REGISTERED NUMBER: 12349009 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

Q INTERNATIONAL HOLDINGS LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Director

7

Report of the Independent Auditors

9

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

21

DIRECTOR:

F Torriani

REGISTERED OFFICE:

3 Waterhouse Square

138 - 142 Holborn

London

EC1N 2SW

REGISTERED NUMBER:

12349009 (England and Wales)

AUDITORS:

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

The director presents his strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

Q International Ltd is an industrial holding company that holds companies operating B2B in the luxury travel industry.

The companies belonging to the Group are the following:

Queen of Clubs Lifestyle Luxury Services Ltd, established in London in July 2009

Queen of Clubs SA, incorporated in Switzerland - Chiasso

Queen of Clubs Spain SL, incorporated in Spain - Madrid

Queen of Clubs Italy Srl, incorporated in Italy - Milan

Queen of Clubs France SAS, incorporated in France - Paris

Additionally, Q International Holdings Ltd owns a tech company that developed BeConcierge, an enterprise resource planner (ERP) designed to manage bookings, quoting, pricing, and costing.

The main activity of the Group is designing, producing and executing travel iteneraries and customized experiences.

It has rapidly expanded its footprint across Europe, now operating in the UK, Ireland, France, Netherlands, Italy, Switzerland and Spain.

At year-end, the group operated with 4 operational offices: London, Paris, Chiasso (CH), and Madrid, and a new Global office opened in Milan, running the strategic activities such as: branding, marketing, sales expansion, people & talents resources.

Queen of Clubs continues to broaden its reach and influence in the luxury travel industry reshaping.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management and risk management. Compliance with regulation, legal and ethical standards is a high priority for the Group and the compliance team and Group finance department take on an important oversight role in this regard. A Legal and DPO expert now works full-time based in the Milan office.

Non Financial Risks

The following threats were identified by management:

Political Factors:

Governmental Decisions: Unexpected changes in immigration regulations, travel restrictions, and policies can impact the luxury travel industry.

Safety: Political instability, riots, or terrorism threats can influence client choices and lead to trip cancellations.

Wars: Recent conflicts have not affected the way Americans travel to Europe.

Economic Factors:

Economic Health: The luxury travel market is closely linked to the global economy, with economic growth boosting disposable income and increasing luxury travel expenditure.

Exchange Rates: Currency fluctuations can affect travellers' spending power and overall travel costs, with a stronger home currency making outbound travel more attractive.

Social and Cultural Factors:

Traveller Expectations: Evolving consumer preferences are shifting towards more unique, personalized, and sustainable travel experiences.

Personalized services, security and fixer assistance are more in demand

Demographic Shifts: Rising disposable income among Generation Z and Millennials is driving demand for personalized assistance and luxury services.

Technological Factors:

New Technologies: internal ERP, AI developed within CRM, new website and visual PWA cloud proposals and itineraries have positively impacted the perception of Queen of Clubs as a pioneer tech travel company.

Legal Factors:

Compliance: Adherence to travel and safety regulations, as well as financial reporting and accounting standards, is crucial to ensuring operational and legal compliance.

Confidentiality: Protecting intellectual property and complying with data protection regulations, including the General Data Protection Regulation (GDPR), are essential for maintaining client trust and safeguarding data security.

The organisational structure and tasks are well defined; the group does not use machinery and/or high-risk products, so the risks "integrity" and "human resources" are considered low.

The companies are equipped with an information system based on BeConcierge.

Accounting systems used are Xero and Sage. The company is evaluating the possibility of shifting the entire group into Sage.

A physical cash pooling is under valuation.

All systems are robust. The security standards of IT are high, and the procedures are rigid; we are confident that the system provides ample security margins and is integrated with quadrature utilities and sharing.

There are no customers who, by means of turnover concentration or by dominant influence can integrate the risk of "independence": therefore, we consider the latter as low.

Financial Risks

The Group has no major bank debts for loans and low bank debts. The incidence ratio of the financial interest is low. The "credit" and "liquidity" risks are therefore low.

Results and Performance

The results of the Group for 2025, as set out in this reports, shows a profit before tax of £7.8m (2024: £6.9m), and after tax of £6.2m (2024: £5.3m), and a prior to interests, depreciation and tax profits of £7.4m (2024: £6.5m). The equity shows an amount of £6.7m (2024:£5.6m), that represents 11.9% (2024: 12%) of the net sales of the year. Sales increase from 46m to 56m in 2025 in line with management's expectation as more client travelling in 2025.

BUSINESS ENVIRONMENT

The luxury travel management industry is highly fragmented, with numerous small and medium-sized enterprises (SMEs) operating within niche segments.

There is no single dominant player in this market, which is characterized by a diverse array of companies each targeting specific aspects of luxury travel.

The competition is fierce among firms providing VIP travel services, driven by the high value of the market and a limited, elite client base. Companies strive to distinguish themselves through brand reputation, service quality, innovation in service offerings, and effective client retention strategies.

Despite the fragmented nature of the industry, group stands out due to its exclusive focus on the luxury market. While many major competitors operate in both B2B and B2C sectors, few concentrate solely on luxury travel. This niche focus allows the group to provide unparalleled personalised services.

The total revenue generated by similar companies providing bespoke travel services is around 100 mil per year, excluding ours.

STRATEGY

1. Achieve superior service quality with near-zero error rates

Objective: To deliver unparalleled service quality by minimizing operational errors to near zero.

Strategic initiatives: To implement a robust Quality Management System (QMS) with continuous monitoring and regular audits.

A VDD has been put in place and is in its final state as per July 2026.

Invest in comprehensive training programs to enhance the proficiency of our teams and mitigate potential service disruptions.

Leverage advanced technology solutions, including AI and automation, to reduce human error and speed up processes.

Establish a proactive feedback mechanism with clients to identify and address service gaps promptly.

2. Establish industry-leading response times for quoting and inquiries

Objective: To be recognised as the fastest in the industry for quoting and responding to client inquiries.

Strategic achievements: Developed and integrated a cutting-edge ERP system equipped with AI capabilities to automate and accelerate the quoting process.

Optimized customer service operations through targeted training, enabling swift and effective response handling.

Implement a 24/7 support framework to ensure rapid response capabilities across all time zones.

Set and rigorously monitor key performance indicators (KPIs) related to response times, with continuous improvement efforts.

3. Expand presence across all european luxury destinations and attain B2B market leadership

Objective: To be the leading on-site operator in the European luxury travel sector, with a presence in all major destinations.

Strategic initiatives: Conduct in-depth market analysis to identify and capitalize on opportunities in emerging European luxury destinations.

Forge strategic partnerships with local luxury service providers to enhance our portfolio and competitive edge. Execute targeted marketing campaigns to bolster brand recognition and establish market leadership in Europe.

Participate in and sponsor key industry trade shows to solidify our position as a market leader.

Solid representation in USA and Australia.

Sales Ambassadors travelling and in the rest of the world.

4. Diversify revenue streams by reducing dependency on the US market

Objective: To strategically reduce reliance on the US market by expanding our presence in other key regions.

Strategic initiatives: Intensify sales efforts in high-potential markets outside the US, including Asia, and Australia.

Establish a new Vip group department to satisfy the higher demand of small corporate and leisure groups

Tailor product offerings to meet the unique needs of clients in these regions, driving market penetration.

Strengthen alliances with international partners and travel agencies to expand our global reach.

Continuously monitor and adjust the geographic distribution of our revenue streams to ensure balanced growth.

5. Lay the foundation for a future B2C expansion

Objective: To transition strategically from a B2B model to a B2C model over time has been discussed but still on hold.

Strategic initiatives: Conduct comprehensive market research and feasibility studies to assess the potential for a B2C model in certain markets, such as Middle East.

Develop a scalable digital platform designed to engage directly with end consumers. New web site launched in July 2026.

Design and launch consumer-centric packages that leverage our expertise in luxury services.

KEY PERFORMANCE INDICATORS (KPIS) - AMOUNT IN THOUSANDS (GBP)

Year Ended 31/12/25

Year Ended 31/12/24

Sales

56,419

46,483

Amortization and depreciation

73

49

Bank interest paid

(24)

(23)

Foreign exchanges

(138)

(94)

Trade debtors

223

60

Bank and cash

2,293

3,057

Current assets investment

11,417

8,250

Trade creditors

347

142

Equity

6,719

5,619

The group maintains a strong financial position, underpinned by an efficient cash flow management system.

Our operational model ensures that all client trips are fully paid in advance before any payments are made to our suppliers.

This approach guarantees excellent cash flow and financial stability, enabling us to manage operational costs effectively while mitigating financial risk.

Our balance sheet reflects a streamlined asset structure, characterized by the absence of physical assets (except computers and equipment and furniture in two offices).

Additionally, the Group has no major bank debts for loans and low bank debts. This financial prudence allows to focus on growth and strategic investments unencumbered by debt obligations.

Group has demonstrated significant financial growth and solid performance across various financial metrics.

FUTURE DEVELOPMENT

GROUP

The management reviews financial figures monthly, and they realize that the group is going through a growth phase.

Budgets and forecasts are prepared annually and no risk on the ability of the group to continue as a going concern is identified. 2026 to 2030 budgets show a significant increase in turnover ( 20%), aligned with the EBITDA.

The product catalogue and local partnerships with providers have been developed over the past few months and are ready to support future trips. The structure and standard operating procedures will mirror those of our other entities, facilitating a smooth and rapid opening. The group's plan is to also expand into Portugal in the following year, together with Germany and Austria.

MARKET

Deloitte's 2026 report identifies five trends that will shape the luxury travel market:

1. Luxury Travel Advisors: Increasing reliance on personalised travel advisors.

2. Digital and Tech Innovation: Embracing digital tools for enhanced travel experiences.

3. Ecosystem Collaboration: Greater collaboration across the travel ecosystem.

4. Sustainability: Rising importance of sustainable travel options.

5. Hyper-Personalization: Enhanced focus on highly personalised travel services.

By aligning with these trends, the group can continue to innovate and lead in the luxury travel industry, providing experiences that cater to evolving client preferences.

ON BEHALF OF THE BOARD:

F Torriani - Director

22 July 2026

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

Principal activty of the group is disclosed in the strategic report (page 2).

DIVIDENDS

No interim dividend was paid during the year. The director recommends a final dividend of £63,584 per share.

The total distribution of dividends for the year ended 31 December 2025 will be £5,281,334 (2024: £3,704,968).

DIRECTOR

F Torriani held office during the whole of the period from 1 January 2025 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the year 2025 a total amount of £38,708 (2024: £34,725) has been donated to a charity.

GOING CONCERN

The directors consider the use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the group and company to continue as a going concern.

ENGAGEMENT WITH EMPLOYEES

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

STREAMLINED ENERGY AND CARBON REPORTING

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with Companies Act 2006, s. 414C to set out in the group's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Strategic Report. The matters covered in the strategic report are financial risk management and development and performance.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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 the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

F Torriani - Director

22 July 2026

Opinion

We have audited the financial statements of Q International Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 group's and the parent 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Director's Responsibilities set out on page eight, 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 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 group's and the parent 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 group or the parent company or to cease operations, or has 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and

determined that the most significant are those relating to the reporting framework (United Kingdom Generally

Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.

- The engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

- We identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our commercial knowledge and experience of the company's activity.

- We focused on specific laws and regulations which we considered may have a direct material effect on the

financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and

data protection.

- We understood how Q International Holdings Limited is complying with those frameworks by making enquiries with

management to understand how the group maintains and communicates its policies and procedures to ensure

compliance. We corroborated this through our review of the company's board minutes. We also reviewed

correspondence with the relevant tax authorities regarding tax compliance.

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud

might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

and

- understanding the potential incentives and pressures for management to manipulate the financial statements and

performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment

procedures on this Company as a holding entity, we identified management override of controls as our fraud risk.

- To address our fraud risk of management override of controls, we performed analytical procedures to identify any

unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining any accounting estimates were indicative of

potential bias;

- investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and

non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation.

- reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from

error as they may involve deliberate concealment or collusion.

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.

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

23 July 2026

TURNOVER

3

56,418,739

46,482,938

Cost of sales

(40,170,959

)

(31,743,692

)

GROSS PROFIT

16,247,780

14,739,246

Administrative expenses

(8,774,002

)

(8,160,687

)

7,473,778

6,578,559

Other operating income

59,836

-

Gain/loss on revaluation of assets

143,441

262,259

OPERATING PROFIT

5

7,677,055

6,840,818

Income from fixed asset investments

38,965

110,001

Interest receivable and similar income

166,268

23,629

7,882,288

6,974,448

Interest payable and similar expenses

6

(24,522

)

(23,282

)

PROFIT BEFORE TAXATION

7,857,766

6,951,166

Tax on profit

7

(1,640,953

)

(1,580,743

)

PROFIT FOR THE FINANCIAL YEAR

6,216,813

5,370,423

Profit attributable to:

Owners of the parent

6,216,813

5,370,423

PROFIT FOR THE YEAR

6,216,813

5,370,423

OTHER COMPREHENSIVE INCOME

Foreign currency translations

164,793

(177,935

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

164,793

(177,935

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,381,606

5,192,488

Total comprehensive income attributable to:

Owners of the parent

6,381,606

5,192,488

FIXED ASSETS

Intangible assets

10

123,152

118,991

Tangible assets

11

114,892

117,105

Investments

12

-

-

238,044

236,096

CURRENT ASSETS

Debtors

13

5,561,624

3,656,663

Investments

14

11,417,078

8,250,219

Cash at bank and in hand

2,293,222

3,057,068

19,271,924

14,963,950

CREDITORS

Amounts falling due within one year

15

(12,783,578

)

(9,536,732

)

NET CURRENT ASSETS

6,488,346

5,427,218

TOTAL ASSETS LESS CURRENT LIABILITIES

6,726,390

5,663,314

CREDITORS

Amounts falling due after more than one year

16

-

(35,697

)

PROVISIONS FOR LIABILITIES

18

(6,683

)

(8,182

)

NET ASSETS

6,719,707

5,619,435

CAPITAL AND RESERVES

Called up share capital

19

100

100

Other reserves

20

72,102

81,659

Retained earnings

20

6,647,505

5,537,676

SHAREHOLDERS' FUNDS

6,719,707

5,619,435

The financial statements were approved by the director and authorised for issue on 22 July 2026 and were signed by:

F Torriani - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

159,307

159,307

159,307

159,307

CURRENT ASSETS

Debtors

13

35,840

28,672

Cash at bank and in hand

51,640

32,591

87,480

61,263

CREDITORS

Amounts falling due within one year

15

(175,809

)

(169,855

)

NET CURRENT LIABILITIES

(88,329

)

(108,592

)

TOTAL ASSETS LESS CURRENT LIABILITIES

70,978

50,715

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

70,878

50,615

SHAREHOLDERS' FUNDS

70,978

50,715

Company's profit for the financial year

5,301,597

3,774,224

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 director and authorised for issue on 22 July 2026 and were signed by:

F Torriani - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2024

100

4,050,156

51,209

4,101,465

Changes in equity

Profit for the year

-

5,370,423

-

5,370,423

Other comprehensive income

-

(177,935

)

-

(177,935

)

Total comprehensive income

-

5,192,488

-

5,192,488

Dividends

-

(3,704,968

)

-

(3,704,968

)

Consolidation Reserve

-

-

29,076

29,076

Increase in Legal Reserve

-

-

1,374

1,374

Balance at 31 December 2024

100

5,537,676

81,659

5,619,435

Changes in equity

Profit for the year

-

6,216,813

-

6,216,813

Other comprehensive income

-

174,350

(9,557

)

164,793

Total comprehensive income

-

6,391,163

(9,557

)

6,381,606

Dividends

-

(5,281,334

)

-

(5,281,334

)

Balance at 31 December 2025

100

6,647,505

72,102

6,719,707

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

(18,641

)

(18,541

)

Changes in equity

Dividends

-

(3,704,968

)

(3,704,968

)

Total comprehensive income

-

3,774,224

3,774,224

Balance at 31 December 2024

100

50,615

50,715

Changes in equity

Dividends

-

(5,281,334

)

(5,281,334

)

Total comprehensive income

-

5,301,597

5,301,597

Balance at 31 December 2025

100

70,878

70,978

Cash flows from operating activities

Cash generated from operations

1

9,100,057

7,834,836

Tax paid

(1,608,465

)

(1,721,236

)

Other Non monetary movement

-

30,450

Net cash from operating activities

7,491,592

6,144,050

Cash flows from investing activities

Purchase of intangible fixed assets

(30,333

)

-

Purchase of tangible fixed assets

(41,811

)

(6,613

)

Purchase of fixed asset investments

(3,166,859

)

(4,866,189

)

Sale of fixed asset investments

-

87,445

Interest received

166,268

23,629

Dividends received

38,965

110,001

Net cash from investing activities

(3,033,770

)

(4,651,727

)

Cash flows from financing activities

Loan repayments in year

(77,779

)

(121,421

)

Interest Paid

(24,522

)

(23,282

)

Equity dividends paid

(5,281,334

)

(3,704,968

)

Net cash from financing activities

(5,383,635

)

(3,849,671

)

Decrease in cash and cash equivalents

(925,813

)

(2,357,348

)

Cash and cash equivalents at beginning of year

2

3,057,068

5,581,573

Effect of foreign exchange rate changes

161,967

(167,157

)

Cash and cash equivalents at end of year

2

2,293,222

3,057,068