Company No: 14040238 (England and Wales)

Contents

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

DIRECTORS	Carl Gabriel Lindsay Fitzgerald
	Nicholas Alexander Hewett

REGISTERED OFFICE	58 Grosvenor Street
	London
	W1K 3JB
	United Kingdom

COMPANY NUMBER

14040238 (England and Wales)

	Note	31.12.2022
		£
Fixed assets
Tangible assets	3	7,120
		7,120
Current assets
Debtors	4	567,547
Cash at bank and in hand		1,122,686
		1,690,233
Creditors: amounts falling due within one year	5	( 1,649,628)
Net current assets		40,605
Total assets less current liabilities		47,725
Net assets		47,725
Capital and reserves
Called-up share capital	6	1
Profit and loss account		47,724
Total shareholder's funds		47,725

For the financial period ending 31 December 2022 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 period 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 Fidelio Capital Limited (registered number: 14040238) were approved and authorised for issue by the Board of Directors on 30 August 2023. They were signed on its behalf by:

Carl Gabriel Lindsay Fitzgerald Director

1. Accounting policies

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

General information and basis of accounting

Fidelio Capital 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 58 Grosvenor Street, London, W1K 3JB, 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 Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the 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 except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Income from advisory work is recognised in the period in which services are provided.

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 period. Differences between contributions payable in the financial period 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.

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 less estimated residual value, of each asset on a straight-line basis as follows:

Plant and machinery etc.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Trade and other creditors

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. If an arrangement constitutes a financing transaction it is measured at the present value of the future receipts discounted at a market rate of interest.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Period from 11.04.2022 to 31.12.2022
	Number
Monthly average number of persons employed by the Company during the period, including directors	2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 11 April 2022	0		0
Additions	8,268		8,268
At 31 December 2022	8,268		8,268
Accumulated depreciation
At 11 April 2022	0		0
Charge for the financial period	1,148		1,148
At 31 December 2022	1,148		1,148
Net book value
At 31 December 2022	7,120		7,120

4. Debtors

	31.12.2022
	£
Other debtors	567,547

5. Creditors: amounts falling due within one year

	31.12.2022
	£
Trade creditors	197
Amounts owed to Parent undertakings	1,506,545
Taxation and social security	51,520
Other creditors	91,366
	1,649,628

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to parent undertakings are repayable on demand and do not bear interest.

6. Called-up share capital

	31.12.2022
	£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.12.2022
	£
- within one year	176,061
- between one and five years	116,081
	292,142

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	31.12.2022
	£
Fidelio Capital III Midco AB - Loan	1,506,545

An interest free loan totalling €1,700,000 was provided in the period by the immediate parent company. Repayment is due upon the request of the lender.

9. Ultimate controlling party

Parent Company:

Fidelio Capital III TopCo AB

Sturegatan 10 114 36 Stockholm Sweden