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REGISTERED NUMBER: 05887690 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 SEPTEMBER 2025 |

| FOR |

| ADARO OPTICS LIMITED |

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| ADARO OPTICS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | P M Carpenter

| T M E Ralph

| D J Hartley

| REGISTERED OFFICE: | Oakleigh House

| Pattenden Ln

| Marden

| Tonbridge

| Kent

| TN12 9QJ

| REGISTERED NUMBER: | 05887690 (England and Wales)

| AUDITORS: | Azets Audit Services, Statutory Auditor

| Chartered Accountants

| 5th Floor

| Ashford Commercial Quarter

| 1 Dover Place

| Ashford

| Kent

| TN23 1FB

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

BALANCE SHEET

30 SEPTEMBER 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 1,513,330 |  | 1,165,627 |  |

Tangible assets | 5 | 175,358 |  | 197,736 |  |

1,688,688 |  | 1,363,363 |  |

CURRENT ASSETS

Stocks | 6 | 168,075 |  | 104,110 |  |

Debtors: amounts falling due within one year | 7 | 28,789,093 |  | 16,975,755 |  |

Debtors: amounts falling due after more than one year | 7 | 112,801,257 |  | 81,704,981 |  |

Cash at bank and in hand | 2,019,895 |  | 1,638,645 |  |

143,778,320 |  | 100,423,491 |  |

CREDITORS

Amounts falling due within one year | 8 | 29,573,460 |  | 17,957,521 |  |

NET CURRENT ASSETS | 114,204,860 |  | 82,465,970 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 115,893,548 |  | 83,829,333 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (112,801,256 | ) | (81,704,982 | ) |

PROVISIONS FOR LIABILITIES | 13 | (422,172 | ) | (340,841 | ) |

NET ASSETS | 2,670,120 |  | 1,783,510 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1,000 |  | 1,000 |  |

Retained earnings | 2,669,120 |  | 1,782,510 |  |

SHAREHOLDERS' FUNDS | 2,670,120 |  | 1,783,510 |  |

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

BALANCE SHEET - continued

30 SEPTEMBER 2025

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 Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

T M E Ralph - Director

P M Carpenter - Director

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Adaro Optics 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.

| 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.

| Turnover

| Turnover represents the fair value of consideration received or receivable from customers in respect of the sale of prescription glasses under subscription arrangements, net of discounts, rebates, and value added tax.

| Revenue from the sale of prescription glasses is recognised at the point in time when control of the goods transfers to the customer. This occurs when the prescription glasses are dispensed and provided to the customer at the opticians' premises, at which point the performance obligation is satisfied.

| For subscription arrangements, where customers pay periodically, the subscription is considered to include a material right to receive goods. Revenue attributable to each pair of glasses is recognised when the goods are provided to the customer, as this is when the Company has fulfilled its obligation.

| Intangible assets other than goodwill

| Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

| Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the assets will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separate from the entity.

| Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Development costs - Straight line between 5 - 10 years.

| Tangible fixed assets

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

| Improvements to property | - | Over the period of the lease

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less total costs to sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.

| Financial instruments

| On initial recognition, financial assets are classified and measured at amortised costs.

| The Company initially recognises financial assets and liabilities when the Company becomes a party to the contractual provisions of the instrument.

| Financial assets are derecognised when the contractual right to receive cash flows from those assets has expired.

| Financial liabilities are derecognised when the obligation is discharged, cancelled or expired.

| Basic financial assets

| Basic financial assets, which include debtors, 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.

| Basic financial 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| 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.

| Research and development

| Research expenditure is written off against profits in the year in which it is incurred. Identifiable development

| expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be

| demonstrated.

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rate of interest in the remaining balance of the liability.

| Rentals paid / received under operating leases are charged / credited to profit and loss on a straight line basis over the period of the lease.

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 69 (2024 - 46 ) .

4. | INTANGIBLE FIXED ASSETS

| Development

| costs

£ |

| COST

| At 1 October 2024 | 1,897,637 |  |

| Additions | 645,582 |  |

| At 30 September 2025 | 2,543,219 |  |

| AMORTISATION

| At 1 October 2024 | 732,010 |  |

| Amortisation for year | 297,879 |  |

| At 30 September 2025 | 1,029,889 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,513,330 |  |

| At 30 September 2024 | 1,165,627 |  |

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 October 2024 | 28,163 |  | 16,530 |  | 122,867 |  |

| Additions | - |  | - |  | 21,342 |  |

| At 30 September 2025 | 28,163 |  | 16,530 |  | 144,209 |  |

| DEPRECIATION

| At 1 October 2024 | 2,816 |  | 8,919 |  | 40,051 |  |

| Charge for year | 2,817 |  | 1,903 |  | 26,039 |  |

| At 30 September 2025 | 5,633 |  | 10,822 |  | 66,090 |  |

| NET BOOK VALUE

| At 30 September 2025 | 22,530 |  | 5,708 |  | 78,119 |  |

| At 30 September 2024 | 25,347 |  | 7,611 |  | 82,816 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 129,000 |  | 22,810 |  | 319,370 |  |

| Additions | - |  | 15,189 |  | 36,531 |  |

| At 30 September 2025 | 129,000 |  | 37,999 |  | 355,901 |  |

| DEPRECIATION

| At 1 October 2024 | 56,438 |  | 13,410 |  | 121,634 |  |

| Charge for year | 18,141 |  | 10,009 |  | 58,909 |  |

| At 30 September 2025 | 74,579 |  | 23,419 |  | 180,543 |  |

| NET BOOK VALUE

| At 30 September 2025 | 54,421 |  | 14,580 |  | 175,358 |  |

| At 30 September 2024 | 72,562 |  | 9,400 |  | 197,736 |  |

6. | STOCKS

2025 | 2024 |

| as restated |

£ | £ |

| Stocks | 168,075 |  | 104,110 |  |

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. | DEBTORS

2025 | 2024 |

| as restated |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 1,789,839 |  | 1,179,010 |  |

| Amounts owed by group undertakings | 999,466 |  | - |  |

| Other debtors | 222,832 |  | 177,662 |  |

| Loans receivable | 25,757,176 |  | 15,609,590 |  |

| Directors' current accounts | 19,780 |  | 9,493 |  |

28,789,093 |  | 16,975,755 |  |

| Amounts falling due after more than one year:

| Loans receivable | 112,801,257 |  | 81,704,981 |  |

| Aggregate amounts | 141,590,350 |  | 98,680,736 |  |

| Loans receivable represent loans in respect of subscription plans for Adaro's clients. The loans are made by Adaro but Adaro is indemnified from any liability on the loans by contract with our trading partners.

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| as restated |

£ | £ |

| Loans payable (see note 10) | 25,757,176 |  | 15,609,590 |  |

| Trade creditors | 846,527 |  | 800,243 |  |

| Tax | 223,233 |  | 203,318 |  |

| Social security and other taxes | 98,726 |  | 66,078 |  |

| VAT | 93,393 |  | 64,385 |  |

| Other creditors | 2,162,537 |  | 1,118,247 |  |

| Deferred income | 337,607 |  | 71,618 |  |

| Accrued expenses | 54,261 |  | 24,042 |  |

29,573,460 |  | 17,957,521 |  |

| Loans payable represents the amount outstanding on subscription plans which are to be collected on behalf of Adaro's clients. Adaro is indemnified from any liability on the loans by contract with our trading partners.

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

| as restated |

£ | £ |

| Loans payable (see note 10) | 112,801,256 |  | 81,704,982 |  |

| In respect of loans payable, please refer to details on note 9.

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

| as restated |

£ | £ |

| Amounts falling due within one year or on demand:

| Loans payable | 25,757,176 |  | 15,609,590 |  |

| Amounts falling due between one and two years:

| Loans payable - 1-2 years | 106,732,561 |  | 75,792,446 |  |

| Amounts falling due between two and five years:

| Loans payable - 2-5 years | 6,068,695 |  | 5,912,536 |  |

11. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

| as restated |

£ | £ |

| Within one year | 159,653 |  | 159,653 |  |

| Between one and five years | 484,053 |  | 489,913 |  |

643,706 |  | 649,566 |  |

12. | SECURED DEBTS

| RBS Invoice Finance Limited hold an all assets debenture in respect of the invoice financing facilities.

13. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| as restated |

£ | £ |

| Deferred tax | 422,172 |  | 340,841 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024

| As previously reported | 49,434 |  |

| Prior year adjustment | 291,407 |  |

| As restated | 340,841 |  |

| Provided during year | 81,331 |  |

| Balance at 30 September 2025 | 422,172 |  |

| ADARO OPTICS LIMITED (REGISTERED NUMBER: 05887690) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: |  | as restated |

£ | £ |

| 1,000 | Ordinary shares | £1 | 1,000 |  | 1,000 |  |

15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Christiaan De Lange (Senior Statutory Auditor)

| for and on behalf of Azets Audit Services, Statutory Auditor

16. | PARENT COMPANY

| The company is a wholly owned subsidiary of Adaro Group Limited.

| The registered office address of Adaro Group Limited is the same as Adaro Optics Limited, which can be found on the Company Information page.