This report was approved by the board of directors on 22 September 2026
and signed on behalf of the board by:

Name: Stuart Taylor
Status: Director

The Company holds 48 of the 120 allotted ordinary shares (40%) of Save My Exams Limited, a company incorporated in England and Wales (registered number 10730279) whose principal activity is the provision of online learning resources. The investment is stated at cost of £373,403 less any provision for impairment and is included within unlisted investments in note 5. The directors have considered whether the investment is impaired and, having regard to the trading performance and expected future cash flows of that company, consider that no impairment is required. The Company also holds 75% or more of the issued ordinary share capital of SME Residential Property Limited, a dormant company incorporated in England and Wales (registered number 15508409) whose registered office is 86-90 Paul Street, London EC2A 4NE. That company is accordingly a subsidiary undertaking of the Company. The Company has taken advantage of the exemption in section 399(2A) of the Companies Act 2006 and has not prepared group accounts, on the basis that at the end of the financial year the Company was subject to the small companies regime and was not a member of a group containing an undertaking of a kind described in section 399(2B). These financial statements present information about the Company as an individual undertaking and not about its group. Investments previously presented within current assets have been reclassified to fixed assets, the directors considering that presentation better reflects the purpose for which the investments are held. The comparative figures have been reclassified accordingly; there is no effect on net assets or on the result for either year.