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

The principal activity of the company continued to be that of providing a web-based management portal for building management teams.

The Company is a wholly owned private company, limited by shares and incorporated and domiciled in the United Kingdom (England & Wales) with its registered office at 33 Margaret Street, London, W1G 0JD.

During the year the Company increased turnover by 17% from £1,824k to £2,135k and loss before tax was £1,394k increasing from £847k in 2024. The Company's key performance indicators and financial performance have been discussed in further detail below.

As a SaaS ('Software as a Service') business the key focus for the business continues to be to increase and retain clients, increasing the underlying annual recurring revenues earned.

Monthly Board meetings review performance versus plans and the principal risks facing the Company including the effectiveness of the controls implemented to mitigate those risks. Whilst no system of internal control can eliminate risk entirely, the Company seeks to minimise exposure to risks that could adversely affect the achievement of its strategic objectives.

The Company's activities expose it to a variety of financial risks including credit risk and liquidity risks. These form a part of the monthly Board agenda. See note 4 for further information.

The Company's financial KPIs utilised by the Directors to measure progress are as follows:

Revenue: £2,135k (2024: £1,824k) which represents an increase of 17%; and

Loss before income tax: £1,394k (2024: £847k) which represents an increase of 65%.

The loss after tax for the year was £1,435k (2024: £847k). The increased loss reflects the Company’s significant investment in the development of its SaaS platform, with this investment programme expected to conclude in early 2026. The rollout of the platform commenced during 2025 and is scheduled to be completed in 2026.

Despite the increased loss, the Company’s net liabilities position improved significantly to £550k at 31 December 2025 (2024: £2,590k). This improvement was primarily attributable to the creation of a £3.4m share premium reserve during the year, arising from the capitalisation of an intercompany loan due to Grosvenor Hill Ventures Limited into equity, as described in further detail in Note 19.

The Directors expect the Company to continue to act as a web-based management portal for building management teams going forward. The growing revenue base and careful cost management is expected to limit the loss before income tax going forward.

On behalf of the board

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

The results for the year are set out on page 8.

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

DSG Audit 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 directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the company's ability to continue as a going concern.

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.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

• the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its principal activities and financial instruments.

We have audited the financial statements of Cureoscity Technologies Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, 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 UK adopted international accounting standards.

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 UK adopted international accounting standards; 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors' report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the company.

The following laws and regulations were identified as being of significance to the group or parent entity:

• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, company law, tax and pensions legislation, and distributable profits legislation.

• Those laws and regulations for which non-compliance may have a direct effect on the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety regulations, anti-bribery and anti-corruption laws and compliance with tax legislation.

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the group or parent entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries which may be indicative of fraud; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group or parent entity’s controls, the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Cureoscity Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Margaret Street, London, W1G 0JD. The company's principal activities and nature of its operations are disclosed in the strategic report.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 £'000.

The financial statements have been prepared under the historical cost convention, except for the revaluation of financial assets held at FVPL. The principal accounting policies adopted are set out below.

The Company incurred an operating loss of £1,329k during the year ended 31 December 2025 (2024: £801k) and, at that date, was in a net liabilities position of £550k (2024: £2,590k). In assessing the appropriateness of the going concern basis of accounting, the directors have considered the Company's current financial position, forecast cash flows and available funding facilities.true

The Company has access to two term loan facilities of £735k and £765k, repayable from June 2028 and June 2029 respectively, which have been utilised to support working capital requirements during 2025 and into 2026. In addition, the Company has access to a further £500k term loan facility, which was fully drawn during the first half of 2026 to support ongoing working capital requirements and is repayable from June 2027.

The directors have prepared detailed cash flow forecasts through to 31 December 2027, which incorporate expected trading performance and the Company's existing funding arrangements. The forecasts indicate that the Company may require additional working capital support during the forecast period. SwiftConnect Inc. has confirmed that it will continue to provide such financial support, as required, to enable the Company to meet its obligations as they fall due.

Based on the forecasts prepared and the continued support available from SwiftConnect Inc., the directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

Revenue comprises of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts.

Revenue consists of revenue for the provision of bespoke software development services supplied and application licence fees. Revenue is recognised on a straight line basis over the terms of the agreement once conditions have been accepted and met.

Payment arrangements vary between contracts, with payment for licence fees generally due at the beginning of the licence period. As a result, services rendered under a licence contract will often be exceeded by the consideration received from a customer and a contract liability will be recognised.

Revenue attributable to other products and services is recognised as the products are delivered or services are provided.

Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

Separately recognised goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognised for the amount by which the varying value exceeds the recoverable amount. The recoverable amount is the higher of value in use and fair value less costs of disposal. Impairment losses on goodwill are not reversed.

Property, plant and equipment 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:

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 recognised in the income statement.

At each reporting 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.

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 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.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Trade receivables are recognised initially at their transaction price and subsequently measured at amortised cost less provision for impairment. The Company applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of lifetime expected loss provision for all trade debtors.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

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 inventories or non-current 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.

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less (being office space), or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Standards, amendments and interpretations adopted for use in the United Kingdom and mandatorily effective for the first time for the year beginning 1 January 2025 that are not relevant nor considered to have a significant impact on the financial statements include the following:

• Amendments to IAS 21: Lack of Exchangeability.

There are no other standards that are not yet effective that would be expected to have a material impact on the company in the current or future reporting periods and on the foreseeable future transactions with the exception of IFRS 18 Presentation and Disclosure in the Financial Statements which is effective from 1 January 2027. The Company has commenced a review of the requirements to ensure the presentation changes and additional disclosure information can be made in line with the required dates. The Company will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ended 31 December 2026 will be restated in accordance with IFRS 18.

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The Company tests annually whether goodwill has suffered any impairment by comparing the carrying value of these assets against the recoverable amount, which is the higher of the fair value less costs of disposal or the value-in-use calculations of the relevant cash-generating unit ('CGU'). Within the process, the Company makes some key assumptions including the value of any costs of disposal. The assumptions impact recoverability of goodwill and the requirement for the impairment charges in the income statement.

Provisions for the impairment of trade receivables have been made. In reviewing the appropriateness of these provisions, consideration has been given to the ageing of the debt and the potential likelihood of default, taking into account current and future economic conditions. Impairment analysis measures the expected credit losses, which is based on historical credit loss experience adjusted for forward-looking factors specific to the debtors and economic environment.

Credit Risk

The company has no significant concentrations of credit risk. Credit risk arises from cash and cash equivalents, deposits with banks, as well as credit exposures to clients, including outstanding receivables and committed transactions. The Company has policies that require appropriate credit checks on potential customers before engaging with them. A risk control framework is used to assess the credit quality of clients, taking into account financial position, past experience and other factors. There were no significant individual trade debtor balances as at 31 December 2025 or 31 December 2024. All cash is held with Barclays Bank PLC and Citibank N.A. which are both A+ rated banks.

Liquidity risk

Management monitors rolling forecasts of the Company's cash and cash equivalents on the basis of expected cash flow to assess in advance whether financing is required from the loans available from the Company's shareholders.

Revenue recognised in the year that was included in the deferred income balance at the beginning of the year totalled £714k (2024: £495k). There was no revenue recognised in the year from performance obligations satisfied in previous years.

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

Their aggregate remuneration comprised:

The services of the Directors of the company do not occupy a significant amount of their time. As such they have not received any remuneration for their services to the Company. The remuneration of these Directors is shown in the accounts of other group companies.

The charge for the year can be reconciled to the loss per the income statement as follows:

Unrecognised cumulative tax assets of £534k (2024: £212k) arising from unrecognised trading losses of £2,135k (2024: £846k), are available to offset against future profits of the company. Whilst profits are expected to be available to utilise in the near future, the assets remain unrecognised until these profits are reasonably foreseeable.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

The company purchased the trade and assets of Cureoscity Limited on 2 February 2022 for total consideration of £873k.

During the year, goodwill was tested for impairment by comparing the carrying value of these assets against the recoverable amount. The recoverable amount was taken as the fair value of the business less costs of disposal, with fair value established in connection with the transaction that completed on 24 February 2025. No impairment charge was recognised.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

There is no concentration of credit risk with respect to trade and other receivables as the company has a large number of customers with no individual customer owing a significant amount. The credit quality of receivables is managed on a regular basis and the maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable, as disclosed in Note 14. The company does not hold any collateral as security.

The carrying value of trade receivables is denominated in Sterling.

With the exception of trade receivables, the other classes within trade and other receivables do not contain material allowances for impairment.

With respect to trade receivables, an allowance for impairment is made based on the historical credit loss experience adjusted for forward-looking factors specific to debtors and economic environment, as evidence of a likely reduction in the recoverability of cash flows. In addition, certain customers have been identified as having specified elevated risk and have been provided for on a specific basis. Overall, the expected loss rate on trade receivables is 11.8% (2024: 5.0%).

A 1% increase in the expected loss rate in each ageing category would increase the loss allowance provision by £8k.

As at 31 December 2025, the Company has a loan repayable of £735k to Grosvenor Hill Ventures Limited. This loan incurs interest at a rate of 2% higher than the Bank of England Bank Rate at any relevant time. Interest is being accrued on the loan and was £25k as at 31 December 2025.  Repayment of the loan will commence on 1 June 2028 ending on 1 June 2029.

As at 31 December 2025, the Company has a loan repayable of £765k to SwiftConnect Inc. This loan incurs interest at a rate of 2% higher than the Bank of England Bank Rate at any relevant time. Interest is being accrued on the loan and was £17k as at 31 December 2025.  Repayment of the loan will commence on 1 June 2029 ending on 1 June 2030.

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 24 February 2025, the Company's then immediate parent undertaking, Grosvenor Hill Ventures Limited, sold 51% of its shareholding to SwiftConnect Inc. As part of this transaction, loans due from the Company to Grosvenor Hill Ventures Limited totalling £3,475,000 were capitalised and converted into 19,204 Ordinary A shares with a nominal value of £0.01 each. This resulted in the recognition of a share premium reserve of £3,475,000, as disclosed in Note 20.

On the same date, 476 Ordinary B shares with a nominal value of £0.01 each were reclassified as 476 deferred shares with a nominal value of £0.01 each. Following this reclassification, all deferred shares in issue, comprising 559 shares with a nominal value of £0.01 each, were cancelled.

The company is not subject to any externally imposed capital requirements.

The key management of the Company comprised the Board of Directors. As discussed in note 8, the Directors are remunerated via other companies within the wider group.

As at 31 December 2024 there was amounts owed to group undertakings including £3,225k of loans repayable on demand to Grosvenor Hill Ventures Limited, the immediate parent company as this date. Of the amounts due, £900k is interest free with the remaining balance of £2,325k incurring interest at a daily average SONIA, plus the published IBOR 12 month GBP Credit Adjustment Spread of 0.4644% plus a margin of 1.5%.

On 24 February 2025, the loan repayable by the Company to Grosvenor Hill Ventures Limited (£3,475k as at this date) was converted into 19,204 Ordinary shares, as discussed in note 19.

As at 31 December 2025, the Company has a loan repayable of £735k to Grosvenor Hill Ventures Limited. This loan incurs interest at a rate of 2% higher than the Bank of England Bank Rate at any relevant time. Interest is being accrued on the loan and was £25k as at 31 December 2025. Repayment of the loan will commence on 1 June 2028 ending on 1 June 2029.

As at 31 December 2025, the Company has a loan repayable of £765k to SwiftConnect Inc. This loan incurs interest at a rate of 2% higher than the Bank of England Bank Rate at any relevant time. Interest is being accrued on the loan and was £17k as at 31 December 2025. Repayment of the loan will commence on 1 June 2029 ending on 1 June 2030.

As at 31 December 2025, the immediate and ultimate parent undertaking is SwiftConnect Inc. This is following Grosvenor Hill Ventures Limited's disposal of 51% of its shareholding to SwiftConnect Inc on 24 February 2025.