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Company No: 06450887 (England and Wales)

# SMYTH INVESTMENTS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

SMYTH INVESTMENTS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2025

Contents

SMYTH INVESTMENTS LIMITED

## BALANCE SHEET

As at 31 December 2025
SMYTH INVESTMENTS LIMITED

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Investments | 3 | 5,495,466 |  | 3,904,348
|  | 5,495,466 |  | 3,904,348
Current assets |  |  |  |
Debtors | 4 | 1,137,455 |  | 1,139,323
Cash at bank and in hand |  | 1,187,238 |  | 2,249,012
|  | 2,324,693 |  | 3,388,335
Creditors: amounts falling due within one year | 5 | ( 17,277) |  | ( 23,155)
Net current assets |  | 2,307,416 |  | 3,365,180
Total assets less current liabilities |  | 7,802,882 |  | 7,269,528
Net assets |  | 7,802,882 |  | 7,269,528
Capital and reserves |  |  |  |
Called-up share capital | 7 | 2 |  | 2
Profit and loss account |  | 7,802,880 |  | 7,269,526
Total shareholder's funds |  | 7,802,882 |  | 7,269,528

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 Income Statement has not been delivered.

The financial statements of Smyth Investments Limited (registered number: 06450887) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Bolchover Director |

21 July 2026

SMYTH INVESTMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
SMYTH INVESTMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 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

Smyth Investments 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 35 Ballards Lane, London, N3 1XW, 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

These financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The company has very little committed expenditure, or third party creditor exposure and, so, based on assessment, the directors considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.
In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these 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 Income Statement 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.

##### 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.

##### 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 Income Statement 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

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Income Statement. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments are classified in accordance with the substance of contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

##### Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

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

#### 3. Fixed asset investments

| Other investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 January 2025 | 3,904,348 |  | 3,904,348
Additions | 1,120,907 |  | 1,120,907
Movement in fair value | 470,211 |  | 470,211
At 31 December 2025 | 5,495,466 |  | 5,495,466
Carrying value at 31 December 2025 | 5,495,466 |  | 5,495,466
Carrying value at 31 December 2024 | 3,904,348 |  | 3,904,348

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by group undertakings | 629,745 |  | 637,868
Prepayments and accrued income | 7,710 |  | 1,455
Other debtors | 500,000 |  | 500,000
| 1,137,455 |  | 1,139,323

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Accruals | 4,400 |  | 6,300
Taxation and social security | 12,877 |  | 16,855
| 17,277 |  | 23,155

#### 6. Financial instruments

Financial assets measured at cost less impairment and fair value through profit or loss comprise listed investments and unlisted investments.
Financial assets measured at amortised cost comprise cash, other debtors, trade debtors, other loans and directors' current accounts.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
2 Ordinary shares of £ 1.00 each | 2 |  | 2

#### 8. Related party transactions

Included in debtors are monies held on trust of £500,000 (2024: £500,000) by related parties which are categorised as such because both the Company and related parties are significantly influenced by the same personnel.