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REGISTERED NUMBER: OC448917 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Modal Capital LLP

| Modal Capital LLP (Registered number: OC448917) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| General Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Modal Capital LLP |

General Information

for the Year Ended 31 December 2025

| DESIGNATED MEMBERS: | N V Schiloff

| M B Baker

| M T Sherlock

| REGISTERED OFFICE: | 27 Old Gloucester Street

| London

| WC1N 3AX

| REGISTERED NUMBER: | OC448917 (England and Wales)

| ACCOUNTANTS: | Elemental CoSec Limited

| 27 Old Gloucester Street

| London

| WC1N 3AX

| Modal Capital LLP (Registered number: OC448917) |

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 1 |  | 1 |  |

CURRENT ASSETS

Debtors | 5 | 939 |  | 2,601 |  |

Cash at bank | 989 |  | 1,086 |  |

1,928 |  | 3,687 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,929 |  | 2,431 |  |

NET CURRENT (LIABILITIES)/ASSETS | (1 | ) | 1,256 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS | - |  | 1,257 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 7 | - |  | 1,257 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 7 | - |  | 1,257 |  |

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2025.

The members acknowledge their responsibilities for:

(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

| Modal Capital LLP (Registered number: OC448917) |

Balance Sheet - continued

31 December 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 17 June 2026 and were signed by:

N V Schiloff - Designated member

| Modal Capital LLP (Registered number: OC448917) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Modal Capital LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover represents the amount derived from provision of services which fall within the LLP's principal activity, stated net of value added tax.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Going concern

| After reviewing the partnership's financial situation, the members have a reasonable expectation that the partnership has adequate resources, including the continuing financial support of its group lender, to continue in operational existence for the foreseeable future.The partnership therefore continues to adopt the going concern basis in preparing its financial statements.

3. | EMPLOYEE INFORMATION

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

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakin

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1 |  |

| At 31 December 2024 | 1 |  |

| The investment is recognised at cost and represents 100% of the share capital of Modal Property Limited.

| Modal Capital LLP (Registered number: OC448917) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Other debtors | 939 |  | 2,601 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts owed to group undertakings | 1,929 |  | 2,155 |  |

| Other creditors | - |  | 276 |  |

1,929 |  | 2,431 |  |

7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

| Loans and other amounts due to members represent the capital introduced into the partnership by the members upon incorporation as working capital. These amounts will be repaid in the future when funds become available.

8. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Nicholas Schiloff.