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Registered number: 13390350 HINCHBEX LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2025
HINCHBEX LIMITED COMPANY INFORMATION
Director | Mr Joseph Carnell
Registered number | 13390350
Registered office | 20 Gracechurch Street 11th floor
| London
| United Kingdom
| EC3V 9DH
Accountants | Andersen LLP
| Accountants
| 20 Gracechurch Street, 11th Floor
| London
| EC3V 9DH
HINCHBEX LIMITED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HINCHBEX LIMITED FOR THE PERIOD ENDED 31 MAY 2022 You consider that the Company is exempt from an audit for the year ended 30 June 2025. You have acknowledged, on the Balance Sheet, your responsibilities for ensuring that the Company keeps adequate accounting records which comply with section 386 of the Companies Act 2006, and for preparing the financial statements which give a true and fair view of the state of affairs of the Company and of its profit or loss for the financial year. In accordance with your instructions, we have prepared the financial statements on pages 11 from the accounting records of the Company and on the basis of information and explanations you have given to us. We have not carried out an audit or any other review, and consequently we do not express any opinion on these financial statements. Andersen LLP Accountants 20 Gracechurch Street, 11th Floor London EC3V 9DH 23 June 2026 Page 1
HINCHBEX LIMITED REGISTERED NUMBER: 13390350 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | - |  | 942,384
Tangible assets | 6 |  | - |  | 2,954
|  |  | - |  | 945,338
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | - |  | 6,684,249 |
|  | - |  | 6,684,249 |
Creditors: amounts falling due within one year | 8 | (222,492) |  | (11,640,116) |
Net current liabilities |  |  | (222,492) |  | (4,955,867)
Total assets less current liabilities |  |  | (222,492) |  | (4,010,529)
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | - |  | (9,662) |
|  |  | - |  | (9,662)
Net liabilities |  |  | (222,492) |  | (4,020,191)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Revaluation reserve |  |  | - |  | 81,991
Profit and loss account |  |  | (222,592) |  | (4,102,282)
|  |  | (222,492) |  | (4,020,191)
Page 2
HINCHBEX LIMITED REGISTERED NUMBER: 13390350 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 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 year 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. 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 profit and loss account 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 by:
Mr Joseph Carnell
Director
Date: 22 June 2026
The notes on pages 4 to 11 form part of these financial statements. Page 3
HINCHBEX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is: 20 Gracechurch Street, 11th Floor, London EC3V 9DH. The financial statements are prepared in GBP ("£") which is the functional and presentational currency of the primary economic environment in which the company operates. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on the going concern basis of accounting. As at 30 June 2025 the Company had net liabilities of £222,492, substantially all of which represents an intercompany loan balance owed to a group company. The lender has confirmed that it does not intend to seek repayment of the intercompany balance for a period of at least twelve months from the date of approval of these financial statements, and will continue to provide such financial support as is necessary to enable the Company to meet its liabilities as they fall due. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. Page 4
HINCHBEX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 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. Page 5
HINCHBEX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.6 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Development expenditure | - | 3 | years
|  |  |  | Other intangible fixed assets | - | 10 | years
Page 6
HINCHBEX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 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, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 33% | Reducing balance
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 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.9 | 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.
| 2.10 | 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 7
HINCHBEX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
3. | Judgments in applying accounting policies 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. Intangible assets are carried at fair value less cost to sell, which requires estimation as to the fair value of the intangible asset. Reference to publicly available market data is used to determine the fair value of each class of intangible asset.
4. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
Page 8
HINCHBEX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Intangible assets
|  | Development expenditure | Other intangible assets | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 July 2024 | 535,286 | 2,969,952 | 3,505,238
| Additions - internal | - | 22,301,860 | 22,301,860
| Disposals | - | (25,271,812) | (25,271,812)
| At 30 June 2025 | 535,286 | - | 535,286
| Amortisation |  |  |
| At 1 July 2024 | 499,592 | 2,063,262 | 2,562,854
| Charge for the year on owned assets | 35,694 | - | 35,694
| On disposals | - | (2,063,262) | (2,063,262)
| At 30 June 2025 | 535,286 | - | 535,286
| Net book value |  |  |
| At 30 June 2025 | - | - | -
| At 30 June 2024 | 35,694 | 906,690 | 942,384
Page 9
HINCHBEX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 July 2024 | 9,822
| At 30 June 2025 | 9,822
| Depreciation |
| At 1 July 2024 | 6,868
| Charge for the year on owned assets | 2,954
| At 30 June 2025 | 9,822
| Net book value |
| At 30 June 2025 | -
| At 30 June 2024 | 2,954
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | - | 6,684,249
|  | - | 6,684,249
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 222,492 | 2,498,180
| Accruals and deferred income | - | 9,141,936
|  | 222,492 | 11,640,116
Page 10
HINCHBEX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (9,662)
| Charged to profit or loss | 9,662
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | - | (9,662)
|  | - | (9,662)
10. | Related party transactions
| During the current period intercompany loan accounts existed between Hinchbex Limited and group companies. These loans are interest free and repayable/receivable on demand (see below).
|  | 2025
|  | £
| Amounts owed to group companies. | 222,593
|  | 222,593
11. | Controlling party
The ultimate controlling party is Rainbow (BVI) Ltd (2148108) located at Mandar House, 3rd Floor, Suite 301, Road Town, Tortola, British Virgin Island. The immediate parent entity of this company is Rainbow (BVI) Ltd (2148108) incorporated in the British Virgin Islands located at Mandar House, 3rd Floor, Suite 301, Road Town, Tortola, British Virgin Island.
Page 11