Isomer Capital Project SIO2 Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The Company is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales.

The Company was formerly known as Saatchinvest Ltd and changed its name on 26 February 2025.

The address of its registered office is: 17A Curzon Street, London, W1J 5HS.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The independent auditor's report was unqualified. The name of the Senior Statutory Auditor who signed the report on 25 June 2026 was Alex Macpherson, who signed for and on behalf of EVMS Partners LLP.

Key sources of estimation uncertainty

The company's equity investments are in early stage unlisted companies. The key estimation uncertainty in these financial statements arises from the fair value of such investments at each reporting date. Estimates of such fair values are informed by the latest funding rounds of the underlying investee companies adjusted for key performance metrics of the investee entities since such rounds and the relative share rights of the company and other shareholders based on the underlying enterprise valuation indicated by the key performance metrics.

At the balance sheet date, a significant number of the investees had not issued substantive amounts of equity in the current or preceding financial periods. Accordingly, the use of unobservable inputs relating to the investees' performance has significantly increased, with a commensurate increase in estimation risk. The carrying amount is £4,079,506 (2024 - £5,564,399).

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Isomer Capital Project SIO2 Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investments

Unlisted investments are initially recognised at fair value, being the consideration transferred and subsequently measured at fair value through profit and loss. At each reporting date the fair value is reassessed with gains and losses being recognised in the income statement.

On disposal contingent consideration is recognised at fair value, being the best estimate of the fair value of the consideration which will be received on resolution of the contingencies on which such amounts rest. At each reporting date the fair value is reassessed with gains and losses being recognised in the income statement.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade and other creditors

Trade and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2024 - 3).

Isomer Capital Project SIO2 Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

4	Investments

	Equity investments £	Contingent consideration £	Total £
Valuation
At 1 January 2025	5,956,311	715,980	6,672,291
Additions	9,397	-	9,397
Fair value adjustments	(1,282,140)	6,011	(1,276,129)
Disposals	(218,766)	(721,991)	(940,757)
At 31 December 2025	4,464,802	-	4,464,802
Carrying amount
At 31 December 2025	4,464,802	-	4,464,802
At 31 December 2024	5,956,311	715,980	6,672,291

5

Debtors

Current	2025 £	2024 £
Amounts owed by parent undertaking	713,491	-

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Amounts owed to group undertakings	-	11,003,619
Accruals and deferred income	32,460	-
	32,460	11,003,619

Isomer Capital Project SIO2 Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary Shares of £1 each	10,917,125	10,917,125	2	2

On 26 February 2025 the Company issued 10,917,123 ordinary shares of £1 each, the consideration for which was a settlement of the £10,917,123 due to group undertakings at that date.

8	Parent and ultimate parent undertaking

At the beginning of the period, the Company's immediate parent undertaking was M&C Saatchi Worldwide Limited, which is incorporated in the United Kingdom and registered in England and Wales. The ultimate parent undertaking at that date was M&C Saatchi PLC, which is also incorporated in United Kingdom and registered in England and Wales.

On 26 February 2025, the Company's entire issued share capital was acquired by Isomer Secondaries I SCSp, a limited partnership registered in Luxembourg, which became the immediate and ultimate parent undertaking from that date.