For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The 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 director acknowledges her 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 director of the company has elected not to include a copy of the income statement within the financial statements.

Denuo Legal Services International Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Tmf Group, 13th Floor, One Angel Court, London, EC2R 7HJ. The company's principal activities and nature of its operations are disclosed in the director's report.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

Functional currency

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $'000.

Transactional currency

Transactions in foreign currencies are recorded in local reporting currency at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into reporting currency using the rates of exchange at the balance sheet date. all exchange gains and losses on translation are included in the income statement. Non-monetary items are recorded at the historic rate and are not subsequently retranslated.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

• The requirements of IAS 7 to produce a cash flow statement and related notes

• The requirements of IAS 8 to present information regarding new or revised standards that have not been adopted

• All disclosure requirements of IFRS 7 except for those required by law. This includes presenting information regarding the allowances for expected credit losses, reconciliations, credit risk and hedge accounting

• The requirements of IAS 24 to disclose related party transactions entered into between two or more members of the group, provided that any subsidiary party is wholly owned by such a member

• The requirements of IAS 24 to disclose the compensation for key management personnel and amounts incurred by an entity for the provision of key management personnel services that are provided by a separate management entity

• The requirements of IAS 1 to present comparatives for movements on share capital, PPE and intangible assets

• Other requirements of IAS 1, including; making an explicit and unreserved statement of compliance with IFRS standards; the requirement to present comparative information for narrative disclosures; the capital management disclosure requirements of IAS 1

• The requirements of IFRS 15 to disclose information regarding disaggregation of revenue recognised from contracts with customers, contract asset and liability reconciliations and unsatisfied performance obligations

• The requirements of IFRS 16 to present certain information regarding leases for which the entity is a lessee or a lessor

Where required, equivalent disclosures are given in the group accounts of Denuo International Management Consultancies Ltd. The group accounts of Denuo International Management Consultancies Ltd are available upon request.

The director has at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future based on financial performance and cashflow forecasts. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Revenue represents amounts chargeable to clients for professional services provided during the year, excluding third party invoiced disbursements where the Company is acting as an agent.

Revenue is recognised at an amount that reflects the consideration to which the Company is expected to be entitled in exchange for providing legal services to clients. For each contract with a client, the Company: identifies the contract with a client; identifies the performance obligation in the contract; determines the transaction price which takes into account estimates of variable consideration; allocates the transaction price to the performance obligation; and recognises revenue as the performance obligation is satisfied in a manner that depicts the transfer of the benefits of the services promised to the client.

The Company recognises revenue over time as its performance does not create an asset with an alternative use and the Company has a right to payment for work completed to date.

Revenue in respect of partially completed contracts with variable consideration is only recognised to the extent it is highly probable that a significant reversal will not occur. This measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Property, plant and equipment 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, on a straight-line basis over their useful lives on the following bases:

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 recognised in the income statement.

Assets not yet available for use are not depreciated.

Repairs and maintenance costs are charged to the income statement as incurred.

Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. Non-financial assets, other than goodwill, that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents 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.

Trade receivables are recognised at fair value less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

The Company has applied the simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on ageing of the outstanding debts. The expected loss rates are based on the Company’s historical credit losses experience over the two year period prior to the year end. The loss allowance also reflects current and forward-looking economic factors affecting clients including international sanctions and the on-going conflict in Ukraine.

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

Trade and other payables are initially recognised at fair value and held at amortised cost.

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

Tax is calculated at the rate of corporation tax in the UK. The profits of the Company are first taxed at source in Russia and relief is available up to the amount of UK tax payable.

As per note 12, deferred tax is not recognised as it is uncertain whether the deferred tax asset balances will be utilised against future taxable profits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The Company accounts for pension costs in accordance with IAS 19 "Employee Benefits". The Company contributes to a statutory Government scheme in respect of its employees and these costs are charged to the income statement when they become payable.

The Company assesses whether a contract is or contains a lease at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the incremental borrowing rate. An incremental borrowing rate is estimated for each property by adding a risk premium to a risk free rate. The risk premium is calculated using the average office rental yield in the region less a long term risk free rate, based on the 15 year government bond data for the region. The risk free rate is determined from government bond rates, with the duration of the bonds being the weighted average remaining lease term, from commencement of the lease or 1 May 2019 for leases that existed at that date. Credit and country risks are also considered.

The lease liability is presented as a separate line in the balance sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

• the lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;

• the lease payments change due to changes in an index or rate, in which cases the lease liability is measured by discounting the revised lease payments using the initial discount rate; or

• a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs, less any lease incentives receivable. They are subsequently measured at cost less accumulated depreciation.

Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are included in the related right-of-use asset.

The right-of-use assets are presented as a separate line in the balance sheet.

Right-of-use assets are depreciated from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term.

Financial Instruments

The Company classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual agreement.

Financial instruments are recognised on the balance sheet at fair value when the Company becomes a party to the contractual provisions of the instrument, with movements reflected in the income statement.

Contract assets and liabilities

Contract assets

Contract assets are recognised when the Company has satisfied the performance obligations in the contract and either has not recognised a receivable to reflect its unconditional right to consideration or the consideration is not due. Contract assets are treated as financial assets for impairment purposes. The calculation of contract assets also reflects current and forward-looking economic factors affecting clients including international sanctions and the on-going conflict in Ukraine.

Contract liabilities

Contract liabilities are recognised when a client pays consideration, or when the Company recognises a receivable to reflect its unconditional right to consideration (whichever is earlier), before the Company has provided the legal services to the client. The liability is the Company’s obligation to provide legal services to a client from which it has received consideration.

Professional indemnity claims

The Company may be involved in disputes in the ordinary course of business, which may give rise to claims. The Group maintains a captive insurance cell which is consolidated within the Group financial statements. A liability is provided in the financial statements on a prudent basis for all known claims where costs are likely to be incurred, and represents an assessment of the cost of defending and concluding claims. To the extent that claims are covered by professional indemnity insurance, an equivalent insurance recoverable is recognised within receivables.

No separate disclosure is made of the cost and nature of claims covered by insurance, as to do so could seriously prejudice the position of the Company. No amounts are included in liabilities in respect of claims where the liability is possible but not considered likely, or in respect of claims incurred but not reported.

In the application of the company’s accounting policies, the director is 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, 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.

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

There is only one director whose emoluments for the year ended 30 April 2025 totalled $1.16 mil (2024:$0.87 mil) and pension contributions made in the year of $0.06 mil (2024: $0.2mil).

Property, plant and equipment includes right-of-use assets, as follows:

All right-of-use assets relate to properties.

The maturity analysis of lease liabilities is presented in note 11.

The Company had no capital commitments contracted (2024: $nil).

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

On 12 April 2023, a resolution was passed that Denuo Legal Services International Limited accepted to be a minority shareholder in Legal Services International Eurasia FZ LLC, a registered company in the UAE with registered office at Creative Tower P.O.Box 4422, Fujairah, United Arab Emirates. It was agreed that Denuo would have a 1% holding in Legal Services International Eurasia FZ LLC with nominal value of 1,500 AED per share. In accordance with the agreement, Denuo has paid in total $13.3 mil for the purchase of their holding.

The contract liabilities represents payments received in advance of the performance of the performance obligations within the contracts. The associated revenue is recognised when the performance obligation is completed. Changes in the contract liabilities balance during the year were not materially impacted by any specific factors.

Amounts owed by group undertakings are unsecured, repayable on demand, and did not incur interest.

Amounts owed to group undertakings are unsecured, repayable on demand, and did not incur interest.

Operating lease payments represent rentals payable by the company for office premises. The amounts included in the above maturity analysis are the contractual undiscounted cash flows.

Deferred tax is not recognised on these balances as it is uncertain whether they will be utilised against future taxable profits. Unprovided deferred tax is stated at 25% (2024: 25%), being the UK enacted tax rate at the year end which any utilisation would occur.

Breakdown of unrecognised deferred tax asset position may be analysed as follows:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Disclosure of directors' remuneration is covered in note 4. At 30 April 2025, the Georgia branch for Denuo Legal Services International Limited has a balance of $0.05mil due from the director.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Dénuo Legal Services International Limited is a private company limited by shares incorporated in England and Wales. Its principal place of business during the financial year end to 30 April 2025 was Russia and Georgia. The registered office was 160 Aldersgate Street, London, EC1A 4HT.

As at 30 April 2025, the ultimate parent undertaking and ultimate controlling party was Denuo International Management Consultancies Ltd, a private limited company incorporated in United Arab Emirates.

Denuo International Management Consultancies Ltd is the largest group to consolidate these financial statements. The consolidated financial statements are not publicly available and can be obtained upon request from Unit No. 31–44, Central Park Towers, DIFC Dubai, United Arab Emirates.