The directors present the strategic report for the year ended 31 October 2025.

Tallaght Financial Ltd trades as Cubefunder, a fintech lending platform providing small ticket funding solutions to UK SME’s who have found that access to funding from the traditional banks is restricted by lack of appetite and lengthy processes. The Company operates primarily in the short-​term business lending market, offering loans aimed at owner managed small incorporated entities. The company is authorised and regulated by the FCA.

Loans are secured, personally guaranteed by the business owners, and no company is loaned to without a face-to-face visit prior to origination by one of our Business Development Executives. The business has a loan security process that encompasses property charges, business equipment / asset transfer, debentures, charges over receivables underpinned by a daily repayment collection process that keeps a close monitor on loan performance. The average age of a business owner is 42 years of age showing that we select companies to lend to that are owned and run by more experienced operators.

During the year, the Company continued to scale its lending activity, driven by sustained demand from SMEs seeking flexible, non-bank finance. Turnover increased significantly to £17.3m (2024: £11.2m), reflecting both growth in the loan book and increased origination volumes. The Company continued to enhance its credit assessment processes and investor proposition to support this growth.

The ability to scale the business is dependent on raising funds to deploy into the loan book.

Cubefunder remains focused on responsible lending practices while maintaining competitive returns for funders. The Directors believe the Company is well-positioned within the alternative finance market, supported by its established brand, technology platform and experienced management team.

The Directors consider the following to be the principal risks and uncertainties facing the Company:

Credit risk

As a lender to SMEs, the Company is exposed to the risk of borrower default. This risk is mitigated through robust credit assessment procedures which are driven by our proprietary tech system (‘Emerald’) that processes all applications and drives real time decisioning to deliver suitable lending opportunities, portfolio diversification and ongoing monitoring of loan performance.

Liquidity and funding risk

The Company requires continued access to funding in order to support lending operations and manage working capital. A failure to secure sufficient funding or mismatches in the timing of cash inflows and outflows could impact liquidity. The Directors actively monitor cash flow forecasts and funding arrangements.

Regulatory and compliance risk

The alternative finance sector is subject to an evolving regulatory environment. Failure to comply with applicable laws and regulations could result in reputational damage or financial penalties. The Company maintains compliance procedures and seeks professional advice where necessary.

Economic and market conditions

Adverse changes in macroeconomic conditions, including interest rates and inflation, could impact borrower demand and repayment performance. The Company seeks to manage this risk through pricing, credit controls and portfolio management.

The Company delivered a strong financial performance during the year, with operating profit increasing to £11.2m (2024: £6.6m). This improvement was driven principally by higher lending volumes and increased income generation from the core loan portfolio.

Profit before taxation increased to £3.6m (2024: £1.7m) after finance costs of £7.6m (2024: £4.9m), which reflect the scale and funding structure of the Company’s lending operations. Profit for the year amounted to £2.5m (2024: £1.2m).

The balance sheet remained strong, with net assets increasing to £5.6m (2024: £3.3m). The Company continues to operate with significant working capital requirements, reflecting the nature of its lending activities and the timing differences between loan origination, repayment, and funding arrangements.

Operating cash flows remained negative due mainly to growth in trade receivables associated with the expanding loan book. This was partially offset by financing inflows during the year.

The Directors utilise a range of financial and operational KPIs to monitor business performance, assess credit quality and support strategic decision-making across the Company’s lending activities. These metrics are reviewed regularly by the Board to ensure the business continues to operate in line with its objectives of sustainable growth, profitability and prudent risk management.

Tallaght’s lending model is specifically designed to support small businesses whose revenue streams and received on a daily basis. The borrowers are required to make loan repayments on a daily basis, ensuring that repayments are aligned with the profile of the businesses being financed.

Tallaght has a proprietary payment analysis and monitoring process which tracks borrower repayment activity on a daily and weekly basis. This provides management with real-time visibility over repayment performance, arrears trends and overall repayment quality, meaning easy to identify credit risk and supporting timely engagement with borrowers where needed.

This structure enables the Company to maintain close oversight of repayment performance and identify potential repayment issues at an early stage.

Tallaght operates a highly selective underwriting process and only approves 6% of all applications. This reflects Tallaght’s disciplined credit assessment framework and conservative approach to risk management. Each application undergoes a detailed credit underwriting review of the applicant’s financial position, trading history and repayment capacity.

In addition to the rigorous checks, every prospective borrower is subject to an on-site visit conducted by a qualified business manager. These visits form a key component of the Company’s due diligence procedures and are designed to verify the legitimacy of the business and provide the credit committee with direct insight into the borrower’s trading environment and overall business operations.

Through the combination of rigorous underwriting standards, frequent repayment monitoring and direct operational assessment of borrowers, Tallaght seeks to maintain a high-quality loan portfolio while supporting the sustainable growth of its lending activities.

The following KPIs are reviewed regularly by the Board and reflect the Company’s focus on sustainable growth, profitability and effective management of risk:

Originations / Lending Volume

New lending is a key indicator of demand for the Company’s products and shows the scale and growth of the Company’s lending activities.

Collections

The amount collected each month against the previous month and target is a key indicator of the performance of the business with cash collections used to pay the expenses of the business, the funding costs and to fund new business.

Loan Performance

The Company analyses the performance of the underlying loan book by viewing the time since last payment on each loan and summarising by payment bucket. The movement between payment buckets on month-on-month gives the Directors a summary of the performance of the loan book and so can then inform collection strategies.

Turnover

Taken together, the new lending and redemptions impact the loan book of the Company which then drives Turnover, Turnover is a key indicator of It reflects income, and the margin, generated from the loan portfolio and is used by the Directors to assess demand for the Company’s products, the effectiveness of origination strategies, and overall market penetration. Growth in turnover also provides an early indicator of changes in borrower activity and loan book expansion.

Operating profit

Operating profit is monitored to assess the underlying performance of the business before financing costs and taxation. This measure allows the Directors to evaluate the efficiency of the Company’s cost base relative to income growth and to ensure that operational scalability is being achieved as lending volumes increase.

Profit for the year

Profit for the year demonstrates the Company’s ability to generate returns after finance costs and taxation. This KPI is used by the Directors when assessing distributable reserves, dividend capacity and the overall financial resilience of the business.

Net assets

Net assets are monitored to assess the Company’s financial strength and capital position. Maintaining an appropriate level of net assets is considered important to support ongoing operations, provide confidence to stakeholders, and underpin future growth.

The Directors consider that these KPIs, taken together, provide a balanced view of the Company’s development, performance and position during the year.

Outlook

The Directors remain cautiously optimistic about the Company’s prospects for the forthcoming financial year. Demand for alternative finance solutions from UK SMEs is expected to remain robust, particularly as businesses continue to seek flexible funding options outside traditional banking channels.

The Company intends to continue growing its lending activities in a controlled manner, with a strong emphasis on credit quality, portfolio performance and liquidity management. Ongoing investment in systems, data analytics and credit assessment processes is expected to support continued scalability while maintaining appropriate risk controls.

While the macroeconomic environment remains uncertain, particularly in relation to interest rates and wider economic conditions, the Directors believe that the Company’s diversified loan portfolio, established operating platform and experienced management team position it well to respond to changing market dynamics. The Company will continue to monitor funding arrangements closely to ensure that growth objectives remain aligned with available capital and cash flow resources.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 October 2025.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £250,000 (2024: £750,000). The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

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). 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 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; 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. They 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Tallaght Financial Ltd T/A Cubefunder (the 'company') for the year ended 31 October 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. 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).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have 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 material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you 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

• we have not received all the information and explanations we require for our audit; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.

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.

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.

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:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery and employment legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested a sample of journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in [note 3] were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HM Revenue and Customs and the Company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards require that we identify non-compliance with laws and regulations through enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Tallaght Financial Ltd T/A Cubefunder is a private company limited by shares incorporated in England and Wales. The registered office is 1 Thames Side, Windsor, Berkshire, SL4 1QN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006{If #sce1<>0 then as applicable to companies subject to the medium companies regime.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Company generates revenue from two primary activities:

Short‑term “Cost of Credit Loans” – loans to companies, where income is earned through a fixed monthly cost‑of‑credit charge.

Long‑term “FRS 102 Loan Tape” Loans – loans with contractual terms requiring measurement using the effective interest rate (IRR) method under FRS 102 Section 11/12.

Revenue recognition follows the principles of FRS 102, including recognition only when income is probable, measurable, and relates to performance obligations satisfied over time.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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 asset 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 separable 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:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash at bank and in hand are basic financial assets and include cash in hand.

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, which include debtors and cash and bank balances, are initially measured at transaction price.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end 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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, are initially recognised at transaction price.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

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.

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

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.

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.

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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

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

The company entered into a loan facility agreement dated 8 July 2024.

The above value comprises two drawn tranches:

• Tranche 1 (£11m) was drawn in July 2024 and is repayable in July 2027.

• Tranche 2 (£6.m) was drawn in October 2024 and is repayable in October 2027.

Each tranche is repayable three years from its respective drawdown date, unless repaid earlier in accordance with the terms of the facility.

The loan is secured by way of a debenture granted by the company, creating security in favour of the lender.

Interest is charged at fixed rates depending on the tranche drawn, and interest is payable quarterly.

The Company has an operating lease agreement for the rental of its main office premises, which remains in effect through to 30 November 2027.

Under the terms of this agreement, the Company is committed to an annual lease payment of £98,000 (inclusive of VAT).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Dividends totalling £250,000 (2024 - £750,000) were paid in the year in respect of shares held by the company's directors.

At 31 October 2025, one of the director's was owed £3,970,676 by the company (2024: £2,986,907). The director’s loan is unsecured and repayable as per contractual terms and interest is being charged.

Advances or credits have been granted by the company to its directors as follows:

Director 1’s loan account was fully repaid after the year end.

Section 455 tax has been recognised in relation to Director 2’s loan account due to the balance outstanding at the year end.

The Company’s ultimate controlling party is Mr G Miller-Cheevers by virtue of his majority shareholding in the Company.

During the year, the directors reviewed the classification of creditors. An amount of £28,618,722 previously included within creditors falling due after more than one year has been reclassified to creditors falling due within one year, as the balance was repayable within 12 months of the prior year‑end.

In addition, the classification of investments was reviewed. It was noted that the relevant account is highly liquid and that the funds can be withdrawn at any time. Accordingly, this balance has been reclassified and is now treated as a cash equivalent rather than a fixed‑term investment.

These reclassification have no impact on profit, net assets, or total liabilities.

Please find below a list of items adjusted.