Contents of the Financial Statements

for the Period Ended 31 December 2025

Directors' report period ended 31 December 2025

The directors present their report with the financial statements of the company for the period ended 31 December 2025

Directors

The directors shown below have held office during the whole of the period from
1 January 2025 to 31 December 2025

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
15 April 2026

And signed on behalf of the board by:
Name: Adam Weinstein
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2025

Balance sheet

As at 31 December 2025

The notes form part of these financial statements

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover relates to business development and investor relation services (“Service Fee Income”) provided to NMC in accordance with the service agreement effective 8 April 2024. Turnover is recorded on an accruals basis and excludes VAT.

  Tangible fixed assets depreciation policy

  Fixed assets consist of tangible assets such as equipment and furniture and fixtures and are recorded at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets which range from 3 to 5 years.

  Other accounting policies

  Leases consist of NMCUK’s direct finance lease borne in 2024. NMCUK recognises a right-of-use asset and a lease liability at the lease commencement date The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and, if relevant, an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The estimated useful life of right-of-use asset is determined on the same basis as those of fixed assets. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, NMCUK’s incremental borrowing rate. In March 2024 the FRC issued Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs - Periodic Review 2024 (the ‘Periodic Review 2024 amendments’). The Company early adopted these amendments in the year beginning 1 January 2024. Lease payments included in the measurement of the lease liability comprise the following: -fixed payments, including in-substance fixed payments; -variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; -the exercise price under a purchase option that NMCUK is reasonably certain to exercise; -lease payments in an optional renewal period if NMCUK is reasonably certain to exercise an extension option; and -penalties for early termination of a lease unless NMCUK is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured if NMCUK changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. NMCUK presents right-of-use assets in Fixed assets and lease liabilities in Lease liabilities, current portion and Lease liabilities, non-current portion in the Statement of Financial Position.

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 2. Employees

  	2025	2024
  Average number of employees during the period	4	3