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Registered number: 13127983 SEEK DHARMA LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 DECEMBER 2025
SEEK DHARMA LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEEK DHARMA LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seek Dharma Limited for the period ended 31 December 2025 which comprise the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the director of Seek Dharma Limited in accordance with the terms of our engagement letter dated 18 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Seek Dharma Limited and state those matters that we have agreed to state to the director of Seek Dharma Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seek Dharma Limited and its director for our work or for this report. It is your duty to ensure that Seek Dharma Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Seek Dharma Limited. You consider that Seek Dharma Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or review of the financial statements of Seek Dharma Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 2 June 2026 Page 1
SEEK DHARMA LIMITED REGISTERED NUMBER: 13127983 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 3,037 |  | 10,596
|  |  | 3,037 |  | 10,596
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 400,667 |  | 306,370 |
Cash at bank and in hand | 6 | 152,090 |  | 70,465 |
|  | 552,757 |  | 376,835 |
Creditors: amounts falling due within one year | 7 | (46,860) |  | (500,815) |
Net current assets/(liabilities) |  |  | 505,897 |  | (123,980)
Total assets less current liabilities |  |  | 508,934 |  | (113,384)
Creditors: amounts falling due after more than one year | 8 |  | (5,166,638) |  | (4,446,627)
Net liabilities |  |  | (4,657,704) |  | (4,560,011)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 30,000 |  | 30,000
Profit and loss account |  |  | (4,687,704) |  | (4,590,011)
|  |  | (4,657,704) |  | (4,560,011)
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SEEK DHARMA LIMITED REGISTERED NUMBER: 13127983 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2026.
C El Mansouri
Director
The notes on pages 6 to 14 form part of these financial statements. Page 3
SEEK DHARMA LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 30,000 | (4,590,011) | (4,560,011)
Comprehensive income for the period |  |  |
Loss for the period | - | (97,693) | (97,693)
Total comprehensive income for the period | - | (97,693) | (97,693)
Total transactions with owners | - | - | -
At 31 December 2025 | 30,000 | (4,687,704) | (4,657,704)
| The notes on pages 6 to 14 form part of these financial statements.
Page 4
SEEK DHARMA LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 30,000 | (2,492,624) | (2,462,624)
Comprehensive income for the year |  |  |
Loss for the year | - | (2,097,387) | (2,097,387)
Total comprehensive income for the year | - | (2,097,387) | (2,097,387)
Total transactions with owners | - | - | -
At 31 December 2024 | 30,000 | (4,590,011) | (4,560,011)
| The notes on pages 6 to 14 form part of these financial statements.
Page 5
SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
Seek Dharma Limited is a private company limited by shares, domiciled in England and Wales, registration number 13127983. The registered office is 2nd Floor, Nucleus House, 2, Lower Mortlake Road, Richmond, TW9 2JA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.3 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised on the basis of departure date. Page 6
SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Page 7
SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | Over 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 8
SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The Page 9
SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 10
SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
3. | Employees
| The average monthly number of employees, including the director, during the period was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Admin | 5 | 6
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 January 2025 | 18,926
| Disposals | (2,950)
| At 31 December 2025 | 15,976
| Depreciation |
| At 1 January 2025 | 8,330
| Charge for the period on owned assets | 5,581
| Disposals | (972)
| At 31 December 2025 | 12,939
| Net book value |
| At 31 December 2025 | 3,037
| At 31 December 2024 | 10,596
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SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 8,010 | 11,053
| Amounts owed by group undertakings | 192,200 | 130,425
| Other debtors | 174,462 | 23,636
| Prepayments and accrued income | 25,995 | 141,256
|  | 400,667 | 306,370
| Included within prepayments and accrued income above are payments made to suppliers relating to bookings departing after the year end. The total of these prepaid costs at 31 December 2025 was £Nil (2024: £133,543).
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 152,090 | 70,465
|  | 152,090 | 70,465
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payments received on account | 8,476 | 461,733
| Trade creditors | 30,676 | 29,407
| Other taxation and social security | - | 6,182
| Other creditors | - | 1,307
| Accruals and deferred income | 7,708 | 2,186
|  | 46,860 | 500,815
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SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 5,166,638 | 4,446,627
|  | 5,166,638 | 4,446,627
| The amount due to Imagined Orders Holding Limted as at the year is a non-interest bearing loan which is not payable within the next 12 months.
9. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,695 (2024: £10,559). Contributions were fully paid to the fund at the reporting date.
10. | Commitments under operating leases
| The Company had no commitments under non-cancellable operating leases at the reporting date.
11. | Contingent liabilities
As at 31 December 2024, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the company, in the normal course of business, to the company's bond insurance obligors in respect of ABTA travel bonds amounting to £21,886. The company ceased to be an ABTA member during 2025 and accordingly these arrangements ceased thereafter.
12. | Related party transactions
| Imagined Orders Holding Limited, parent company of Seek Dharma Limited advanced £5,166,638 (2024: £4,446,627) to the company during the year. The amount owed is non-interest bearing loan and is not payable within the next 12 months. No marketing and training expenses were recharged by Imagined Orders Holding Limited during the year. Dharma Limited, a company owned by Imagine Orders Holding Limted, advanced £145,870 (2024: £130,425 owed to Dharma Ltd) to the company during the year. The amount owed is non-interest bearing loan and it has no set repayment date. Flagship, a company co-founded by Charaf Al Mansouri, a founder of Seek Dharma Limited, incurred expenses that were paid by Seek Dharma Limited during the year. At 31 December 2025, an amount of £46,330 (2024: £nil) was due from Flagship to the company. The balance is unsecured, interest-free and repayable on demand.
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SEEK DHARMA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
13. | Controlling party
The company is a wholly owned subsidiary of Imagine Orders Holding Limited, incorporated in Abu Dhabi, United Arab Emirates.
Page 14