Company No: 11507425 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	180		210
Tangible assets	4	4,787		2,728
		4,967		2,938
Current assets
Debtors	5	56,271		106,768
Cash at bank and in hand		397,119		352,680
		453,390		459,448
Creditors: amounts falling due within one year	6	( 231,934)		( 293,788)
Net current assets		221,456		165,660
Total assets less current liabilities		226,423		168,598
Creditors: amounts falling due after more than one year	7	( 26,283)		( 47,182)
Provision for liabilities	8	0		( 554)
Net assets		200,140		120,862
Capital and reserves
Called-up share capital	9	23,933		22,474
Share premium account		896,735		139,986
Profit and loss account		( 720,528 )		( 41,598 )
Total shareholders' funds		200,140		120,862

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Emissary Holdings Ltd (registered number: 11507425) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Mc Grath Director

07 April 2026

1. Accounting policies

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

General information and basis of accounting

Emissary Holdings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 29 Farm Street, London, W1J 5RL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the reporting date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the reporting date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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

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

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		5

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 January 2025	300		300
At 31 December 2025	300		300
Accumulated amortisation
At 01 January 2025	90		90
Charge for the financial year	30		30
At 31 December 2025	120		120
Net book value
At 31 December 2025	180		180
At 31 December 2024	210		210

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 January 2025	15,571		15,571
Additions	4,932		4,932
At 31 December 2025	20,503		20,503
Accumulated depreciation
At 01 January 2025	12,843		12,843
Charge for the financial year	2,873		2,873
At 31 December 2025	15,716		15,716
Net book value
At 31 December 2025	4,787		4,787
At 31 December 2024	2,728		2,728

5. Debtors

	2025		2024
	£		£
Trade debtors	20,000		87,624
Prepayments and accrued income	19,654		6,224
VAT recoverable	11,989		4,785
Other debtors	4,628		8,135
	56,271		106,768

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	20,911		14,450
Trade creditors	86,357		48,207
Amounts owed to directors	87,065		87,199
Accruals	4,250		6,950
Corporation tax	6,220		83,255
Other taxation and social security	14,736		43,297
Other creditors	12,395		10,430
	231,934		293,788

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

	2025		2024
	£		£
Bank loans	26,283		47,182

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 554)		( 1,362)
Credited to the Income Statement	554		808
At the end of financial year	0		( 554)

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
23,933 Ordinary A shares of £ 1.00 each (2024: 22,474 shares of £ 1.00 each)	23,933		22,474

On 1 May 2025, 280.00 A Ordinary shares were issued. The shares were issued at £1.00 each and consideration of £533.95 per share was paid.

On 27 May 2025, 140.00 A Ordinary shares were issued. The shares were issued at £1.00 each and consideration of £533.95 per share was paid.

On 18 July 2025, 187.00 A Ordinary shares were issued. The shares were issued at £1.00 each and consideration of £533.95 per share was paid.

On 23 July 2025, 138.00 A Ordinary shares were issued. The shares were issued at £1.00 each and consideration of £533.95 per share was paid.

On 6 August 2025, 93.00 A Ordinary shares were issued. The shares were issued at £1.00 each and consideration of £533.95 per share was paid.

On 6 November 2025, 143.00 A Ordinary shares were issued. The shares were issued at £1.00 each and consideration of £427.16 per share was paid.

On 6 November 2025, 104.00 A Ordinary shares were issued. The shares were issued at £1.00 each and consideration of £480.55 per share was paid.

On 22 December 2025, 374.00 A Ordinary shares were issued. The shares were issued at £1.00 each and consideration of £533.95 per share was paid.

10. Related party transactions

Included in other creditors is an outstanding loan due to the director of £87,065 (2024: £87,199). During the year, no interest was charged on the loan balance.