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Registered number: 13367109 BALAPAN (INVESTMENTS) LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
BALAPAN (INVESTMENTS) LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 - 10
BALAPAN (INVESTMENTS) LIMITED REGISTERED NUMBER: 13367109 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Enter Text here - user input
Fixed assets |  |  |  |  |
Investments | 4 |  | 43,450,438 |  | 37,857,232
|  |  | 43,450,438 |  | 37,857,232
Current assets |  |  |  |  |
Debtors | 6 | 86,969 |  | 308,512 |
Cash at bank and in hand |  | 1,731,570 |  | 6,128,562 |
|  | 1,818,539 |  | 6,437,074 |
Creditors: amounts falling due within one year | 7 | (510,568) |  | (550,446) |
Net current assets |  |  | 1,307,971 |  | 5,886,628
Total assets less current liabilities |  |  | 44,758,409 |  | 43,743,860
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (1,767,000) |  | (1,783,000) |
|  |  | (1,767,000) |  | (1,783,000)
Net assets |  |  | 42,991,409 |  | 41,960,860
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 30,994,654 |  | 30,991,654
Other reserves |  |  | 6,035,290 |  | 6,035,290
Profit and loss account |  |  | 5,961,465 |  | 4,933,916
|  |  | 42,991,409 |  | 41,960,860
Page 1
BALAPAN (INVESTMENTS) LIMITED REGISTERED NUMBER: 13367109 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2026.
E T Salvesen
Director
The notes on pages 4 to 10 form part of these financial statements. Page 2
BALAPAN (INVESTMENTS) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Share capital | Non distributable reserves | Profit and loss reserves | Total equity
| £ | £ | £ | £
Balance at 1 January 2024 | 30,991,654 | 6,035,290 | (105,996) | 36,920,948
Year ended 31 December 2024 |  |  |  |
Profit and total comprehensive income | - | - | 5,039,912 | 5,039,912
Balance at 31 December 2024 | 30,991,654 | 6,035,290 | 4,933,916 | 41,960,860
Year ended 31 December 2025 |  |  |  |
Profit and total comprehensive income | - | - | 1,027,549 | 1,027,549
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 3,000 | - | - | 3,000
Reclassification of shares | (3,349,432) | - | - | (3,349,432)
Reclassfication of shares | 3,349,432 | - | - | 3,349,432
At 31 December 2025 | 30,994,654 | 6,035,290 | 5,961,465 | 42,991,409
Page 3
BALAPAN (INVESTMENTS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies Company information Balapan (Investments) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 17A Curzon Street, London, England, W1J 5HS
| 1.1 | Turnover
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'') 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 amounts 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.
| 1.2 | Turnover
Turnover represents income from investments, net of any tax suffered. Revenue is recognised as a debtor when the company is entitled to receipt.
| 1.3 | Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. Listed investments that have a readily identifiable market value are included at that closing market value, deemed to be fair value, at the balance sheet date. Any realised and unrealised gains and losses on revaluation or disposals are recognised in the profit and loss account.
| 1.4 | 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. Page 4
BALAPAN (INVESTMENTS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.5 | Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 transition, 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. 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 payments 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. Amounts 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.
| 1.6 | 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. Page 5
BALAPAN (INVESTMENTS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 1.8 | 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 reretranslated at the rates prevailing on the reporting end date. Gains and losses arising on gtranslation in the period are included in profit or loss.
| 1.9 | Non Distributable Reserves
The non-distributable reserve represents an uplift in value of the company's original investment portfolio as outlined in note 14 below. This reserve cannot be distributed.
| 1.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 1.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 6
BALAPAN (INVESTMENTS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Total | 1 | 1
3. | Gains and losses on fixed asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fair value gains/(losses) |  |
| Gain on financial assets held at fair value through profit or loss | 2,082,859 | 3,441,145
|  | 2,082,859 | 3,441,145
Page 7
BALAPAN (INVESTMENTS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Movements in fixed asset investments
|  | Investments
|  | £
| Cost or valuation |
| At 1 January 2025 | 37,857,231
| Additions | 10,584,203
| Disposals | (6,711,596)
| Foreign exchange movement | 58,709
| Revaluations | 1,912,849
| At 31 December 2025 | 43,701,396
| Impairment |
| Charge for the period | 250,958
| At 31 December 2025 | 250,958
| Net book value |
| At 31 December 2025 | 43,450,438
| At 31 December 2024 | 37,857,231
| Fixed asset investments revalued Listed investments of £38,333,854 (2024 - £33,146,705) are included at fair value reflecting the market value of those listed investments at year end on the relevant securities market. The historical cost of those listed investments is £29,952,578 (2024 - £26,020,292). Investments in funds of £6,587,483 (2024 - £4,459,497) have been recorded at their net asset value at the balance sheet date. The historical cost of those investments is £7,852,493 (2024 - £4,369,985). Fixed asset investments not carried at market value The unlisted investments in private limited companies recorded within fixed asset investments were not actively traded. Those unlisted investments have been recorded at cost of £501,917 (2024: £501,917) less impairment of £501,917 (2024 - £250,958).
5. | Financial instruments
6. | Debtors
|  |  |  |  | 2025 | 2024
Page 8
BALAPAN (INVESTMENTS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 6.Debtors (continued)
|  |  |  |  | £ | £
| Other debtors | 86,969 | 5,048
| Tax recoverable | - | 303,464
|  | 86,969 | 308,512
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax | 78,351 | -
| Other creditors | 432,217 | 550,446
|  | 510,568 | 550,446
8. | Provision for liabilities
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deferred tax | 1,767,000 | 1,783,000
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Ordinary share capital issued and fully paid |  |
|  | 27,642,222 (2024 - 30,991,654) Ordinary shares class founder of £1.00 each - | 27,642,222 | 30,991,654
|  | 3,349,432 (2024 - ) Ordinary shares class A of £1 each shares of £1.00 each | 3,349,432 | -
|  | 1,000 (2024 - ) Ordinary shares class B of £1 each shares of £1.00 each | 1,000 | -
|  | 1,000 (2024 - ) Ordinary shares class C of £1 each shares of £1.00 each | 1,000 | -
|  | 1,000 (2024 - ) Ordinary shares class D of £1 each shares of £1.00 each | 1,000 | -
|  |  | 30,994,654 | 30,991,654
During the year 3,349,432 ordinary founder shares were reclassified as ordinary A shares. 1,000 ordinary B, C & D shares were also issued on 19 November 2025. Page 9
BALAPAN (INVESTMENTS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Non distributable reserves
| During the year to 31 December 2023, £6,035,290, previously included within creditors, was reclassified as a non-distributable reserve. This was agreed by the company director to correct the level of non-distributable reserves that should have been created when the investment portfolio of predecessor company Findrack (Investments) Limited was transferred in 2021. This reclassification was agreed in October 2023 and subsequently documented in the company's statutory records.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| At the beginning of the year | 6,035,290 | 6,035,290
|  | 6,035,290 | 6,035,290
11. | Capital commitments
At the period end Balapan Investments Limited had outstanding capital commitments of £4,271,013 (2024 - £3,345,577) in relation to the company's unlisted investments.
12. | Related party transactions
At the year end a balance of £392,206 (2024 - £517,206) was due to Findrack (Investments) Limited and is included within other creditors.
13. | Ultimate controlling party
The ultimate controlling party of the company is E T Salvesen.
Page 10