Company registration number 07123905 (England and Wales)
BALBEC CAPITAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
BALBEC CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
BALBEC CAPITAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,044,217
1,121,451
Current assets
Debtors
5
4,698,861
4,184,928
Cash at bank and in hand
309,415
272,819
5,008,276
4,457,747
Creditors: amounts falling due within one year
6
(1,848,909)
(1,511,574)
Net current assets
3,159,367
2,946,173
Total assets less current liabilities
4,203,584
4,067,624
Creditors: amounts falling due after more than one year
7
(519,923)
(747,201)
Net assets
3,683,661
3,320,423
Capital and reserves
Called up share capital
2,500,000
2,500,000
Profit and loss reserves
1,183,661
820,423
Total equity
3,683,661
3,320,423

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 June 2026 and are signed on its behalf by:
Mr N Ap Simon
Director
Company registration number 07123905 (England and Wales)
BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Balbec Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 3-4 Sentinel Square, London, United Kingdom, NW4 2EL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) including the amendments issued in September 2024, which the company has chosen to early adopt in full from 1 January 2024 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this was the parent qualified as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Right-of-use assets - property
20% straight line
Leasehold improvements
Straight line over the remaining lease term

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, 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.

Classification of 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 deducting all of its liabilities.

BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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. A m ounts 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

The company has applied the revised lease accounting requirements in Section 20 of FRS 102 following early adoption of the September 2024 amendments. At the commencement date of a lease, the company recognises a right-of-use asset and a corresponding lease liability, except for: leases with a lease term of 12 months or less at commencement (short-term leases) and leases where the underlying asset is of low value.

Lease liabilities are initially measured at the present value of lease payments payable over the lease term, discounted at the rate implicit in the lease (or, if not readily determinable, the company's incremental borrowing rate). Right-of-use assets are initially measured at cost and subsequently depreciated over the shorter of the lease term and its useful economic life.

Payments for leases qualifying for the short-term or low-value exemptions are charged to profit or loss on a straight-line basis over the lease term.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Related parties

The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
15
13
BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
358
3,488
Foreign current tax on profits for the current period
2,833
2,851
Total current tax
3,191
6,339
Deferred tax
Origination and reversal of timing differences
(110,957)
(94,000)
Total tax credit
(107,766)
(87,661)

The company has tax losses available to offset against future profits of approximately £772,102 (2024: £1,140,000) at the Balance Sheet date. A deferred tax asset has been recognised in respect of the full value of these tax losses in the current year. In prior years, a deferred tax asset was not recognised in respect of the full value of these tax losses, due to uncertainty over when they might be utilised. The value of the unrecognised deferred tax asset in respect of the tax losses is approximately £Nil (2024: £191,000).

A deferred tax asset of approximately £82,000 (2024: £Nil) has been recognised in the current year in respect of tax losses, based on expected future taxable profits, and £12,000 (2024: £Nil) in respect of other short-term timing differences. A further deferred tax asset of £110,957 (2024: £94,000) is expected to be recovered after more than one year.

A rate of 25% (2024: 25%) was used for purposes of considering the effects of deferred taxation in the current period, based on the main rate of UK Corporation Tax in place from 1 April 2023.

4
Tangible fixed assets
Right-of-use assets - property
Leasehold improvements
Total
£
£
£
Cost
At 1 January 2025
1,232,232
-
0
1,232,232
Additions
-
0
170,894
170,894
At 31 December 2025
1,232,232
170,894
1,403,126
Depreciation and impairment
At 1 January 2025
110,781
-
0
110,781
Depreciation charged in the year
221,561
26,567
248,128
At 31 December 2025
332,342
26,567
358,909
Carrying amount
At 31 December 2025
899,890
144,327
1,044,217
At 31 December 2024
1,121,451
-
0
1,121,451
BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Tangible fixed assets
(Continued)
- 7 -

Right-of-use assets represent property recognised under Section 20 of FRS 102 following early adoption of the September 2024 amendments. The cost of the assets includes lease payments and a lease deposit of £124,425. The deposit is recognised within the right-of-use asset but is not depreciated, as it is considered to be recoverable in full at the end of the lease term. Depreciation is charged over the lease term on the remaining portion of the right-of-use asset.

The lease liabilities for recognised right-of-use assets have been measured at the present value of future lease payments, discounted using a rate of 3.25%. The liability will be settled via quarterly payments over the remaining lease term of 3 years and 6 months.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
21,152
6,296
Amounts owed by group undertakings
4,405,993
3,989,089
Other debtors
55,127
84,011
4,482,272
4,079,396
Deferred tax asset
94,000
-
0
4,576,272
4,079,396
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
11,632
11,532
Deferred tax asset
110,957
94,000
122,589
105,532
Total debtors
4,698,861
4,184,928

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,565
19,564
Amounts owed to group undertakings
121,885
121,593
Corporation tax
3,846
3,488
Other taxation and social security
92,394
77,781
Other creditors
1,628,219
1,289,148
1,848,909
1,511,574
BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Creditors: amounts falling due within one year
(Continued)
- 8 -

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Included within other creditors is £214,152 (2024: £193,200) in respect of lease liabilities for right-of-use assets.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
519,923
747,201

Included within other creditors is £519,923 (2024: £747,201) in respect of lease liabilities for right-of-use assets.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Claire Clift
Statutory Auditor:
Azets Audit Services
Date of audit report:
2 July 2026
9
Security

Cash at bank includes £100,000 subject to a fixed charge in favour of HSBC UK Bank plc. These balances are held as security for a corporate card facility and are not available for general use.

10
Other leasing information
As lessee

During the year, the c ompany recognised an expense of £144,654 (2024: £141,881) in respect of leases with a lease term of 12 months or less and leases of low‑value assets.

These leases are exempt from recognition as right‑of‑use assets and lease liabilities under Section 20 of FRS 102.

BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
11
Events after the reporting date

On 18 June 2026, the company acquired 100% of the share capital of Funding 365 Limited, a UK-based specialist mortgage lender.

The total consideration for the acquisition is expected to be approximately £10.7 million, with additional contingent consideration potentially payable based on future performance. As the acquisition took place after the reporting date, no amounts have been recognised in these financial statements.

BALBEC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
12
Parent company

The immediate parent company of Balbec Capital Limited is Balbec Capital (UK) LLC and its registered office is Corporation Trust Center, Orange St. 1209, Wilmington, Delaware, 19801, United States.

InSolve Capital G.P. Parent L.L.C is the parent of the smallest and largest group for which consolidated accounts are prepared and of which the company is a member. The registered office of InSolve Capital G.P. Parent L.L.C is Corporation Trust Center, Orange St. 1209, Wilmington, Delaware, 19801, United States.

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