Company registration number 12108601 (England and Wales)
CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
4
35,281,459
31,268,692
Current assets
Debtors
5
2,498,098
3,697,493
Cash at bank and in hand
88,883
85,073
2,586,981
3,782,566
Creditors: amounts falling due within one year
6
(9,250)
(8,500)
Net current assets
2,577,731
3,774,066
Net assets
37,859,190
35,042,758
Capital and reserves
Called up share capital
7
32,856,437
32,856,437
Share premium account
114,273
114,273
Other reserves
702,458
702,458
Profit and loss reserves
4,186,022
1,369,590
Total equity
37,859,190
35,042,758

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

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 August 2026 and are signed on its behalf by:
G Gasparini
Director
Company registration number 12108601 (England and Wales)
CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2024
32,856,437
114,273
702,458
3,390,117
37,063,285
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(2,020,527)
(2,020,527)
Balance at 31 December 2024
32,856,437
114,273
702,458
1,369,590
35,042,758
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
2,816,432
2,816,432
Balance at 31 December 2025
32,856,437
114,273
702,458
4,186,022
37,859,190
CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Confia Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 16 Berkeley Street, London, W1J 8DZ.

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are held as part of an investment portfolio and as such are accounted under FRS102 at fair value. As a result any changes in fair value are recognised through the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.4
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.

1.5
Financial instruments

The company 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 company's balance sheet when the company 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 and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

1.6
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.

1.7
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.

CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.8

Consolidation

Interests in subsidiaries, associates and jointly controlled entities are held as part of an investment portfolio and as such are accounted under FRS102 at fair value. As a result the company is exempt from preparing consolidated financial statements.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2025
2024
Number
Number
Total
1
1
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
35,281,459
31,268,692
CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Fixed asset investments
(Continued)
- 6 -
Fixed asset investments revalued

Under FRS 102, the investments excluded from consolidation are Confia Holdings direct Spanish subsidiaries, Yeelloow Money SL and Unión Financiera Asturiana S.A. Establecimiento Financiero de Crédito. The above entities are held as part of an investment portfolio as they are valued at fair market value which is determined in accordance with the International Private Equity and Valuation Guidelines published by the British, French and European Venture Capital Associations (or any replacement thereof).

The valuation has been assessed using a multiple of book value looking at a basket of publicly listed multiples from comparable companies. The appropriate multiple will be chosen based on the relevant valuation multiples observed for comparable companies or transactions, adjusted by The Company in its judgment for differences between the investment and the referenced comparables, including with respect to market position and future prospects, among other relevant factors. Adjustments have been made to these multiples to take into account other factors such as size and control over exit. The valuation has also been assessed by considering credit, liquidity and market risks. The amount determined to be fair value may incorporate the Board of Directors's own assumptions (including assumptions that the Board of Directors believes market participants would use in valuing the investment and assumptions relating to appropriate risk adjustments for nonperformance and lack of marketability). The method used to estimate fair value is the market approach, which involves a significant degree of judgement.

The fair value of the investments and the change in fair value reported through the profit and loss statement is shown below:

Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
31,268,692
Additions
931,988
Valuation changes
3,080,779
At 31 December 2025
35,281,459
Carrying amount
At 31 December 2025
35,281,459
At 31 December 2024
31,268,692
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1
-
0
Other debtors
2,498,097
3,697,493
2,498,098
3,697,493

Within other debtors is unpaid share capital of £18,860.

CONFIA HOLDINGS LTD
(PREVIOUSLY JZ LENDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
9,250
8,500
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
A1 Ordinary shares of 88.309539p each
20,544,332
20,544,332
18,142,605
18,142,605
A2 Ordinary shares of 86.363665p each
15,494,758
15,494,758
13,381,841
13,381,841
A3 Ordinary shares of 88.700924p each
1,480,245
1,480,245
1,312,991
1,312,991
B1 Ordinary shares of £4825.58 each
2
2
9,651
9,651
B2 Ordinary shares of £4674.14 each
2
2
9,348
9,348
37,519,340
37,519,340
32,856,437
32,856,437
8
Other Reserves

Other reserves represents capital introduced by members into the company without an issuance of shares. The capital is not repayable to members and is treated as a capital contribution.

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