Company No: 03678510 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	31,160		0
Tangible assets	4, 5	1,617,100		66,104
Investments	6	1		1
		1,648,261		66,105
Current assets
Debtors	7	1,572,019		1,348,301
Cash at bank and in hand		284,934		321,662
		1,856,953		1,669,963
Creditors: amounts falling due within one year	8	( 1,089,930)		( 729,893)
Net current assets		767,023		940,070
Total assets less current liabilities		2,415,284		1,006,175
Creditors: amounts falling due after more than one year	9	( 1,702,841)		( 265,837)
Provision for liabilities	11	( 47,218)		( 12,074)
Net assets		665,225		728,264
Capital and reserves
Called-up share capital	12	28,325		28,325
Share premium account		254,925		254,925
Profit and loss account		381,975		445,014
Total shareholder's funds		665,225		728,264

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Models One Limited (registered number: 03678510) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P Rendell Director

31 March 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Models One Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 10-11 Clerkenwell Green, London, EC1R 0DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Change in accounting policies

The company has elected to early adopt the amendments to FRS 102, which introduce revised requirements for lease accounting. These amendments have been applied from 1 Jan 2025, the start of the current reporting period, in accordance with the transitional provisions of Section 20 Leases.

At the date of initial application (1 Jan 25) the company recognised right-of-use assets and lease liabilities in respect of its previously off-balance-sheet operating leases. There was no impact to opening retained earnings at that date. Comparative information has not been restated.

Right-of-use assets are subsequently depreciated on a straight-line basis over the lease term, and lease liabilities are measured at the present value of future lease payments, discounted at the company’s incremental borrowing rate at the date of initial application.

Except for the adoption of the revised leasing requirements, the company’s accounting policies are unchanged. Early adoption of the other amendments to FRS 102 (including those relating to revenue) did not have any effect on these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Revenue from contracts with customers

The company generates revenue from providing modelling services to clients. The company acts as a disclosed agent in these arrangements. The company’s performance obligation is to provide the model for the contracted service.
Revenue is recognised on a net basis, representing the commission earned on completed bookings. Amounts collected on behalf of models do not form part of revenue.
The company also provides additional services such as digital portfolios, casting support, and test shoots. These are treated as separate performance obligations when they are distinct from the booking service.

Revenue from model bookings is recognised at the point in time when the contracted service has been completed and the company’s obligation to arrange the service has been fulfilled.
Revenue from additional services are recognised when the services are delivered to the model.

Clients are normally invoiced when the job is completed and payment is usually due within 30 days. Revenue does not contain any significant financing component.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Plant and machinery etc.	10 - 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases and right of use assets

At the inception of a contract, the company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The lease liability is initially measured at the present value of future lease payments due over the lease term, discounted at the rate implicit in the lease or, if not readily determinable, the company's incremental borrowing rate. Lease payments include fixed payments, variable lease payments that depend on an index or a tax and amounts reasonably expected to be payable over the life of the lease.

The right of use asset is initially measured at the initial amount of the lease liability and is adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the underlying asset, less any lease incentives received.

The lease liability is subsequently measured at amortised cost using the effective interest method, with an interest expense recognised in the profit or loss.

After initial recognition, the right of use asset is depreciated on a straight line basis over the shorter of the asset's useful life or the lease term. The right of use assets are subject to impairment reviews in accordance with the company's policy on the impairment of non financial assets.

It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if the company changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right of use asset. In any case an equivalent adjustment is made to the carrying value of the right of use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right of use asset is adjusted to zero, any further reduction is recognised in the profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	27		28

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2025	0		0
Additions	31,688		31,688
At 31 December 2025	31,688		31,688
Accumulated amortisation
At 01 January 2025	0		0
Charge for the financial year	528		528
At 31 December 2025	528		528
Net book value
At 31 December 2025	31,160		31,160
At 31 December 2024	0		0

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2025	28,483		115,199		143,682
Additions	66,793		204,475		271,268
Disposals	( 28,483)		( 57,164)		( 85,647)
	0		0		0
At 31 December 2025	66,793		262,510		329,303
Accumulated depreciation
At 01 January 2025	25,744		51,834		77,578
Charge for the financial year	6,072		27,417		33,489
Disposals	( 28,483)		( 38,441)		( 66,924)
	0		0		0
At 31 December 2025	3,333		40,810		44,143
Net book value
At 31 December 2025	63,460		221,700		285,160
At 31 December 2024	2,739		63,365		66,104

5. Right of use assets

	Land and buildings		Total
	£		£
Cost
At 01 January 2025	0		0
Additions	1,402,042		1,402,042
At 31 December 2025	1,402,042		1,402,042
Accumulated depreciation
At 01 January 2025	0		0
Charge for the financial year	70,102		70,102
At 31 December 2025	70,102		70,102
Net book value
At 31 December 2025	1,331,940		1,331,940
At 31 December 2024	0		0

The right-of-use assets are included in the Tangible fixed assets on the balance sheet.

6. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	1
At 31 December 2025	1
Carrying value at 31 December 2025	1
Carrying value at 31 December 2024	1

7. Debtors

	2025		2024
	£		£
Trade debtors	481,769		459,168
Amounts owed by group undertakings	625,429		646,862
Amounts owed by directors	40,553		8,581
Prepayments and accrued income	273,319		233,130
Other debtors	150,949		560
	1,572,019		1,348,301

Amounts owed by group undertakings are repayable on demand and do not bear interest.

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	42,029		63,503
Trade creditors	79,794		52,555
Other loans	45,191		0
Accruals	47,083		15,514
Taxation and social security	225,136		230,407
Obligations under finance leases and hire purchase contracts	3,093		0
Other creditors	647,604		367,914
	1,089,930		729,893

Included within Bank loans is a balance £42,029 (2024: £63,503) of which two of the directors have given personal guarantees.

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

	2025		2024
	£		£
Bank loans	96,110		265,837
Lease liabilities (note 10)	1,397,587		0
Obligations under finance leases and hire purchase contracts	6,108		0
Other creditors	203,036		0
	1,702,841		265,837

Included within Bank loans is a balance £96,110 (2024: £265,837) of which two of the directors have given personal guarantees.

10. Lease liabilities

	2025		2024
	£		£
Lease liabilities due after 1 year	1,397,587		0
	1,397,587		0

The lease liabilities are included in the creditors due after 1 year on the balance sheet.

11. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 12,074)		( 11,642)
Charged to the Statement of Income and Retained Earnings	( 35,144)		( 432)
At the end of financial year	( 47,218)		( 12,074)

12. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
150,000 Ordinary shares of £ 0.10 each	15,000		15,000
133,250 Ordinary A shares of £ 0.10 each	13,325		13,325
	28,325		28,325

13. Related party transactions

The company is a wholly owned subsidiary of Models 1 New Co Limited and as such has taken advantage of the exemption permitted by Section 33 ‘Related party disclosures’ not to provide disclosures of transactions entered into with other wholly owned members of the group.

Included within debtors is an amount of £40,553 (2024: £8,581) owed to the company by a director.

Included within debtors is an amount of £216,020 (2024: £409,570) owed to the company by Models 1 Top Co Ltd.

14. Ultimate controlling party

Parent Company:

Models 1 New Co Limited

The company's immediate parent undertaking is Models 1 New Co Limited, a company registered in England and Wales.

The ultimate controlling parties are the shareholders of the ultimate parent undertaking, Models 1 Top Co Limited.