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

The results for the year are set out on page 6.

During the year the company paid dividends of £nil (2024: £538,139).

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

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The director is responsible for preparing the annual report 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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 of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• make judgements and estimates that are reasonable and prudent; and

• 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 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. He is 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.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

• the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

In accordance with the provisions of s414B and s415A of the Companies Act 2006, the Company is entitled to the small companies' exemption in relation to the strategic report and director's report for the financial year.

We have audited the financial statements of Global Exchange Currency Exchange United Kingdom 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 UK adopted international accounting standards.

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 loss for the year then ended;

• have been properly prepared in accordance with UK adopted international accounting standards; 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the director's report has been prepared in accordance with applicable legal requirements.

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 director's report.

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.

As explained more fully in the director's responsibilities statement, 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.

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.

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by engagement team include:

• Our responses to significant audit risks over management override of controls, which are intended to sufficiently address the risk of fraudulent manipulation. Specifically, we review the manual adjustments made to the financial statements and evaluate the appropriateness of accounting policies used and the reasonableness if accounting estimates and related disclosures;

• Discussions with management, including considerations of known or suspected instances of noncompliance with laws and regulations or the identification of fraud.

• Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.; and

• Evaluation of the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Global Exchange Currency Exchange United Kingdom Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

The principal activity of the company is currency exchange and online money orders.

The company's immediate and ultimate parent company is Eurodivisas Corporacion SL, a private company incorporated in Spain.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated. The company has taken advantage of the small company exemptions in Section 414B and 415A of the Companies Act 2006 with respect to the preparation of the Director's Report and the exemption from preparation of a Strategic Report.

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

The financial statements have been prepared on the historical cost basis, unless accounting standards require an alternative measurement basis. The principal accounting policies adopted are set out below.

No new International Financial Reporting Standards (IFRS), amendments or interpretation became effective in the period ended 31 December 2025 which have a material effect on this financial information.

At the date of issue of these financial statements the following standards and interpretations which have not been applied in these financial statements were in issue but not yet effective (standards not expected to have any impact on the company have not been included):

• IFRS 18 Presentation and Disclosure in Financial Statements.

• IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instrument

• Annual improvements to IFRS Accounting Standards - Volume 11

It is not anticipated that adoption of the standards and interpretations listed above will have a material impact on the current financial position and performance of the company.

As at 31 December 2025, the company had net assets of £2,661,882 (2024 as restated: £3,046,841), cash of £2,873,361 (2024: £2,281,360) and net cash flows from operating activities of £652,912 (2024: £1,391,505). When making the going concern assessment, management takes into consideration the existing and anticipated effects of the current macroeconomic and geopolitical uncertainties on the entity’s activities together with internal budgets and forecasts. The company maintains adequate liquidity through its cash reserves, credit facilities, and access to financial resources. At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director adopts the going concern basis of accounting in preparing the financial statements.true

Revenue is income arising from the sale of services in the ordinary course of the company’s activities, net of value added taxes. Revenue is recognised when performance obligations are satisfied, and control has transferred to the customer. For the majority of revenue streams, there is a low level of judgement applied in determining the transaction price or the timing of transfer of control.

Revenue represents commissions and other amounts received for arranging and effecting money transfer services in the normal course of business. This includes revenue based on the difference between the exchange rate charged by the company and the acquisition cost of currency, where a transaction involves payment and receipt in difference currencies. The only  recognises the commissions and fees and not the total currency value.

Commission revenue is revenue from provision of services, for example fees arising on sale of travel money. Revenue is recognised at a point in time when the relevant performance obligation has been satisfied. The performance obligation is the transfer of legal title of the currency. Currency exchange revenue earned on the execution of a performance obligation is recognised when the transaction is completed. The company does not have any contracts whose performance obligations are satisfied over time. Contracts with customers do not contain a financing component or any element of variable consideration.

Amounts included in trade receivables include amounts collected by third party agents and due to the company.

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss in the expense category that is consistent with the function of the intangible assets.

Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.

Intangible assets consist of licences for the use of intellectual property. They are granted for five years depending on the specific licences. The licences may be renewed at a cost to the company. As a result, those licences are assessed as having a finite useful life of five years.

Intangible assets are amortised over their useful life, as follows:

Licences – 5 years

An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.

Property, plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price and any costs attributable to bringing the asset into the location and condition necessary for it to be capable of operating in the manner intended by management. Expenditures for routine maintenance and repairs are expensed as incurred, while additions and improvements are capitalised.

Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives or, in the case of certain leased right-to-use assets, the shorter of the expected lease term and estimated useful life:

An item of property, plant and equipment is derecognised upon disposal or when no further economic benefits are expected to arise from the use of that asset. Any gain or loss arising on de-recognition of the asset is included in the income statement when the asset is derecognised.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Any impairment identified is charged to the Statement of Comprehensive Income. Where conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also reversed as a credit to the Statement of Comprehensive Income, net of any depreciation that would have been charged since the impairment.

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets in accordance with IFRS 9.

Financial assets and liabilities are offset, and the net amount reported in the financial statements if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

The company's financial assets comprise trade and other receivables and cash and cash equivalents. These include cash deposited with banks and similar financial institutions.

Receivables primarily consist of trade and other receivables. These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These assets are initially recognised at transaction price plus transaction costs are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, adjusted for change in expected credit losses.

The assessment of impairment of financial assets is based on an 'expected credit loss' model. It is required to consider historic, current and forward-looking information (including macro-economic data). Therefore, it is not necessary for a credit event to have occurred before credit losses are recognised.

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

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

The company's financial liabilities comprise trade and other payables and lease liabilities.

Trade and other payables

Trade and other payables are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange is treated as a derecognition of the original liability and the recognition of a new liability. When the modification is not substantial the difference between the carrying amount of the liability before the modification and the present value of the cash flows after modification is recognised in profit or loss.

Financial instruments issued by the company are treated as equity only to the extent that they meet the following two conditions:

• they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and

• where the instrument will or may be settled in the company’s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company’s own equity instruments or is a derivative that will be settled by the company exchanging a fixed amount of cash or other financial assets for a fixed number of its own 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.

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

Management periodically evaluates positions taken in Tax Returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit or loss.

Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered.

Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of reversal of the temporary difference can be controlled and it is probably that the temporary difference will not reverse in the foreseeable future.

A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

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 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.

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

The company applies a single recognition and measurement approach for all leases except for short-term leases and leases of low-value assets. At commencement of a lease, the company as lessee recognises a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The amount of the lease liability recognised is on a discounted basis. The discount rates used are the incremental borrowing rates as appropriate for each lease based on factors such as the lease term and payment terms. Where the rate implicit in the lease cannot readily be determined the company used the company’s incremental borrowing rate. The company is party to leases where some or all the payments are variable and dependent on the turnover and/or costs at the location of that leased property. Due to the high level of uncertainty surrounding these payments, the company has expensed these amounts as incurred in accordance with IFRS 16. The company has taken advantage of the exemption available with respect to short term leases.

The company does not have any leases where the company is a lessor.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within ‘administrative expenses. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income under the heading to which they relate.

Accounting estimates and judgements

The preparation of financial information in conformity with International Financial Reporting Standards requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the period-end date and the reported amounts of revenues and expenses during the reporting period.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no significant judgements made by management in applying the company’s accounting policies.

All revenue arose in the UK. Outstanding balances at year end are unsecured, interest free and settlement occurs in cash.

The average monthly number of persons (excluding directors) employed by the company during the year was:

Their aggregate remuneration comprised:

No remuneration was paid to the Director in the year for their services in relation to the UK.

Key management includes the Director and members of senior management. The compensation paid or payable to key management for employees services is shown above.

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Right of use assets comprise all land & buildings assets shown above. Included in the amounts capitalised were £1.75m of direct costs.

During the year, the company exercised a contractual break option in respect of a property lease. This resulted in a reassessment of the lease term and a corresponding remeasurement of the lease liability. The adjustment arising from the remeasurement has been recognised against the right of use asset.

Trade receivables do not contain a significant financing component. No allowance for expected credit losses has been recognised as the receivables were received shortly after the year end.

The carrying values of the trade and other receivables approximate to their fair value as at the period-end date. Trade receivables are non-interest bearing and are generally on terms of 30 days.

The carrying values of the trade and other payables approximate to their fair value as at the year-end date. Current other payables include accruals for general expenses incurred in the normal course of business that are expected to be settled within 12 months. Non-current other payables consist of a dilapidations provision.

The Company has lease contracts for land and buildings. The Company does not have any leases where the Company is a lessor. The weighted average remaining term for land and buildings leases is 6 years 4 months (2024: 6 years 4 months). Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interest in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. The land and buildings leases initiated in the current year have been discounted at the Company’s incremental borrowing rate of 4.76% (2024: 4.70%). Previous leases have been discounted at the Company’s previous incremental borrowing rate of 2%.

In the current year, the Company has identified no leases with a lease term of 12 months or less. In the prior year, the Company identified one lease with lease terms of 12 months or less. The Company applied the short-term lease recognition exemption for this lease. The expense recognised in respect of these leases was £11,117 (2024: £nil).

Fully paid ordinary shares, which have a par value of £1, carry one vote per share and carry a right to dividends and to distributions on winding up.

No shares were issued in the current or prior year.

Retained earnings

The retained earnings reserve comprises cumulative profit/losses recognised in the Statement of Comprehensive Income.

Capital Contribution

The capital contribution reserve comprises capital investment from the parent company.

In 2025, the company entered into a concession agreement with Heathrow Airport relating to the operation of services at airport premises. Under the terms of the agreement, the company is required to make guaranteed minimum monthly payments over the contract term. These payments represent a non‑cancellable financial commitment and are payable irrespective of usage levels.

The total future minimum payments committed under the agreement as at 31 December 2025 are:

During 2024, the group underwent a group reconstruction. Until 17 May 2024, the immediate and ultimate parent undertaking was Eurodivisas S.A. a private company registered in Spain. From 17 May 2024, the immediate and ultimate parent undertaking is Eurodivisas Corporacion SL, a private company registered in Spain, which is also the parent company of the largest and smallest group of undertakings for which consolidated financial statements have been drawn up and of which the Company is a member. The consolidated financial statements are available from the registered office at Plaza España, 3, 37480 Fuentes de Oñoro, Salamanca, Spain.

During the year the company entered into the following transactions with related parties:

On 13 November 2025, the Company entered into a credit facility agreement with its parent entity totaling €8.7 million. Amounts drawn under the facility are unsecured and are repayable on 31 October 2028.

Advances bear interest at an annual rate of 4.76%, with interest accruing on a quarterly basis. Accrued interest becomes payable one day after each quarter‑end. As at year‑end, all outstanding balances and related interest were measured at amortised cost in accordance with IFRS 9.

Purchases totalling £302,908 were unpaid at the reporting date are unsecured, repayable on demand and interest free.

All transactions with the parent entity were considered to be conducted at an arm's length basis.

The following amounts were outstanding at the reporting end date:

During the year ended 31 December 2025, the company identified that rent expense relating to prior periods had not been fully recognised, as amounts invoiced by the landlord during 2023 and 2024 were lower than the contractual rent payable, and the resulting difference was not accrued in the financial statements for those periods. This has been subsequently recognised. This has been assessed as a prior period error and has been corrected retrospectively in accordance with IAS 8.

The retrospective correction has resulted in adjustments to the comparative information for the year ended 31 December 2024 and to the opening balances at 1 January 2024. The correction resulted in a reduction to opening retained earnings of £105,302 from £538,139 to £432,837. Accordingly, the company has presented a statement of financial position as at 1 January 2024 (restated).

For the year ended 31 December 2024, a rent expense and subsequent reduction in tax payable has been recognised. The impact of this, is that other payables due within one year has increased by £300,910 from £1,053,542 to £1,354,452. Debtors due within one year which represents the corporation tax recoverable has increased by £73,100, from £524,638 to £597,738. The taxation adjustment shown below reflects the current tax effect of the additional rent expense recognised in the period; no deferred tax adjustment has been recognised in respect of this restatement.

The overall impact of both adjustments to the prior year ending 31 December 2024 is to decrease profits by £122,508, reducing the profit of £171,652 to £49,144.

The restatement had no impact on the company’s net cash flows, as it relates solely to the timing of expense recognition and the recognition of accruals.