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COMPANY REGISTRATION NUMBER: 04346798

Aspen Finance Limited

Unaudited Financial Statements

31 December 2024

Aspen Finance Limited

Financial Statements

Period from 1 July 2023 to 31 December 2024

Contents | Page

Director's report | 1

Statement of income and retained earnings | 2

Statement of financial position | 3

Notes to the financial statements | 5

Aspen Finance Limited

Director's Report

Period from 1 July 2023 to 31 December 2024
The director presents his report and the unaudited financial statements of the company for the period ended 31 December 2024 .
Director
The director who served the company during the period was as follows:

G H Melamet |

Other matters
The Company is a shareholder in Artisan (UK) plc. Artisan (UK) plc has been beset by financial problems resulting in one of its subsidiaries entering into a CVA during the financial year ending 31 December 2024 and subsequently going into liquidation due to the failure of the CVA.
This has now impacted on the remainder of the Group and it is expected that Artisan (UK) plc and all its subsidiaries will go into liquidation.
The financial problems within the Group has impacted inter alia on its inability to produce consolidated financial statements. This in turn has delayed the production of financial statements for this Company.
With the Group now being placed into liquidation, the valuation of the Group’s investment is now written down to zero. There are accordingly no assets or liabilities to consolidate into this Company’s financial statements.
On that basis, these financial statements are submitted on an unconsolidated and inaudited basis.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 8 July 2026 and signed on behalf of the board by:

G H Melamet |
Director |

Registered office:
Unit 13, 2nd Floor
Olympia House
Armitage Road
London
NW11 8RQ

Aspen Finance Limited

Statement of Income and Retained Earnings

Period from 1 July 2023 to 31 December 2024

| Period from |
| 1 Jul 23 to | Year to
| 31 Dec 24 | 30 Jun 23
Note | £ | £
Turnover | – | 162,017

| ---- | ---------
Gross profit | – | 162,017

Administrative expenses | 2,254,474 | 4,643,594
| ------------ | ------------
Operating loss | ( 2,254,474) | ( 4,481,577)

Other interest receivable and similar income | – | ( 2)
|  | ------------ | ------------
Loss before taxation | 4 | ( 2,254,474) | ( 4,481,579)

Tax on loss | – | –
| ------------ | ------------
Loss for the financial period and total comprehensive income | ( 2,254,474) | ( 4,481,579)
| ------------ | ------------

Retained (losses)/earnings at the start of the period | ( 3,839,130) | 642,449
| ------------ | ------------
Retained losses at the end of the period | ( 6,093,604) | ( 3,839,130)
| ------------ | ------------

All the activities of the company are from continuing operations.

Aspen Finance Limited

Statement of Financial Position

31 December 2024

| 31 Dec 24 | 30 Jun 23
Note | £ | £

Fixed assets

Tangible assets | 5 | – | 2,174,465

Current assets

Debtors | 6 | 2,122,436 | 1,963,549
Cash at bank and in hand | 851 | 23,203
| ------------ | ------------
| 2,123,287 | 1,986,752

Creditors: amounts falling due within one year | 7 | 7,916,891 | 7,625,262
| ------------ | ------------
Net current liabilities | 5,793,604 | 5,638,510
| ------------ | ------------
Total assets less current liabilities | ( 5,793,604) | ( 3,464,045)

Creditors: amounts falling due after more than one year | 8 | – | 75,085
| ------------ | ------------
Net liabilities | ( 5,793,604) | ( 3,539,130)
| ------------ | ------------

Capital and reserves

Called up share capital | 10,000 | 10,000
Other reserves | 290,000 | 290,000
Profit and loss account | ( 6,093,604) | ( 3,839,130)
| ------------ | ------------
Shareholders deficit | ( 5,793,604) | ( 3,539,130)
| ------------ | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Aspen Finance Limited

Statement of Financial Position (continued)

31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 8 July 2026 , and are signed on behalf of the board by:

G H Melamet |
Director |

Company registration number: 04346798

Aspen Finance Limited

Notes to the Financial Statements

Period from 1 July 2023 to 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 13, 2nd Floor, Olympia House, Armitage Road, London, NW11 8RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Profit before taxation
Profit before taxation is stated after charging:

| Period from |
| 1 Jul 23 to | Year to
| 31 Dec 24 | 30 Jun 23
| £ | £
Impairment of tangible assets | 2,240,647 | 4,567,301
| ------------ | ------------

5. Tangible assets

| User defined asset
| £
Cost |
At 1 July 2023 and 31 December 2024 | 2,174,465
| ------------
Depreciation |
At 1 July 2023 | –
Impairment losses | 2,174,465
| ------------
At 31 December 2024 | 2,174,465
| ------------
Carrying amount |
At 31 December 2024 | –
| ------------
At 30 June 2023 | 2,174,465
| ------------

6. Debtors

| 31 Dec 24 | 30 Jun 23
| £ | £
Trade debtors | 1,000,000 | 1,000,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 1,000,000 | 707,254
Other debtors | 122,436 | 256,295
| ------------ | ------------
| 2,122,436 | 1,963,549
| ------------ | ------------

7. Creditors: amounts falling due within one year

| 31 Dec 24 | 30 Jun 23
| £ | £
Trade creditors | – | 5,001
Other creditors | 7,916,891 | 7,620,261
| ------------ | ------------
| 7,916,891 | 7,625,262
| ------------ | ------------

8. Creditors: amounts falling due after more than one year

| 31 Dec 24 | 30 Jun 23
| £ | £
Other creditors | – | 75,085
| ---- | --------