REGISTERED NUMBER: 10704665 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2026

for

Green Angel Ventures Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

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 Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

S H V Acland

C A Ainsworth

A J A G Pradayrol

C P S Ross

F Bergonzo

R C Gallagher

REGISTERED OFFICE:

42 Charlwood Road

London

United Kingdom

SW15 1PW

REGISTERED NUMBER:

10704665 (England and Wales)

AUDITORS:

Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

The directors present their strategic report for the year ended 30 June 2026.

The report reviews the Company's performance during the year, the principal risks and uncertainties it faces, and its strategy and future development.

REVIEW OF BUSINESS

The market for early-stage and EIS investment remained challenging during 2025/26. Investment rounds generally took longer to complete and were smaller than in previous years, resulting in lower capital deployment and associated fee income. Turnover decreased by 21% to £728,603, compared with £923,554 in the previous year.

The loss for the financial year increased to £111,339 from £84,201, primarily as a result of the reduction in revenue. This was partly offset by an 18% reduction in administrative expenses following continued cost-control measures. At the year end, the Company remained well capitalised and held regulatory capital in excess of the FCA requirement.

The number of active portfolio companies was 43, compared with 46 in the previous year, due to the failure of 5 portfolio companies, an unavoidable outcome for some early stage investments, offset by the addition of 2 new portfolio companies. The number of angel syndicate members who had invested through GAV increased from 417 to 446, reflecting the continued growth of the syndicate. The Company completed two further closes of its Climate Change Fund during the year, increasing its capacity to support innovative climate solutions. The Company also continued to develop its offering for family offices and institutional investors.

The Company's work was recognised when it was named Investor of the Year at the 2026 edie Awards, following its receipt of the UK Business Angels Association's Angel Group of the Year award in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties faced by the Company are set out below:

-

Fundraising and deployment risk

Reduced investor demand or delays in completing investment rounds could reduce capital deployment and associated fee income.

-

Regulatory and compliance risk

Changes to FCA requirements, financial promotion rules, EIS legislation or tax policy could affect the Company's products, operating model or investor demand. A failure to comply with applicable requirements could result in financial, regulatory or reputational damage

-

Operational and cyber risk

The Company depends on its systems, data security, key personnel and internal controls. A systems failure, cyber incident, data breach or loss of key staff could disrupt operations or cause regulatory or reputational damage

-

Third-party service provider risk

The Company depends on its systems, data security, key personnel and internal controls. A systems failure, cyber incident, data breach or loss of key staff could disrupt operations or cause regulatory or reputational damage.

-

Portfolio and reputational risk

The failure or underperformance of portfolio companies could adversely affect investor confidence, future fundraising and the Company's reputation.

-

Liquidity and capital adequacy risk

Lower or delayed revenue could place pressure on cash resources and regulatory capital.

The Board manages these risks through regular financial forecasting and stress testing, monitoring of liquidity and regulatory capital, compliance oversight, information-security controls, due diligence, portfolio monitoring and oversight of key outsourced service providers.

PRINCIPAL ACTIVITIES, STRATEGY AND FUTURE DEVELOPMENTS

The Company's principal activities are the operation of an angel investment syndicate focused on early-stage climate solutions, the operation and management of its Climate Change Fund, and the provision of portfolio management and related investment services.

The Company's investment activity is focused principally on early-stage UK companies developing products and services that address climate change. The majority of investments facilitated through the syndicate and Climate Change Fund are intended to qualify under the UK Enterprise Investment Scheme.

Green Angel Ventures' mission is to invest in companies delivering effective technologies and processes that address climate change while seeking strong financial returns. This is a long-term strategy and is less sensitive to short-term fluctuations in investment volume.

The Company will continue to develop its investment pipeline and syndicate membership, grow the Climate Change Fund through the IFA network, explore opportunities to work with institutional and family office investors and support the development of its portfolio companies. The pace of these activities will be managed in light of market conditions and the Company's available resources.

KEY PERFORMANCE INDICATORS (KPIS)

The Board monitors financial and non-financial key performance indicators to assess the Company's performance. The principal measures for the year were:

- Turnover: £728,603 (2025: £923,554), a decrease of 21%.

- Loss for the financial year: £111,339 (2025: £84,201), an increase of 32%.

- Total investments made through GAV to date: £60m (2025: £54m), an increase of 11%.

- Syndicate members who have invested through GAV: 446 (2025: 417), an increase of 7%.

- Active portfolio companies: 43 (2025: 46), a decrease of 7%.

Environmental Impact and Climate Strategy

Each year, the Company assesses the estimated greenhouse-gas emissions impact of its active portfolio, measured in tonnes of carbon dioxide equivalent. The assessment is based on information supplied by portfolio companies and the methodology described on the Company's website at https://greenangelventures.com/about-us/our-climate-impact/.

The latest report shows that the activities of our portfolio companies are estimated to have avoided approximately 450,000 tonnes of CO2 since we began collecting data in 2018. This is equivalent to taking around 275,000 cars off the road for one year.

ON BEHALF OF THE BOARD:

C P S Ross - Director

23 September 2026

The directors present their report with the financial statements of the company for the year ended 30 June 2026.

DIVIDENDS

No dividends have been issued or are proposed to be issued for the period ended 30 June 2026 (2025 - Nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2025 to the date of this report.

S H V Acland

C A Ainsworth

A J A G Pradayrol

C P S Ross

F Bergonzo

Other changes in directors holding office are as follows:

N Lyth - resigned 2 November 2025

R C Gallagher - appointed 21 July 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable 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). 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 and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Each person who was a director at the time this report was approved confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditors, Anstey Bond LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

AUDITORS

The auditors, Anstey Bond LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C P S Ross - Director

23 September 2026

Opinion

We have audited the financial statements of Green Angel Ventures Limited (the 'company') for the year ended 30 June 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 June 2026 and of its loss 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 directors' 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 at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 Directors 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 Directors 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 Directors.

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 directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the nature of the Company's operations, its control environment and business performance.

We designed audit procedures responsive to those risks, recognising that the risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

We focused on laws and regulations that could reasonably be expected to have a material effect on the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, and other regulatory requirements applicable to the Company. Our procedures included:

-

enquiries of management regarding known or suspected instances of fraud and non-compliance with laws and regulations;

-

reviewing relevant legal and regulatory correspondence, where applicable;

-

agreeing disclosures in the financial statements to supporting documentation;

-

reviewing accounting estimates and judgements for evidence of management bias;

-

testing journal entries and other adjustments; and

-

considering the risk of management override of controls.

There are inherent limitations in the audit procedures described above and, consequently, there is an unavoidable risk that material misstatements due to fraud or non-compliance with laws and regulations may not be detected. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all of our audits, we addressed the risk of management override of internal controls, including through journal testing and an evaluation of whether there was evidence of bias in accounting estimates and judgements that represented a risk of material misstatement due to fraud.

We did not identify any key audit matters relating to irregularities, including fraud.

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.

Colin Ellis FCCA CF (Senior Statutory Auditor)

for and on behalf of Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

30 September 2026

TURNOVER

3

728,603

923,554

Cost of sales

(46,945

)

(23,145

)

GROSS PROFIT

681,658

900,409

Administrative expenses

(812,563

)

(989,415

)

OPERATING LOSS

5

(130,905

)

(89,006

)

Interest receivable and similar income

17,599

19,538

(113,306

)

(69,468

)

Amounts written off investments

6

(11

)

(15,335

)

LOSS BEFORE TAXATION

(113,317

)

(84,803

)

Tax on loss

7

1,978

602

LOSS FOR THE FINANCIAL YEAR

(111,339

)

(84,201

)

LOSS FOR THE YEAR

(111,339

)

(84,201

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(111,339

)

(84,201

)

FIXED ASSETS

Intangible assets

8

3,375

9,765

Tangible assets

9

4,185

5,708

Investments

10

-

11

7,560

15,484

CURRENT ASSETS

Debtors

11

82,496

94,991

Cash at bank

553,674

644,305

636,170

739,296

CREDITORS

Amounts falling due within one year

12

(70,774

)

(68,507

)

NET CURRENT ASSETS

565,396

670,789

TOTAL ASSETS LESS CURRENT LIABILITIES

572,956

686,273

PROVISIONS FOR LIABILITIES

13

(1,890

)

(3,868

)

NET ASSETS

571,066

682,405

CAPITAL AND RESERVES

Called up share capital

14

189

189

Share premium

15

737,935

737,935

Capital redemption reserve

15

20

20

Other reserves

15

46,924

46,924

Retained earnings

15

(214,002

)

(102,663

)

SHAREHOLDERS' FUNDS

571,066

682,405

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2026 and were signed on its behalf by:

C P S Ross - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 July 2024

209

(18,462

)

737,935

Changes in equity

Issue of share capital

(20

)

-

-

Total comprehensive income

-

(84,201

)

-

Balance at 30 June 2025

189

(102,663

)

737,935

Changes in equity

Total comprehensive income

-

(111,339

)

-

Balance at 30 June 2026

189

(214,002

)

737,935

Capital

redemption

Other

Total

reserve

reserves

equity

£

£

£

Balance at 1 July 2024

-

46,924

766,606

Changes in equity

Issue of share capital

-

-

(20

)

Total comprehensive income

-

-

(84,201

)

Cancelled shares

20

-

20

Balance at 30 June 2025

20

46,924

682,405

Changes in equity

Total comprehensive income

-

-

(111,339

)

Balance at 30 June 2026

20

46,924

571,066

Cash flows from operating activities

Cash generated from operations

1

(106,363

)

(70,228

)

Tax (paid) / recovered

-

8,999

Net cash from operating activities

(106,363

)

(61,229

)

Cash flows from investing activities

Purchase of tangible fixed assets

(2,293

)

(3,757

)

Sale of tangible fixed assets

415

876

Amounts written off investments

11

-

Impairment of investments

-

15,355

Interest received

17,599

19,538

Net cash from investing activities

15,732

32,012

Cash flows from financing activities

Share issue

-

(20

)

Net cash from financing activities

-

(20

)

Decrease in cash and cash equivalents

(90,631

)

(29,237

)

Cash and cash equivalents at beginning of year

2

644,305

673,542

Cash and cash equivalents at end of year

2

553,674

644,305

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Loss before taxation

(113,317

)

(84,803

)

Depreciation charges

10,020

11,144

Profit on disposal of fixed assets

(228

)

(208

)

Finance income

(17,599

)

(19,538

)

(121,124

)

(93,405

)

Decrease in trade and other debtors

12,495

26,324

Increase/(decrease) in trade and other creditors

2,266

(3,147

)

Cash generated from operations

(106,363

)

(70,228

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2026

30.6.26

1.7.25

£

£

Cash and cash equivalents

553,674

644,305

Year ended 30 June 2025

30.6.25

1.7.24

£

£

Cash and cash equivalents

644,305

673,542

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.25

Cash flow

At 30.6.26

£

£

£

Net cash

Cash at bank

644,305

(90,631

)

553,674

644,305

(90,631

)

553,674

Total

644,305

(90,631

)

553,674

1.	STATUTORY INFORMATION

Green Angel Ventures 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is provided on all intangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Website development

over 3 years

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Computer equipment

over 3 years

Fixtures and fittings

over 3 years

Investments in subsidiaries

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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,except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Foreign currencies

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Share based payments

Share-based compensation benefits are provided to employees via the Green Angel Ventures (GAV) EMI Scheme, an employee share option scheme. Information relating to this scheme is set out in note 17.

Employee options

The value of options granted under the GAV Employee Option Plan are recognised as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the intrinsic value of the options granted:

- including any market performance conditions (such as the entity's share price);

- excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

- including the impact of any non-vesting conditions (such as the requirement for employees to save or hold shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2026

2025

£

£

Investment related services

623,133

814,727

Other

105,470

108,827

728,603

923,554

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

544,237

629,923

Social security costs

58,443

47,288

Other pension costs

50,176

51,466

652,856

728,677

The average number of employees during the year was as follows:

2026

2025

Administration

7

8

Development

3

4

Sales

5

6

Marketing

1

1

16

19

2026

2025

£

£

Directors' remuneration

141,443

160,310

Directors' pension contributions

11,956

13,607

153,399

173,917

5.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

2026

2025

£

£

Depreciation - owned assets

3,630

3,419

Profit on disposal of fixed assets

(229

)

(208

)

Website amortisation

6,390

7,725

Auditors' remuneration

7,600

6,950

6.

AMOUNTS WRITTEN OFF INVESTMENTS

2026

2025

£

£

Impairment loss on investment

-

15,335

Amounts written off investment

11

-

11

15,335

The company has written off their 0.1% investment in Powervault Ltd. which entered administration proceedings on 21 November 2025. Please see Note 10 - Fixed Asset Investments to show the calculated Net Book Value as at 30 June 2026 and 30 June 2025.