REGISTERED NUMBER: 07237008 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2025

for

Weight Partners Corporate Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Statement of Director's Responsibilities

5

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

J D Weight

REGISTERED OFFICE:

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

REGISTERED NUMBER:

07237008 (England and Wales)

AUDITORS:

Ernst & Young LLP

Luton

SOLICITORS:

Macfarlanes LLP

20 Cursitor Street

London

EC4A 1LT

The director presents his strategic report for the year ended 31 December 2025.

BUSINESS REVIEW

Weight Partners Corporate Limited ("WPC" or the "Company") is an investment company. Its objective is to provide long-term return on equity by way of investment in a portfolio of private equity assets. The portfolio currently consists primarily of the following companies - Boxclever, Rileys Sports Bars, Trinity Insurance, TV Healthcare, Grosvenor Health and Social Care and Wyck Hill Hotel. The Company focuses on acquiring businesses going through change or that would benefit from change. This means businesses that have fallen on hard times or haven't had access to the resources they need to fully release their potential, as well as businesses that are growing quickly. WPC's focus is on businesses headquartered in the UK and Ireland, in the consumer and healthcare services sectors, where we can draw on the WPC team's experience to support management.

Boxclever is the only remaining player of scale in the mainstream UK electrical rental market. The strategy for Boxclever remains to tightly manage the revenue reduction from a declining customer base through world-class customer service.

Rileys is the UK's largest chain of sports bars, with a strong focus on pool, snooker, and darts, alongside showing the best sports TV.

Trinity Insurance is a leading broker of personal lines insurance to customers in the British Armed Forces. The focus for Trinity is to continue developing its back-office and support functions so it can operate as a stand-alone business, while broadening its product range and target market, in order to target a potential future sale.

TV Healthcare is a specialist healthcare business, providing care for older people with mental health and nursing care needs. Post year end TV Healthcare exited its care home investment.

Grosvenor Health and Social Care provides homecare and quick discharge services across the UK through six regional brands.

Wyck Hill Hotel was acquired in 2022. Since then the operating business has been shut to prepare the hotel for refurbishment. The hotel now has planning permission for an extensive refurbishment. With this planning permission the hotel has been put up for sale and is expected to sell in 2026.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's key risk relates to the trading performance of its operating subsidiaries. This is affected by the general economic environment of the UK, as well as by operational management decisions within the operating companies.

The global economic environment continues to be impacted by a number of factors, such as the rising price of energy and transportation, inflation, and interest rate rises, with increasing instability caused by the conflicts in the Middle East and Ukraine. Whilst these have had little direct impact on our business, the consequences regarding consumer sentiment are still not yet clear, and the impact is likely to continue to be felt across the portfolio.

We aim to reduce operating management risks through close involvement with the various management teams, as well as attending monthly board and weekly trading review meetings. All significant investments by the business require sign off by WPC management, as do senior management appointments.

The Company's investments are exposed to various regulatory changes, though none are expected to have a material impact on the businesses in the foreseeable future.

FINANCIAL KEY PERFORMANCE INDICATORS

The primary KPIs for WPC are investment returns - realised/unrealised IRRs and money multiples. A regular cash dividend stream is earned from its investment in Boxclever, £1m in 2025 (2024: £0.9m).

ON BEHALF OF THE BOARD:

J D Weight - Director

22 September 2026

The director presents his report with the financial statements of the Company for the year ended 31 December 2025.

DIVIDENDS

The profit for the year, after taxation, amounted to £1,190k (2024: £3,586k).

During the year, dividends totalling £100k (2024: £45k) were paid.

FUTURE DEVELOPMENTS

The director foresees no material changes to the current operations of the Company.

DIRECTOR

J D Weight held office during the whole of the period from 1 January 2025 to the date of this report.

GOING CONCERN

These financial statements have been prepared on a going concern basis. Management believe that this is appropriate as they have a reasonable expectation that the Company has adequate resources to meet its liabilities as they fall due for the foreseeable future through 31 December 2027. Please refer to note 2 of the financial statements.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J D Weight - Director

22 September 2026

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable United Kingdom law and regulations.

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102").

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 the directors are required to:

- select suitable accounting policies in accordance with Section 10 of FRS 102 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- 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 FRS 102 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the company financial position and financial performance;

- state whether applicable UK Accounting Standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will not continue in business.

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.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report and directors' report that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

Opinion

We have audited the financial statements of Weight Partners Corporate Limited (the 'Company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' 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 director's 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 fifteen months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.

Other information

The other information comprises the information in the Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. The director is responsible for the other information.

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 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

o

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant direct and indirect tax compliance regulations in the United Kingdom.

o

We understood how the company is complying with those frameworks by making enquiries of management to understand the process in place to maintain and communicate its policies and procedures in these areas. We corroborated our enquiries through our review of board minutes, correspondence with relevant authorities and supporting documentation, and noted that there was no contradictory evidence.

o

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by obtaining and reading group policies and holding enquiries of management and those charged with governance considering the risk of management override and by assuming investment valuation to be a fraud risk. We addressed this risk through assessing the assumptions utilised and independently determining an acceptable valuation range. We confirmed a sample of transactions back to source documentation or independent confirmation, ensuring appropriate authorisation of transactions, and making enquiries as to the rationale behind the specific transactions.

o

Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved:

o

Enquiry of management and those charged with governance as to any fraud identified or suspected in the period, any actual or potential litigation or claims or breaches of significant laws or regulations applicable to the Company;

o

Auditing the risk of management override, through selecting and testing of a sample of journal entries and other adjustments for appropriateness;

o

Enquiry of management, coupled with testing of journal entries, in order to identify and understand any significant transactions outside of the normal course of business; and

o

Reading the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations

Challenging the judgements made by management through corroborating the basis for those adjustments and considering the contradictory evidence.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Juliet Thomas (Senior Statutory Auditor)

for and on behalf of Ernst & Young LLP

Luton

23 September 2026

INVESTMENT INCOME

3

2,788

12,089

Administrative expenses

(33

)

(20

)

2,755

12,069

Other operating income

1

-

Gain/(loss) on revaluation of assets

(1,343

)

(8,447

)

OPERATING PROFIT

5

1,413

3,622

Interest receivable and similar income

1

98

1,414

3,720

Interest payable and similar expenses

6

(84

)

(87

)

PROFIT BEFORE TAXATION

1,330

3,633

Tax on profit

7

(140

)

(47

)

PROFIT FOR THE FINANCIAL YEAR

1,190

3,586

PROFIT FOR THE YEAR

1,190

3,586

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,190

3,586

FIXED ASSETS

Investments

10

18,719

17,486

CURRENT ASSETS

Debtors

11

12,086

9,831

Cash at bank

44

338

12,130

10,169

CREDITORS

Amounts falling due within one year

12

(7

)

(273

)

NET CURRENT ASSETS

12,123

9,896

TOTAL ASSETS LESS CURRENT LIABILITIES

30,842

27,382

CREDITORS

Amounts falling due after more than one year

13

(2,957

)

(587

)

NET ASSETS

27,885

26,795

CAPITAL AND RESERVES

Called up share capital

14

-

-

Retained earnings

15

27,885

26,795

SHAREHOLDERS' FUNDS

27,885

26,795

The financial statements were approved by the director and authorised for issue on 22 September 2026 and were signed by:

J D Weight - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2024

-

23,254

23,254

Changes in equity

Dividends

-

(45

)

(45

)

Total comprehensive income

-

3,586

3,586

Balance at 31 December 2024

-

26,795

26,795

Changes in equity

Dividends

-

(100

)

(100

)

Total comprehensive income

-

1,190

1,190

Balance at 31 December 2025

-

27,885

27,885

Cash flows from operating activities

Cash generated from operations

18

1,351

(27

)

Interest paid

(69

)

(107

)

Tax paid

(68

)

(6

)

Net cash from operating activities

1,214

(140

)

Cash flows from investing activities

Purchase of investments

(3,951

)

(2,406

)

Proceeds from realised investments

2,543

3

Net cash from investing activities

(1,408

)

(2,403

)

Cash flows from financing activities

Loan repayments in year

-

(162

)

Dividends paid

(100

)

(45

)

Net cash from financing activities

(100

)

(207

)

Decrease in cash and cash equivalents

(294

)

(2,750

)

Cash and cash equivalents at beginning of year

19

338

3,088

Cash and cash equivalents at end of year

19

44

338

1.	STATUTORY INFORMATION

Weight Partners Corporate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in accordance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

In accordance with the requirements of FRS 102 para 9.9, all subsidiary companies should be excluded from consolidation on the grounds that the companies are held exclusively with a view to subsequent resale as part of an investment portfolio. Both equity and debt investments in the same portfolio company are viewed as a single unit of account where a participant would be expected to purchase all investments in the entity at the same time and are therefore both treated as investments and fair valued through profit or loss. A subsidiary is an entity that is controlled by the Company. Control is a power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Critical accounting judgements and sources of estimation uncertainty

Estimates and judgements are constantly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events, or actions, actual results ultimately may differ from those estimates.

The director considers the following to be the critical estimates or judgements applicable to the financial statements:

Subsidiary companies held as part of investment portfolio

The director has concluded that all subsidiary companies should be excluded from consolidation on the grounds that the companies are held exclusively with a view to subsequent resale as part of an investment portfolio.

Fair value of investments held as part of an investment portfolio

The investments are held at fair value. Methodologies have been applied for the valuation of these investments, with the movements in fair value being recognised through the Income Statement.

Going concern

These financial statements have been prepared on the going concern basis. Management believe that this is appropriate as they have a reasonable expectation that the Company has adequate resources to meet its liabilities for a period through to 31 December 2027.

The global economic environment continues to be impacted by a number of factors, such as the rising price of energy and transportation, inflation, interest rate rises, with increasing instability caused by the conflicts in the Middle East and Ukraine. Whilst the conflicts are not expected to have a direct impact on the parent and the Company, the overall global economic environment will inevitably have some impact. Management has considered the risks arising in their going concern assessment and performed an impact analysis using information available to the date of issue of these financial statements. The analysis has modelled a number of adverse scenarios to assess the potential impacts that these risks may have on the liquidity, operations and solvency of its parent and the Company, as well as a reverse stress test including an assessment of any relevant mitigations management have within their control to implement.

WPCL is funded by existing cash, future management fees and dividend income. There are no external borrowings. The starting point of the cash flow forecast is the cash and liquid funds balance at 31 August 2026 of £0.8m and factors in inflows from management fees and dividend income receivable from investment companies as well as outflows relating to salaries, loan repayments and payables to directors.

The most likely expected financial impacts are in respect to the below:

1) Dividend income from investment companies, and

2) The future management fee as it is partially calculated based on a percentage of assets under management, which could be impacted by the current more challenging macroeconomic factors.

Any adverse impact on dividend income is considered to be remote given the dividend income has continued to be received through some challenging periods e.g. during COVID-19, and has not been impacted to date by the wider macroeconomic environment. This is due to the investment company having a strong balance sheet position whilst continuing to outperform budget and cashflow forecasts.

Fixed management fee charges are predictable in nature whereas the variable fees are dependent on assets under management during the year. WPCL has investments in a number of industries, primarily consumer goods rental, care homes and specialist insurance. These industries operate in UK markets and have not been significantly impacted by the recent macroeconomic uncertainties and are continuing to trade profitably.

Having performed the above analysis, management believe that the Company has sufficient liquidity to meet its liabilities for fifteen months from the date of this report, and that the preparation of the financial statements on a going concern basis remains appropriate as the Company expects to be able to meet its obligations as and when they fall due.

Investment income

Dividend income

Dividend income from investment portfolio is recognised in the Statement of Comprehensive Income when the shareholders' rights to receive the payment have been established. Dividend income includes amounts earned from both equity investments and investments in preference shares which earn a fixed coupon rate of return.

Interest income

Interest income is recognised in the Statement of Comprehensive Income on a receivable basis.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Investments in subsidiaries and associates

Investments, which include equity instruments and loan advances, are measured at fair value. They are recognised and de-recognised on the date when their purchase or sale is a subject to a relevant contract and the associated risks and rewards have been transferred. The Company manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of investments.

Investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in accordance with the Company's valuation policies.

Unquoted investments, including both equity and loans, are designated at fair value through profit and loss and are subsequently carried in the Statement of Financial Position at fair value.

Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm's length transaction at the measurement date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with industry standard valuation guidelines such as the International Private Equity and Venture Capital valuation guidelines (December 2015) for direct investments in portfolio companies. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed below. Given the subjectivity of the direct investments in portfolio companies, the valuations are approved by an Investment Committee. Earnings based valuation techniques are the most commonly used for estimating fair value of direct investments in portfolio companies, along with Discounted Cash Flow models and net asset values. EBITDA is the most common measure for earnings and the earnings multiple is derived from comparable listed companies or relevant precedent transaction multiples. We adjust for relative performance in the set of comparable, exit expectations and other company specific factors.

Investments in associates are held at cost. The Company assesses investments in associates for an impairment indicator annually. If any such indication of possible impairment exists, the Company makes an assessment of the recoverable amount.

Financial instruments

The Company only enters into basic financial instrument 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 related parties, and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially at the the present value of the future cash flow discounted at a market rate of interest for a similar debt instruments, and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisitions and that are readily convertible to known amounts of cash with insignificant risk of changes in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the annual general meeting.

3.	INVESTMENT INCOME

The investment income and profit before taxation are attributable to the one principal activity of the Company.

An analysis of investment income by class of business is given below:

31.12.25

31.12.24

£'000

£'000

Interest income

1,035

848

Dividend income

1,483

11,010

Pref share interest income

144

145

Misc investment income

126

86

2,788

12,089

4.	EMPLOYEES AND DIRECTORS

The Company had no direct employees in either 2025 or 2024.

No Director was remunerated through the Company in either the current or prior year.

31.12.25

31.12.24

£

£

Director's remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.25

31.12.24

£'000

£'000

Auditors' remuneration - tax compliance

6

6

Auditor's remuneration of £27k was borne by WPC Management Services Limited.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£'000

£'000

Group loan interest

84

87

7.

TAXATION

The tax assessed for the year is lower than (2024: lower than) the hybrid rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:

2025

2024

£

£

Profit on ordinary activities before tax

1,330

3,633

Tax on profit on ordinary activities at standard hybrid CT rate of 25% (2024: 25%)

332

908

Effects of:

Expenses not deductible for tax purposes

300

2,076

Group income

(371

(2,753

Deductions against profit

(8

(5

Timing differences

12

-

Group relief claimed

(265

(226

Payments for Group relief

140

41

Prior period adjustments

-

6

Total tax charge for the year

140

47

8.

DIVIDENDS

31.12.25

31.12.24

£'000

£'000

Ordinary shares of £1.00 each

Final

100

45

9.	FINANCIAL RISK MANAGEMENT

The Director has overall responsibility for the establishment and oversight of the Company's risk management framework. There are systems of controls in place to create an acceptable balance between the potential costs, should such a risk occur, and the costs of managing those risks. Risk management policies and systems are reviewed regularly to reflect changes in the market conditions and the Company's activities.

The Company has exposure to market risk, liquidity risk, and credit risk. This section provides details of the Company's approach to financial risks, and describes the methods used by management to mitigate and control such risk.

Market risk

The Company's investments are susceptible to market price risk arising from uncertainties about future market conditions within which the investments operate. The Company's strategy on the management of investment risk is driven by the Company's investment objective. The Company's investment objective is to make investments in businesses going through change that would benefit from change, including operational improvement, buy and build, organic roll-out, founder exits, and corporate carve-outs. The Company's market risk is regularly managed by management and the Director. In relation to specific limitations regarding investments, this is reviewed by the Investment Committee in accordance with policies and procedures in place.

Credit risk

Credit risk is the risk of financial loss to the Company as a result of a counterparty failing to meet its contractual obligations. This risk is principally in connection with the Company's investments. Concentrations of credit risk exist when changes in economic, industry, or geographic factors similarly affect the Company's counterparties whose aggregate credit exposure is significant in relation to the Company's total credit exposure.

The carrying amount of financial assets represents the Director's assessment of the maximum credit risk exposure of the Company at the Statement of Financial Position date. Decreases in fair value during the year reflect the decline in recoverability on individual assets, either as a result of company specific or of general macroeconomic conditions.

This risk is mitigated by the disciplined credit procedures that management has in place prior to making an investment and the ongoing monitoring of that investment throughout its lifespan.

The director considers the Company's credit exposure to trade and other receivables and current assets held for sale to be low and as such no further analysis has been presented.

Liquidity risk

The Company's liquidity risk is the risk that the Company will encounter difficulties raising liquid funds to meet commitments as they fall due. A prudent risk management approach is adopted to ensure sufficient cash is available for both operational expenses and investments through periodic review of cash flow forecasting.

The Company's policy is to maintain continuity of funding. Due to the long-term nature of the Company's assets, the Company seeks to ensure that the maturity of its debt instruments is matches to the expected maturity of its assets.

10.	INVESTMENTS

Investment portfolio subsidiary companies

Other fixed asset investments

Listed investments

Totals

£'000

£'000

£'000

£'000

COST

At 1 January 2025

12,705

3,153

1,628

17,486

Additions

3,874

-

1,246

5,120

Disposals

-

-

(2,543

)

(2,543

)

Fair value gain/(loss)

(1,402

)

-

58

(1,344

)

At 31 December 2025

15,177

3,153

389

18,719

NET BOOK VALUE

At 31 December 2025

15,177

3,153

389

18,719

At 31 December 2024

12,705

3,153

1,628

17,486

Additions include £1.17m of accrued interest.

The following were subsidiary undertakings and affiliates of the Company:

Name

Principal Activity

Class of Shares

Holding

BC Holdings (UK) Limited*

Holding company and operational management

Ordinary

100%

Home Technology Finance Limited*

Provision of products and services to customers under regulated hire agreements

Ordinary

100%

BC Services (UK) Limited*

Dormant

Ordinary

100%

Channel Topco Limited

Holding company and operational management

Ordinary

100%

Trinity Insurance Services Limited*

Insurance Services

Ordinary

100%

WPC5 Limited

Holding company

Redeemable preference

50%

WPC7 Limited*

Sports Bars

Ordinary

76%

WPC8 Limited*

Sports Bars

Ordinary

76%

WPC9 Limited*

Sports Bars

Ordinary

76%

WPC10 Limited

Holding company and operational management

Ordinary

76%

WPC12 Limited*

Financial services holding company

Ordinary

76%

Weight Partners Limited

Dormant

Ordinary

100%

Wyck Hill Hotel Limited

Operational Management

Ordinary

100%

WPC Hotels Limited

Financial services holding company

Ordinary

100%

WPC Management Services Limited

Financial services holding company

Ordinary

100%

WPC18 Limited

Dormant

Ordinary

100%

WPC20 Limited

Holding company

Ordinary

100%

WPC21 Limited

Financial services holding company

Ordinary

100%

WPC22 Limited

Dormant

Ordinary

100%

WPC23 Limited

Dormant

Ordinary

100%

WPC24 Limited

Dormant

Ordinary

100%

WPC25 Limited

Dormant

Ordinary

100%

WPC26 Limited

Dormant

Ordinary

100%

WPC27 Limited

Dormant

Ordinary

100%

The Company also has an investment in Weight Partners Capital LLP which is included in other fixed asset investments that is stated at cost less provisions for impairment.

The subsidiaries marked with an * are indirect subsidiary undertakings of the Company.