Onmo Limited Company accounts

COMPANY REGISTRATION NUMBER: 12708619

Onmo Limited

Financial Statements

28 February 2026

Onmo Limited

Financial Statements

Year ended 28 February 2026

Contents	Page

Strategic report	1

Directors' report	4

Independent auditor's report to the members	6

Statement of comprehensive income	10

Statement of financial position	11

Statement of changes in equity	12

Statement of cash flows	13

Notes to the financial statements	14

Onmo Limited

Strategic Report

Year ended 28 February 2026

Principal activities Onmo Limited is authorised and regulated by the Financial Conduct Authority ("FCA") under firm reference number 940604 and is registered in England and Wales. The Company's principal activity is the provision of revolving credit card facilities to consumers in the United Kingdom. The business focuses on delivering accessible and responsible credit solutions, supported by digital customer onboarding, account management and servicing capabilities. Business review During the year, the Company remained focused on responsible lending, portfolio performance and operational scalability. The Company maintained strong regulatory compliance standards whilst supporting sustainable customer growth and enhancing the overall customer experience. Product development The Company continued to invest in its operational and technology infrastructure to strengthen customer servicing capabilities, improve process efficiency and support future growth. The Company enhanced its product offering through continued investment in its mobile application by providing greater control, transparency and visibility for its target market. Management also strengthened internal controls and reporting capabilities to support the Company's ongoing development. Performance during the year reflected management's continued emphasis on balancing growth opportunities with disciplined risk management and regulatory oversight. People During the year, the Company continued to invest in talent across key areas of the business. The executive team are established to support the Company's strategic direction and operational development. The Company also strengthened its customer service capabilities, with a continued focus on delivering high standards of service and enhancing the overall customer experience. Funding strategy Maintaining access to sufficient funding at a sustainable cost remains a key strategic priority for the Company. During the year, the Company continued to utilise its established securitisation facility through Onmo Funding 2023-1 Limited. Financial performance metrics The Directors have prepared the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The Company's key performance indicators for the period are set out in the tables below. Financial:

	2026 £'000	2025 £'000
Turnover	19,205	12,209
Gross loss	1,273	5,594
Operating loss	10,814	14,265
Loss for the financial year	10,350	14,223
Net customer loan book	56,226	37,634
Cost of funding (interest payable)	5,124	3,341
Net assets	15,482	22,830

Loan losses as a percentage of turnover for the year are 58% (2025: 80%). Non-financial:

	2026	2025
	£	£
Average number of employees	88	76

Results overview The Company delivered strong growth during the year, with turnover increasing to £19.2 million (2025: £12.2 million) and the net customer loan book increasing significantly, as reflected in trade debtors of £56.2 million (2025: £37.7 million). This reflects the continued expansion of the Company's lending activities. The operating loss reduced to £10.8 million (2025: £14.3 million) and the loss for the financial year decreased to £10.3 million (2025: £14.2 million), demonstrating an improvement in the Company's overall financial performance. The gross loss also reduced significantly to £1.3 million (2025: £5.6 million), reflecting improved operating performance despite continued investment in the business. Long-term funding increased during the year to support the growth of the loan portfolio. Net assets at the year end were £15.5 million (2025: £22.8 million). The reduction in net assets principally reflects the loss incurred during the year and the introduction of long-term funding to support the Company's continued growth. The Directors remain focused on delivering sustainable growth while maintaining prudent risk management and responsible lending practices. Principal risks and uncertainties The Company is subject to the principal risks and uncertainties set out below. Credit risk A decline in customer repayment performance could have a significant impact on the Company's financial performance and portfolio quality. This risk is actively monitored and managed through established key performance indicators ("KPIs"), which are reviewed by management on a monthly basis. During the year, the Company continued to refine its underwriting and affordability assessment models to support responsible lending outcomes and improve portfolio resilience. Enhancements were also made to ongoing account monitoring and collections strategies. The Company also mitigates this risk through its collections and recovery strategies, including partnerships with external debt recovery providers and the use of debt sale processes where appropriate. Macroeconomic conditions continue to remain uncertain with potential impacts of global geopolitical environment being evaluated. Whilst the broader economic environment continues to present uncertainty, management remain comfortable with current domestic market sentiment and continued stability within consumer credit conditions. The Company continues to closely monitor affordability trends, customer repayment behaviour and regulatory developments to ensure lending practices remain prudent and sustainable. The Directors believe that the Company is well positioned to navigate the current environment through its disciplined risk management framework, diversified funding structure and continued focus on responsible lending and operational efficiency. The Company maintained its FCA regulatory permissions throughout the financial year and continued to operate within the applicable consumer credit regulatory framework. Internal governance, compliance monitoring and risk management processes were strengthened further to support the evolving regulatory environment. Continued access to liquidity The Company has secured debt facilities within the debt capital markets and continues to maintain a strong foundation for future funding commitments through its existing facilities, supporting the ongoing growth of the business. Management does not currently foresee any concerns regarding the Company's ability to secure future funding. In addition, the Company continues to benefit from support from its investors through a committed investment pool, which has not yet been fully utilised and provides further capacity to support operational expansion and future growth initiatives. Fraud risk The Company recognises that fraud remains a significant risk within the consumer finance sector, both at the point of customer onboarding and throughout the customer lifecycle. The Company maintains a framework of preventative and detective controls designed to identify and mitigate the risk of fraudulent applications, payment fraud and other financial crime. Fraud risk is monitored regularly by management, with controls reviewed and enhanced where appropriate to respond to evolving threats. Data security and cyber risk The Company recognises that protecting customer data and maintaining the resilience of its information systems are critical to its operations. The Company maintains appropriate information security policies, technical controls and monitoring processes designed to safeguard sensitive information and reduce the risk of cyber incidents. Security controls are subject to regular review and are supported by employee awareness training, access management procedures, vulnerability management and business continuity arrangements. Management continues to monitor the evolving cyber threat landscape and implements enhancements to the Company's security framework where appropriate.

This report was approved by the board of directors on 25 August 2026 and signed on behalf of the board by:

Mr J M Jesner

Director

Registered office:

33 Cannon Street

4th Floor

London

England

EC4M 5SB

Onmo Limited

Directors' Report

Year ended 28 February 2026

The directors present their report and the financial statements of the company for the year ended 28 February 2026 .

Directors

The directors who served the company during the year were as follows:

Mr S O Alblehed
Mr A A Alnaim
Mr J M Jesner
Mr F R C Brown
Mr M Winlow

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

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 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 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 judgments 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 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 Directors' indemnities The Company maintained qualifying third-party indemnity provisions for the benefit of its directors throughout the financial year and at the date of approval of these financial statements. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 25 August 2026 and signed on behalf of the board by:

Mr J M Jesner

Director

Registered office:

33 Cannon Street

4th Floor

London

England

EC4M 5SB

Onmo Limited

Independent Auditor's Report to the Members of Onmo Limited

Year ended 28 February 2026

Opinion

We have audited the financial statements of Onmo Limited (the 'company') for the year ended 28 February 2026 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 28 February 2026 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the 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.

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 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.

Responsibilities of directors

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.

Auditor's 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 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. 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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. We also consider the results of our enquiries of management, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet remuneration targets and bank covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 purpose of expressing an opinion on the effectiveness of the 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. 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.

Daniel Proctor ACA

(Senior Statutory Auditor)

For and on behalf of

Burgess Hodgson Audit Limited

Chartered accountants & statutory auditor

Camburgh House

27 New Dover Road

Canterbury

Kent

CT1 3DN

25 August 2026

Onmo Limited

Statement of Comprehensive Income

Year ended 28 February 2026

		2026	2025
			(restated)
Note		£	£
Turnover	4	19,205,823	12,208,608

Cost of sales	( 20,478,668)	( 17,802,561)
	-------------	-------------
Gross loss	( 1,272,845)	( 5,593,953)

Administrative expenses		( 11,415,151)	( 10,335,644)
Other operating income	5	1,873,921	1,664,702
		-------------	-------------
Operating loss	6	( 10,814,075)	( 14,264,895)

Other interest receivable and similar income	9	19,076	59,373
Interest payable and similar expenses	10	( 82,874)	–
		-------------	-------------
Loss before taxation		( 10,877,873)	( 14,205,522)

Tax on loss	11	527,990	( 18,123)
		-------------	-------------
Loss for the financial year and total comprehensive income		( 10,349,883)	( 14,223,645)
		-------------	-------------

All the activities of the company are from continuing operations.

Onmo Limited

Statement of Financial Position

28 February 2026

	2026		2025
			(restated)
Note	£	£	£

Fixed assets

Intangible assets	12	6,587,617	3,826,299
Tangible assets	13	79,434	72,491
		------------	------------
		6,667,051	3,898,790

Current assets

Stocks	14	119,906	60,191
Debtors	15	85,512,790	55,691,950
Cash at bank and in hand		5,180,673	2,022,633
		-------------	-------------
		90,813,369	57,774,774

Creditors: amounts falling due within one year	16	( 61,373,103)		( 38,823,801)
		-------------		-------------
Net current assets			29,440,266	18,950,973
			-------------	-------------
Total assets less current liabilities			36,107,317	22,849,763

Creditors: amounts falling due after more than one year	17		( 20,606,894)	–

Provisions	18	( 18,123)	( 18,123)
		-------------	-------------
Net assets		15,482,300	22,831,640
		-------------	-------------

Capital and reserves

Called up share capital	22	307	290
Share premium account	23	58,610,693	55,610,167
Profit and loss account	23	( 43,128,700)	( 32,778,817)
		-------------	-------------
Shareholders funds		15,482,300	22,831,640
		-------------	-------------

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

These financial statements were approved by the board of directors and authorised for issue on 25 August 2026 , and are signed on behalf of the board by:

Mr J M Jesner

Director

Company registration number: 12708619

Onmo Limited

Statement of Changes in Equity

Year ended 28 February 2026

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 March 2024	290	55,610,167	( 18,555,172)	37,055,285

Loss for the year			( 14,223,645)	( 14,223,645)
	----	-------------	-------------	-------------
Total comprehensive income for the year	–	–	( 14,223,645)	( 14,223,645)

At 28 February 2025	290	55,610,167	( 32,778,817)	22,831,640

Loss for the year			( 10,349,883)	( 10,349,883)
	----	-------------	-------------	-------------
Total comprehensive income for the year	–	–	( 10,349,883)	( 10,349,883)

Issue of shares	17	3,000,526	–	3,000,543
	----	------------	----	------------
Total investments by and distributions to owners	17	3,000,526	–	3,000,543

	----	-------------	-------------	-------------
At 28 February 2026	307	58,610,693	( 43,128,700)	15,482,300
	----	-------------	-------------	-------------

Onmo Limited

Statement of Cash Flows

Year ended 28 February 2026

	2026	2025
		(restated)
	£	£

Cash flows from operating activities

Loss for the financial year	( 10,349,883)	( 14,223,645)

Adjustments for:
Depreciation of tangible assets	43,655	25,754
Amortisation of intangible assets	2,171,576	1,234,122
Other interest receivable and similar income	( 19,076)	( 59,373)
Interest payable and similar expenses	82,874	–
Loss on disposal of tangible assets	2,502	–
Tax on loss	( 527,990)	18,123
Accrued (income)/expenses	( 290,597)	757,694

Changes in:
Stocks	( 59,715)	2,075
Trade and other debtors	( 29,377,689)	( 2,142,821)
Trade and other creditors	43,003,642	13,313,600
	-------------	-------------
Cash generated from operations	4,679,299	( 1,074,471)

Interest paid	( 82,874)	–
Interest received	19,076	59,373
Tax received	527,990	–
	------------	------------
Net cash from/(used in) operating activities	5,143,491	( 1,015,098)
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 53,100)	( 63,039)
Purchase of intangible assets	( 4,932,894)	( 3,458,812)
	------------	------------
Net cash used in investing activities	( 4,985,994)	( 3,521,851)
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	3,000,543	–
Proceeds from loans from group undertakings	–	( 7,251)
	------------	------------
Net cash from/(used in) financing activities	3,000,543	( 7,251)
	------------	------------

Net increase/(decrease) in cash and cash equivalents	3,158,040	( 4,544,200)
Cash and cash equivalents at beginning of year	2,022,633	6,566,833
	------------	------------
Cash and cash equivalents at end of year	5,180,673	2,022,633
	------------	------------

Onmo Limited

Notes to the Financial Statements

Year ended 28 February 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Cannon Street, 4th Floor, London, EC4M 5SB, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.

Going concern

The directors have considered the appropriateness of preparing the financial statements on a going concern basis, notwithstanding the loss for the year of £10,349,883 (2025: £14,223,645). In making this assessment, the directors have considered all relevant factors affecting the company's future performance, financial position and liquidity. The company continues to benefit from the support of its shareholders, who provided an additional £3.0 million of equity funding during the year to support the growth of the loan book and to ensure that the company maintains sufficient liquidity to meet its operating expenses and other liabilities as they fall due. Despite the loss incurred during the year, the company reported net assets of £15,482,300 as at 28 February 2026 (2025: £22,831,640). In addition, the company has access to a loan facility provided by a related undertaking of up to £30.0 million. The facility, including accrued interest, is not repayable until 17 December 2030. As at 28 February 2026, £19.3 million had been drawn under the facility, leaving £10.7 million available to support the continued growth of the loan portfolio and the settlement of liabilities as they fall due. The directors have also obtained a letter of support from the shareholders confirming that, for a period of at least 12 months from the date of approval of these financial statements, they will continue to provide such financial support as may be required to enable the company to meet its obligations as they fall due. Having considered the matters set out above, 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 these financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Judgements: Information about judgements made in applying accounting policies that have a significant effect on the amounts recognised in the financial statements are included in the following notes: (a) After making enquiries and performing forecasts and stress tests, 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. (b) Note 15 - retaining customer loan receivables in the company financial statements, while they have legally been sold to Onmo Funding 2023-1 Limited based on judgement that substantially all risks and rewards of the ownership of the receivables have been retained by the company. (c) Note 16 - judgement is required in prudently determining provisions and in estimating probability, timing and quantum. Assumptions and estimation uncertainties: The impairment provision for customer receivables is determined using models incorporating probability of default and loss given default assumptions, based upon historical experience. Estimation uncertainty exists in determining appropriate default rates, recovery assumptions and management overlays to reflect risks not fully captured by the underlying model. Changes in these assumptions could result in a material adjustment to the carrying value of receivables and the related impairment charge. Bad debt provision Onmo adopts IAS 39 for loan loss provisioning, using Probability of Default (PD) as the main driver. The process includes: Reviewing current account performance: Assessing the status of each account at the reporting date, considering factors such as arrears and defaults. Categorising accounts: Assigning accounts to different PDs based on Experian retro data and account performance. Refining PD over time: Utilizing internal loan performance data to improve the accuracy of PD calculations. Loss Given Default (LGD) rate: Setting the LGD rate based on losses after expected recoveries. Accounting for uncertainty: Onmo recognises there is inherent uncertainty in PDs and recovery rates and as such adds a management overlay to the provision calculation. Card prepayment When a card is issued to a customer the cost of the card and associated issuance costs are prepaid and spread over the expected life of the card. Onmo has undertaken modelling of expected income and identify that a 5 year straight line policy is deemed appropriate for this cost spreading. Debt book Onmo has entered into a structured financing arrangement to help fund the growth of its debt book, which resulted in the creation of a special purpose vehicle called Onmo Funding 2023-1 Limited. As part of this arrangement with the bank, Onmo have retained the risks and rewards of ownership of the debt book held as security against the financing, and as such the company has continued to recognise the gross value of the debt book within trade debtors. The liabilities owed by the company under this financing arrangement to Onmo Funding 2023-1 Limited are recognised within creditors at their transaction price.

Revenue recognition

Revenue recognised in the period reflects interest or charges received or receivable on balances due to Onmo Limited from its card holders. Interest and charges are recognised in the month that they are charged to the client as it is at this moment it is probable that the associated economic benefit will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2026	2025
		(restated)
	£	£
Interest	19,205,823	12,208,608
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2026	2025
		(restated)
	£	£
Other operating income	1,873,921	1,664,702
	------------	------------

Other operating income in both the current and prior year relates to income arising from the Company's structured financing arrangement with Onmo Funding 2023-1 Limited.

6. Operating loss

Operating profit or loss is stated after charging:

	2026	2025
		(restated)
	£	£
Amortisation of intangible assets	2,171,576	1,234,122
Depreciation of tangible assets	43,655	25,754
Loss on disposal of tangible assets	2,502	–
Foreign exchange differences	1,919	3,440
Loan losses	11,143,189	9,693,771
	-------------	------------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2026	2025
	No.	No.
Production staff	88	76
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2026	2025
		(restated)
	£	£
Wages and salaries	5,298,183	4,488,802
Social security costs	894,829	673,739
Other pension costs	174,563	142,882
	------------	------------
	6,367,575	5,305,423
	------------	------------

The remuneration of key management personnel during the year was as follows:

	2026	2025
	£	£
Remuneration	1,121,180	600,831

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2026	2025
		(restated)
	£	£
Remuneration	362,240	380,295
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2026	2025
	£	£
Remuneration	257,360	240,436

During the year, a director was reimbursed £6,929 (2025: £2,818) in respect of business expenses incurred on behalf of the company.

9. Other interest receivable and similar income

	2026	2025
		(restated)
	£	£
Interest on cash and cash equivalents	19,076	59,373
	--------	--------

10. Interest payable and similar expenses

	2026	2025
		(restated)
	£	£
Other interest payable and similar charges	82,874	–
	--------	----

11. Tax on loss

Major components of tax (income)/expense

	2026	2025
		(restated)
	£	£

Current tax:

UK current tax income	( 527,990)	–

Deferred tax:

Origination and reversal of timing differences	–	18,123
	---------	--------
Tax on loss	( 527,990)	18,123
	---------	--------

Reconciliation of tax (income)/expense

The tax assessed on the loss on ordinary activities for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

	2026	2025
		(restated)
	£	£
Loss on ordinary activities before taxation	( 10,877,873)	( 14,205,522)
	-------------	-------------
Loss on ordinary activities by rate of tax	( 2,719,468)	( 3,551,381)
Effect of capital allowances and depreciation	( 2,361)	( 9,321)
Unused tax losses	2,721,829	3,560,702
R&D Tax credit	( 527,990)	–
Deferred tax charge	–	18,123
	-------------	-------------
Tax on loss	( 527,990)	18,123
	-------------	-------------

Factors that may affect future tax income

As at the 28 February 2026, the company has unrelieved trade losses carried forward of £41,886,893 (2025: £ 31,251,236), of which could represent an estimated potential deferred tax asset of £10,471,723 (2025: £ 7,812,809), however as there remains uncertainty regarding if and when these losses will be utilised, deferred tax assets have not been recognised.

12. Intangible assets

	Software
	£
Cost
At 1 March 2025 (as restated)	5,239,275
Additions	4,932,894
	-------------
At 28 February 2026	10,172,169
	-------------
Amortisation
At 1 March 2025	1,412,976
Charge for the year	2,171,576
	-------------
At 28 February 2026	3,584,552
	-------------
Carrying amount
At 28 February 2026	6,587,617
	-------------
At 28 February 2025	3,826,299
	-------------

13. Tangible assets

	Equipment
	£
Cost
At 1 March 2025 (as restated)	101,971
Additions	53,100
Disposals	( 11,314)
	---------
At 28 February 2026	143,757
	---------
Depreciation
At 1 March 2025	29,480
Charge for the year	43,655
Disposals	( 8,812)
	---------
At 28 February 2026	64,323
	---------
Carrying amount
At 28 February 2026	79,434
	---------
At 28 February 2025	72,491
	---------

14. Stocks

	2026	2025
		(restated)
	£	£
Card stock and associated consumables	119,906	60,191
	---------	--------

15. Debtors

	2026	2025
		(restated)
	£	£
Trade debtors	56,225,740	37,633,762
Amounts owed by group undertakings	13,545,217	3,735,527
Prepayments and accrued income	835,562	640,156
Corporation tax repayable	322,067	–
Other debtors	14,584,204	13,682,505
	-------------	-------------
	85,512,790	55,691,950
	-------------	-------------

Trade debtors represents the amounts owed by the card holders, less provisions, as at the year end. Other debtors includes £10,731,340 (2025: £10,731,340) related to a loan note due from Onmo Funding 2023-1 Limited, which was issued to the company as part of the structured financing agreement to fund the growth of the company's debt book.

	2026	2025
	£	£
Gross Loan book	91,988,497	61,511,965
Impairment allowance	(35,762,757)	(23,878,203)
	-------------	-------------
Net receivable balance	56,225,740	37,633,762
	-------------	-------------

16. Creditors: amounts falling due within one year

	2026	2025
		(restated)
	£	£
Trade creditors	1,107,337	741,682
Accruals and deferred income	1,749,439	1,596,885
Social security and other taxes	289,835	271,520
Other creditors	58,226,492	36,213,714
	-------------	-------------
	61,373,103	38,823,801
	-------------	-------------

Other creditors includes £57,592,476 (2025: £36,191,516) of amounts owed to Onmo Funding 2023-1 Limited, as part of a structured financing agreement, as at the year end.

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

	2026	2025
		(restated)
	£	£
Other creditors	20,606,894	–
	-------------	----

Included within other creditors falling due after more than one year, is an unsecured loan from a related company of £19,300,000 (2025: £Nil) which is repayable in full, including accrued interest, on the maturity date being 17 December 2030. Interest is accruing on the loan at 12% per annum.

18. Provisions

	Deferred tax (note 19)
	£
At 1 March 2025 and 28 February 2026 (as restated)	18,123
	--------

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2026	2025
		(restated)
	£	£
Included in provisions (note 18)	18,123	18,123
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2026	2025
		(restated)
	£	£
Accelerated capital allowances	18,123	18,123
	--------	--------

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 174,563 (2025: £ 142,882 ).

21. Prior period restatement

During the year, the Company identified that interest and fee income had been recognised on certain customer accounts after they had met the criteria for income suspension under the Company's policy. As the related balances were fully provided for, the error had no impact on profit before tax, net assets or retained earnings. Accordingly, the comparative figures for the year ended 28 February 2025 have been restated to reduce revenue by £556,805 and reduce loan impairment expense by £556,805.

22. Called up share capital

Issued, called up and fully paid

	2026		2025
			(restated)
	No.	£	No.	£
Ordinary shares of £ 0.01 each	30,767	308	29,000	290
	--------	----	--------	----

During the year, the company allotted 1,767 ordinary shares with nominal value of £0.01 each, giving an aggregate nominal value of £17. The shares were issued for cash, with a total consideration received of £3,000,543. The excess of the consideration received over the aggregate nominal value has been credited to the share premium account.

23. Reserves

	2026	2025
	£	£
Share Capital	307	290
Share Premium	58,610,693	55,610,167
Profit and loss account	(43,128,700)	(32,778,817)
	-------------	-------------
Total	15,482,300	22,831,640
	-------------	-------------

24. Analysis of changes in net debt

	At 1 Mar 2025	Cash flows	At 28 Feb 2026
	£	£	£
Cash at bank and in hand	2,022,633	3,158,040	5,180,673
	------------	------------	------------

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
		(restated)
	£	£
Not later than 1 year	117,157	334,737
	---------	---------

26. Auditors' remuneration

The total auditor remuneration in the year was:

	2026	2025
	£	£
Audit services	38,000	33,000
Non-audit services	22,362	11,062
	--------	--------
Total	60,362	44,062
	--------	--------

27. Related party transactions

At the year end, the company was owed £13,987,673 (2025 : £3,916,055) to group companies, including £442,456 (2025: £180,528) classified within accrued income. At the year end, the company owed £Nil (2025 : £Nil) to the group companies. During the year, the company entered into a structured financial arrangement, funded via a special purpose vehicle called Onmo Funding 2023-1 Limited (the "SPV"). As at the year end, included within other creditors was £57,592,476 (2025: £36,191,516) owed to the SPV, and included within other debtors was a loan note due from the SPV of £10,731,340 (2025: £10,731,340), both balances connected to the funding received in the year. During the year, the company recognised other income of £1,873,921 (2025: £1,664,702) from Onmo Funding 2023-1 Limited, an entity under common control. The income comprised interest receivable on a junior loan note together with servicer fee income. Interest expense of £4,089,157 (2025: £3,341,312) was incurred in respect of amounts due to Onmo Funding 2023-1 Limited, an entity under common control. At 28 February 2026, the company had an investor loan payable to Watad Fund Limited, an entity under common control, of £19,300,000 (2025: £nil). During the year, interest of £1,034,946 (2025: £nil) was charged in respect of this loan.

Onmo Limited

Notes to the Financial Statements (continued)

Year ended 28 February 2026

28. Controlling party

The company is a wholly owned subsidiary of Onmo Holdings , which is the parent entity incorporated in the Cayman Islands, whose registered office is P.O.BOX 309 Ugland House, Grand Cayman, KY1-1104, KY .