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REGISTERED NUMBER: 07443570 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Rhea Group Ltd

Rhea Group Ltd (Registered number: 07443570)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Rhea Group Ltd

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | M G Toone

| C W Collins

| R Booth

| N A Bate

| REGISTERED OFFICE: | 70 Gracechurch Street

| London

| EC3V 0HR

| REGISTERED NUMBER: | 07443570 (England and Wales)

| ACCOUNTANTS: | Willsons

| Chartered Accountants

| Carlton House

| High Street

| Higham Ferrers

| Northamptonshire

| NN10 8BW

Rhea Group Ltd (Registered number: 07443570)

Balance Sheet

31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 5 | 6,835,375 |  | 7,859,984 |  |

Cash at bank | 1,365,994 |  | 69,928 |  |

8,201,369 |  | 7,929,912 |  |

CREDITORS

Amounts falling due within one year | 6 | 177,111 |  | 123,309 |  |

NET CURRENT ASSETS | 8,024,258 |  | 7,806,603 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,024,258 |  | 7,806,603 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 7,422,000 |  | 7,409,922 |  |

NET ASSETS | 602,258 |  | 396,681 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 220 |  | 220 |  |

Retained earnings | 602,038 |  | 396,461 |  |

SHAREHOLDERS' FUNDS | 602,258 |  | 396,681 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Rhea Group Ltd (Registered number: 07443570)

Balance Sheet - continued

31 December 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 2 June 2026 and were signed on its behalf by:

M G Toone - Director

Rhea Group Ltd (Registered number: 07443570)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Rhea Group Ltd 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.

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.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

| The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on cost

| Computer equipment | - | 50% on cost

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

| Impairment of fixed assets

| 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.

Rhea Group Ltd (Registered number: 07443570)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

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

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

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

| Classification of financial liabilities

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

| Basic financial liabilities

| 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.

| 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.

| 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.

Rhea Group Ltd (Registered number: 07443570)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Retirement benefits

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

| Employee benefits

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

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

| Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 5 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 3,646 |  | 13,335 |  | 16,981 |  |

| DEPRECIATION

| At 1 January 2025

| and 31 December 2025 | 3,646 |  | 13,335 |  | 16,981 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  | - |  | - |  |

| At 31 December 2024 | - |  | - |  | - |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 6,829,779 |  | 7,854,795 |  |

| Other debtors | 5,596 |  | 5,189 |  |

6,835,375 |  | 7,859,984 |  |

Rhea Group Ltd (Registered number: 07443570)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Corporation Tax | 52,618 |  | 96,277 |  |

| Social security and other taxes | 22,015 |  | 21,572 |  |

| Directors' current accounts | 100,000 |  | - |  |

| Accrued expenses | 2,478 |  | 5,460 |  |

177,111 |  | 123,309 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Other loans - 2-5 years | 7,422,000 |  | 7,409,922 |  |

| The company redeemed its preference shares at par during the previous year - this amounted to £3.13m. The redemption amounts were loaned back to the company and these loans are not due for repayment until over one year from the balance sheet date but less than five years from that date.

8. | CALLED UP SHARE CAPITAL

| On 11 October 2024, all of the shares were redesignated to leave 88 A Ordinary shares, 22 B Ordinary shares and 110 C Ordinary shares; the position at the balance sheet date was unchanged.. Each class of shares has the same voting rights and the same rights to the proceeds on a winding up of the company.

9. | SHARE-BASED PAYMENTS

| Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. A corresponding adjustment is made to equity.