Company Registration No. 08660879 (England and Wales)
Sustainalytics UK Limited
Annual report and financial statements
for the year ended 31 December 2025
Sustainalytics UK Limited
Company information
Directors
Joan Schaper
(Appointed 1 January 2025)
D A Pagliaro
(Appointed 1 January 2026)
Company number
08660879
Registered office
1 Oliver's Yard
55-71 City Road
London
EC1Y 1HQ
Auditor
Saffery LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Sustainalytics UK Limited
Contents
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
Sustainalytics UK Limited
Directors' report
For the year ended 31 December 2025
1

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the C ompany is that of support activities.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ronald John Bundy
(Resigned 31 December 2025)
Joan Schaper
(Appointed 1 January 2025)
D A Pagliaro
(Appointed 1 January 2026)
Financial instruments
Liquidity risk

The Company does not have a significant exposure to market or liquidity risk given the nature of the financial

instruments currently held.

Interest rate risk

The Company does not have significant exposure to interest rate risk given there is no external debt and amounts owed to other group entities are interest free.

Foreign currency risk

The Company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

The Company is exposed to credit risk from other group entities and external debtors. Because any transactions

with group companies will be between entities which are 100% owned by Morningstar, Inc. the directors feel that

risks are negligible.

Risk from external debtors is managed through regular credit control and review of debts with management. All

clients are well established, and bad debts are minimal. Bad debt provision recorded on 31 December 2025 is

nil (2024: 25,869)

Post reporting date events

There have been no events of significance affecting the Company since the year end date.

Sustainalytics UK Limited
Directors' report (continued)
For the year ended 31 December 2025
2
Future developments

Sustainalytics UK Limited (‘SUK’) has a clear strategic focus on servicing financial advisers with high quality

investment solutions. The strategy across the global group continues to be aligned, with our robust valuation

driven long term investment process being at the heart of everything we do.

In 2025, revenue declined compared with 2024. This was largely due to softness in our flagship ESG Risk Ratings

product, where vendor consolidation and softness in parts of the retail asset and wealth client segments has hurt,

in licensed ratings, where we’ve shifted our approach, and in second-party opinion.

The Morningstar group has made ESG (Environmental, Social and Governance) a priority for considering in our

processes and propositions.

Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the C ompany’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the C ompany’s auditor is aware of that information.

Strategic report exemption

The company is exempt from the requirement to prepare a strategic report for the year ended 31 December 2025 pursuant to section 414B of the Companies Act 2006.

On behalf of the board
Joan Schaper
D A Pagliaro
Director
Director
27 July 2026
Sustainalytics UK Limited
Directors' responsibilities statement
For the year ended 31 December 2025
3

The directors are responsible for preparing the annual report 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; and

- 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.

Sustainalytics UK Limited
Independent auditor's report
To the member of Sustainalytics UK Limited
4
Opinion

We have audited the financial statements of Sustainalytics UK Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Sustainalytics UK Limited
Independent auditor's report
To the member of Sustainalytics UK Limited (continued)
5
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 identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which 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 take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Sustainalytics UK Limited
Independent auditor's report
To the member of Sustainalytics UK Limited (continued)
6

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Simon Hall (Senior Statutory Auditor)
For and on behalf of Saffery LLP
Statutory Auditors
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
27 July 2026
Sustainalytics UK Limited
Statement of comprehensive income
For the year ended 31 December 2025
7
2025
2024
Notes
£
£
Turnover
2
2,141,595
7,468,964
Administrative expenses
(2,039,170)
(6,797,676)
Operating profit
102,425
671,288
Interest receivable and similar income
4
61,758
155,251
Profit before taxation
164,183
826,539
Tax on profit
5
(12,762)
(217,010)
Profit for the financial year
151,421
609,529

The income statement has been prepared on the basis that all operations are continuing operations.

Sustainalytics UK Limited
Statement of financial position
As at 31 December 2025
8
2025
2024
Notes
£
£
£
£
Current assets
Debtors
7
320,225
1,246,580
Cash at bank and in hand
5,663,097
5,486,833
5,983,322
6,733,413
Creditors: amounts falling due within one year
8
(2,345,333)
(3,246,845)
Net current assets
3,637,989
3,486,568
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
3,637,988
3,486,567
Total equity
3,637,989
3,486,568
The financial statements were approved by the board of directors and authorised for issue on 27 July 2026 and are signed on its behalf by:
Joan Schaper
D A Pagliaro
Director
Director
Company Registration No. 08660879
Sustainalytics UK Limited
Statement of changes in equity
For the year ended 31 December 2025
9
Notes
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
1
2,877,038
2,877,039
Year ended 31 December 2024:
Profit and total comprehensive income
-
609,529
609,529
Balance at 31 December 2024
1
3,486,567
3,486,568
Year ended 31 December 2025:
Profit and total comprehensive income
-
151,421
151,421
Balance at 31 December 2025
1
3,637,988
3,637,989
Sustainalytics UK Limited
Notes to the financial statements
For the year ended 31 December 2025
10
1
Accounting policies
Company information

Sustainalytics UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Oliver's Yard, 55-71 City Road, London, EC1Y 1HQ.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

This C ompany is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he C ompany has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the C ompany are consolidated in the financial statements of Morningstar Inc. The consolidated financial statements of Morningstar Inc are available from 22 West Washington Street, Chicago, Illinois, United States, 60602.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the true C ompany has adequate resources to continue in operational existence for the foreseeable future. F orecasts prepared by management i ndicate that the C ompany will continue to have the ability to meet its liabilities as they fall due for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Where contracts are performed for standalone engagements ("one-off contracts"), revenue is recognised at the point of providing the service.

Sustainalytics UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
11

Where contracts are performed for services provided over a period of time ("recurring contracts"), revenue is recognised on a straight-line basis over the term of the contract.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 years straight line

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.

1.5
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.

1.6
Financial instruments

The C ompany 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 C ompany's statement of financial position when the C ompany 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, 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 transaction, 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.

Sustainalytics UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
12
Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies 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 paymen ts 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. A m ounts 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.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the C ompany has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Sustainalytics UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
13
1.10
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 retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover

An analysis of the Company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
Europe
248,234
98,114
United Kingdom
1,668,074
7,349,852
Africa
68,079
4,080
Asia
157,208
16,918
2,141,595
7,468,964
3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was nil (2024: nil)

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
-
0
0
26,660

In 2022, all employees were transferred to Morningstar UK Limited and Morningstar Europe Limited.

Wages and salaries in the prior year relate to temporary staff costs.

4
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
61,758
155,251
Sustainalytics UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
14
5
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
203,772
Foreign current tax on profits for the current period
11,970
13,832
Total current tax
11,970
217,604
Deferred tax
Origination and reversal of timing differences
792
(594)
Total tax charge
12,762
217,010

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
164,183
826,539
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
41,046
206,635
Tax effect of expenses that are not deductible in determining taxable profit
(2,993)
(3,458)
Group relief
(37,260)
-
0
Permanent capital allowances in excess of depreciation
(1)
1
Other adjustments
11,970
13,832
Taxation charge for the year
12,762
217,010

Sustainalytics UK Limited is within the scope of the OECD Pillar Two model rules. Pillar Two legislation (including a qualifying domestic minimum top-up tax) has been enacted in the UK, the jurisdiction in which the entity is incorporated, and was effective beginning in 202 4.

The Company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to FRS 102 section 29 issued in July 2023.

For 202 5, the Company has not recorded a liability for Pillar Two Taxes.

Sustainalytics UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
15
6
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2025
21,133
Disposals
(21,133)
At 31 December 2025
-
0
Depreciation and impairment
At 1 January 2025
21,133
Eliminated in respect of disposals
(21,133)
At 31 December 2025
-
0
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
133,911
574,411
Corporation tax recoverable
150,000
150,000
Amounts owed by group undertakings
23,257
507,877
Other debtors
5,179
8,258
Prepayments and accrued income
4,266
1,630
316,613
1,242,176
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 10)
3,612
4,404
Total debtors
320,225
1,246,580

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Sustainalytics UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
16
8
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Trade creditors
16,051
-
0
Amounts owed to group undertakings
2,047,186
1,924,297
Taxation and social security
11,121
402,450
Deferred income
9
197,984
859,987
Other creditors
-
0
34,111
Accruals
72,991
26,000
2,345,333
3,246,845

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

9
Deferred income
2025
2024
£
£
Arising from services provided over time
197,984
859,987
10
Deferred taxation

The following are the deferred tax liabilities and assets recognised by the Company and movements thereon:

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
3,612
4,404
2025
Movements in the year:
£
Asset at 1 January 2025
(4,404)
Charge to profit or loss
792
Asset at 31 December 2025
(3,612)
11
Claims of a legal nature (including estimated value)

Sustainalytics UK Limited may be involved from time to time in commercial disputes and legal proceedings that arise in the normal course of its business. While it is difficult to predict the outcome of any particular dispute or proceeding, Sustainalytics UK Limited does not believe the result of any of these matters will have a material adverse effect on its business, operating results, or financial position.

Sustainalytics UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
17
12
Share capital and reserves
2025
2024
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1 each
1
1

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

13
Ultimate controlling party

The Company is wholly owned subsidiary of Sustainalytics BV, a company registered in The Netherlands. The director considers that the ultimate parent company is Morningstar Inc, a company registered in the United States.

Copies of the accounts of Morningstar Inc are available from 22 West Washington Street, Chicago, Illinois, United States, 60602.

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