REGISTERED NUMBER: 10597148 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2025

for

RELOVE TECHNOLOGY LIMITED

Page

Company Information

1

Report of the Director

2

Balance Sheet

5

Notes to the Financial Statements

7

Certified Accountants' Report

16

DIRECTOR:

P A Crossman

REGISTERED OFFICE:

Unit 10 Silverglade Business Park

Leatherhead Road

Chessington

KT9 2QL

REGISTERED NUMBER:

10597148 (England and Wales)

ACCOUNTANTS:

A W Associates

Regus, Building 2

Guildford Business Park Road

Guildford

Surrey

GU2 8XG

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of Relove Technology Limited is the recovery, refurbishment, redistribution and resale of mobile devices, operating at scale within the circular economy. The Company delivers end to end lifecycle solutions that support commercial and public sector partners in maximising asset value while reducing environmental impact and creating social value.

REVIEW OF BUSINESS

The year ended 31 December 2025 represents a period of strong performance and continued strategic progression. Building on a simplified Group structure established in late 2024, Relove Technology has further strengthened its position as a specialist in circular technology solutions, combining operational excellence with measurable impact.

Sales revenue increased significantly, with underlying profitability improving as the business continued to scale its circular operating model. This performance reflects disciplined execution and increasing global demand for sustainable technology solutions.

Internationally, the Company has expanded its footprint, strengthening relationships across North America and regaining momentum in Western Europe following earlier market disruption due to Brexit.

At the same time, Relove Technology has continued to deliver at scale across recovery, refurbishment and reuse programmes, reinforcing its role as a trusted partner to networks, OEMs, enterprise and third sector organisations.

The business remains a core driver of the Group's circular economy strategy, uniquely positioned to deliver both commercial value and environmental and social impact.

During the year, Relove Technology made significant progress in strengthening its market position and operational capability.

New relationships were established with global manufacturers, enhancing supply chain depth and resilience. Following a competitive tender process, the Company was appointed as a partner to Samsung, marking a major milestone and further strengthening an established partner portfolio including HMD Global, TCL Technology and Motorola. The business has also continued to build on its long standing relationship with VodafoneThree following the completion of its merger last June, reinforcing its position as a trusted partner across evolving network supply chains. It also secured a multiyear partner agreement with Virgin Media O2 for the provision of various recovery and recycling services to support its own supply chain objectives to be more circular.

Operationally, the business continued to scale its core capabilities, including device recovery, refurbishment, secure data sanitisation and resale channel optimisation, ensuring maximum value is realised from each asset lifecycle.

The internal culture of the business remains a key strength, supported by a clear strategy and experienced leadership. To support continued growth, the Company plans to enhance its commercial capability through targeted recruitment in 2026.

Alongside commercial delivery, Relove Technology as part of the Revolvex Group, has continued to strengthen its ESG credentials, successfully maintaining ISO 9001, ISO 14001 and ISO 27001 certifications with zero non conformities, achieving EcoVadis accreditation, and completing B Corp recertification with a significantly improved score from 89.3 to 115.4.

FUTURE DEVELOPMENTS

The outlook for 2026 is positive, with strong pipeline visibility and continued demand for circular technology solutions.

The Directors have identified the following priorities:

- Strengthening and developing the leadership team;

- Expanding market share across North America and the European Union;

- Continuing to build strategic partnerships with manufacturers and network operators;

- Investing in digital infrastructure including artificial intelligence;

- Enhancing customer experience and service delivery.

The business will also continue to support key strategic initiatives, including sponsorship of the Chelsea Flower show and the celebration of the Group's 20 year anniversary at the Houses of Parliament, reinforcing brand position and stakeholder engagement.

DIRECTOR

P A Crossman held office during the whole of the period from 1 January 2025 to the date of this report.

SUSTAINABILITY AND PURPOSE

Sustainability is embedded at the core of Relove Technology's business model. The Company operates a fully aligned circular approach, extending the lifecycle of devices through recovery, refurbishment and redistribution, reducing electronic waste and lowering carbon impact.

As part of a certified B Corp Group, Relove Technology operates to high standards of social and environmental performance, accountability and transparency. The business continues to champion the principle that reuse is the most effective form of recycling, delivering tangible environmental benefits alongside meaningful social impact through redistribution initiatives that improve access to technology and reduce digital exclusion.

This remains central to the Company's purpose and a defining element of its long term strategy.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates within a dynamic global technology market, with key risks including supply chain disruption,regulatory change, product lifecycle volatility and evolving customer requirements.

To mitigate these risks, Relove Technology continues to invest in supplier relationships, operational infrastructure, compliance frameworks and inventory controls. The business maintains disciplined stock management and agile operational processes, enabling it to respond effectively to market changes while protecting margin and value.

ON BEHALF OF THE BOARD

The Director and Senior Leadership Team believe that Relove Technology is well positioned for continued growth. With a strong market position, clear strategic direction and a differentiated circular model, the Company is uniquely placed to deliver sustainable, profitable growth while creating lasting positive impact across the technology lifecycle.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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, the director is 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.

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 him 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.

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:

P A Crossman - Director

8 May 2026

FIXED ASSETS

Intangible assets

4

96,985

113,149

Tangible assets

5

-

129

96,985

113,278

CURRENT ASSETS

Stocks

10,607

9,411

Debtors

6

258,397

48,314

Cash at bank

8,554

32,564

277,558

90,289

CREDITORS

Amounts falling due within one year

7

244,344

176,893

NET CURRENT ASSETS/(LIABILITIES)

33,214

(86,604

)

TOTAL ASSETS LESS CURRENT LIABILITIES

130,199

26,674

PROVISIONS FOR LIABILITIES

15,376

19,476

NET ASSETS

114,823

7,198

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8

114,723

7,098

114,823

7,198

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

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

The director acknowledges his responsibilities for:

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

(b)

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

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

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

The financial statements were approved by the director and authorised for issue on 8 May 2026 and were signed by:

P A Crossman - Director

1.	STATUTORY INFORMATION

Relove Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of turnover and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in considering the potential impairment of the intangible asset. Forecasts are prepared by management to ensure that future profits are higher than the asset value. However because there is inherent uncertainty in the future performance, there is a risk that the impairment is not complete.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when an asset is disposed of.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit and loss account. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit and loss account.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit and loss account. They are subsequently measured at fair value with changes in the profit and loss account.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit and loss account. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

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.

Going concern

The Financial Statements have been prepared on the going concern basis. This basis is considered appropriate by the Directors.

During the latter part of 2024 the Directors undertook a detailed strategic review of the Group that existed at that time. As a result of this and following detailed analysis, it was concluded that a formal restructuring process was in the best long-term interests of the Group. The Group’s main trading company entered administration in December 2024. In conjunction with this certain legacy liabilities were effectively removed and shareholders loans were renegotiated to provide a time frame to allow the company to trade effectively and profitably. In January 2025 the company acquired the trade and assets of the main trading company that entered administration. Trading recommenced in January 2025 under a new, simplified group structure, with continuity of service and staff.

In the period since April 2024 the Group’s principal shareholder has introduced some £1.6m of loans. The primary shareholder has confirmed support will be provided for the foreseeable future based on the cash flow forecasts prepared to date.

The Directors remain confident in the business's strategic direction and growth. Market dynamics in both mobile accessories and circular technology continue to evolve, presenting opportunities the company is well-positioned to capitalise on. The Directors believe that the company will be in a position to meet its liabilities as they fall due.

The Directors are of the opinion that the above is sufficient to conclude that the company is a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 January 2025

and 31 December 2025

161,642

AMORTISATION

At 1 January 2025

48,493

Charge for year

16,164

At 31 December 2025

64,657

NET BOOK VALUE

At 31 December 2025

96,985

At 31 December 2024

113,149

Cost or valuation at 31 December 2025 is represented by:

Other

intangible

assets

£

Valuation in 2025

161,642

If computer software had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

59,137

59,137

Computer software was valued on an open market basis on 31 December 2021 by the Director .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

and 31 December 2025

378

DEPRECIATION

At 1 January 2025

249

Charge for year

129

At 31 December 2025

378

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

129

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

32,270

Amounts owed by group undertakings

257,677

-

Other debtors

720

16,044

258,397

48,314

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

5,243

2,254

Amounts owed to group undertakings

124,351

131,011

Taxation and social security

35,941

-

Other creditors

78,809

43,628

244,344

176,893

8.

RESERVES

The Retained Profit reserve includes an amount of £46,127 (2024 £52,278) which is non-distributable. This amount is the remaining Fair Value reserve.

9.	RELATED PARTY DISCLOSURES

In January 2025, the entity acquired some of the trade of Genuine Solutions Limited, another subsidiary in the group which entered administration.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Revolvex Group Limited.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Relove Technology Limited for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the director of Relove Technology Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Relove Technology Limited and state those matters that we have agreed to state to the director of Relove Technology Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Relove Technology Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Relove Technology Limited. You consider that Relove Technology Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Relove Technology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

A W Associates

Regus, Building 2

Guildford Business Park Road

Guildford

Surrey

GU2 8XG

11 May 2026