Company No: 09281670 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investments	4	428,217		428,217
		428,217		428,217
Current assets
Debtors	5	404,524		316,293
Investments	6	0		61,064
Cash at bank and in hand	7	1,071		390
		405,595		377,747
Creditors: amounts falling due within one year	8	( 422,863)		( 372,299)
Net current (liabilities)/assets		(17,268)		5,448
Total assets less current liabilities		410,949		433,665
Creditors: amounts falling due after more than one year	9	( 50,894)		( 99,737)
Net assets		360,055		333,928
Capital and reserves
Called-up share capital		9,494		9,494
Capital redemption reserve		2,506		2,506
Profit and loss account		348,055		321,928
Total shareholders' funds		360,055		333,928

For the financial year ending 31 October 2025 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 Profit and Loss Account has not been delivered.

The financial statements of Winterfell Ventures Limited (registered number: 09281670) were approved and authorised for issue by the Board of Directors on 14 July 2026. They were signed on its behalf by:

A Stark 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 year, unless otherwise stated.

General information and basis of accounting

Winterfell Ventures 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 Nexus House, 2 Cray Road, Sidcup, DA14 5DA, 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

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the ongoing support of certain related parties. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Group accounts exemption

Group accounts exemption s399
The company has taken exemptions from preparing group accounts as it is part of a small group.

Taxation

Current tax
The tax expense for the period comprises current corporation tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between
the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Impairment of assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of
one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Fixed asset investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when
there is objective evidence that the company will not be able to collect all amounts due according to
the original terms of the transaction.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

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.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured are initially measured at fair value, with changes in fair value recognised in profit or loss.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily
apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.

Specifically, judgements and estimates are required in determining debtor recovery and the valuation of investments.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	409,325		409,325
Participating interests	30		30
Other investments and loans	18,862		18,862
	428,217		428,217

Investments in subsidiaries

	2025
	£
Cost
At 01 November 2024	409,325
At 31 October 2025	409,325
Carrying value at 31 October 2025	409,325
Carrying value at 31 October 2024	409,325

	Investments in associates		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 November 2024	30		18,862		18,892
At 31 October 2025	30		18,862		18,892
Carrying value at 31 October 2025	30		18,862		18,892
Carrying value at 31 October 2024	30		18,862		18,892

5. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	404,524		316,293

6. Current asset investments

	2025		2024
	£		£
Listed investments – at fair value	0		61,064

Listed investments were all disposed during the year and the gain/loss of the disposal are recognised in the profit and loss account.

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	1,071		390

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Other loans	48,843		45,324
Accruals	277		277
Taxation and social security	3,053		0
Other creditors	370,690		326,698
	422,863		372,299

Creditors include loans and borrowings which are secured of £48,843 (2024 - £45,324). These borrowings are secured by a pledge of the issued share capital of the company.

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

	2025		2024
	£		£
Other loans	50,894		99,737

Creditors include loans and borrowings which are secured of £50,894 (2024 - £99,737). These borrowings are secured by a pledge of the issued share capital of the company.

10. Related party transactions

Summary of transactions with other related parties
The company has taken advantage of the exemption in FRS 102 33.1AC.35 "Related Party Disclosures" from disclosing transactions with other members of the group.