REGISTERED NUMBER: 12295534 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SIID LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

J A Edwards

S M Butler

S Spaccia

Mrs V Mennella

R Farris

REGISTERED OFFICE:

c/o 3a Tournament Court

Tournament Fields

Warwick

Warwickshire

CV34 6LG

REGISTERED NUMBER:

12295534 (England and Wales)

SENIOR STATUTORY AUDITOR:

Richard John Barnes FCCA

AUDITORS:

Studholme-Bell Limited

Chartered Certified Accountants

Vantage House

3 East Terrace Business Park

Euxton Lane, Euxton

Chorley

Lancashire

PR7 6TB

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J A Edwards

S M Butler

S Spaccia

Other changes in directors holding office are as follows:

P Cominone - resigned 10 July 2025

G Rudi - resigned 20 October 2025

Mrs V Mennella - appointed 20 October 2025

R Farris - appointed 10 July 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Studholme-Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S Spaccia - Director

23 June 2026

Opinion

We have audited the financial statements of Siid Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 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.

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 Auditors' 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or

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

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As Auditors of the above named entity, we have undertaken audit testing, discussions and examination of the company, that are capable of detecting irregularities, including fraud are detailed below:

i) We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined the Companies Act 2006 to be the most significant laws and regulations to the entity. We enquired of management whether there were any instances of non-compliance with laws and regulations or whether they had any knowledge of actual or suspected fraud. We discussed and compared the result of our enquiries to supporting documentation. From the procedures performed we did not identify any matters relating to non-compliance with laws and regulation or matters in relation to fraud.

ii) We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Evaluation of the processes and controls established to address the risks related to irregularities and fraud;

Testing manual journal entries, in particular journal entries relating to accounting estimates and entries that were deemed material and those that related to unusual transactions;

Identifying and testing related party transactions.

iii) The assessment of the appropriateness of the competence and capabilities of the engagement team included consideration of the engagement team's knowledge of the industry in which the client operates in and understanding of, together with the practical experience through training and participation with audit engagements of a similar nature.

iv) When assessing the potential risks of material misstatement to the financial statements, we obtained an understanding of:

The Company's operations, including the nature of its revenue sources, expected financial statement disclosures and business risks, that may result in a risk of material misstatement;

We undertake and document an analytical review at the planning and completion stage of our audit, to ensure that all material items have been identified and can be explained.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard John Barnes FCCA (Senior Statutory Auditor)

for and on behalf of Studholme-Bell Limited

Chartered Certified Accountants

Vantage House

3 East Terrace Business Park

Euxton Lane, Euxton

Chorley

Lancashire

PR7 6TB

23 June 2026

TURNOVER

97,391

233,929

Cost of sales

89,077

216,722

GROSS PROFIT

8,314

17,207

Administrative expenses

301

35,523

OPERATING PROFIT/(LOSS)

4

8,013

(18,316

)

Interest receivable and similar income

-

402

PROFIT/(LOSS) BEFORE TAXATION

8,013

(17,914

)

Tax on profit/(loss)

5

(6,482

)

(3,378

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

14,495

(14,536

)

CURRENT ASSETS

Debtors

6

140,200

73,707

Cash at bank

-

2,404

140,200

76,111

CREDITORS

Amounts falling due within one year

7

37,090

9,196

NET CURRENT ASSETS

103,110

66,915

TOTAL ASSETS LESS CURRENT LIABILITIES

103,110

66,915

CREDITORS

Amounts falling due after more than one year

8

584,697

562,997

NET LIABILITIES

(481,587

)

(496,082

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

(482,587

)

(497,082

)

SHAREHOLDERS' FUNDS

(481,587

)

(496,082

)

The 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 23 June 2026 and were signed on its behalf by:

S Spaccia - Director

1.	STATUTORY INFORMATION

Siid Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is a wholly owned subsidiary of World Options Holdings Limited (the group), company number: 10111725. The financial statements of Siid Limited are consolidated into the group consolidated accounts of World Options Holdings Limited (registered office address as per page 1).

The presentation currency of the financial statements is the pound sterling (£). Monetary amounts in the financial statements are rounded to the nearest £.

The financial statements have been prepared on a going concern basis despite the net liabilities position of £481,587 as at 31 December 2025. The directors consider the going concern basis to be appropriate for the following reasons.

As the company is a subsidiary of World Options Holdings Limited (the group), the ability of the company to continue as a going concern is based on the ability of the group to continue as a going concern.

The group has prepared financial forecasts comprising operating profit, balance sheet and cashflows covering the 18 month period from 31 December 2025. In preparing the forecasts, the directors have considered if the group is able to continue to support the trading company, Siid Limited and have found this to be the case. The group has indicated its intention not to seek repayment of the inter company loan as at 31 December 2025 for the foreseeable future and will continue to make available such funds as are required by the company until at least 30 June 2027.

As a result of the above, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and have, therefore, prepared the financial statements on a going concern basis.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements and estimates made by management in preparing these financial statements include:

- Amortisation.

- Depreciation.

- Financial Instruments.

Income recognition

Turnover represents the invoiced value of the supply of courier services, net of value added tax, trade discounts and payments that are recharged to the parent company, World Options Limited.

The services provided to customers are invoiced on completion of the service and recognised on a daily basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Debt instruments such as other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable with one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

31.12.25

31.12.24

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

31.12.25

31.12.24

£

£

-

2,220

5.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Deferred tax

(6,482

)

(3,378

)

Tax on profit/(loss)

(6,482

)

(3,378

)

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

38,913

-

Other debtors

31,764

11,000

VAT

334

-

Deferred tax asset

69,189

62,707

140,200

73,707

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

1,188

-

Trade creditors

20,043

3,909

VAT

-

287

Other creditors

10,859

-

Accruals and deferred income

5,000

5,000

37,090

9,196

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Amounts owed to group undertakings

584,697

562,997

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 January 2025

(497,082

)

Profit for the year

14,495

At 31 December 2025

(482,587

)

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is MBE Worldwide S.P.A.