Company No: 13725795 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	F H McDermott
	J E McDermott

REGISTERED OFFICE	45 Gresham Street
	London
	EC2V 7BG
	United Kingdom

COMPANY NUMBER

13725795 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	45 Gresham Street
	London
	EC2V 7BG

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,950		3,064
		1,950		3,064
Current assets
Debtors	4	3,100,013		3,107,223
Cash at bank and in hand	5	152,890		68,961
		3,252,903		3,176,184
Creditors: amounts falling due within one year	6	( 2,904,795)		( 2,810,368)
Net current assets		348,108		365,816
Total assets less current liabilities		350,058		368,880
Net assets		350,058		368,880
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		349,058		367,880
Total shareholder's funds		350,058		368,880

For the financial year 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 year 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 Profit and Loss Account has not been delivered.

The financial statements of Carma Europe Limited (registered number: 13725795) were approved and authorised for issue by the Board of Directors on 22 October 2026. They were signed on its behalf by:

J E McDermott Director

1. Accounting policies

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

General information and basis of accounting

Carma Europe 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 45 Gresham Street, London, EC2V 7BG, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Carma Europe Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
[include details of the specific recognition and measurement policies for each significant type of service provided]
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 Balance Sheet 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 enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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:

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

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

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 January 2025	3,342		3,342
At 31 December 2025	3,342		3,342
Accumulated depreciation
At 01 January 2025	278		278
Charge for the financial year	1,114		1,114
At 31 December 2025	1,392		1,392
Net book value
At 31 December 2025	1,950		1,950
At 31 December 2024	3,064		3,064

4. Debtors

	2025		2024
	£		£
Trade debtors	35,517		38,868
Amounts owed by Group undertakings	3,061,018		3,061,018
Deferred tax asset	( 488)		0
Other debtors	3,966		7,337
	3,100,013		3,107,223

5. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	152,890		68,961

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	2,841,072		2,781,929
Corporation tax	40,708		0
Other taxation and social security	8,526		9,784
Other creditors	14,489		18,655
	2,904,795		2,810,368

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	0		0
Charged to the Profit and Loss Account	( 488)		0
At the end of financial year	( 488)		0

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2025		2024
	£		£
Amounts owed to Group undertkaings	3,061,016		3,061,018

10. Ultimate controlling party

The directors regard Carma, Inc to be the immediate and ultimate parent undertaking by virtue of holding 100% of the issued shares and the largest group for which consolidated accounts are available. A copy of the consolidated financial statements can be obtained from Carma, Inc., 1800 Wazee St, Suite 300, Denver, CO 80202, USA