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REGISTERED NUMBER: 03332604 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

PAPER TECH UK LTD

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company information | 1 |

Report of the directors | 2 |

Report of the independent auditors | 4 |

Income statement | 7 |

Balance sheet | 8 |

Statement of changes in equity | 9 |

Notes to the financial statements | 10 |

PAPER TECH UK LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | Giorgio Anghileri

| Giuseppe Anghileri

| Guglielmo Marconi

| SECRETARY: | Rosanna Anghileri

| REGISTERED OFFICE: | Limberline Spur

| Hilsea

| Portsmouth

| Hampshire

| PO3 5LF

| REGISTERED NUMBER: | 03332604 (England and Wales)

| AUDITORS: | Johnsons Chartered Accountants

| Statutory Auditor

| 1-2 Craven Road

| Ealing

| London

| W5 2UA

| BANKERS: | HSBC Bank Plc

| 118 Commercial Road

| Portsmouth

| Hampshire

| PO1 1EP

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the audited financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and supply of paper packaging materials.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Giorgio Anghileri

Giuseppe Anghileri

Guglielmo Marconi

RESULTS AND DIVIDENDS

Results and dividends

The income statement is set out on page 7 and shows profit for the year of £46,958 (2024: £181,672). The directors have declared and paid a dividend of £Nil (2024: £505,000) during the year ended 31 December 2025.

Going Concern

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. We also confirm our plans for future actions required to enable the company to continue as a going concern are feasible. We have considered a period of at least twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements. See note 2 to the financial statements for further information on going concern.

Post balance sheet events

There are no post balance sheet events that require disclosure in these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the directors 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; |

- |  | state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. |

- |  | 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.

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information.

Auditors:

The auditors Johnsons Chartered Accountants will be proposed for reappointment in accordance with section 485 of the companies act 2006.

Small Companies note:

In preparing this report, the directors have taken advantage of small companies exemption provided by section 415A of companies act 2006.

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:

Guglielmo Marconi - Director

21 April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAPER TECH UK LTD

Opinion

We have audited the financial statements of Paper Tech UK Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income statement, Balance sheet, 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), applying Section 1A of that Standard.

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 Auditors' 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 the provisions available for small entities 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the directors, 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 directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAPER TECH UK LTD

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 Report of the directors.

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, 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 directors' remuneration specified by law are not made; or

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

- | the directors were 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 Strategic report or in preparing the Report of the directors.

Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on page two, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAPER TECH UK LTD

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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identification and assessment of potential risks

In identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we conducted:

- |  | Discussions with those charged with governance and those who review the company's internal ethics and compliance reporting summaries, including those concerning investigations; |

- |  | Enquiries of management, including obtaining and reviewing supporting documentation, concerning the company's material policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance relating to the detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |

- |  | Our review of the company's remuneration policies, and key drivers for remuneration and bonus levels; |

- |  | Our review of any material transactions with related parties and key individuals; and |

- |  | Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the Audit Director and staff who have extensive experience of working with companies in the same sectors as the company, and this experience was relevant to the discussion about where fraud risks may arise. |

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.

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.

J. Stuart Thomson (Senior Statutory Auditor)

for and on behalf of Johnsons Chartered Accountants

Statutory Auditor

1-2 Craven Road

Ealing

London

W5 2UA

22 April 2026

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 4,950,624 |  | 5,475,705 |  |

Changes in stocks of finished goods and work in progress | 273 |  | (22,228 | ) |

4,950,897 |  | 5,453,477 |  |

Raw materials and consumables | 2,330,343 |  | 2,582,092 |  |

Other external expenses | 3,936 |  | 3,071 |  |

|  | 2,334,279 |  |  |  | 2,585,163 |  |

2,616,618 |  | 2,868,314 |  |

Staff costs | 4 | 1,383,221 |  | 1,349,431 |  |

Depreciation | 152,419 |  | 184,166 |  |

Other operating expenses | 1,002,468 |  | 1,074,620 |  |

|  | 2,538,108 |  |  |  | 2,608,217 |  |

78,510 |  | 260,097 |  |

Interest payable and similar expenses | 7,270 |  | 9,381 |  |

PROFIT BEFORE TAXATION | 5 | 71,240 |  | 250,716 |  |

Tax on profit | 6 | 24,255 |  | 69,316 |  |

PROFIT FOR THE FINANCIAL YEAR | 46,985 |  | 181,400 |  |

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 1,100,758 |  | 1,147,496 |  |

CURRENT ASSETS

Stocks | 895,075 |  | 834,961 |  |

Debtors | 9 | 1,000,417 |  | 1,076,761 |  |

Cash at bank and in hand | 511,405 |  | 379,297 |  |

2,406,897 |  | 2,291,019 |  |

CREDITORS

Amounts falling due within one year | 10 | (1,033,770 | ) | (980,333 | ) |

NET CURRENT ASSETS | 1,373,127 |  | 1,310,686 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,473,885 |  | 2,458,182 |  |

CREDITORS

Amounts falling due after more than one year | 11 | - |  | (25,000 | ) |

DEFERRED TAX | 14 | (133,772 | ) | (140,054 | ) |

NET ASSETS | 2,340,113 |  | 2,293,128 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 50,500 |  | 50,500 |  |

Retained earnings | 2,289,613 |  | 2,242,628 |  |

SHAREHOLDERS' FUNDS | 2,340,113 |  | 2,293,128 |  |

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 Board of Directors and authorised for issue on 21 April 2026 and were signed on its behalf by:

Guglielmo Marconi - Director

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 50,500 |  | 2,566,228 |  | 2,616,728 |  |

Changes in equity

Dividends | - |  | (505,000 | ) | (505,000 | ) |

Total comprehensive income | - |  | 181,400 |  | 181,400 |  |

Balance at 31 December 2024 | 50,500 |  | 2,242,628 |  | 2,293,128 |  |

Changes in equity

Total comprehensive income | - |  | 46,985 |  | 46,985 |  |

Balance at 31 December 2025 | 50,500 |  | 2,289,613 |  | 2,340,113 |  |

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Paper Tech UK Ltd 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.

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

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.

| Going Concern:

| The financial statements have been prepared using the going concern basis of accounting. The directors continually monitor the ability of the company to continue as a going concern.

| As at 31 December 2025, the company had cash resources of £511,405 (2024: £379,297), net current assets of £1,373,127 (2024: £1,310,686). The company has external loans of £25,000 (2024: £75,000). In the period to 31 December 2025, the company made a profit before tax of £71,240 (2024: £250,716).

| The company's forecasts and projections, taking into account the reasonable possibility of changes in trading performance, show that the company is able to operate within the level of its current resources, which is supported by trading in the period since the year-end when measured against both the prior period and associated budgets which have been set.

| TURNOVER

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

| Sale of goods

| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

| TANGIBLE FIXED ASSETS

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

| Land and buildings |  | - 3% |  |

| Plant and machinery |  | - 25% |  |

| Computer equipment |  | - 33% |  |

| STOCKS

| Closing stock is valued at the lower of cost and net realisable value, after making due allowance for damaged, obsolete and slow moving items.The value of closing stock at year end is calculated at the weighted average cost basis.

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| 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.

| FOREIGN CURRENCIES

| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| HIRE PURCHASE AND LEASING COMMITMENTS

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINT

| In preparing these financial statements, the directors have made the following judgements:

| Classification of leases

| Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis.

| Impairment assessment of tangible assets

| Determine whether there are indicators of impairment of the tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 35 (2024 - 34 ) .

| No remuneration is paid to Directors.

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | PROFIT BEFORE TAXATION

| The profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 2,573 |  | 2,375 |  |

| Depreciation - owned assets | 152,419 |  | 183,959 |  |

| Auditors' remuneration | 15,630 |  | 15,630 |  |

| Other non- audit services | 9,351 |  | 8,606 |  |

| Foreign exchange differences | 21,146 |  | 10,690 |  |

| Pension costs | 62,150 |  | 56,373 |  |

6. | 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 | 27,677 |  | 56,344 |  |

| Deferred tax | (3,422 | ) | 12,972 |  |

| Tax on profit | 24,255 |  | 69,316 |  |

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | - |  | 505,000 |  |

8. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 1,076,470 |  | 3,281,332 |  | 4,357,802 |  |

| Additions | 2,928 |  | 102,753 |  | 105,681 |  |

| At 31 December 2025 | 1,079,398 |  | 3,384,085 |  | 4,463,483 |  |

| DEPRECIATION

| At 1 January 2025 | 535,233 |  | 2,675,073 |  | 3,210,306 |  |

| Charge for year | 20,942 |  | 131,477 |  | 152,419 |  |

| At 31 December 2025 | 556,175 |  | 2,806,550 |  | 3,362,725 |  |

| NET BOOK VALUE

| At 31 December 2025 | 523,223 |  | 577,535 |  | 1,100,758 |  |

| At 31 December 2024 | 541,237 |  | 606,259 |  | 1,147,496 |  |

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 952,348 |  | 1,030,097 |  |

| Other debtors | 48,069 |  | 46,664 |  |

1,000,417 |  | 1,076,761 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 25,000 |  | 50,000 |  |

| Trade creditors | 712,462 |  | 621,454 |  |

| Taxation and social security | 261,732 |  | 273,928 |  |

| Other creditors | 34,576 |  | 34,951 |  |

1,033,770 |  | 980,333 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 25,000 |  |

12. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 96,812 |  | 11,112 |  |

| Between one and five years | 376,136 |  | 13,893 |  |

472,948 |  | 25,005 |  |

13. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 25,000 |  | 75,000 |  |

| The bank loan is secured by way of legal mortgage on the company's freehold property and by fixed and floating charges over the assets of the company.

14. | DEFERRED TAX

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 133,772 |  | 140,054 |  |

PAPER TECH UK LTD (REGISTERED NUMBER: 03332604)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

14. | DEFERRED TAX - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 140,054 |  |

| Utilised during year | (6,282 | ) |

| Balance at 31 December 2025 | 133,772 |  |

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 50,500 | Ordinary | £1 | 50,500 |  | 50,500 |  |

| The ordinary shares carry voting and dividend rights.

16. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption under FRS 102 section 1 A from disclosing transactions with related parties that are wholly owned within the group.

17. | POST BALANCE SHEET EVENTS

| There are no post balance sheet events to report on.

18. | ULTIMATE CONTROLLING PARTY

| The parent of the smallest group for which consolidated financial statements are drawn up of which the company is a member is Novafin Immobiliare Finanziaria S.p.a.. The parent is incorporated in Italy and its registered office address is Milano, Via Privata Cesare Battisti n.1.