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Registration number: 07366922

Akur Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Akur Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 29

Akur Limited

Company Information

Directors | A Richardson - Chairman T Frost - Chief Executive D Shapton - Executive Director

Registered office | Third Floor 7 Swallow Street London W1B 4DE

Auditor | KPMG Audit LLC Chartered Accountants and Statutory AuditorsHeritage Court 41 Athol Street Douglas Isle Of Man IM1 1LA

Akur Limited

Strategic Report for the Year Ended 31 December 2025

The Directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of Akur Limited ('the Company') is the provision of independent corporate finance, mergers and acquisitions ("M&A"), and equity capital markets advice.

Fair review and outlook of the business

We are pleased with the continued increase in both the quality and scale of our M&A transactions during the year. However, with an increase in size and complexity of transactions – which is of itself welcomed – the time horizons of such transactions tend to be longer and can straddle the financial year, which is where we found ourselves in 2025 (much like in 2023). The resulting impact on 2025 revenue and profitability is an artefact of this. We are pleased to report a continued diversification of the Company’s target sectors and we have invested into Healthcare as a new sector for the Company. As a firm, we are also increasingly looking at deploying the Company’s balance sheet (and potentially that of our co-investors) into specific special situations where we can leverage our experience and skillset.
The Company reported revenues of £3,237,241 during the year, compared with £4,489,136 in the previous year and made a profit before tax of £57,808 compared with a profit before tax of £1,202,217 in the previous year.

Principal risks and uncertainties

There is a range of risks and uncertainties faced by the Company. Risks arise from external sources as well as from inherent commercial issues that exist within the general business environment in which the Company operates.
The Company earns the majority of its income from services in respect of corporate finance, mergers and acquisitions, and capital fundraising activities. As such, the Directors have identified the following principal risks and uncertainties relating to the business:
Operational Risk – Specifically, the ability of the Company to attract and retain corporate clients and to successfully execute transactions; and
Market Risk – Specifically, the appetite of market participants to conclude transactions in the sectors that Akur focuses on, which can be significantly influenced by external macro-economic factors.

Approved by the Board on 24 April 2026 and signed on its behalf by:

......................................... A Richardson - Chairman Director |  |

Akur Limited

Directors' Report for the Year Ended 31 December 2025

The Directors present their report and the financial statements for the year ended 31 December 2025.

Directors of the Company

The Directors who held office during the year ended 31 December 2025 were as follows:

A Richardson - Chairman

T Frost - Chief Executive

D Shapton - Executive Director

Results and reserves

The profit for the year, after taxation, amounted to £42,009 (2024: £897,027). The reserves are detailed in the balance sheet on Page 10.

Dividends paid and declared

The Directors declared and paid dividends of £150,000 (2024: £105,000).

Political donations

The Company has made political donations during the year ended 31 December 2025 of £Nil (2024: £Nil).

Important non adjusting events after the financial period

There have been no material events subsequent to the reporting date which require adjustment to, or disclosure in, these financial statements.

Financial instruments

Objectives and policies

The Company has no borrowings or other debt instruments, relying on its cash reserves for liquidity.

Price risk, credit risk, liquidity risk and cash flow risk

The Company’s cash reserves are held on deposit with Coutts & Co., UK Limited.

Disclosure of information to the Auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's Auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the Auditors are unaware.

Reappointment of auditors

Subsequent to completing the audit of these financial statements, KPMG Audit LLC will resign as auditor and be replaced by KPMG Audit Limited. KPMG Audit Limited, being eligible, have expressed their willingness to be appointed in office.

Approved by the Board on 24 April 2026 and signed on its behalf by:

......................................... A Richardson - Chairman Director |  |

Akur Limited

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report, the Strategic Report, the Directors’ 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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 apply them consistently;

• | make judgements and estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• | assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• | use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Akur Limited

Independent Auditor's Report to the Members of Akur Limited

Our opinion

We have audited the financial statements of Akur Limited (the “Company”), which comprise the balance sheet as at 31 December 2025, the profit and loss account, the statements of changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.

In our opinion, the accompanying financial statements:

• | give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of the Company's profit for the year then ended;
• | are properly prepared in accordance with United Kingdom accounting standards, including FRS 102 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland; 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including FRC Ethical Standards. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern
The Directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (the “going concern period").
In our evaluation of the Directors' conclusions, we considered the inherent risks to the Company's business model and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:

• | we consider that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and

• | we have not identified, and concur with the Directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

Akur Limited

Independent Auditor's Report to the Members of Akur Limited (continued)

• | enquiring of management as to the Company’s policies and procedures to prevent and detect fraud as well as enquiring whether management have knowledge of any actual, suspected or alleged fraud;

• | reading minutes of meetings of those charged with governance; and

• | using analytical procedures to identify any unusual or unexpected relationships.

As required by auditing standards, and taking into account possible incentives or pressures to misstate performance and our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, and the risk that management may be in a position to make inappropriate accounting entries. We did not identify any additional fraud risks.
We performed procedures including:

• | identifying journal entries and other adjustments to test based on risk criteria and comparing any identified entries to supporting documentation;

• | incorporating an element of unpredictability in our audit procedures; and

• | for revenue transactions recognised, tracing the invoiced amounts to the cash receipts and agreed contracts.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with management (as required by auditing standards), and from inspection of the Company’s regulatory and legal correspondence, if any, and discussed with management the policies and procedures regarding compliance with laws and regulations. As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements.
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or impacts on the Company’s ability to operate. We identified financial services regulation as being the area most likely to have such an effect, recognising the regulated nature of the Company’s activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

Akur Limited

Independent Auditor's Report to the Members of Akur Limited (continued)

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

The Directors' Report and Strategic Report

The Directors are responsible for the Strategic Report and the Directors' Report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.
Our responsibility is to read the Strategic Report and the Directors' Report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

• | we have not identified material misstatements in the Strategic Report and the Directors' Report;

• | in our opinion the information given in those reports for the financial year is consistent with the financial statements; and

• | in our opinion those reports have been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required 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.

We have nothing to report in these respects.

Respective responsibilities

Directors' responsibilities

As explained more fully in their statement set out on page 4, the Directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Akur Limited

Independent Auditor's Report to the Members of Akur Limited (continued)

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities
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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Juliet Gomes (Senior Statutory Auditor)
For and on behalf of KPMG Audit LLC (Statutory Auditor)
Chartered Accountants
Heritage Court
41 Athol Street
Douglas
Isle Of Man
IM1 1LA

24 April 2026

Akur Limited

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 3,237,241 | 4,489,136
Cost of sales |  | (2,463,670) | (2,482,354)
Gross profit |  | 773,571 | 2,006,782
Administrative expenses |  | (790,693) | (892,058)
Operating (loss)/profit | 4 | (17,122) | 1,114,724
Other interest receivable and similar income | 5 | 75,701 | 87,493
Interest payable and similar expenses | 6 | (771) | -
|  | 74,930 | 87,493
Profit before tax |  | 57,808 | 1,202,217
Taxation charge | 10 | (15,799) | (305,190)
Profit for the financial year |  | 42,009 | 897,027

The above results were derived from continuing operations.

The Company has no recognised gains or losses for this or the preceding year other than the results above. Accordingly, no Statement of Other Comprehensive Income is presented.

Akur Limited

(Registration number: 07366922)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 11 | 25,425 | 20,355
Investments in equity instruments | 12 | 30,753 | 30,753
|  | 56,178 | 51,108
Current assets |  |  |
Debtors | 13 | 780,716 | 164,851
Other financial investments | 14 | 1,000,000 | -
Cash and cash equivalents | 15 | 1,389,979 | 2,976,965
|  | 3,170,695 | 3,141,816
Creditors: Amounts falling due within one year | 16 | (643,949) | (503,276)
Net current assets |  | 2,526,746 | 2,638,540
Total assets less current liabilities |  | 2,582,924 | 2,689,648
Deferred tax liability | 17 | (6,356) | (5,089)
Net assets |  | 2,576,568 | 2,684,559
Capital and reserves |  |  |
Called up share capital | 19 | 375 | 375
Profit and loss account |  | 2,576,193 | 2,684,184
Total equity |  | 2,576,568 | 2,684,559

Approved and authorised by the Board on 24 April 2026 and signed on its behalf by:

......................................... A Richardson - Chairman Director |  |

Akur Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 375 | 1,892,157 | 1,892,532
Profit for the year | - | 897,027 | 897,027
Dividends | - | (105,000) | (105,000)
At 31 December 2024 | 375 | 2,684,184 | 2,684,559

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 375 | 2,684,184 | 2,684,559
Profit for the year | - | 42,009 | 42,009
Dividends | - | (150,000) | (150,000)
At 31 December 2025 | 375 | 2,576,193 | 2,576,568

Akur Limited

Statement of Cash Flows for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 42,009 | 897,027
Adjustments to cash flows from non-cash items |  |  |
Depreciation expense | 4, 11 | 10,529 | 13,239
Loss on disposal of tangible assets | 4 | 2,901 | 2,419
Profit from disposals of investments |  | - | (200)
Other interest income and similar income | 5 | (75,701) | (85,152)
Income tax charge | 10 | 15,799 | 305,190
|  | (4,463) | 1,132,523
Working capital adjustments |  |  |
Increase in debtors | 13 | (615,865) | (77,526)
Increase in creditors | 16 | 261,762 | 233,932
Cash generated from operations |  | (358,566) | 1,288,929
Income taxes paid | 10 | (135,621) | -
Net cash flow from operating activities |  | (494,187) | 1,288,929
Cash flows from investing activities |  |  |
Other interest income and similar income received | 5 | 75,701 | 85,152
Acquisitions of tangible assets | 11 | (18,500) | (10,056)
(Acquisition)/disposal of other financial investment | 14 | (1,000,000) | 1,100,000
Proceeds from disposal of investments |  | - | 200
Net cash flows from investing activities |  | (942,799) | 1,175,296
Cash flows from financing activities |  |  |
Dividends paid | 22 | (150,000) | (105,000)
Net cash flows from financing activities |  | (150,000) | (105,000)
Net (decrease)/increase in cash and cash equivalents |  | (1,586,986) | 2,359,225
Cash and cash equivalents at 1 January |  | 2,976,965 | 617,740
Cash and cash equivalents at 31 December | 15 | 1,389,979 | 2,976,965

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The Company is a private Company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
Third Floor
7 Swallow Street
London
W1B 4DE

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for investments in equity instruments which are measured at cost less impairment.

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

Amendments to FRS 102 not yet applied

The following amendments to FRS 102 have been issued but have not been applied in these financial statements. Their Directors are still in the process of assessing the impact of the new accounting standard.

• Amendments to Section 20 Leases (effective 1 January 2026): This removes the distinction between operating and finance leases for lessees; with more leases recognised with an asset and liability on-balance sheet. Recognition exemption permit short-term leases and leases of low-value assets to remain off-balance sheet.
• Amendments to Section 23 Revenue from Contracts with Customers (effective 1 January 2026): This introduces a single comprehensive five-step model for revenue recognition for all contracts with customers, based on identifying the distinct goods or services promised to the customer and the amount of consideration to which the entity will be entitled in exchange.
• Amendments to Section 26 Share-based payment (effective 1 January 2026): This provides additional guidance aiding application of the principles in certain situations.
• Amendments to Section 29 Income Tax (effective 1 January 2026): This introduces guidance on accounting for uncertain tax positions.

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Going concern

In assessing the use of the going concern basis in preparing the financial statements, the Directors have reviewed projections and budgets for the next twelve months. Following this review, the Directors consider there to be little impact on the Company’s ability to act as a going concern.
The Directors have considered the capital resources available along with the expected cash inflows and consider that the Company has adequate resources in place to continue trading for the next twelve months after the approval of these financial statements. Based on their assessment, the Directors consider that it is appropriate to prepare the financial statements on a going concern basis.

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There are no significant accounting judgements or estimates of a material nature requiring disclosure.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, the costs incurred or to be incurred in respect of the transaction can be measured reliably, all of the significant risks and rewards of ownership have been transferred to the customer and specific criteria have been met for each of the Company's activities.
Revenue from the provision of services is recognised over time, by reference to the stage of completion of the service at the reporting date, where the outcome of the transaction can be assessed reliably. The stage of completion is measured using a percentage of completion method, based on the method that most faithfully reflects the services performed, including costs incurred to date as a proportion of total expected costs, time incurred, or milestones achieved, as appropriate.
Where the outcome of a service transaction cannot be measured reliably, revenue is recognised only to the extent of recoverable costs incurred. Any expected losses on service contracts are recognised immediately in profit or loss.

Finance income and costs policy

Interest income on debt securities, where applicable, is recognised in other interest receivable and similar income using the effective interest method.

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Foreign currency transactions and balances

The financial statements of the Company are presented in the currency of the primary economic environment in which the Company operates (its 'functional currency'). The Directors have considered the currency in which the original capital was raised, distributions will be made and ultimately the currency in which capital would be returned in liquidation. On balance, the Directors believe that pounds sterling best represents the functional currency of the Company. For the purpose of the financial statements, the results and financial position of the Company are expressed in pounds sterling, rounded to the nearest pound, which is the presentation currency of the Company. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

Tax

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

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 operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture, fittings and equipment | Straight line over four years

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Investments in equity instruments

Investments in equity instruments are measured initially at fair value, which is the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition, investments that can be measured reliably are measured at fair value with changes recognised in the profit and loss account. Other investments are measured at cost less impairment in profit and loss.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Debtors include trade debtors, prepayments, amounts owed by related parties and other debtors. Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. Discounting has not been applied due to its short term nature. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Creditors include trade creditors, social security and other taxes, other creditors, accruals and corporation tax liability.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Discounting has not been applied due to its short term nature.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Share based payments

The cost of equity-settled transactions with employees is measured by reference to the fair value at
the date on which they are granted and is recognised as an expense over the vesting period, which
ends on the date on which the relevant employees become fully entitled to the award. Fair value is
determined using an appropriate pricing model. In valuing equity-settled transactions, no account is
taken of any vesting conditions other than conditions linked to the price of the shares of the company
(market conditions).
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is
conditional upon a market condition, which are treated as vesting irrespective of whether or not the
market condition is satisfied, provided that all other performance conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the
extent to which the vesting period has expired and managements best estimate of the achievement or
otherwise of non-market conditions and of the number of equity instruments that will ultimately vest or,
in the case of an instrument subject to a market condition, be treated as vesting as described above.
The movement in cumulative expense since the previous balance sheet date is recognised in the
profit and loss account, with a corresponding entry in equity.
Where the terms of an equity-settled award are modified or a new award is designated as replacing a
cancelled or settled award, the cost based on the original award terms continues to be recognised
over the original vesting period. In addition, an expense is recognised over the remainder of the new
vesting period for the incremental fair value of any modification, based on the difference between the
fair value of the original award and the fair value of the modified award, both as measured on the date
of modification. No reduction is recognised if this difference is negative.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation,
and any cost not yet recognised in the income statement for the award is expensed immediately. Any
compensation paid up to the fair value of the award at the cancellation or settlement date is deducted
from equity, with any excess over fair value being treated as an expense in the profit and loss
account.

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Financial instruments

Recognition and measurement
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 assets and liabilities are offset and 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, cash and bank balances and other financial investments, 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.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, 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.

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Risk Management
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from customers and investment securities, and is also extended to include the Company's cash balances. The Company's credit risk is limited to the risk that its receivables from customers are not recoverable. The Company holds large cash balances at the year-end and credit risk in relation to this cash balance has been deemed to be low with no significant exposure to credit risk. This is due to the Company only transacting with a reputable bank.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company holds large balances at the year end and the risk is deemed to be low. The Company expects to meet its financial obligations through operating cash flows.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments. The entity is not subject to a significant market risk as the entity's investments are in one start-up, unlisted entity which is held at a value corresponding to recent relevant market and company-specific transactions.

3 | Turnover

The analysis of the Company's turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of services | 3,237,241 | 4,489,136

The analysis of the Company's turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 1,947,281 | 4,101,540
Europe (including Channel Islands) | 1,234,960 | 121,253
Rest of world | 55,000 | 266,343
| 3,237,241 | 4,489,136

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

4 | Operating (loss)/profit

Arrived at after charging

| 2025 £ | 2024 £
Depreciation expense | 10,529 | 13,239
Amortisation expense | 524 | -
Loss on disposal of tangible assets | 2,901 | 2,419

5 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 75,618 | 85,120
Other finance income | 83 | 32
Foreign exchange gains | - | 2,341
| 75,701 | 87,493

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Foreign exchange losses | 771 | -

7 | Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 2,010,935 | 2,088,620
Social security costs | 296,274 | 283,939
Pension costs, defined contribution scheme | 153,502 | 104,216
Other employee expense | 1,630 | 2,961
| 2,462,341 | 2,479,736

The average number of persons employed by the Company (including Directors) during the year, analysed by category, was as follows:

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

7 | Staff costs (continued)

| 2025 No. | 2024 No.
Administration and support | 6 | 7
Sales | 1 | 1
| 7 | 8

8 | Directors' remuneration

The Directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 1,333,510 | 1,444,919
Contributions paid to money purchase schemes | 140,000 | 85,481
| 1,473,510 | 1,530,400

In respect of the highest paid Director:

| 2025 £ | 2024 £
Remuneration | 514,583 | 710,819
Company contributions to money purchase pension schemes | 10,000 | -

9 | Auditor's fees

| 2025 £ | 2024 £
Audit of the financial statements | 24,695 | 21,399

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

10 | Taxation

Tax charged in the income statement

| Note | 2025 £ | 2024 £
Current taxation |  |  |
UK corporation tax |  | 14,532 | 135,621
Deferred taxation |  |  |
Arising from origination and reversal of timing differences | 17 | 1,267 | 169,569
Tax charge/(credit) in the income statement |  | 15,799 | 305,190

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024: higher than the standard rate of corporation tax in the UK) of 25% (2024: 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 57,808 | 1,202,217
Corporation tax at standard rate | 14,452 | 300,554
Effect of expense not deductible in determining taxable loss | 4,063 | 5,240
Deferred tax credit from unrecognised temporary difference from a prior period | - | (1,400)
Tax increase from effect of capital allowances and depreciation | - | 796
Tax increase (decrease) from other tax effects | (2,716) | -
Total tax charge | 15,799 | 305,190

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Timing differences | - | 6,356
| - | 6,356

2024 | Asset £ | Liability £
Timing differences | - | 5,089
| - | 5,089

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

11 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 January 2025 | 56,967 | 56,967
Additions | 18,500 | 18,500
Disposals | (23,329) | (23,329)
At 31 December 2025 | 52,138 | 52,138
Depreciation
At 1 January 2025 | 36,612 | 36,612
Charge for the year | 10,529 | 10,529
Eliminated on disposal | (20,428) | (20,428)
At 31 December 2025 | 26,713 | 26,713
Carrying amount
At 31 December 2025 | 25,425 | 25,425
At 31 December 2024 | 20,355 | 20,355

12 | Investments in equity instruments

| Financial assets £
Non-current financial assets
At 1 January 2025 | 30,753
At 31 December 2025 | 30,753
Carrying amount
At 31 December 2025 | 30,753
At 31 December 2024 | 30,753

In 2017, 2019, 2020 and 2021 the Company received, as consideration for services provided, a minority holding in one unlisted company. At the year end the fair value of these investments amounted to £30,753 (2024: £30,753).

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

12 | Investments in equity instruments (continued)

Valuation Technique

The Directors believe that these investments have no immediate method of realisation or expectation of a liquidity event. There is no traded market in these shares and the Company has no specific and/or enhanced rights attached to their holdings. As such, the Directors are of the opinion that the fair value of these investments cannot be measured reliably and therefore these investments are measured at cost less impairment. As at the reporting date, there were no indications of impairment of this investment.

13 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 5,000 | 9,000
Amounts owed by related parties | 23 | 19,230 | 12,454
Other debtors |  | 110,704 | 15,736
Prepayments |  | 87,163 | 127,661
Accrued income |  | 558,619 | -
|  | 780,716 | 164,851

Trade debtors are stated after a provision for bad debts of £Nil (2024: £245,343).

14 | Other financial investments

| 2025 £ | 2024 £
Other financial investments | 1,000,000 | -

Other financial investments consist of short-term deposits with credit institutions with maturity of more than three months.

15 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 1,389,979 | 476,965
Short-term deposits | - | 2,500,000
| 1,389,979 | 2,976,965

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

16 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 69,832 | 52,649
Social security and other taxes |  | - | 781
Other creditors |  | 12,839 | 12,839
Accruals |  | 546,746 | 301,386
Corporation tax liability | 10 | 14,532 | 135,621
|  | 643,949 | 503,276

17 | Deferred tax and other provisions

| Deferred tax £
Asset at 1 January 2025 | 5,089
Movement recognised in profit and loss account | 1,267
Liability/(asset) at 31 December 2025 | 6,356

18 | Pension and other schemes

Defined contribution pension scheme

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and certain Directors' self-invested personal pensions which amounted to £153,502 (2024: £104,216).

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

19 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary share of £1 each | 300 | 300 | 300 | 300
A Ordinary share of £1 each | 25 | 25 | 25 | 25
B Ordinary share of £1 each | 25 | 25 | 25 | 25
C Ordinary share of £1 each | 25 | 25 | 25 | 25
| 375 | 375 | 375 | 375

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: The ordinary shares have full voting rights, dividend rights and capital distribution rights.
A, B and C ordinary shares have the following rights, preferences and restrictions: The A, B and C ordinary shares have no voting rights, are entitled to a dividend at the discretion of the Board and are entitled to participate in a winding up.

20 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 199,790 | 119,194
Later than one year and not later than five years | 396,271 | -
| 596,061 | 119,194

The amount of non-cancellable operating lease payments recognised as an expense during the year was £237,541 (2024: £176,232).

The Company entered into a new 5 year lease during the year, which includes a break clause on 21 October 2028 and lease incentives in the first 10 months of the lease agreement and the 5 months following the break clause.

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

21 | Share-based payments

Approved EMI Scheme

Scheme details and movements

Round 1 - created 2023
The Company granted 20 share options in 2023 at an exercise price of £2,551.80. During the year, no further options were granted and no share options lapsed (2024: Nil). There were 20 options outstanding at the year-end.
These options vest upon the sale of the company and the beneficiaries would receive equity instruments (equity-settled) on the sale, provided they still work for the company. As no information is available to determine the date of sale, the vesting period is deemed to be 10 years for all calculations. No share-based payment charge has been recognised during the year (2024: no charge) as there is a low probability of meeting the exercise conditions. The likelihood and extent of meeting the exercise conditions will be assessed annually.

The movements in the number of share options during the year were as follows:

| 2025 Number | 2024 Number
Outstanding, start of period | 20 | 20
Outstanding, end of period | 20 | 20

22 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £500 (2024: £350) per each Ordinary share |  | 150,000 |  | 105,000

Akur Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

23 | Related party transactions

The Directors are of the opinion that there is no one ultimate beneficial owner but rather beneficial ownership is split between A Richardson, T Frost and D Shapton.

Loans to related parties

2025 | Key management £
At start of period | 12,454
Advanced | 42,649
Repaid | (35,952)
Interest transactions | 79
At end of period | 19,230

2024 | Key management £
At start of period | 7,980
Advanced | 16,352
Repaid | (11,882)
Interest transactions | 4
At end of period | 12,454

Terms of loans to related parties

The loans are repayable on demand, with interest charged at 1% for any overdrawn balances over £5,000.

24 | Subsequent events

There have been no material events subsequent to the reporting date which require adjustment to, or disclosure in, these financial statements.