Hydrangea Holdings Limited
Company Registration No. 11388328
(England and Wales)
Annual Report and
Unaudited Financial Statements
For the year ended 31 December 2025
Hydrangea Holdings Limited
Company Information
Directors
J L Medina
T R D Poole
A K Fairclough
(Resigned 31 August 2025)
J L Gallienne
(Appointed 31 August 2025)
Secretary
Praxis Secretaries (UK) Limited
Company number
11388328
Registered office
5th Floor
2 Copthall Avenue
London
United Kingdom
EC2R 7DA
Hydrangea Holdings Limited
Contents
Page
Directors' Report
1 - 2
Statement of Comprehensive Income
3
Statement of Financial Position
4
Statement of Changes in Equity
5
Notes to the Financial Statements
6 - 10
Hydrangea Holdings Limited
Directors' Report
For the year ended 31 December 2025
- 1 -

The Directors present their annual report and unaudited financial statements of Hydrangea Holdings Limited (the “Company”) for the year ended 31 December 2025.

Statement of Directors' responsibilities

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 period. The Directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards, including FRS 102 ("FRS 102") section 1A small entities and the UK Companies Act 2006. The financial statements are required to 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;

> state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and

> prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy, at any time, the financial position of the Company and to enable the Directors to ensure that the financial statements comply with the UK 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.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Principal activities

The principal activity of the Company continued to be that of investment holding.

Results and dividends
The Statement of Comprehensive Income for the year is set out on page 3.
Dividends paid for the year under review amounted to €25,862,075 (2024: €NIL).
Directors

The Directors who held office during the year and through to the date of signing of the financial statements were as follows:

J L Medina
T R D Poole
A K Fairclough
(Resigned 31 August 2025)
J L Gallienne
(Appointed 31 August 2025)
Company Secretary
The Company Secretary who held office throughout the year and to the date of this report was Praxis Secretaries (UK) Limited.
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Hydrangea Holdings Limited
Directors' Report
For the year ended 31 December 2025
- 2 -
By order of the Board of Directors
Praxis Secretaries (UK) Limited
Secretary
Date:
3 June 2026
Hydrangea Holdings Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
- 3 -
2025
2024
Notes
€
€
Turnover
5,845,919
4,141,558
Cost of sales
(309,502)
(487,940)
Gross profit
5,536,417
3,653,618
Administrative expenses
(225,469)
(126,002)
Operating profit
5,310,948
3,527,616
Interest payable and similar expenses
254,882
(283,529)
Other gains and losses
5
(7,529,613)
6,170,356
(Loss)/profit before taxation
(1,963,783)
9,414,443
Taxation
6
(875,373)
(467,583)
(Loss)/profit for the financial year
(2,839,156)
8,946,860
The notes on pages 6 to 10 form part of these financial statements
Hydrangea Holdings Limited
Statement of Financial Position
As at 31 December 2025
- 4 -
2025
2024
Notes
€
€
€
€
Non-current assets
Investments
7
3,772
68,907,224
Current assets
Debtors
8
-
0
10,550
Investments
9
-
0
9,027,764
Cash at bank and in hand
236,091
1,750,162
236,091
10,788,476
Current liabilities
Creditors: amounts falling due within one year
10
(435,699)
(1,327,486)
Net current (liabilities)/assets
(199,608)
9,460,990
Net (liabilities)/assets
(195,836)
78,368,214
Capital and reserves
Share capital
12
154,657
50,017,476
Revaluation reserve
242
6,964,598
Retained (deficit)/earnings
(350,735)
21,386,140
Total equity
(195,836)
78,368,214

For the financial year ended 31 December 2025 the C ompany was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the Board of Directors and authorised for issue on
3 June 2026
03 June 2026
and are signed on its behalf by:
........................................................
T R D Poole
Director
Company Registration No. 11388328
The notes on pages 6 to 10 form part of these financial statements
Hydrangea Holdings Limited
Statement of Changes in Equity
For the year ended 31 December 2025
- 5 -
Share capital
Revaluation reserve
Retained earnings/(deficit)
Total
Notes
€
€
€
€
Balance at 1 January 2024
50,017,476
1,340,513
18,063,365
69,421,354
Profit for the year
-
-
8,946,860
8,946,860
Transfer between reserves
-
5,624,085
(5,624,085)
-
Balance at 31 December 2024
50,017,476
6,964,598
21,386,140
78,368,214
Loss for the year
-
-
(2,839,156)
(2,839,156)
Issue of share capital
12
154,657
-
-
154,657
Dividends
-
-
(25,862,075)
(25,862,075)
Return of capital
12
(50,017,476)
-
-
0
(50,017,476)
Transfer between reserves
-
(6,964,356)
6,964,356
-
Balance at 31 December 2025
154,657
242
(350,735)
(195,836)
The notes on pages 6 to 10 form part of these financial statements
Hydrangea Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
- 6 -
1
Company information

Hydrangea Holdings Limited is a private company limited by shares incorporated in England and Wales on 30 May 2018. The registered office is 5th Floor, 2 Copthall Avenue, London, United Kingdom, EC2R 7DA.

2
Accounting policies
The principle accounting policies adopted are set out below:
2.1
Accounting convention

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 UK Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Euro, 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, modified to include the revaluation of certain financial instruments at fair value.

2.2
Going concern

The Director s ha ve prepared the financial statements on a basis other than going concern. The Director s consider this to be appropriate as it is the intention to liquidate the Company as soon as practicable.

2.3
Turnover

Investment income is recognised on an accruals basis.

2.4
Investments

Investments in listed company shares are remeasured to fair value through profit or loss ("FVTPL") at each Statement of Financial Position d ate.

Unrealised gains and losses on listed investments are initially recognised in the Statement of Comprehensive Income and are subsequently transferred to the revaluation reserve at the p eriod e nd, if remaining unrealised. Impairments that offset previous gains of the same asset are transferred to the revaluation reserve. All other impairments are not transferred to the revaluation reserve.

Realised gains and losses are recognised in the Statement of Comprehensive Income.

2.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

2.6
Financial instruments

The C ompany 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 C ompany's Statement of Financial Position when the C ompany 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.

Hydrangea Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2
Accounting policies
(Continued)
- 7 -
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 paymen ts 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. A m ounts 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.

2.7
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.

2.8
Taxation

The Company has exposure to the following potential tax liabilities:

Current tax

The Company is subject to Corporation Tax at the applicable rate of 25%.

2.9
Foreign exchange
Transactions in currencies other than Euro 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 the Statement of Comprehensive Income.
3
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.

Hydrangea Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
- 8 -
4
Employees
There were 0 employees during the year (2024 - None).
5
Other gains and losses
2025
2024
€
€
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at FVTPL
(7,421,352)
6,029,144
Exchange differences on financial assets held at FVTPL
(108,261)
140,389
(7,529,613)
6,169,533
Other gains/(losses)
Other gains and losses
-
823
(7,529,613)
6,170,356
6
Taxation
2025
2024
€
€
Current tax
UK corporation tax on profits for the current period
875,373
467,583
7
Investments
2025
2024
€
€
Listed investments
3,772
68,907,224

During the year, all investment portfolios were sold to Church Street as trustee of The Mondplaas Trust on 19 August 2025, at market value of €65,752,862. Oberon Credit Fund was retained by the Company, with the final liquidation proceeds being received subsequent to the year end.

8
Debtors
2025
2024
Amounts falling due within one year:
€
€
Prepaid administrative expenses
-
10,550
9
Current asset investments
2025
2024
€
€
JP Morgan Liquidity Funds
-
0
9,027,764
Hydrangea Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
- 9 -
10
Creditors: amounts falling due within one year
2025
2024
Notes
€
€
Borrowings
11
-
517,727
Accrued PIFM J Accountancy fees
4,014
4,220
Accrued portfolio costs - Goldman Sachs
-
18,000
Accrued portfolio costs - UBS Arvello
-
20,000
Creditor - PraxisIFM Corporate Services (UK) Limited
1,032
2,496
Accrued expenses - PIFM (UK) taxation services
-
2,411
Creditor - Corporation Tax
430,653
467,583
Creditor - Interest on late payment of Corporation Tax
-
257,114
Creditor - PraxisIFM Trust Limited
-
37,935
435,699
1,327,486
11
Borrowings
2025
2024
€
€
Interest bearing loan - Hydrangea S.à r.l.
-
517,629
Accrued interest payable - Hydrangea S.à r.l.
-
98
-
517,727

The interest bearing loan b ore interest on the principal amount and any unpaid interest at 1.29% per annum, wa s unsecured and repayable on demand. The loan, along with the outstanding interest, was repaid during the year.

12
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of €0.001 each
154,657,000
50,017,475
154,657
50,017,475
Ordinary shares of £1 each
0
1
-
0
1
154,657,000
50,017,476
154,657
50,017,476

On 19 August 2025, the Company returned capital in the sum of €66,811,543 to the Parent by:

1. subdividing the 50,017,475 Euro Shares into 50,017,475,000 shares of 0.001 each and the Sterling Share into 1,000 shares of £0.001 each.

2. cancelling 50,017,474,000 of the Euro Shares (leaving 1,000 remaining) and all the Sterling Shares and returning the capital of €50,017,474 and £1 t o the Parent, and

3. simultaneously with the Return of Capital, declaring a dividend of €16,794,068.

Hydrangea Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
- 10 -
13
Related party transactions
The Company has taken advantage of the exemption in FRS 102 section 1AC.35 “Related Party Disclosures” from disclosing transactions with wholly owned members of the Group.
14
Subsequent events

The Company performed a review of events subsequent to the Statement of Financial Position date through to the date the financial statements were issued and determined that there were no such events requiring recognition or disclosure in the financial statements.

Hydrangea Holdings Limited
Management Information
For the year ended 31 December 2025
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