The directors present the strategic report for the year ended 31 December 2025.

Throughout 2025, the company worked on the preparation of an application to the FCA for Authorisation as an Electronic Money Institution and its operational readiness to operate once such licence was granted. A capital injection was made via a Share Subscription by the Shareholder in July 2025, which is reflected in the increase of called up share capital to £340,000 (2024: £10,000). The planned application to the UK Financial Conduct Authority (FCA) for an Electronic Money Institution (EMI) licence was submitted on 1st August 2025. A Chief Compliance Officer and a Head of Operations, Resilience and Outsourcing were both recruited as permanent employees during 2025 in accordance with the business plan.

During the year, the company generated a minor turnover of £5,813 (2024: £nil). In line with the Board's expectations for a firm in its pre-launch regulatory application phase, administrative expenses increased to £762,564 (2024: £387,999). This reflects planned and necessary expenditure on strategic hires, regulatory advice, and operational infrastructure. Consequently, the company incurred a loss before taxation of £755,509 (2024: £387,870).

On the balance sheet, the company maintained a healthy cash at bank balance of £341,372 at year-end (2024: £10,129), ensuring adequate short-term liquidity. The company ended the year with net liabilities of £816,665 (2024: £391,156), largely driven by creditors falling due within one year of £1,183,196 (2024: £402,745). This liability position is entirely expected for a subsidiary in its setup and regulatory application phase and is supported by the wider group.

Following the reporting period, having become authorised by the FCA as an Electronic Money Institution on 28 May 2026, the company intends to commence the provision of regulated services in the UK in December 2026. This deliberate timeline ensures all operational readiness, technical integrations with Visa, and stringent compliance frameworks are thoroughly tested for a safe and robust market launch.

Throughout 2025, the company focused on building a strong application file and business organisation as well as carefully planning the launch of business activity in order to deliver long term sustainable growth. A three year financial plan was developed, approved by the Board and submitted to the FCA, the Directors took a prudent approach to developing this financial plan and included various stress scenarios. In December 2026, the company intends to commence marketing the two existing core Wallester products to UK clients and partners. Wallester Business is a Card based business expense solution, with rich functionality, that is attractive to businesses of any size. Wallester White Label is a turnkey Visa Card issuing solution offered to a diverse range of financial and non-financial entities enabling them to enhance their own customer offering with Visa Cards issued with their own branding and supported by a range of management tools. Based on existing group customer feedback and market analysis, these products are attractive in the UK market and are competitive, both in terms of functionality and cost. The UK economy and Fintech market continues to grow and as such Wallester UK products are well aligned to the UK market.

The current principal risk to the company is completing all internal readiness work and VISA technical set up necessary to launch in December 2026 and thereafter the success of commercial activity necessary to achieve the performance set out in the three year financial plan.

As the company has not yet commenced trading and currently holds a net liability position of £816,665, it relies on shareholder support to meet its liabilities as they fall due. The Directors have assessed the company's ability to continue as a going concern. Based on the capital injection received in July 2025, the successful FCA authorisation in May 2026, the approved three-year financial plan, a Letter of Support from UBO’s, and formal confirmation of continued financial support from the parent undertaking, Wallester Group OÜ (which includes a planned capital restructure in August 2026, whereby intercompany debt owed for pre-licence costs will be assigned to Wallester Group OÜ and converted into equity, alongside a further £600,000 cash share subscription, followed by a further debt capitalisation in November 2026) for a period of at least twelve months from the date of approval of these financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Additionally, as an FCA-regulated firm, the company faces inherent regulatory and financial crime risks. In alignment with Wallester UK's low risk appetite, these are mitigated through a robust Three Lines of Defence governance model, comprehensive tiered customer due diligence (CDD/EDD), and strict adherence to the Money Laundering Regulations 2017 (MLRs).

In accordance with FCA Outsourcing rules (SYSC 8) and the EBA Guidelines on Outsourcing Arrangements, the Wallester UK business will be strongly supported by the provision of tried and tested solutions and technology by group company, Wallester AS. This will enable Wallester UK to maximise operational efficiency by avoiding the duplication of various operational functions and activity. Such services will be provided via an intra-group outsourcing agreement, with strict oversight, management, and control maintained by the UK Board.

The Directors of Wallester UK have taken a prudent approach to the development and timing of submission of the FCA application file and have focused on planning for long term sustainable growth, underpinned by a highly skilled, trusted and responsible organisation, rather than speed of application submission and/or commercial market launch. The Directors have engaged with various key stakeholders, including the FCA, Visa, expert consultants, external lawyers, clients and trade associations as part of defining its strategy and designing its target organisation and operating model, ensuring strong alignment with the FCA's Operational Resilience framework (SYSC 15A).

During the set up phase i.e. prior to commercial launch, the Directors do not assess the company with reference to defined financial KPIs. These, however, will be used once the company commences intended business activities and are expected to include metrics such as active card volumes, safeguarding reconciliations, and compliance and financial crime screening effectiveness. Prelaunch costs have been carefully managed against the setup budget.

The directors are fully aware of their duty under Section 172 of the Companies Act 2006 to act in good faith to promote the success of the Company for the benefit of its shareholders but having regard amongst other matters to the following:

● the likely consequences of any decision(s) in the long term;

● the interests of the Company's employees;

● the need to foster the Company's business relationships with clients, investors and others;

● the impact of the Company's operations on the community and the environment;

● the desirability of the Company maintaining a reputation for high standards of business

conduct; and

● the need to act fairly as between members of the Company.

In evaluating decision-making, the Company's directors are mindful of a variety of factors, including the need to develop a responsible and sustainable business that provides positive outcomes for all key stakeholders. This includes embedding the principles of the FCA's Consumer Duty (PRIN 2A) to ensure good outcomes for applicable end-customers, as well as investors, regulators, the UK financial services industry, local communities and the wider environment. The Directors intend to develop a formal ESG policy as part of operationalising and launching the business. As such, the Company's Directors continue to develop the financial and operating health of the Company while being mindful of its relations with and obligations to its various stakeholders, counterparties and community.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The company was incorporated on 11 November 2022 in the United Kingdom. It has not yet commenced full trading and this is expected in December of 2026 following the FCA granting approvals to the company in May 2026.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The Company is exempt from the requirements on disclosing its annual quantity of emissions and energy consumption for which it is responsible as it is below the 40,000KWh per annum threshold.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the strategic report, directors' report and 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• 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 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.

We have audited the financial statements of Wallester UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 loss 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 Auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Strategic Report or 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.

As explained more fully in the Directors' Responsibilities Statement, 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.

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 auditor's 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 auditor's 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.

Wallester UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Holborn Viaduct, London, EC1A 2DY.

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.

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 £.

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

The Company incurred a loss of £755,509 during the year as it continued its pre-operational activities, and had net liabilities of £816,665. At the balance sheet date, the Company was dependent on continued financial support from its parent company and the ultimate beneficial owners in order to meet its obligations as they fall due.true

In assessing the appropriateness of the going concern basis of accounting, the directors have considered the Company's cash flow forecasts and projected regulatory capital requirements for a period of at least 12 months from the date of approval of these financial statements. This assessment takes account of the Company's FCA authorisation, which was granted subsequent to the year end and requires the Company to maintain adequate liquid financial resources at all times.

The directors have received written confirmation from the ultimate beneficial owners and indirect shareholders of the Company's parent undertaking that they will provide such financial support as may be necessary to enable the Company to continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The shareholders have also confirmed that they have sufficient unencumbered resources available to provide such support if required.

In addition, the parent undertaking has confirmed that it will convert the outstanding intercompany loan balance, which totalled £1,167,574 at the period end, into equity and subscribe in cash for additional share capital of £600,000 prior to the Company commencing its regulated trade in September 2026. Furthermore, the parent undertaking and other group undertakings have confirmed that they will not seek repayment of existing or future intercompany balances unless and until the Company is able to repay those amounts without adversely affecting its ability to meet its liabilities as they fall due.

Having considered the matters set out above, the directors are satisfied that the Company has adequate resources to continue in operational existence and to meet its regulatory capital requirements for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Revenue represents amounts receivable for services provided in the ordinary course of business, net of value added tax.

During the year, the Company had not commenced substantive trading activities. Revenue recognised primarily relates to services provided to the parent company for support services connected to the group's payments and card issuing operations.

Revenue is recognised when the service has been performed and the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company, and the costs incurred or to be incurred can be measured reliably

Tangible fixed assets 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 over their useful lives on the following bases:

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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 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.

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, 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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 payments 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. Amounts 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

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

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

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.

On 29 July 2025 330,000 ordinary shares of £1 each were allotted at par for cash.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The Company has taken advantage of the exemption conferred by section 33 of FRS 102 from disclosing transactions and balances with wholly owned group companies.

The Company's parent undertaking and ultimate controlling party is Wallester Group OÜ, registered in Estonia.