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Registered number: 02104695 MIZUHO LEASING (UK) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
MIZUHO LEASING (UK) LIMITED CONTENTS
| Pages
Company information | 1
Directors' report | 2 - 3
Directors' responsibilities statement | 4
Independent auditors' report | 5 - 8
Profit and loss account | 9
Balance sheet | 10
Notes to the financial statements | 11 - 17
MIZUHO LEASING (UK) LIMITED COMPANY INFORMATION
Directors | H Noguchi
| M Sakamoto
Registered number | 02104695
Registered office | Mizuho House
| 30 Old Bailey
| London
| EC4M 7AU
Independent auditors | Haslers Assurance LLP
| Chartered Accountants and Statutory Auditors
| Old Station Road
| Loughton
| United Kingdom
| IG10 4PL
Page 1
MIZUHO LEASING (UK) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Business review
The company's key performance indicator is profit before taxation. The profit before taxation is £247,816 (2024: £404,121). The performance of the company continued in line with expectations over the year. The decrease in profit before taxation is attributable to lower revenue in the year due to the decrease in interest rates during the year.
Directors
The directors who served during the year were:
H Noguchi
M Sakamoto
Future developments
The company has satisfied its target in respect of the medium-term management plan which was due to end at the end of FY2025. The company is now looking into developing a new medium-term management plan. In addition to the leasing business which is the service we have traditionally provided, we will continue to seek turnover from our current service, a comprehensive financial service that serves the business community.
Dividends
The directors declared dividends of £Nil (2024: £2,500,000) during the year.
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Going concern
The company will continue to operate its business by focusing on the turnover from its current services. There is sufficient headroom available to meet current obligations, and also that there is a large cash balance available to meet any obligations.
Post balance sheet events
Please refer to Note 11 for details of post balance sheet events.
Auditors
In accordance with section 487(2) of the Companies Act 2006, Haslers Assurance LLP will be deemed to have been reappointed as auditors of the company. Page 2
MIZUHO LEASING (UK) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
H Noguchi Director
Date: 9 July 2026
Page 3
MIZUHO LEASING (UK) LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙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 to 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. Page 4
MIZUHO LEASING (UK) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIZUHO LEASING (UK) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025
Opinion
We have audited the financial statements of Mizuho Leasing (UK) Limited (the 'Company') for the year ended 31 December 2025, which comprise the profit and loss, the balance sheet and the related notes, including a summary of 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the directors' report 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. Page 5
MIZUHO LEASING (UK) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIZUHO LEASING (UK) LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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 identified material misstatements in the directors' report. 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 4, 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. Page 6
MIZUHO LEASING (UK) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIZUHO LEASING (UK) LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditors' 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 auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006 and tax legislation. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below: The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement. due to fraud. In addition, the key principal risk related to the existence of inappropriate journal entries to impact the profit for the year. Procedures performed to address these were as follows: ∙Discussions with management and those charged governance including consideration of known or suspected instances of non-compliance with laws and regulations, and fraud. ∙Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end. ∙Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report. Page 7
MIZUHO LEASING (UK) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIZUHO LEASING (UK) LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Use of our report This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in an auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed. Charalambos Patsalides, ACA, FCCA. (Senior statutory auditor) for and on behalf of Haslers Assurance LLP Chartered Accountants and Statutory Auditors Old Station Road Loughton IG10 4PL United Kingdom 9 July 2026 Page 8
MIZUHO LEASING (UK) LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 157,943 | 201,489
Administrative expenses |  | (32,244) | (32,119)
Other operating income |  | - | 1,351
Operating profit |  | 125,699 | 170,721
Interest receivable and similar income | 5 | 124,875 | 234,273
Interest payable and similar charges |  | (2,758) | (873)
Profit before taxation |  | 247,816 | 404,121
Tax on profit |  | (107,727) | (42,124)
Profit for the financial year |  | 140,089 | 361,997
The notes on pages 11 to 17 form part of these financial statements.
There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.
Page 9
|  | REGISTERED NUMBER:02104695
MIZUHO LEASING (UK) LIMITED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Debtors due after more than 1 year | 6 |  | 2,416,958 |  | 2,736,486
Current assets |  |  |  |  |
Debtors due within 1 year | 6 | 353,377 |  | 313,506 |
Cash at bank and in hand | 7 | 4,020,472 |  | 3,625,677 |
|  | 4,373,849 |  | 3,939,183 |
Creditors: amounts falling due within one year | 8 | (21,600) |  | (46,551) |
Net current assets |  |  | 4,352,249 |  | 3,892,632
Net assets |  |  | 6,769,207 |  | 6,629,118
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 6,000,500 |  | 6,000,500
Profit and loss account |  |  | 768,707 |  | 628,618
Total equity |  |  | 6,769,207 |  | 6,629,118
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
H Noguchi
Director
Date: 9 July 2026
The notes on pages 11 to 17 form part of these financial statements. Page 10
MIZUHO LEASING (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Mizuho Leasing (UK) Limited is a private company limited by shares which was incorporated in England and Wales. The company is mainly engaged in lease, instalment sales and various financial transactions. The principal place of business and registered address is Mizuho House, 30 Old Bailey, London, EC4M 7AU. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 presented in Pounds Sterling (£), which is the company's functional and presentation currency. All amounts have been rounded to the nearest pound, unless otherwise stated. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The company's directors expect to continue to operate the company by maintaining turnover from its current services. The directors consider that the company has sufficient financial headroom available to meet its current and future obligations.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue represents interest income and is recognised using the effective interest method. When a loan and receivable is impaired, the company reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loan and receivables is recognised using the original effective interest rate.
| 2.4 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Page 11
MIZUHO LEASING (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including trade and other debtors, cash and bank balances 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities 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) despite having retained some significant risks and rewards of ownership, 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 are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Page 12
MIZUHO LEASING (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
| 2.5 | Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.
| 2.6 | Share capital
Ordinary shares are classified as equity
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
| 2.8 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. Page 13
MIZUHO LEASING (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements in compliance with the applicable framework requires management to make certain estimates and assumptions that they consider reasonable and realistic. 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. There were no such critical accounting judgements or estimates to be made by the directors in the current year.
4. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
5. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 124,875 | 234,273
Page 14
MIZUHO LEASING (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Loan asset | 2,416,958 | 2,736,486
| Due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 319,528 | 293,638
| Other debtors | 16,725 | -
| Prepayments and accrued income | 17,124 | 19,868
|  | 353,377 | 313,506
| The credit quality of debtors that are neither past due not impaired is assessed by reference to external credit ratings where available. Where no external credit rating is available, historical information about counterparty default rates is used. No provision has been made against the loan asset in the current year or prior year. The details of the loan asset are disclosed in Note 8.
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 4,020,472 | 3,625,677
|  | 4,020,472 | 3,625,677
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Third party payables | 840 | 840
| Corporation tax | - | 25,791
| Accruals and deferred income | 20,760 | 19,920
|  | 21,600 | 46,551
Page 15
MIZUHO LEASING (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Financial instruments
| Financial instruments by category
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Loan assets measured at amortised cost | 2,736,486 | 3,030,124
| The company acquired a £5,000,000 tranche of a term loan facility of project financing in the United Kingdom at par effective 14 April 2016, repayable quarterly with a variable interest rate at 3 month LIBOR + 1.10%, maturing in September 2032. Interest rate varied from 6.07% to 5.21% during the year. Due to the cessation of LIBOR from January 2022, SONIA is used for the lending rates from 22 March 2022. Interest rates are calculated using SONIA from June 2022 onwards. (i) Credit Risk The company confines itself to make conservative investments. One such investment is in a time deposit with a highly rated Japanese bank, and the other is in a UK Private Finance Initiative loan. The company carefully monitors the credit of the loan and considers if the associated risk is acceptable. The project sponsor (the borrower), is an owner of electricity transmission facilities. They provide transmission services to the off-taker, a formerly state owned monopoly, under a 20 year license granted by the UK government. In exchange, they receive a throughput fee payment from the off-taker based on transmission capacity. The cash earned is earmarked to go towards the debt owed. This financial scheme is quite robust as the UK government provides a stable source of cash for such undertakings. Moreover, schematic strength is further enhanced by the charge made on each tangible asset coupled with full risk-coverage insurance. (ii) Liquidity Risk Please see detail included above under Credit Risk in relation to how the company monitors the underlying liquidity associated with loan assets. Based on an average loan balance for the financial year 2025 of £2,841,676, the impact on profit and shareholders' equity of a fluctuation of ±0.1% in SONIA would be £2,841. iii) Market Risk The company recognises the potential value risks of loan assets, yet these risks are not comparable to that of frequently traded fixed income bonds or listed shares. The company takes an analogical approach and considers the correlation between the monetary value of the UK PFI loan above and that of UK sovereign debt. To monitor market risk fluctuations, the company studies the incremental changes in credit default derivatives of UK sovereign debt. The risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Page 16
MIZUHO LEASING (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised |  |
|  | 27,498,625 (2024 - 27,498,625) Ordinary shares of £0.55 each | 15,000,500 | 15,000,500
|  | Allotted, called up and fully paid |  |
|  | 11,000,000 (2024 - 11,000,000) Ordinary shares of £0.55 each | 6,000,500 | 6,000,500
11. | Controlling party
The immediate and ultimate parent company is Mizuho Leasing Company Limited (Formerly known as IBJ Leasing Company Limited), a company incorporated and registered in Japan. Mizuho Leasing Company Limited is the parent undertaking of the smallest and largest group of undertaking to consolidate these financial statements at 31 March 2025. Copies of the parent company financial statements may be obtained from Mizuho Leasing Company Limited, 2-3 Toranomon 2-chome, Minato-ku, Tokyo, 105-0001, Japan.
12. | Post balance sheet events
There are no events that have occurred since the end of the fiscal year that will have a material impact on the Company's assets or profit and loss in the following years.
Page 17