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Registered number: 10545917 MARI VENTURES LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2025
MARI VENTURES LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Notes to the Financial Statements | 3 - 9
MARI VENTURES LIMITED REGISTERED NUMBER: 10545917 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | (Restated)* 2024
Note |  | $ |  | $
Fixed assets |  |  |  |  |
Investments | 4 |  | 11,910,273 |  | 11,422,668
|  |  | 11,910,273 |  | 11,422,668
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 18,000 |  | 18,000 |
Cash at bank and in hand | 6 | 106,559 |  | 120,529 |
|  | 124,559 |  | 138,529 |
Creditors: amounts falling due within one year | 7 | (6,471,339) |  | (6,543,112) |
Net current liabilities |  |  | (6,346,780) |  | (6,404,583)
Total assets less current liabilities |  |  | 5,563,493 |  | 5,018,085
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (212,735) |  | (160,840) |
|  |  | (212,735) |  | (160,840)
Net assets |  |  | 5,350,758 |  | 4,857,245
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 123 |  | 123
Profit and loss account |  |  | 5,350,635 |  | 4,857,122
|  |  | 5,350,758 |  | 4,857,245
* Refer to Note 4 for details on restatement. Page 1
MARI VENTURES LIMITED REGISTERED NUMBER: 10545917 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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:
................................................ R Mamujee-Towers
Director
Date: 20 June 2026
The notes on pages 3 to 9 form part of these financial statements. Page 2
MARI VENTURES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
MARI Ventures Limited ("the company") is a private company, limited by shares, incorporated in England and Wales with registration number of 10545917. The registered office address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. 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 following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of the shareholder, who has confirmed that she will provide such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of the financial statements of the company.
| 2.4 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is USD. 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. Page 3
MARI VENTURES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.5 | Turnover
Turnover comprises income received from investments. Turnover 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. Turnover is measured as the fair value of the consideration received or receivable.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historical cost less impairment. Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Page 4
MARI VENTURES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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. Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. 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. 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. Page 5
MARI VENTURES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
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. 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.
| 2.14 | Related party transaction exemption
The company has taken advantage of the exemption within FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.
3. | Employees
| The average monthly number of employees, including non- payrolled directors, during the year was 2 (2024 - 2).
Page 6
MARI VENTURES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Fixed asset investments
|  | Investments in subsidiary companies | Listed investments | (Restated) Unlisted investments | Total
|  | $ | $ | $ | $
| Cost or valuation |  |  |  |
| At 1 July 2024 | 7,300,000 | 4,012,668 | 110,000 | 11,422,668
| Additions | - | 119,087 | - | 119,087
| Disposals | - | (116,127) | - | (116,127)
| Foreign exchange movement | - | 335,643 | - | 335,643
| Revaluations | - | 149,002 | - | 149,002
| At 30 June 2025 | 7,300,000 | 4,500,273 | 110,000 | 11,910,273
| The cost of the listed investments as at 30 June 2025 was $3,267,483 (2024 - $3,245,533). The unlisted investments has been restated to remove $18,000 which had been held in the funding account to other debtors (see Note 5).
5. | Debtors
|  |  |  |  | 2025 | (Restated) 2024
|  |  |  |  | $ | $
| Other debtors (see Note 4) | 18,000 | 18,000
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Cash at bank and in hand | 106,559 | 120,529
Page 7
MARI VENTURES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Other creditors | 6,447,722 | 6,518,188
| Accruals and deferred income | 23,617 | 24,924
|  | 6,471,339 | 6,543,112
8. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 4,606,832 | 4,133,197
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand and listed investments.
9. | Deferred taxation
|  | 2025
|  | $
| At beginning of year | (160,840)
| Charged to profit or loss | (51,895)
| At end of year | (212,735)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Capital gains | (212,735) | (160,840)
|  | (212,735) | (160,840)
Page 8
MARI VENTURES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of $1.23 each | 123 | 123
Page 9