ACCOUNTS - Final Accounts

Registered number: 14410526

GW GLOBAL INSIGHTS TOPCO LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2025

GW GLOBAL INSIGHTS TOPCO LIMITED

REGISTERED NUMBER:14410526

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	4		7,130,542		8,028,849
Tangible assets	5		74,342		80,962
			7,204,884		8,109,811
Current assets
Debtors		970,943		985,617
Cash at bank and in hand	7	537,683		1,024,456
		1,508,626		2,010,073
Creditors: amounts falling due within one year	8	(6,021,055)		(2,788,401)
Net current liabilities			(4,512,429)		(778,328)
Total assets less current liabilities			2,692,455		7,331,483
Creditors: amounts falling due after more than one year	9		(8,034,624)		(10,584,624)
Provisions for liabilities
Deferred taxation	10	(19,261)		(21,845)
			(19,261)		(21,845)
Net liabilities			(5,361,430)		(3,274,986)

Capital and reserves
Called up share capital	11	958	918
Share premium account		87,618	87,618
Profit and loss account		(5,450,006)	(3,363,522)
		(5,361,430)	(3,274,986)

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Martyn Hammond

Director

Date: 12 May 2026

The notes on pages 5 to 17 form part of these financial statements.

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GW GLOBAL INSIGHTS TOPCO LIMITED

REGISTERED NUMBER:14410526

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	6		95,501		95,501
			95,501		95,501

Creditors: amounts falling due within one year	8	(23,373)		(23,413)
Net current liabilities			(23,373)		(23,413)


Net assets			72,128		72,088

Capital and reserves
Called up share capital	11		958		918
Share premium account			87,618		87,618
Profit and loss account brought forward		(16,448)		(16,448)
Profit and loss account carried forward			(16,448)		(16,448)
			72,128		72,088

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Martyn Hammond

Director

Date: 12 May 2026

The notes on pages 5 to 17 form part of these financial statements.

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GW GLOBAL INSIGHTS TOPCO LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	953	91,083	(1,654,243)	(1,562,207)

Loss for the year	-	-	(1,709,279)	(1,709,279)
Shares redeemed during the year	-	(3,465)	-	(3,465)
Shares cancelled during the year	(35)	-	-	(35)

At 1 January 2025	918	87,618	(3,363,522)	(3,274,986)

Loss for the year	-	-	(2,086,484)	(2,086,484)
Shares issued during the year	40	-	-	40
At 31 December 2025	958	87,618	(5,450,006)	(5,361,430)

The notes on pages 5 to 17 form part of these financial statements.

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GW GLOBAL INSIGHTS TOPCO LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	953	91,083	(16,448)	75,588
Shares redeemed during the year	-	(3,465)	-	(3,465)
Shares cancelled during the year	(35)	-	-	(35)

At 1 January 2025	918	87,618	(16,448)	72,088
Shares issued during the year	40	-	-	40
At 31 December 2025	958	87,618	(16,448)	72,128

The notes on pages 5 to 17 form part of these financial statements.

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	GENERAL INFORMATION

GW Global Insights Topco Limited ("the Company") is a private limited company domiciled and incorporated in England and Wales. The registered office is Trevithick House Trevissome Park, Blackwater, Truro, Cornwall, TR4 8UN.

The group consists of GW Global Insights Topco Limited and all of its subsidiaries.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Company has elected to produce consolidated financial statements despite qualifying as a small group. Other than including the consolidated statement of financial position and related notes, the Company has opted to make use of the filing exemptions available to small companies.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. Gasworld LLC has not been incorporated into the consolidated financial statements as the entity is not significant to the group.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

GOING CONCERN

The financial statements have been prepared on the going concern basis as the directors have prepared detailed budgets for a period of 12 months from the date of signing the accounts which show that the Group is expected to be able to meet all its liabilities as they fall due.

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.5

REVENUE (CONTINUED)

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

2.9

BORROWING COSTS

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

2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.12

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Computer software	-	25%	straight line
Development expenditure	-	33%	straight line
Goodwill	-	10%	straight line
Trademarks	-	5%	straight line

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.13

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property improvements	-	10 year straight line
Fixtures and fittings	-	25% reducing balance
Office equipment	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.15

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.17

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.18

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

FINANCIAL INSTRUMENTS

Classification
Financial assets are classified into basic or other financial assets. Financial liabilities are classified into either basic or other financial liabilities. These classifications depend on certain criteria determined at the time of recognition.

The group holds only basic financial instruments.

Recognition and measurement
Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the group’s obligations are discharged, expire or are cancelled.

Basic financial assets, which include trade and other 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 initially measured at the present value of the future receipts discounted at a market rate of interest and subsequently held at amortised cost.

Basic financial liabilities, including trade and other payables are initially measured 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 the market rate of interest. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

Impairment
Basic financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	6	5	6	5
Employees	37	41	-	-

	43	46	6	5

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		GW GLOBAL INSIGHTS TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

	4.	INTANGIBLE ASSETS
		Group and Company

	Development expenditure	Trademarks	Computer software	Goodwill	Total
	£	£	£	£	£
COST
At 1 January 2025	-	8,413	110,468	10,072,491	10,191,372
Additions	169,638	-	-	-	169,638
At 31 December 2025	169,638	8,413	110,468	10,072,491	10,361,010
AMORTISATION
At 1 January 2025	-	6,240	90,468	2,065,815	2,162,523
Charge for the year on owned assets	56,546	421	5,000	1,005,978	1,067,945
At 31 December 2025	56,546	6,661	95,468	3,071,793	3,230,468
NET BOOK VALUE
At 31 December 2025	113,092	1,752	15,000	7,000,698	7,130,542
At 31 December 2024	-	2,173	20,000	8,006,676	8,028,849

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	TANGIBLE FIXED ASSETS
	Group

	Long-term leasehold property	Fixtures and fittings	Office equipment	Total
	£	£	£	£
COST OR VALUATION
At 1 January 2025	9,690	52,153	151,103	212,946
Additions	-	166	16,795	16,961
At 31 December 2025	9,690	52,319	167,898	229,907
DEPRECIATION
At 1 January 2025	1,939	34,851	95,194	131,984
Charge for the year on owned assets	969	4,368	18,244	23,581
At 31 December 2025	2,908	39,219	113,438	155,565
NET BOOK VALUE
At 31 December 2025	6,782	13,100	54,460	74,342
At 31 December 2024	7,751	17,302	55,909	80,962

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

	Long leasehold	6,782	7,751

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

6.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2025	95,501
	At 31 December 2025	95,501

SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

GW Global Insights Midco Limited	Trevithick House Trevissome Park, Blackwater, Truro, Cornwall, TR4 8UN	Ordinary shares	100%
GW Global Insights Bidco Limited	Trevithick House Trevissome Park, Blackwater, Truro, Cornwall, TR4 8UN	Ordinary shares	100%
Gasworld.Com Limited	Trevithick House Trevissome Park, Blackwater, Truro, Cornwall, TR4 8UN	Ordinary shares	100%

The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

GW Global Insights Midco Limited	(4,357,604)	(1,090,928)
GW Global Insights Bidco Limited	(85,708)	(382,796)
Gasworld.Com Limited	4,326,480	393,211

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	CASH AND CASH EQUIVALENTS
		Group	Group
		2025	2024
		£	£

	Cash at bank and in hand	537,683	1,024,456

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	2,550,000	300,000	-	-
Trade creditors	271,421	319,801	-	-
Amounts owed to group undertakings	-	-	23,373	23,413
Corporation tax	-	19,025	-	-
Other taxation and social security	59,720	83,330	-	-
Other creditors	41,751	35,294	-	-
Accruals and deferred income	3,098,163	2,030,951	-	-
	6,021,055	2,788,401	23,373	23,413

As a result of a covenant breach and reservation of rights from the bank, the full balance of the bank loan has been classified as due within one year.

9.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		Group	Group
		2025	2024
		£	£

Bank loans	-	2,550,000
Other creditors	8,034,624	8,034,624
	8,034,624	10,584,624

The loan note balance relates to £10,900,000 of loan notes with interest of SONIA + 9% that is payable quarterly. The loan notes are repayable in November 2027, 5 years after their draw down

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	DEFERRED TAXATION
	Group

		2025
		£

	At beginning of year	(21,845)
	Charged to profit or loss	2,584
	AT END OF YEAR	(19,261)

Company

		2025

	AT END OF YEAR	-

		Group
		2025
		£

	Fixed asset timing differences	(20,409)
	Short term timing differences	1,148
		(19,261)

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GW GLOBAL INSIGHTS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	SHARE CAPITAL
		2025	2024
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

75,000 (2024: 75,000) A Ordinary shares of £0.01 each	750.00	750.00
20,700 (2024: 16,700) B Ordinary shares of £0.01 each	207.00	167.00
100 (2024: 100) C Ordinary shares of £0.01 each	1.00	1.00

	958.00	918.00

12.	COMMITMENTS UNDER OPERATING LEASES
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	55,000	55,000
Later than 1 year and not later than 5 years	220,000	220,000
Later than 5 years	151,000	206,000
	426,000	481,000

13.	CONTROLLING PARTY

The ultimate parent and controlling party is Mobeus 2 Lp, a company incorporated in England and Wales. The registered office address is 1st Floor, One Babmaes Street, London, United Kingdom, SW1Y 6HF.

14.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 12 May 2026 by Nicola Cornish BSc BFP FCA CTA (Senior statutory auditor) on behalf of PKF Francis Clark.

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