net assets
292,607
219,437
Equity
Called up share capital
17
13,000
13,000
Retained earnings
18
279,607
206,437
Total equity
292,607
219,437
The financial statements were approved and signed by the director and authorised for issue on 20 April 2026
D C Dwek
Director
Company registration number 04298345 (England and Wales)
DC DWEK CORPORATE FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2024
13,000
153,300
166,300
Year ended 31 December 2024:
Profit and total comprehensive income
-
53,137
53,137
Balance at 31 December 2024
13,000
206,437
219,437
Year ended 31 December 2025:
Profit and total comprehensive income
-
97,670
97,670
Dividends
10
-
(24,500)
(24,500)
Balance at 31 December 2025
13,000
279,607
292,607
DC DWEK CORPORATE FINANCE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
186,703
(26,324)
Income taxes (paid)/refunded
(14,443)
5,516
Net cash inflow/(outflow) from operating activities
172,260
(20,808)
Investing activities
Purchase of property, plant and equipment
(10,407)
-
0
Proceeds from disposal of investments
15,750
-
0
Purchase of investments
(143,339)
(35,271)
Interest received
6,939
1,314
Net cash used in investing activities
(131,057)
(33,957)
Financing activities
Dividends paid
(24,500)
-
0
Net cash used in financing activities
(24,500)
-
Net increase/(decrease) in cash and cash equivalents
16,703
(54,765)
Cash and cash equivalents at beginning of year
20,839
75,604
Cash and cash equivalents at end of year
37,542
20,839
DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

DC Dwek Corporate Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 41 Hamilton Gardens, London, NW8 9PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for a period of at least 12 months from approval of the financial statements. At 31 December 202 true 5 the company had outstanding trade debtors, accrued income and other loans totalling £1,494,369 (net of VAT) and has made provisions of £1,239,921 against these amounts. £33,847 of the outstanding debtors were received post year end and, in the event that the remaining debtors are not settled, a further £220,600 of bad debt provision would be required in the financial statements. This would result in a surplus on reserves of £72,007.

The director is of the opinion that some of the funds, at least to the extent of the unprovided amounts, will be received. Ho wever, there is no certainty about this and, i n the event that none of the funds are received, (which the director believes is a very remote possibility), the director believes that the company still has sufficient working capital to meet its regulatory requirements. In order to ensure this, the director has undertaken to leave sufficient funds within the company to meet the regulatory requirements and, should this be necessary, the director has also undertaken to inject further funds to ensure that the company continues to meet these requirements. At 31 December 2025 the director was owed £71,162 and this amount could be capitalised to provide additional support to the company should this be necessary.

1.3
Revenue

Turnover is derived from retainer fees, success fees and disbursements charged in respect of investment advisory services provided and is recogni se d when the service is performed to the extent that it is probable that economic benefits will flow into the c ompany and excludes value added tax.

1.4
Property, plant and equipment

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Computer equipment
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance

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 the statement of income.

DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of non-current assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

1.7
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.

DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial assets

Basic financial assets, which include trade and other receivables, investments in bonds 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.

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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 trade and other payables, 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 receipts discounted at a market rate of interest.

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. A ccount s 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.

DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.8
Equity instruments

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

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of direct costs or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions are converted into sterling at the average rate for the month in which the transactions occured. Exchange differences are taken into account in arriving at the operating result.
DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Provision for doubtful debtors

The company has made provisions against a number of debtors within the financial statements. Those debtors are reviewed regularly and a provision is made which is based on the expected amount that will be recovered.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Fees receivable
451,105
295,494
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
164,000
164,000
Mauritius
-
8,384
Israel
287,105
123,110
451,105
295,494
2025
2024
£
£
Other revenue
Interest income
6,939
1,314
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
380
(507)
Depreciation of owned property, plant and equipment
3,035
992
DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For other services
Audit-related assurance services
14,850
13,800
All other non-audit services
6,225
7,500
21,075
21,300
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 1 (2024: 1).

2025
2024
Number
Number
Management
1
1

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
10,000
10,000
Social security costs
750
-
Pension costs
20,000
-
0
30,750
10,000

7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
10,000
10,000
Social security costs
750
-
0
Company pension contributions to defined contribution schemes
20,000
-
30,750
10,000
DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
8
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
2,529
1,142
Other interest income
4,410
172
Total income
6,939
1,314
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
28,900
14,500
Adjustments in respect of prior periods
(57)
-
0
Total current tax
28,843
14,500

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
126,513
67,637
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
31,628
16,909
Tax effect of expenses that are not deductible in determining taxable profit
990
-
0
Permanent capital allowances in excess of depreciation
(1,843)
248
Tax at marginal rate
(1,904)
(2,721)
Other differences
(28)
64
Taxation charge for the year
28,843
14,500
10
Dividends
2025
2024
£
£
Final paid
24,500
-
0
DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
11
Property, plant and equipment
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2025
11,581
7,806
19,387
Additions
4,372
6,035
10,407
At 31 December 2025
15,953
13,841
29,794
Depreciation and impairment
At 1 January 2025
8,636
7,774
16,410
Depreciation charged in the year
1,644
1,391
3,035
At 31 December 2025
10,280
9,165
19,445
Carrying amount
At 31 December 2025
5,673
4,676
10,349
At 31 December 2024
2,945
32
2,977
12
Fixed asset investments
2025
2024
£
£
Other investments
39,532
19,521
Movements in non-current investments
Investments
£
Cost or valuation
At 1 January 2025
19,521
Additions
20,011
At 31 December 2025
39,532
Carrying amount
At 31 December 2025
39,532
At 31 December 2024
19,521
DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
13
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
305,921
415,251
Other receivables
2,214
2,214
Prepayments and accrued income
109,331
113,143
417,466
530,608
14
Current asset investments
2025
2024
£
£
Other investments
123,328
15,750
15
Current liabilities
2025
2024
£
£
Trade payables
47,281
30,049
Corporation tax
28,900
14,500
Other taxation and social security
158,676
145,781
Other payables
82,403
162,778
Accruals and deferred income
18,350
17,150
335,610
370,258
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,000
-

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
13,000 Ordinary shares of £1 each
13,000
13,000
DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
18
Retained earnings
2025
2024
£
£
At the beginning of the year
206,437
153,300
Profit for the year
97,670
53,137
Dividends
(24,500)
-
At the end of the year
279,607
206,437
19
Related party transactions

As at the year end £43,200 (20 24 - £26,000) was due to the wife of the director.

During the year, the company provided services to Vidmed Services UK Ltd and Subsea Infrastructure L imi t e d, companies in which the director has an interest. The income derived from these services amounted to £20,000 (202 4 - £20,000) and £144,000 (202 4 - £144,000) respectively. At the year end, the balance due from the two companies amounted to £1,620,141 (2024 - £1,432,619) of which £1,239,921 (2024 - £1,037,299) has been provided for.

20
Ultimate controlling party

D C Dwek is the ultimate controlling party.

21
Directors' transactions

As at the year end £71,962 (2024 - £160,848) was due to D C Dwek. This amount is interest free and repayable on demand.

22
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
20,839
16,703
37,542
DC DWEK CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
23
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit after taxation
97,670
53,137
Adjustments for:
Taxation charged
28,843
14,500
Investment income
(6,939)
(1,314)
Depreciation and impairment of property, plant and equipment
3,035
992
Movements in working capital:
Decrease/(increase) in trade and other receivables
113,142
(174,494)
(Decrease)/increase in trade and other payables
(49,048)
80,855
Cash generated from/(absorbed by) operations
186,703
(26,324)
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