Company registration number 13665238 (England and Wales)
HANWHA SYSTEMS UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
HANWHA SYSTEMS UK LTD
COMPANY INFORMATION
Director
Mr J Younbo
(Appointed 26 June 2025)
Company number
13665238
Registered office
Suite A
6 Honduras Street
London
EC1Y 0TH
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
HANWHA SYSTEMS UK LTD
CONTENTS
Page
Director's report
1
Director's responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
HANWHA SYSTEMS UK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

Following the disposal of its investment during the year, the principal activity of the company is that of investing its surplus funds.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D W Yoo
(Resigned 26 June 2025)
Mr J Younbo
(Appointed 26 June 2025)
Auditor

The auditor, Edwards, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr J Younbo
Director
10 July 2026
HANWHA SYSTEMS UK LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HANWHA SYSTEMS UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HANWHA SYSTEMS UK LTD
- 3 -
Opinion

We have audited the financial statements of Hanwha Systems UK Ltd (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

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 loss 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

HANWHA SYSTEMS UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HANWHA SYSTEMS UK LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the director's r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and taxation legislation compliance.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HANWHA SYSTEMS UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HANWHA SYSTEMS UK LTD (CONTINUED)
- 5 -

Use of our report

This report is made solely to the company’s member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s member, those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member, for our audit work, for this report, or for the opinions we have formed.

Paul Tonks BSc (Econ) FCA (Senior Statutory Auditor)
For and on behalf of Edwards, Statutory Auditor
Chartered Accountants
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
10 July 2026
HANWHA SYSTEMS UK LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Turnover
-
-
Administrative expenses
486,848
(48,371)
Other operating income
38,543
20,224
Operating profit/(loss)
3
525,391
(28,147)
Interest receivable and similar income
5
1,240,374
57,151
Loss on disposal of fixed asset investment
(10,455,035)
-
0
(Loss)/profit before taxation
(8,689,270)
29,004
Tax on (loss)/profit
6
(596,121)
-
0
(Loss)/profit for the financial year
(9,285,391)
29,004

The income statement has been prepared on the basis that all operations are continuing operations.

HANWHA SYSTEMS UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
£
£
(Loss)/profit for the year
(9,285,391)
29,004
Other comprehensive income:
Items that may be reclassified to profit or loss
Investments held at fair value through other comprehensive income:
- Valuation gain/(loss) arising in the year
27,266,710
(46,741,883)
Total comprehensive income for the year
17,981,319
(46,712,879)
HANWHA SYSTEMS UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
7
-
0
48,532,296
Current assets
Debtors
8
59,874,062
10,045
Cash at bank and in hand
8,696,009
1,463,685
68,570,071
1,473,730
Creditors: amounts falling due within one year
9
(598,500)
(15,774)
Net current assets
67,971,571
1,457,956
Net assets
67,971,571
49,990,252
Capital and reserves
Called up share capital
11
224,750,157
224,750,157
Investment revaluation reserve
-
0
(175,845,769)
Profit and loss reserves
(156,778,586)
1,085,864
Total equity
67,971,571
49,990,252

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

The financial statements were approved by the board of directors and authorised for issue on 10 July 2026 and are signed on its behalf by:
Mr J Younbo
Director
Company registration number 13665238 (England and Wales)
HANWHA SYSTEMS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Notes
Share
Investment
Profit and
Total
capital
revaluation
loss
reserve
reserves
£
£
£
£
Balance at 1 January 2024
224,750,157
(129,103,886)
1,056,860
96,703,131
Year ended 31 December 2024:
Profit for the year
-
-
29,004
29,004
Other comprehensive income:
Adjustments to fair value of financial assets
-
(46,741,883)
-
(46,741,883)
Total comprehensive income
-
(46,741,883)
29,004
(46,712,879)
Balance at 31 December 2024
224,750,157
(175,845,769)
1,085,864
49,990,252
Year ended 31 December 2025:
Loss for the year
-
-
(9,285,391)
(9,285,391)
Other comprehensive income:
Adjustments to fair value of financial assets
7
-
27,266,710
-
27,266,710
Total comprehensive income
-
27,266,710
(9,285,391)
17,981,319
Revaluation reserve realisation transfer
-
148,579,059
(148,579,059)
-
Balance at 31 December 2025
224,750,157
-
0
(156,778,586)
67,971,571
HANWHA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

Hanwha Systems UK Ltd is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is Suite A, 6 Honduras Street, London, EC1Y 0TH. The company's principal activities and nature of its operations are disclosed in the director's report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except for the revaluation of fixed asset investments. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- comparative narrative information;

- related party disclosures for transactions with the parent or wholly owned members of the group.

The Company's ultimate parent undertaking as at 31 December 2025, Hanwha Corp., includes the Company in its consolidated financial statements. The consolidated financial statements of Hanwha Corp. are available to the public and may be obtained from Hanwha Building 24 Floor 86 Cheonggyecheon-ro, Jung-gu Seoul, 100-797 Korea, Republic of (South).

1.2
Going concern

The director has at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Cash at bank and in hand

Cash and cash equivalents 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.

1.4
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

HANWHA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognise changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

HANWHA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.6
Equity instruments

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

1.7
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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

HANWHA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Fixed asset investments

The company has made an irrevocable election to recognise changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased.

3
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,199,141)
(23,586)
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
14,190
4
Employees

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

2025
2024
Number
Number
Directors
1
1
5
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
863,444
57,151
Interest receivable from group companies
376,930
-
0
Total income
1,240,374
57,151
HANWHA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
6
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
596,121
-

The charge for the year can be reconciled to the (loss)/profit per the profit and loss account as follows:

2025
2024
£
£
(Loss)/profit before taxation
(8,689,270)
29,004
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2024: 25.00%)
(2,172,318)
7,251
Effect of expenses not deductible in determining taxable profit
2,773,363
-
0
Unutilised tax losses carried forward
-
0
4,924
Tax losses brought forward utilised
(4,924)
(12,175)
Taxation charge for the year
596,121
-

Factors that may affect future tax charges

At 31 December 2025, a potential deferred tax asset was calculated in respect of realised capital losses on fixed asset investments totalling £39,912,229 (2024 - £43,961,442 in respect of unrealised fair value losses). This deferred tax asset is not recognised in the financial statements on the basis that, in the opinion of the director, it is not probable that taxable profits / capital gains will be available to allow the asset to be recovered in the foreseeable future. The potential deferred tax figure has been calculated at 25% which is the anticipated future tax rate based on the estimated timing of reversal.

There were no factors that may affect future tax charges.

7
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Other investments
-
-
-
48,532,296
HANWHA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Investments
(Continued)
- 15 -
Movements in fixed asset investments
Investments
£
Fair value
At 1 January 2025
48,532,296
Fair value adjustments
27,266,710
Disposals
(75,799,006)
At 31 December 2025
-
Carrying amount
At 31 December 2025
-
At 31 December 2024
48,532,296

Other investments represented the company's 5.4% interest in the ordinary share capital of Eutelsat Communications S. A. which was disposed of during the year.

8
Debtors
2025
2024
£
£
VAT recoverable
16,140
8,885
Amounts owed by fellow group undertakings
59,475,132
-
0
Prepayments and accrued income
382,790
1,160
59,874,062
10,045

Amounts due from fellow group undertakings represents loan due for repayment on 19 June 2026, with interest charged at a commercial rate.

9
Creditors
2025
2024
Notes
£
£
Creditors
10
2,379
15,774
Corporation tax
596,121
-
0
598,500
15,774
HANWHA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
10
Creditors
2025
2024
£
£
Amounts owed to fellow group undertakings
2,379
2,160
Accruals and deferred income
-
0
13,500
Other creditors
-
114
2,379
15,774
11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
224,750,157
224,750,157
224,750,157
224,750,157
12
Related party transactions

The company is a wholly owned subsidiary of Hanwha Corp., and the company has taken advantage of the exemption provided by FRS101 from disclosing related party transactions with other wholly owned entities.

13
Controlling party

At the balance sheet date, the company's immediate parent undertaking was Hanwha Systems Co, Ltd by virtue of its 100% interest in the company's issued share capital.

The ultimate parent of the above entities is Hanwha Corp. a company registered in South Korea, which remains the company's ultimate parent undertaking and controlling party.

Hanwha Corp, is the largest and smallest group for which group financial statements are prepared. The financial statements of this group are publicly available from Hanwha Corp.'s registered office Hanwha Building 24 Floor 86 Cheonggyecheon-ro, Jung-gu Seoul, 100-797 Korea, Republic of (South).

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