Company No: 06011965 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	A Chauhan
	B Kadumgamparambil
	S Raijmakers (Resigned 01 January 2026)
	G Van Dijk (Resigned 01 January 2026)
	G Wildman (Appointed 01 January 2026)

Registered office	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA
	United Kingdom

Company number

06011965 (England and Wales)

Accountant	Kreston Reeves LLP
	Suite 2
	Orchard House
	Orchard Street
	Canterbury
	Kent
	CT2 8AR

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of STBY Limited for the financial year ended 31 March 2026 which comprise the Balance Sheet and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

This report is made solely to the Board of Directors of STBY Limited, as a body, in accordance with the terms of our engagement letter dated 17 July 2025. Our work has been undertaken solely to prepare for your approval the financial statements of STBY Limited and state those matters that we have agreed to state to the Board of Directors of STBY Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than STBY Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that STBY Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of STBY Limited. You consider that STBY Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of STBY Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Suite 2
Orchard House
Orchard Street
Canterbury
Kent
CT2 8AR

17 July 2026

	Note	31.03.2026		31.03.2025
		£		£
Fixed assets
Tangible assets	3	2,096		2,614
Investments	4	110,360		110,360
		112,456		112,974
Current assets
Debtors	5	48,123		128,562
Cash at bank and in hand	6	276,043		15,919
		324,166		144,481
Creditors: amounts falling due within one year	7	( 326,193)		( 76,880)
Net current (liabilities)/assets		(2,027)		67,601
Total assets less current liabilities		110,429		180,575
Net assets		110,429		180,575
Capital and reserves
Called-up share capital	8	100		100
Share premium account		110,360		110,360
Profit and loss account		( 31 )		70,115
Total shareholders' funds		110,429		180,575

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have 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 STBY Limited (registered number: 06011965) were approved and authorised for issue by the Board of Directors on 17 July 2026. They were signed on its behalf by:

G Wildman Director

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 period, unless otherwise stated.

General information and basis of accounting

STBY 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 2nd Floor, 168 Shoreditch High Street, London, E1 6RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the 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 Balance Sheet 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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Balance Sheet date.

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
	3 years straight line
Plant and machinery etc.	3 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

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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

Trade and other debtors

Trade and other debtors are initially recognised at fair value 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 receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

	Year ended 31.03.2026		Period from 01.01.2024 to 31.03.2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		6

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2025	4,065		40,377		44,442
Additions	0		1,443		1,443
At 31 March 2026	4,065		41,820		45,885
Accumulated depreciation
At 01 April 2025	4,065		37,763		41,828
Charge for the financial year	0		1,961		1,961
At 31 March 2026	4,065		39,724		43,789
Net book value
At 31 March 2026	0		2,096		2,096
At 31 March 2025	0		2,614		2,614

4. Fixed asset investments

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	110,360		110,360
At 31 March 2026	110,360		110,360
Carrying value at 31 March 2026	110,360		110,360
Carrying value at 31 March 2025	110,360		110,360

During the previous year, the company acquired 100% of the shares in STBY B.V., a company incorporated in the Netherlands, from its parent company Raijmakers & Van Dijk B.V.

The consideration of €130,925 (equivalent to £110,360) was settled via a share premium contribution.

The investment is recorded at cost and classified as a non-current asset.

5. Debtors

	31.03.2026		31.03.2025
	£		£
Trade debtors	0		62,616
Amounts owed by Group undertakings	1,800		0
Corporation tax	0		10,237
Other debtors	46,323		55,709
	48,123		128,562

6. Cash and cash equivalents

	31.03.2026		31.03.2025
	£		£
Cash at bank and in hand	276,043		15,919

7. Creditors: amounts falling due within one year

	31.03.2026		31.03.2025
	£		£
Trade creditors	5,577		1,144
Amounts owed to Group undertakings	41,486		64,408
Amounts owed to Ultimate Parent undertakings	46,377		0
Other taxation and social security	11,920		5,583
Other creditors	220,833		5,745
	326,193		76,880

8. Called-up share capital

	31.03.2026		31.03.2025
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100
110,360 Share premium ordinary shares of £ 1.00 each	110,360		110,360
	110,460		110,460

9. Financial commitments

Commitments

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,317 (2025: £4,903).

10. Related party transactions

During the year the company loaned funds to STBY B.V, a company incorporated in the Netherlands. The amount outstanding at the year end was £9,001 (2025: £45,428).

During the year the company loaned funds to Raijmakers & Van Dijk BV, a company incorporated in the Netherlands. The amount outstanding at the year end was £32,485 (2025: £18,980).

At the year end, the amounts due to its group undertaking, Quicksand Design Studio Ltd was £1,800 (2025: £Nil).

During the year the company loaned funds to Quicksand Design Studio Pvt. Ltd, a company incorporated in India. The amount outstanding at the year end was £46,377 (2025: £Nil).

The directors’ remuneration paid by the company during the year was done so under normal market conditions.

11. Ultimate controlling party

The company is a wholly owned subsidiary of Quicksand Design Studio Private Limited, a company incorporated in India. The company is controlled by A Chauhan, A Kumar and K Das by virtue of their shareholding.