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Company No: 12180750 (England and Wales)

# TIDE CAPITAL LIMITED

### Annual Report and Financial Statements
For the financial year ended 31 December 2025

TIDE CAPITAL LIMITED

## Annual Report and Financial Statements

For the financial year ended 31 December 2025

Contents

TIDE CAPITAL LIMITED

## COMPANY INFORMATION

For the financial year ended 31 December 2025
TIDE CAPITAL LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2025

DIRECTORS | Scott Donnelly
| Rebecca Marriott
| Shaun Stephen McCabe
| Dr Oliver Rainer Andreas Prill

SECRETARY | Claire Margaret Dimond

REGISTERED OFFICE | 4th Floor The Featherstone Building
| 66 City Road
| London
| EC1Y 2AL
| United Kingdom

COMPANY NUMBER | 12180750 (England and Wales)

AUDITOR | Deloitte LLP
| Statutory Auditor
| Fusion Point 2
| 2 Dumballs Road
| Cardiff
| CF10 5BF
| United Kingdom

TIDE CAPITAL LIMITED

## DIRECTORS' REPORT

For the financial year ended 31 December 2025
TIDE CAPITAL LIMITED

## DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2025

The directors present their annual report and the audited financial statements of Tide Capital Limited (the "Company") for the financial year ended 31 December 2025.
The Company has taken advantage of the exemption in Section 414 A(2) of the Companies Act 2006 from the requirement to prepare a Strategic Report on the basis that it would be entitled to prepare financial statements for the year in accordance with the small companies regime but for being a member of an ineligible group. On the same basis, this Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the year was to provide proprietary credit products to Tide Platform Ltd's UK SME members. Bounce Back loans with a principal balance of £2.1m (2024: £6.6m) form the vast majority, 90% (2024: 83%), of the balance sheet loan receivables. The Company has no employees and outsources all administrative, management and oversight activities to Tide Platform Ltd.

GOING CONCERN

The directors have prepared the financial statements on the going concern basis. Further details are provided in note 1 to the financial statements.

EVENTS AFTER THE BALANCE SHEET DATE

On 31 March 2026, the Company fully repaid an external loan which had an outstanding balance of £1,667,088 at the balance sheet date.

DIRECTORS

The directors, who served during the financial year and to the date of this report, were as follows:

Scott Donnelly |
Rebecca Marriott |
Shaun Stephen McCabe |
Dr Oliver Rainer Andreas Prill |

DIRECTORS' INDEMNITIES

Qualifying third party indemnity provisions (as defined by the Companies Act 2006) are in force for the benefit of the directors of the Company. These provisions are provided by a fellow subsidiary undertaking, Tide Platform Limited, on behalf of Tide Holdings Limited and its subsidiaries (the "Group"). These provisions were in force throughout the financial year and remain in force at the date of this report.

AUDITOR

Each of the persons who is a director at the date of approval of this 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 they 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 s418 of the Companies Act 2006.
Deloitte LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

Dr Oliver Rainer Andreas Prill Director |

4th Floor The Featherstone Building
66 City Road
London
EC1Y 2AL
United Kingdom

30 April 2026

TIDE CAPITAL LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 December 2025
TIDE CAPITAL LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 December 2025

The directors are responsible for preparing the annual report 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial 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; and
* 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. The directors are 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in annual reports may differ from legislation in other jurisdictions.

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDE CAPITAL LIMITED

For the financial year ended 31 December 2025

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDE CAPITAL LIMITED (continued)

For the financial year ended 31 December 2025

Report on the audit of the financial statements

Opinion
In our opinion the financial statements of Tide Capital Limited (the ‘company’):
• 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, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
• the profit and loss account;
• the balance sheet;
• the statement of changes in equity;
• the related notes 1 to 16.
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).

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 Financial Reporting Council’s (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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are 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.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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 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 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.
Auditor’s 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 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act and tax legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
• enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations.

Report on other legal and regulatory requirements

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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the directors’ 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 any material misstatements in the directors’ report.

Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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
• the directors were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a strategic report; or
• we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.

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.

David Rozier (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor

Fusion Point 2
2 Dumballs Road
Cardiff
CF10 5BF
United Kingdom

30 April 2026

TIDE CAPITAL LIMITED

## PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2025
TIDE CAPITAL LIMITED

## PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Turnover | 3 | 175,504 |  | 311,003
Cost of sales | 8 | ( 92,967) |  | ( 204,437)
Gross profit |  | 82,537 |  | 106,566
Administrative expenses |  | ( 158,197) |  | ( 334,511)
Operating loss |  | ( 75,660) |  | ( 227,945)
Interest receivable and similar income | 4 | 81,838 |  | 0
Profit/(loss) before taxation |  | 6,178 |  | ( 227,945)
Tax on profit/(loss) | 7 | 0 |  | 0
Profit/(loss) for the financial year |  | 6,178 |  | ( 227,945)

All amounts relate to continuing operations.

There were no items of other comprehensive income or losses for the current or prior year other than those included in the Profit and Loss Account, accordingly no Statement of Comprehensive Income is presented.

The notes on pages 12 to 19 form an integral part of these financial statements.

TIDE CAPITAL LIMITED

## BALANCE SHEET

As at 31 December 2025
TIDE CAPITAL LIMITED

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Current assets |  |  |  |
Debtors |  |  |  |
- due within one year | 9 | 3,340,754 |  | 5,040,712
- due after more than one year | 9 | 0 |  | 2,873,514
Cash at bank and in hand |  | 1,252,395 |  | 239,747
|  | 4,593,149 |  | 8,153,973
Creditors: amounts falling due within one year | 10 | ( 1,799,941) |  | ( 107,606)
Net current assets |  | 2,793,208 |  | 8,046,367
Total assets less current liabilities |  | 2,793,208 |  | 8,046,367
Creditors: amounts falling due after more than one year | 11 | 0 |  | ( 5,259,337)
Net assets |  | 2,793,208 |  | 2,787,030
Capital and reserves | 13 |  |  |
Called-up share capital |  | 4,150,001 |  | 4,150,001
Profit and loss account |  | ( 1,356,793) |  | ( 1,362,971)
Total shareholder's funds |  | 2,793,208 |  | 2,787,030

The notes on pages 12 to 19 form an integral part of these financial statements.

The financial statements of Tide Capital Limited (registered number: 12180750) were approved and authorised for issue by the Board of Directors on 30 April 2026. They were signed on its behalf by:

Dr Oliver Rainer Andreas Prill Director |

TIDE CAPITAL LIMITED

## STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2025
TIDE CAPITAL LIMITED

## STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 December 2025

| Called-up share capital |  | Profit and loss account |  | Total
| £ |  | £ |  | £
At 01 January 2024 | 4,150,001 |  | ( 1,135,026) |  | 3,014,975
Loss for the financial year | 0 |  | ( 227,945) |  | ( 227,945)
Total comprehensive loss | 0 |  | ( 227,945) |  | ( 227,945)
At 31 December 2024 | 4,150,001 |  | ( 1,362,971) |  | 2,787,030
At 01 January 2025 | 4,150,001 |  | ( 1,362,971) |  | 2,787,030
Profit for the financial year | 0 |  | 6,178 |  | 6,178
Total comprehensive income | 0 |  | 6,178 |  | 6,178
At 31 December 2025 | 4,150,001 |  | ( 1,356,793) |  | 2,793,208

The notes on pages 12 to 19 form an integral part of these financial statements.

TIDE CAPITAL LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
TIDE CAPITAL LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Tide Capital Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4th Floor The Featherstone Building, 66 City Road, London, EC1Y 2AL, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The functional currency of Tide Capital Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Tide Capital Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the subsidiary disclosure exemptions available to it. Exemptions have been taken in relation to financial instruments, presentation of a Cash Flow Statement, related party transactions and remuneration of key management personnel. The Company's financial statements are consolidated into the financial statements of Tide Holdings Limited, a company incorporated in the United Kingdom and copies of the financial statements can be obtained from the address disclosed in note 16.

##### Going concern

In adopting the going concern basis of preparing the financial statements, the directors have considered the business activities and outlook, as well as the Company’s principal risks and uncertainties. Based on cash flow forecasts and financial projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.
During the year, the Company returned to a profitable position, recording a profit of £6,178 (2024: loss of £227,945) and significantly strengthening its liquidity with a year-end cash balance of £1,252,395. Subsequent to the balance sheet date, in March 2026, the Company completed the early repayment of its external borrowing facility. This has eliminated the entity's primary external liability and associated interest rate risk ahead of schedule.
While the Company has ceased writing new credit products, it continues to manage the runoff of its legacy loan book. As of 31 December 2025, the Bounce Back Loan portfolio stood at £2,158,349; these loans are 100% guaranteed by the UK government, which effectively negates the entity's primary credit risk. In April 2026, the Company was successfully repurposed to launch Wealth General Investment Account products provided through a third-party partnership. This shift to a fee-based revenue model, alongside interest earned on intercompany lending of excess liquidity, is expected to maintain the Company's profitability.
The directors continue to monitor key risk metrics and the broader economic environment. The directors do not consider there to be any geopolitical or climate risks that will have a material impact on the entity’s ability to operate as a going concern.

##### Turnover

Turnover relates to interest income on loans to customers. Interest income is recognised in the Profit and Loss Account using the effective interest method. Other income relates to the supply of services and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

###### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
The government provides a 100% guarantee of the outstanding amount (principal and accrued interest) of the Bounce Back loans advanced to borrowers. Therefore there is no impairment provision on outstanding Bounce Back loans.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, loans and loans from fellow group companies 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 payments 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. Amounts 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.

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
Loan loss provisioning is considered a risk charge directly attributable to revenue and presented within cost of sales as part of impairment of loans receivable. Any recovered amounts are offset within this cost. Recovery costs associated with recovered amounts are also presented within cost of sales.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
***Critical judgements in applying the Company’s accounting policies***
The directors do not consider that any critical judgements have been made in the application of the Company’s accounting policies in these financial statements.
***Key source of estimation uncertainty***
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
***Recognition of loan loss provision***
A loan loss provision has been recognised in the financial year and significant estimates are made in determining the timing and measurement of the expected loss. The level of impairment provision required is determined through credit risk algorithms and probability of defaults based on historical credit losses for individual credit products. Management has performed a sensitivity analysis to determine the impact of a 10% increase to the probability of default. The provision for Credit Flex would increase by £2,556 and the provision for Credit Line would remain the same as the balance is fully provided for.
***Recognition of deferred tax assets***
The extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carry-forwards can be utilised.
No deferred tax asset has been recognised at 31 December 2025 to the extent that it is not considered probable that a deferred tax asset would be recovered against future profits. The Company has not recognised a deferred tax asset of £379,626 in respect of losses amounting to £1,518,502 that can be carried forward against future taxable income

##### 3. Turnover

Breakdown by business class

An analysis of the Company's turnover by class of business is set out below.

| 2025 |  | 2024
| £ |  | £
Interest received on loans and advances | 173,952 |  | 312,812
Other income | 1,552 |  | (1,809)
| 175,504 |  | 311,003

Turnover is wholly attributable to the principal activity of the Company and arises solely within the United Kingdom.

#### 4. Interest receivable

| 2025 |  | 2024
| £ |  | £
Interest receivable and similar income | 81,838 |  | 0

Interest receivable and similar income

| 2025 |  | 2024
| £ |  | £
Interest from group undertakings | 81,838 |  | 0

#### 5. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

| 2025 |  | 2024
| £ |  | £
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 78,000 |  | 82,800
Total audit fees | 78,000 |  | 82,800

Auditor's remuneration is presented inclusive of irrecoverable VAT at 20%, as the Company is not registered for VAT.

#### 6. Staff number and costs

| 2025 |  | 2024
| Number |  | Number
The average monthly number of employees (including directors) was: | 4 |  | 4

The employees numbers above include only the directors of the Company. No directors' remuneration was paid in the year or in the prior year. The directors are the only key management personnel of the Company. The Company has no other employees and outsources all administrative, management and oversight activities to Tide Platform Ltd.

#### 7. Tax on profit/(loss)

| 2025 |  | 2024
| £ |  | £
Current tax on profit/(loss) |  |  |
UK corporation tax | 0 |  | 0
Total current tax | 0 |  | 0
Total tax on profit/(loss) | 0 |  | 0

Tax reconciliation

The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK:

| 2025 |  | 2024
| £ |  | £
Profit/(loss) before taxation | 6,178 |  | (227,945)
Tax on profit/(loss) at standard UK corporation tax rate of 25% (2024: 25%) | 1,545 |  | ( 56,986)
Effects of: |  |  |
Change in unrecognised deferred tax assets | ( 1,545) |  | 56,986
Total tax charge for year | 0 |  | 0

#### 8. Cost of sales

An analysis of the Company’s cost of sales by class of business is set out below:

| 2025 |  | 2024
| £ |  | £
Interest payable on funding | (39,245) |  | (125,377)
Impairment of loans receivable | (23,888) |  | (37,929)
Recovery costs | (29,834) |  | (41,131)
| (92,967) |  | (204,437)

#### 9. Debtors

| 2025 |  | 2024
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Trade debtors | 2,275,963 |  | 5,040,712
Amounts owed by Group undertakings | 1,050,000 |  | 0
Other debtors | 14,791 |  | 0
| 3,340,754 |  | 5,040,712
Debtors: amounts falling due after more than one year |  |  |
Trade debtors | 0 |  | 2,873,514

Included in trade debtors are loans and advances with a principal balance of £2,119,092 (2024: £7,405,719) and an accrued interest balance of £117,267 (2024: £126,047) of which £2,236,359 (2024: £4,658,253) fall due within one year.
Trade debtors is presented net of an impairment provision of £135,106 (2024: £138,754).
Amounts owed by Group undertakings are receivable 12 months after the first drawdown and interest is charged at 15% p.a.

#### 10. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Other loans | 1,666,662 |  | 0
Trade creditors | 63,139 |  | 6,932
Amounts owed to Group undertakings | 1,072 |  | 8,878
Accruals | 69,068 |  | 91,796
| 1,799,941 |  | 107,606

Other loans comprise of a 6 year fixed term loan maturing November 2026 which incurs an interest rate of 1.7%, reducing to 1.25% from August 2024 onwards.
This loan is secured by way of a fixed and floating charge over the Bounce Back Loan receivables of the Company.
Amounts owed to Group undertakings relates to short term payables from Group companies.

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

| 2025 |  | 2024
| £ |  | £
Other loans | 0 |  | 5,259,337

Other loans comprise of a 6 year fixed term loan maturing November 2026 which incurs an interest rate of 1.7%, reducing to 1.25% from August 2024 onwards.
This loan is secured by way of a fixed and floating charge over the Bounce Back Loan receivables of the Company.

#### 12. Financial instruments

The carrying values of the Company’s financial assets and liabilities are summarised by category below:

| 2025 |  | 2024
| £ |  | £
Financial assets |  |  |
Debt instruments measured at amortised cost |  |  |
Loans receivable | 2,236,359 |  | 7,531,766
Measured at undiscounted amount receivable |  |  |
Trade debtors (note 9) | 39,604 |  | 382,460
Other debtors (note 9) | 14,791 |  | 0
Amounts owed by Group undertakings (note 9) | 1,050,000 |  | 0
Cash | 1,252,395 |  | 239,747
| 4,593,149 |  | 8,153,973
Financial liabilities |  |  |
Measured at amortised cost |  |  |
Other loans | (1,666,662) |  | (5,259,337)
Measured at undiscounted amount payable |  |  |
Trade creditors (note 10) | ( 63,139) |  | ( 6,932)
Amounts owed to Group undertakings (note 10) | ( 1,072) |  | ( 8,878)
| (1,730,873) |  | (5,275,147)

#### 13. Called-up share capital and reserves

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
4,150,001 Ordinary shares of £ 1.00 each | 4,150,001 |  | 4,150,001
Presented as follows: |  |  |
Called-up share capital presented as equity | 4,150,001 |  | 4,150,001

The Company's other reserves are as follows:
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

#### 14. Events after the Balance Sheet date

On 31 March 2026, the Company fully repaid an external loan which had an outstanding balance of £1,667,088 at the balance sheet date.
There have been no other significant events since the reporting date that require adjustment to, or disclosure in, the financial statements.

#### 15. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

#### 16. Controlling party

The ultimate parent company and the ultimate controlling party is Tide Holdings Limited. The parent undertaking of the smallest and largest group, which includes the Company and for which group financial statements are prepared, is Tide Holdings Limited, a company incorporated in the United Kingdom. Copies of the consolidated financial statements can be obtained from the registered office of Tide Holdings Limited, 4th Floor The Featherstone Building, 66 City Road, London, EC1Y 2AL, United Kingdom.