Company No: 13266744 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	30.11.2025		31.03.2025
		£		£
Fixed assets
Investments	3	5,370,090		7,319,792
		5,370,090		7,319,792
Current assets
Cash at bank and in hand		964,054		201,922
		964,054		201,922
Creditors: amounts falling due within one year	4	( 259,550)		( 219,053)
Net current assets/(liabilities)		704,504		(17,131)
Total assets less current liabilities		6,074,594		7,302,661
Creditors: amounts falling due after more than one year	5	( 1,455,731)		( 2,415,600)
Provision for liabilities		( 548,362)		( 932,021)
Net assets		4,070,501		3,955,040
Capital and reserves
Called-up share capital	6	10,000		10,000
Profit and loss account		4,060,501		3,945,040
Total shareholder's funds		4,070,501		3,955,040

For the financial period ending 30 November 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 period 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of M98 Investments Limited (registered number: 13266744) were approved and authorised for issue by the Board of Directors on 04 August 2026. They were signed on its behalf by:

David Raymond Binnion Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M98 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 C/O Bishop Fleming, 4 North East Quay, Plymouth, PL4 0BN, 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

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

These financial statements are presented for a period shorter than one year, due to a decision by the director regarding the future of the company. The prior period information presented in these financial statements may therefore not be directly comparable.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Period from 01.04.2025 to 30.11.2025		Year ended 31.03.2025
	Number		Number
Monthly average number of persons employed by the Company during the period	0		0

3. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2025	6,839,090		480,702		7,319,792
Disposals	0		( 480,702)		( 480,702)
Movement in fair value	( 1,469,000)		0		( 1,469,000)
At 30 November 2025	5,370,090		0		5,370,090
Carrying value at 30 November 2025	5,370,090		0		5,370,090
Carrying value at 31 March 2025	6,839,090		480,702		7,319,792

4. Creditors: amounts falling due within one year

	30.11.2025		31.03.2025
	£		£
Trade creditors	8,100		0
Accruals	250,396		217,999
Taxation and social security	1,054		1,054
	259,550		219,053

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

	30.11.2025		31.03.2025
	£		£
Amounts owed to directors	1,455,731		2,415,600

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

	30.11.2025		31.03.2025
	£		£
Allotted, called-up and fully-paid
5,000 Ordinary A shares of £ 1.00 each	5,000		5,000
5,000 Ordinary B shares of £ 1.00 each	5,000		5,000
	10,000		10,000

7. Related party transactions

Transactions with the entity's directors

	30.11.2025		31.03.2025
	£		£
Amounts owed to the director	1,699,707		2,626,759

Interest accrues at 2.5% per annum, with the total above being the loan from the director plus accrued interest. The loan is repayable in full by 31 January 2027.