Company No: 16220362 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.12.2025
		£
Fixed assets
Tangible assets	3	618
		618
Current assets
Debtors	4	55,665
Cash at bank and in hand		40,264
		95,929
Creditors: amounts falling due within one year	5	( 227,074)
Net current liabilities		(131,145)
Total assets less current liabilities		(130,527)
Net liabilities		( 130,527)
Capital and reserves
Called-up share capital	7	70,000
Profit and loss account		( 200,527 )
Total shareholder's deficit		( 130,527)

For the financial period 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 member has not required the company to obtain an audit of its financial statements for the financial period 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 Statement of Comprehensive Income has not been delivered.

The financial statements of Capnor London Limited (registered number: 16220362) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P - G Le Hodey Director

18 September 2026

1. Accounting policies

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

General information and basis of accounting

Capnor London Limited (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 18 Woodstock Street, London, W1C 2AL, 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.

Reporting period length

The company was incorporated on 31 January 2025. These financial statements represent the first accounting period of the company and cover the period from 31 January 2025 to 31 December 2025, a period of 11 months.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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.

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:

Fixtures and fittings	3 years straight line
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

	Period from 31.01.2025 to 31.12.2025
	Number
Monthly average number of persons employed by the company during the period, including directors	2

3. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 31 January 2025	0		0		0
Additions	151		656		807
At 31 December 2025	151		656		807
Accumulated depreciation
At 31 January 2025	0		0		0
Charge for the financial period	37		152		189
At 31 December 2025	37		152		189
Net book value
At 31 December 2025	114		504		618

4. Debtors

	31.12.2025
	£
Prepayments	8,827
VAT recoverable	18,426
Other debtors	28,412
	55,665

5. Creditors: amounts falling due within one year

	31.12.2025
	£
Trade creditors	9,615
Amounts owed to group undertakings	190,339
Other taxation and social security	9,580
Other creditors	17,540
	227,074

Amounts owed to group undertakings are repayable on demand and do not bear interest.

6. Deferred tax

	31.12.2025
	£
At the beginning of financial period	0
Charged to the Profit and Loss Account	( 108)
At the end of financial period	( 108)

7. Called-up share capital

	31.12.2025
	£
Allotted, called-up and fully-paid
70,000 Ordinary shares of £ 1.00 each	70,000

During the year, the company issued 70,000 ordinary shares for a value of £1 each.

8. Financial commitments

Commitments

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

	31.12.2025
	£
Within one year	94,704
Between one and five years	31,568
	126,272

The company leases office premises under an operating lease which expires on 13 April 2027, subject to an optional break clause exercisable on 31 December 2026.

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

	31.12.2025
	£
Unpaid contributions due to the fund (inc. in other creditors)	497

9. Events after the end of the reporting period

The Company’s ultimate controlling parent shares were sold to Capnor Asset Management SRL which now holds control over the Company. This restructuring does not affect the Company’s operations or financial position as at the balance sheet date.

This event is considered a non-adjusting event under FRS 102, as it relates to circumstances that arose after the reporting period. Accordingly, no adjustments have been made to the financial statements in respect of this event.

10. Ultimate controlling party

The immediate and ultimate parent undertaking is Capnor Asset Management SRL.