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# INITIAL DIRECT LIMITED

## Company Registration Number:
04158606 (England and Wales)

## Unaudited statutory accounts for the year ended 28 February 2026

## Period of accounts

## Start date: 1 March 2025

## End date: 28 February 2026

# INITIAL DIRECT LIMITED

## Contents of the Financial Statements

for the Period Ended 28 February 2026

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# INITIAL DIRECT LIMITED

Directors' report period ended 28 February 2026

The directors present their report with the financial statements of the company for the period ended 28 February 2026

Principal activities of the company

The company's principal activity during the year continued to be that of a holding company.

Directors

The director shown below has held office during the whole of the period from
1 March 2025 to 28 February 2026

Borja Thyssen Bornemisza Cervera

Secretary Thomas Shortt

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
24 April 2026

And signed on behalf of the board by:
Name: Borja Thyssen Bornemisza Cervera
Status: Director

# INITIAL DIRECT LIMITED

## Profit And Loss Account

for the Period Ended 28 February 2026

| 2026 | 2025
--- | --- | ---
| £ | £
Turnover: | 0 | 0
Cost of sales: | 0 | 0
Gross profit(or loss): | 0 | 0
Distribution costs: | 0 | 0
Administrative expenses: | 0 | 0
Other operating income: | 0 | 0
Operating profit(or loss): | 0 | 0
Interest receivable and similar income: | 0 | 0
Interest payable and similar charges: | 0 | 0
Profit(or loss) before tax: | 0 | 0
Tax: | 0 | 0
Profit(or loss) for the financial year: | 0 | 0

# INITIAL DIRECT LIMITED

## Balance sheet

As at 28 February 2026

| Notes | 2026 | 2025
--- | --- | --- | ---
|  | £ | £
Called up share capital not paid: |  | 0 | 0
Fixed assets
Intangible assets: |  | 0 | 0
Tangible assets: |  | 0 | 0
Investments: | 3 | 8,547,537 | 8,547,537
Total fixed assets: |  | 8,547,537 | 8,547,537
Current assets
Stocks: |  | 0 | 0
Debtors: |  | 0 | 0
Cash at bank and in hand: |  | 0 | 0
Investments: |  | 0 | 0
Total current assets: |  | 0 | 0
Prepayments and accrued income: |  | 0 | 0
Creditors: amounts falling due within one year: |  | 0 | 0
Net current assets (liabilities): |  | 0 | 0
Total assets less current liabilities: |  | 8,547,537 | 8,547,537
Creditors: amounts falling due after more than one year: | 4 | ( 7,998,995 ) | ( 7,998,995 )
Provision for liabilities: |  | 0 | 0
Accruals and deferred income: |  | 0 | 0
Total net assets (liabilities): |  | 548,542 | 548,542
Capital and reserves
Called up share capital: |  | 650,000 | 650,000
Share premium account: |  | 0 | 0
Other reserves: |  | 0 | 0
Profit and loss account: |  | (101,458 ) | (101,458 )
Total Shareholders' funds: |  | 548,542 | 548,542

The notes form part of these financial statements

# INITIAL DIRECT LIMITED

## Balance sheet statements

For the year ending 28 February 2026 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 24 April 2026
and signed on behalf of the board by:

Name: Borja Thyssen Bornemisza Cervera
Status: Director

The notes form part of these financial statements

# INITIAL DIRECT LIMITED

## Notes to the Financial Statements

for the Period Ended 28 February 2026

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs

# INITIAL DIRECT LIMITED

## Notes to the Financial Statements

for the Period Ended 28 February 2026

- ## 2. Employees

  | 2026 | 2025
  --- | --- | ---
  Average number of employees during the period | 0 | 0

# INITIAL DIRECT LIMITED

## Notes to the Financial Statements

for the Period Ended 28 February 2026

## 3. Fixed assets investments note

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

# INITIAL DIRECT LIMITED

## Notes to the Financial Statements

for the Period Ended 28 February 2026

## 4. Creditors: amounts falling due after more than one year note

| 2026 | 2025
--- | --- | ---
| £ | £
Bank loans and overdrafts | 0 | 0
Amounts due under finance leases and hire purchase contracts | 0 | 0
Other creditors | 7,998,995 | 7,998,995
Total | 7,998,995 | 7,998,995