Pathstore Limited
Unaudited Financial Statements
For the year ended 30 September 2025
Pages for Filing with Registrar
Company Registration No. 04293099 (England and Wales)
Pathstore Limited
Company Information
Directors
R Kanza
S Tennant
T Kanza
J M Eli-Namer
Secretary
S Tennant
Company number
04293099
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Pathstore Limited
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4 - 5
Notes to the financial statements
6 - 12
Pathstore Limited
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Pathstore Limited for the year ended 30 September 2025
Page 1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pathstore Limited for the year ended 30 September 2025 which comprise, the Balance Sheet, the Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the B oard of D irectors of Pathstore Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pathstore Limited and state those matters that we have agreed to state to the B oard of D irectors of Pathstore Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pathstore Limited and its B oard of D irectors as a body, for our work or for this report.

It is your duty to ensure that Pathstore 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 Pathstore Limited. You consider that Pathstore 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 Pathstore 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 f inancial statements.

Moore Kingston Smith LLP
14 May 2026
Chartered Accountants
6th Floor
9 Appold Street
London
EC2A 2AP
Pathstore Limited
Balance Sheet
As at 30 September 2025
Page 2
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
5
4,010,351
3,651,707
Current assets
Investments
6
33,875,058
27,038,978
Cash at bank and in hand
72,973
22,769
33,948,031
27,061,747
Creditors: amounts falling due within one year
7
(3,485,639)
(1,589,234)
Net current assets
30,462,392
25,472,513
Total assets less current liabilities
34,472,743
29,124,220
Provisions for liabilities
8
(4,656,714)
(3,006,884)
Net assets
29,816,029
26,117,336
Capital and reserves
Called up share capital
9
11,451
11,451
Share premium account
7,431,050
7,431,050
Fair value reserve
15,806,811
9,020,860
Profit and loss reserves
6,566,717
9,653,975
Total equity
29,816,029
26,117,336

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Pathstore Limited
Balance Sheet (Continued)
As at 30 September 2025
Page 3
The financial statements were approved by the board of directors and authorised for issue on 13 May 2026 and are signed on its behalf by:
R Kanza
Director
Company Registration No. 04293099
Pathstore Limited
Statement of Changes in Equity
For the year ended 30 September 2025
Page 4
Share capital
Share premium account
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2023
11,451
7,431,050
7,377,590
10,846,262
25,666,353
Period ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
2,398,363
2,398,363
Dividends
-
-
-
(1,947,380)
(1,947,380)
Movement in unrealised gains and losses
-
-
2,178,662
(2,178,662)
-
Movement in realised gains and losses
-
-
12,295
(12,295)
-
Deferred taxation
-
-
547,687
(547,687)
-
Balance at 30 September 2024
11,451
7,431,050
9,020,860
9,653,975
26,117,336
Pathstore Limited
Statement of Changes in Equity (Continued)
For the year ended 30 September 2025
Share capital
Share premium account
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Page 5
Balance at 1 October 2024
11,451
7,431,050
9,020,860
9,653,975
26,117,336
Profit and total comprehensive income for the year
-
-
-
5,073,165
5,073,165
Dividends
-
-
-
(1,374,472)
(1,374,472)
Transfers in respect of:
Movement in unrealised gains and losses
-
-
6,561,515
(6,561,515)
-
Movement in realised gains and losses
-
-
(274,220)
274,220
-
0
Deferred taxation
-
-
(1,649,830)
1,649,830
-
Other movements
-
-
498,656
(498,656)
-
Balance at 30 September 2025
11,451
7,431,050
15,806,811
6,566,717
29,816,029
Pathstore Limited
Notes to the Financial Statements
For the year ended 30 September 2025
Page 6
1
Accounting policies
Company information

Pathstore Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company utilises an overdraft facility to enable investments in new opportunities in preference of realising other investments held. In the event that the facility was withdrawn the company could realise its listed investments to repay the facility. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statement.true

1.3
Fixed asset investments

Unlisted investments that are intended to be held on a continuing basis are classified as fixed asset investments. These investments are initially recognised at cost and subsequently measured at fair value less costs to sell, with changes in fair value recognised in the profit and loss account in the period in which they arise. Where fair value cannot be measured reliably, the investments are measured at cost less impairment.

1.4
Current asset investments
Investments in quoted funds that are readily realisable are classified as current asset investments. Current asset investments in quoted funds are initially recognised at cost. Subsequently, these investments are measured at fair value through profit or loss at each reporting date. The fair value is determined by reference to quoted market prices at the reporting date. Changes in fair value are recognised in the profit and loss account as they arise.
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Pathstore Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
Page 7
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

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

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Pathstore Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
Page 8
Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fixed asset investments

The Company uses the valuation performed by its available investment management reports as the fair value of its fixed asset investments. In determining fair value the directors make reference to the capital balance, capital commitment and overall fund valuation.

Current asset investments

The Company uses the valuation performed by its available investment management reports using quoted market prices in active markets. In determining fair value the directors make reference to the quantity, fund, currency and market price.

Pathstore Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2025
Page 9
3
Employees

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

2025
2024
Number
Number
Total
2
2
4
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
15,000
17,407
5
Fixed asset investments
2025
2024
£
£
Investments
4,010,351
3,651,707

The historic cost of the fixed asset investments is £3,065,072 (202 4: £2,705,031).

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2024
3,651,707
Additions
684,780
Valuation changes
(45,256)
Changes in foreign exchange
73,753
Management expenses deducted from investment value and charged to profit and loss account
(29,894)
Disposals
(324,739)
At 30 September 2025
4,010,351
Carrying amount
At 30 September 2025
4,010,351
At 30 September 2024
3,651,707
Pathstore Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2025
Page 10
6
Current asset investments
2025
2024
£
£
Other investments
33,875,058
27,038,978

The historic cost of the current asset investments is £15,740,085 (202 4: £15,439,389). The fair value of the investments has been determined using quoted market prices in active markets.

The investments have been measured at fair value through profit or loss.

Current asset movement:
Current asset investments
£
Valuation
at 1 October 2024:
27,038,978
Additions
736,796
Disposals
(556,625)
Valuation changes
6,609,276
Dividends reaccumulated in current asset investments
56,633
33,885,058
Carrying amount
At 30 September 2025
33,875,058
At 30 September 2024
27,038,978
Pathstore Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2025
Page 11
7
Creditors: amounts falling due within one year
2025
2024
£
£
Other loans and overdrafts
3,382,178
1,424,366
Trade creditors
21,812
-
0
Corporation tax
28,987
81,324
Other taxation and social security
5,250
5,250
Other creditors
47,412
78,294
3,485,639
1,589,234

During the year the company utilised overdraft facilities available as part of existing banking arrangements. The loans are secured by way of a fixed charge over the assets of the company. Interest is charged on the overdrafts at a variable rate.

8
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Fixed and current asset investments
4,656,714
3,006,884
2025
Movements in the year:
£
Liability at 1 October 2024
3,006,884
Charge to profit or loss
1,649,830
Liability at 30 September 2025
4,656,714

The deferred tax liability set out above relates to fair value increases on fixed and current asset investments.

9
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
1,145,100 Ordinary shares of 1p each
11,451
11,451
Pathstore Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2025
Page 12
10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of investments held at fair value through profit and loss
360,616
483,314

At the balance sheet date, the company had committed to invest a further £360,616 (2024: £483,314) in respect of fixed asset investments.

11
Control

The ultimate parent company is Spetses S.à r.l, a company registered in Luxembourg, by virtue of its 67% shareholding in the company.

There is no one individual in a position of ultimate control.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

The auditor was Moore Kingston Smith LLP.
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