For the financial period ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question 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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

JEF Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Birch House Business Centre Ltd, Hen Lon Parcwr, Ruthin, Wales, LL15 1NA.

The entity has extended its accounting period to 31 December 2025 from its previous year 30th September 2025 to align with the group. As a result, the prior year which is a twelve month period will not be entirely comparable nor will the following accounting period when it returns to twelve months.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Cryptocurrency assets are initially recognised at cost and are subsequently measured at fair value at each reporting date. Movements in fair value are recognised in a revaluation reserve and presented within equity. Fair values are determined by reference to quoted prices obtained from publicly available cryptocurrency exchanges.

Deferred tax is recognised on any revaluation surplus recognised at the reporting date and is also presented within equity.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 comprise cash in hand, demand deposits, and other short‑term, highly liquid investments with original maturities of three months or less. Bank overdrafts are included within borrowings and presented as current liabilities. These balances are held to meet short‑term operational commitments and are readily convertible into known amounts of cash, with an insignificant risk of changes in value, in accordance with FRS 102 Section 7.2.

As at 31 December 2025, cash and cash equivalents include a balance held in USD Coin (USDC). USDC is a regulated, fiat‑backed digital stablecoin that maintains a 1:1 peg to the US dollar. The holding is maintained in secure digital wallets and is used solely for liquidity management and treasury purposes in the ordinary course of business.

The directors have assessed the classification of USDC against the criteria set out in FRS 102 Section 7.2 and consider it to meet the definition of a cash equivalent on the following grounds. The asset is readily convertible to fiat currency, including US dollars and sterling, through regulated custodians and exchanges. The holding is highly liquid and is maintained to meet short‑term cash requirements. In addition, USDC maintains a stable 1:1 peg to the US dollar and is backed by verifiable reserves.

Following a review of market stability, custodial arrangements, and counterparty risk, the directors consider the likelihood of de‑pegging or loss of access to the asset to be insignificant.

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.

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.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors have applied judgement in determining the appropriate classification of cryptocurrency holdings under FRS 102. The USDT assets are not considered to represent cash or cash equivalents due to price volatility and are therefore accounted for as intangible assets. This assessment requires judgement as the standard does not explicitly address cryptocurrencies.

The carrying value of cryptocurrency assets is based on fair values derived from quoted prices on publicly available exchanges at the reporting date. The directors consider these inputs to represent observable market data; however, cryptocurrency markets are subject to significant price volatility. As a result, there is a risk that future changes in market prices could give rise to material adjustments to the carrying amounts within the next financial period.

The directors have also exercised judgement in assessing the security and custody arrangements for cryptocurrency assets. Holdings are maintained with regulated custodians and secure digital wallets. Based on a review of counterparty risk and access controls, the directors consider the risk of loss of access to be low; however, such assessments involve inherent uncertainty

The determination of the company’s functional currency requires judgement and is based on the currency that most faithfully represents the primary economic environment in which the company operates. The directors have concluded that GBP is the functional currency, having considered the currency of revenues, costs, and financing activities.

Assets and liabilities denominated in foreign currencies are translated at exchange rates prevailing at the reporting date. The resulting carrying values are sensitive to movements in foreign exchange rates, which may result in material gains or losses being recognised in future periods.

Cryptocurrency holdings denominated in US dollars are subject to both market price volatility and foreign exchange risk. Changes in sterling‑US dollar exchange rates may therefore impact the sterling value of these assets in future reporting periods.

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

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

The following amounts were outstanding at the reporting end date:

The company has taken advantage of the exemption in Section 33 of FRS 102 and has therefore not disclosed transactions or balances with wholly owned members of the group.

Dividends totalling £8,819,184 (2024 - £11,421,585) were paid in the period in respect of shares held by the company's directors.