Annual Financial Report

Summary by AI ^BETAClose X

Highway Capital PLC has published its annual report for the year ended 28 February 2025, detailing its focus on corporate restructuring and the restoration of its listing, with the priority being the publication of outstanding accounts to progress its Company Voluntary Arrangement (CVA). The company raised £38,900 between June and October 2026 to fund professional costs for publishing these accounts and anticipates a further £40,000. The CVA aims to reduce legacy liabilities and provide a clearer platform for future opportunities, with directors confident in raising additional funding upon successful completion and the restoration of its London Stock Exchange listing. The company reported an operating loss of £265,870 for the year, an improvement from £320,823 in 2024, and a basic loss per share of 2.31p. However, the auditors issued a qualified opinion due to material uncertainties regarding the company's ability to continue as a going concern, citing the unapproved CVA, reliance on future funding, and the ongoing suspension of its shares from trading on the London Stock Exchange.

Disclaimer*

Highway Capital PLC

26 October 2026

Company registration no. 02991159

HIGHWAY CAPITAL plc

ANNUAL REPORT

For the year ending 28 February 2025

Text Box: 2 HIGHWAY CAPITAL plc

Contents

	Page
Chairman's statement	3
Strategic report	4
Directors' report	6
Directors' responsibility statement	10
Directors' remuneration report	11
Corporate governance	13
Independent auditors' report	16
Statement of comprehensive income	20
Statement of financial position	21
Statement of changes in equity	22
Statement of cash flows	23
Notes to the accounts	24
Company information	31

Text Box: 3 HIGHWAY CAPITAL plc

Chairman's statement

Year ended 28 February 2025

Dear Shareholders

During the year ended 28 February 2025, the Company's principal focus was on corporate restructuring and the restoration of its listing. Our priority was to complete and publish the outstanding annual accounts in order to progress towards the implementation of the Company Voluntary Arrangement ("CVA").

The successful completion of the CVA will represent a significant milestone for the Company, materially reducing legacy liabilities and provide a clearer platform from which to consider future opportunities.

Finally, I would like to express my sincere appreciation to our shareholders and noteholders for their continued support and patience during this important period of corporate restructuring.

Highway Capital Plc, between June 2026 and October 2026, raised £38,900 and expecting a further £40,000 to fund its professional costs related to publishing the annual accounts.

On a successful conclusion of the CVA process and restoration of the full listing on the London Stock Exchange, the Directors are confident that the Company will raise additional funding to continue its operations.

Maciej Szytko

Director

15 October 2026

Text Box: 4 HIGHWAY CAPITAL plc

Strategic report

Year ended 28 February 2025

Review of Business

Loan Notes - Current Financial Year

Loan Note issued on 10 March 2023 for the amount of £15,127 to an investor has a 12 months' term and 10% interest per annum.

Financial review

Key Highlights

		2025	2024
Management fees Administrative expenses		- (265,870)	- (320,823)
Operating loss Interest receivable		(265,870) -	(320,823) 4 (178,759)
Other income		300	-

Basic loss per share	8	(2.31)p	(2.79)p

Bank and cash 242 -

Text Box: 5 HIGHWAY CAPITAL plc

Strategic report continued

Year ended 28 February 2025

Greenhouse gas emissions and energy consumption

The Company is exempt from the requirements on disclosing its annual quantity of emissions and energy consumption for which it is responsible.

Future plans for the business

Following the publication of the annual accounts to 28 February 2025, the Company is looking to implement the CVA in order to reduce its legacy liabilities, strengthen its financial position and provide a more stable foundation from which to assess and pursue potential opportunities.

Key risks and uncertainties

As the Company has yet to restructure its balance sheet by implementing the CVA, the primary risk to the business during this period is going concern risk.

LSE listing suspension: The suspension prevents its stakeholders from trading the company's shares on the London Stock Exchange. The suspension also has a negative impact on attracting new capital and attracting potential companies interested in the Reverse Takeover transactions.

Liquidity and solvency risk: The Company is also exposed to liquidity and solvency risk, where its ability to meet short-term and long-term obligations depend on ability of the Company to fund the business

Approved on behalf of the board of directors:

Maciej Szytko

Director

15 October 2026

Text Box: 6 HIGHWAY CAPITAL plc

Directors' report

Year ended 28 February 2025

Your directors have the pleasure in submitting their report and the audited accounts for the year ended 28 February 2025, and consider it to be fair, balanced and understandable.

Principal activity

The Company's business strategy is to identify, evaluate and complete suitable acquisition opportunities.

Business review and management report

The loss on ordinary activities for the year before taxation was £265,570 (2024: loss £320,823). After taxation, the loss of £265,570 (2024: loss £320,823) has been transferred to reserves.

The company continues to keep expenditure to a minimum in order to preserve its cash resources. The company had cash at bank and in hand of £242 as at 28 February 2025 (2024: £nil).

Events that have occurred since the end of the financial year are detailed in note 16 to the accounts. Details of future developments can be found in the Chairman's statement.

Principle risks and uncertainties

The principal risks and uncertainties that the company faces are in identifying and acquiring suitable investments, and in raising sufficient future funds. The income of the company fluctuates with movements in interest rates.

At the date of approving these financial statements the directors are not aware of any adverse impact arising from the crisis in Ukraine.

Dividends

The directors do not recommend the payment of a final dividend for the year (2024: nil).

Directors

The following directors served during the year to 28 February 2025:

L. Sobolewski (Chairman) - resigned 16 September 2024

M. Szytko

N. Mayster - resigned 10 January 2025

B. Patnaik

Details of directors' remuneration, service contracts and interests in the ordinary shares of the company are included in the directors' remuneration report on pages 11 and 12.

B Patnaik retires by rotation and offers himself for re-election at the AGM. He does not have a service-contract with the company. Following formal performance evaluations, the Board believes that he has performed effectively and that he should be re-elected.

Biographies of directors

Maciej Szytko, 43, was appointed as a non-executive director on 19 September 2011. He is a Commercial Studies graduate from the University of Westminster. Maciej has extensive experience in the financial market gained through participation across a broad range of projects and capital transactions, including PE/VC projects as well as Equity and Debt Raising for both IPO and SPO transactions. He is currently a self-employed adviser and active investor in public and private companies with a focus on the Commonwealth of Independent States (CIS) and the Warsaw Stock Exchange (WSE), where his first financial successes occurred.

Text Box: 7 HIGHWAY CAPITAL plc

Directors' report continued

Year ended 28 February 2025

Biswanath Patnaik, 48, was appointed as non-executive director on 27 November 2019. He holds an MBA and a Law degree from Utkal University, and is a banker with operations in London, Singapore and Dubai. Mr Patnaik is also a co-owner of a Multispeciality Hospital in Bhubaneswar, India. He is the Chairman of an international committee of a Social Action Foundation based out of Delhi, which provides vocational training and education to under privileged children. Biswanath's family owns three mines in the state of Odisha in India, which extract iron ore, bauxite and paraphyte.

Substantial shareholdings

At 28 February 2025 the company had been notified, in accordance with the Disclosure and Transparency Rules of the Financial Services Authority, of the following notifiable interests in the ordinary share capital of the company:

	Number of Ordinary Shares	Percentage Holding
Mrs C. C. Rowan	2,375,745	20.68%
M. Szytko	2,622,060	22.82%
N. Mayster	1,900,000	16.54%
D. Wheatley	435,644	3.79%
P. Fellerman	650,000	5.66%
Wildman Asset Management SA	850,000	7.40%

There have been no subsequent notified changes since the year end.

Payment of suppliers

It is the company's policy to pay suppliers in accordance with the terms agreed for each transaction.

Disclosure of information to auditor

The directors confirm that:

· so far as each director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

· the directors have taken all the steps they ought to have taken as directors 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Text Box: 8 HIGHWAY CAPITAL plc

Directors' report continued

Year ended 28 February 2025

Qualifying third party indemnity provisions

The company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the company in respect of liabilities they may incur in defending certain proceedings against them.

Auditors

A resolution proposing that MCA Audit Limited be re-appointed as auditors of the company will be put to the annual general meeting in accordance with Section 485 of the Companies Act 2006.

Going concern

The Directors have reviewed projections for a period of at least 12 months from the date of approval of the Financial Statements.

In making their assessment of going concern, the Directors have considered the Company's position carefully and discussed it with its shareholders, noteholders, creditors, investors and professional advisors.

The Company has made significant progress, since announcing termination of the Reverse Takeover transaction and commencement of the Corporate Restructuring as announced on 25 September 2024.

The Directors strongly believe that Company will be in a much stronger position to pursue potential strategic opportunities after completing a successful Company Voluntary Arrangement ("CVA"). The Directors believe that, a Company Voluntary Arrangement, if approved, would reduce Highway Capital Plc's net liabilities and allow for the Company to continue as an entity for the benefit of all stakeholders.

Highway Capital Plc, between June 2026 and October 2026, raised £38,900 currently, expecting a further £40,000 to fund its professional costs related to publishing the annual accounts. On a successful conclusion of the CVA process and restoration of the full listing on the London Stock Exchange, the Directors are confident that the Company will raise additional funding to continue its operations.

However, the successful implementation of a strategic opportunity or ongoing or future funding have been identified as material uncertainties which may cast doubt over the going concern assessment. Whilst acknowledging this uncertainty, based on their expectations of future successful fund raising and continued financial support from interested investors, the Directors consider it appropriate to continue to prepare the financial statements on a going concern basis.

Greenhouse gas emissions and energy consumption

The Company is exempt from the requirements on disclosing its annual quantity of emissions and energy consumption for which it is responsible.

Post balance sheet events

Text Box: 9 HIGHWAY CAPITAL plc

Directors' report continued

Year ended 28 February 2025

Financial risk management

The company's financial risk management objective is to minimize, as far as possible, the company's exposure to such risk as detailed in note 19 to the accounts.

S172 Statement

The Board believes that, individually and together, they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006 in the decisions taken during the year ended 28 February 2025.

Engagement with employees

The Company currently does not have any employees other than directors or customers, but recognizes that the long-term success of the business relies on effective engagement with customers and employees.

Engagement with suppliers

The Company's only suppliers currently are those supplying professional services. The Company manages relationships with suppliers as closely as possible to ensure the services provided meet the Company's high standards.

Engagement with shareholders

Feedback from investors is obtained through direct interaction between the Company's Board. The voting record at the Company's general meetings is monitored for any investor feedback/issues.

The Board recognizes the importance of effective communication with its shareholders. A range of corporate information is available on the Company's website and this statement and the information within the Company's Annual Report provide details to stakeholders on how the Company is governed. Company performance is communicated to its shareholders and the market in its results announcements, with further trading updates made where required and appropriate

By order of the board

Maciej Szytko

Director

15 October 2026

Text Box: 10 HIGHWAY CAPITAL plc

Directors' responsibility statement

Year ended 28 February 2025

The directors are responsible for preparing the strategic report and the directors' report and the accounts in accordance with applicable law and regulations.

Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing those accounts, the directors are required to:

· select suitable accounting policies and then apply them consistently;

· make judgements and estimates that are reasonable and prudent;

· state whether applicable UK accounting standards, including FRS 102 have been followed, subject to any material departures disclosed and explained in the accounts;

· notify its shareholders in writing about the use of disclosure exemptions, if any, of FRS 102 used in the preparation of accounts; and

· prepare the accounts 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 accounts comply with the Companies Act 2006. They are also responsible for the system of internal control, and for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities. The directors are also responsible for ensuring that all information relevant to the audit has been made available to the auditors.

The directors confirm that:

- so far as each director is aware, there is no relevant audit information of which the company's

auditor is unaware; and

- the directors have taken all the steps that they ought to have taken as directors in order to make

themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report, a directors' report, directors' remuneration report and corporate governance statement that comply with that law and those regulations.

The directors confirm that, to the best of their knowledge and belief:

- the accounts in this document, prepared in accordance with applicable UK law and accounting

standards, give a true and fair view of the assets, liabilities, financial position and loss of the company; and

- the business review and management report in the directors' report includes a true and fair review

of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that it faces.

By order of the board

Maciej Szytko Director

15 October 2026

HIGHWAY CAPITAL plc

Directors' remuneration report

Year ended 28 February 2025

Introduction

The information included in this report is not subject to audit other than where specifically indicated.

Remuneration committee

During the year under review the remuneration committee was headed by Ludwik Sobolewski, the Chairman, until his resignation on 16 September 2024, and also comprised Maciej Szytko. This committee's primary function is to review the performance of executive directors and senior employees and set their remuneration and other terms of employment. Since the disposal of its trading subsidiary on 24 January 2001, the company has only had one executive director and no senior employees. The committee is also responsible for administering any share option scheme or bonus schemes.

The remuneration committee determines the company's policy for the remuneration of directors, having regard to the UK Corporate Governance Code and its provisions on directors' remuneration.

The remuneration policy

It is the aim of the committee to remunerate directors competitively and to reward performance. Details of the remuneration packages of individual directors are set out below. There are currently no long term incentive plans, performance bonuses or pension schemes in place. The views of the shareholders have been considered in the formulation of the remuneration policy, including through meeting at the AGM. At the last AGM held, a resolution was passed to approve the directors' remuneration report. It is the intention to implement a similar directors' remuneration policy in 2025/2026 to that in 2024/2025.

Text Box: 12 HIGHWAY CAPITAL plc

Directors' remuneration report continued

Year ended 28 February 2025

Service agreements and terms of appointment

None of the directors has a service contract with the company.

Directors' interests

The directors' interests in the share capital of the company are shown below. All interests are beneficial.

	Number of ordinary shares
	28.2.2025	28.2.2024
M. Szytko	2,622,060	2,622,060
N. Mayster	1,900,000	1,900,000

There have been no notified changes in the interests of the directors since the year end.

Directors' emoluments (audited)

Directors' emoluments including amounts payable to third parties in respect of directors' services are comprised as follows:

		Basic Salary	Compensation payment	Taxable Benefits	2023 Total	2022 Total
Non-executive directors:	Fees	Basic Salary	Compensation payment	Taxable Benefits	2023 Total	2022 Total
L. Sobolewski	19,600	-	-	-	19,600	36,000
M. Szytko	60,000	-	-	-	60,000	60,000
N. Mayster	-	-	-	-	-	-
B. Patnaik	-	-	-	-	-	-
	£ 79,600	£ -	£ -	£ -	£79,600	£ 96,000

No pension contributions were made by the company on behalf of its directors (2024; nil)

No director currently has share options, and no share options were granted to or exercised by the directors during the period under review.

There is currently no management contract for Mr Patnaik.

Approval by shareholders

At the next annual general meeting of the company a resolution approving this report is to be proposed as an ordinary resolution.

This report was approved by the board on 15 October 2026 and signed on its behalf by:

Maciej Szytko

Chairman and Head of Remuneration Committee

Text Box: 13 HIGHWAY CAPITAL plc

Corporate governance

Year ended 28 February 2025

The policy of the Board is to manage the affairs of the company with reference to the UK Corporate Governance Code, which is publicly available from the Financial Reporting Council. In July 2013 the company changed from a Premium to a Standard listing. The listing is currently suspended.

Application of principles of good governance Board of directors

During the year under review the board comprised of the non-executive Chairman, Ludwik Sobolewski, until his resignation on 16 September 2024, and the three non-executive directors, Maciej Szytko, Nicolay Mayster until his resignation on 10 January 2025, and Biswanath Patnaik. The articles of association require a third, but not greater than a third, of the directors to retire by rotation each year. Since the disposal of the company's trading subsidiary on 24 January 2001 the company has not had a Chief Executive. The Board intends to appoint a Chief Executive when a new business is acquired.

There are regular board meetings each year and other meetings are held as required to direct the overall company strategy and operations. Board meetings follow a formal agenda covering matters specifically reserved for decision by the Board. These cover key areas of the company's affairs including overall strategy, acquisition policy, approval of budgets, major capital expenditure and significant transactions and financing issues.

The board has delegated certain responsibilities, within defined terms of reference, to the audit committee and the remuneration committee as described below. The appointment of new directors is made by the board as a whole.

During the year ended 28 February 2025, there were 12 Board meetings, 1 audit committee meeting and 1 remuneration committee meeting. All meetings were fully attended.

The board undertakes a formal annual evaluation of its own performance and that of its committees and individual directors, through discussions and one-to-one reviews with the Chairman and the senior independent director. The terms and conditions of appointment of the non-excutive directors are available for inspection at Eden House, Reynolds Road, Beaconsfield HP9 2FL.

Audit committee

During the year under review the audit committee was headed by Ludwik Sobolewski, the Chairman, until his resignation on 16 September 2024, and also comprised Maciej Szytko. The committee's terms of reference are in accordance with the UK Corporate Governance Code.

The committee reviews the company's financial and accounting policies, interim and final results and annual report prior to their submission to the board, together with management reports on accounting matters and internal control and risk management systems. It reviews the auditors' management letter and considers any financial or other matters raised by both the auditors and employees.

The committee considers the independence of the external auditors and ensures that their objectivity and independence are not impaired. During the year no non-audit services were provided by the external auditors.

The committee has primary responsibility for making recommendations to the board in respect of the appointment, reappointment and removal of the external auditors.

HIGHWAY CAPITAL plc

Corporate governance continued

Year ended 28 February 2025

Remuneration committee

During the year under review the remuneration committee was headed by Ludwik Sobolewski, the Chairman, until his resignation on 16 September 2024, and also comprised Maciej Szytko.

The committee's primary function is to review the performance of directors and senior employees and to set their remuneration and other terms of employment. It is also responsible for administering any share option and bonus schemes.

Relations with shareholders

The company encourages two-way communication with both its institutional and private investors and responds promptly to all queries received. An understanding of the views of the major shareholders of the company has been developed, including through meeting at the AGM.

Internal controls

The directors are responsible for internal control in the company and for reviewing its effectiveness. Procedures have been designed for safeguarding assets against unauthorised use or disposition; for maintaining proper accounting records; and for the reliability of financial information used within the business or for publication. Such procedures are designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material error, losses or fraud. In addition, there is an ongoing process in place for identifying, evaluating and managing the significant risks faced by the company.

The key procedures that the directors have established are designed to provide effective internal control within the company and are regularly reviewed by the board. This is in accordance with The Turnbull Guidance provided by the Institute of Chartered Accountants in England and Wales. Such procedures have been in place throughout the period under review and up to the date of approval of the annual report and accounts.

Due to the size of the company, all key decisions are made by the board and the assessment and management of risk is an integral part of the board's decision-making process.

The company's organisational structure has clear lines of responsibility and the board continues to review systems to monitor and investigate the major business risks facing the company.

The board has established control procedures for all key financial areas of the business, which enable the board to maintain full and effective control. These controls include defined procedures for seeking and obtaining approval for major transactions and controls relating to the security of assets. The company operates a comprehensive budgeting and financial reporting system.

The directors have reviewed the effectiveness of the company's systems of internal control as they operated during the period under review and consider that there have been no material losses, contingencies or uncertainties caused by weaknesses in internal controls. The directors do not consider that an internal audit function is presently necessary as the company is a "cash shell".

LSE listing suspension

On 22 September 2016, Highway Capital Plc was suspended from the Official List and from trading on the Main Market due to the change in the strategic direction of the company's business away from its stated aim; to find an acquisition that would enhance shareholder value. On 11 October 2016, the company announced it entered into a non-legally binding head of terms for the acquisition of the Targets which if completed would have constituted a reverse takeover under the Listing Rules. Highway Capital Plc currently complies with its obligations and UKLR 21.1.5 rule as a suspended issuer. The suspension prevents its stakeholders from trading the company's shares on the London Stock Exchange. The Board remains optimistic that once the outstanding annual reports are released and a successful Corporate Restructuring completed, the company's suspension will be lifted.

HIGHWAY CAPITAL plc

Corporate governance continued

Year ended 28 February 2025

Going concern

The Directors have reviewed projections for a period of at least 12 months from the date of approval of the Financial Statements.

The Company has made significant progress, since announcing termination of the Reverse Takeover transaction and commencement of the Corporate Restructuring as announced on 25 September 2024.

Statement of compliance

In the opinion of the directors, the company has complied throughout the year ended 28 February 2025 with all provisions relevant to a company of its size set out in the UK Corporate Governance Code, except for the items outlined below.

Code provision A.2.1 - Since the disposal of the company's trading subsidiary on 24 January 2001 the company has not had a Chief Executive. The board intends to appoint a Chief Executive when a new business is acquired.

Code provision B.2.1 - A nomination committee has not been set up, as the directors consider that it is not appropriate while the company is a "cash shell" without any employees. The board intends to set up a nomination committee when a new business is acquired.

Code provision C.3.1 - Since the appointment of Ludwik Sobolewski as non-executive Chairman on 22 January 2016, the company has had one rather than at least two independent non-executive directors on the audit committee. Since his resignation on 16 September 2024, the company has not had an independent non-executive director on the audit committee.

FCA DTR.4.1.3 - On 22 September 2016, Highway Capital Plc was suspended from the Official List and from trading on the Main Market due to the change in the strategic direction of the company's business away from its stated aim; to find an acquisition that would enhance shareholder value. The Board remains optimistic that once the outstanding annual reports are released and a successful Corporate Restructuring completed, the company's suspension will be lifted.

Text Box: 15

Text Box: 16 HIGHWAY CAPITAL plc

Independent Auditors' Report to the members of Highway Capital plc

Year ended 28 February 2025

Qualified opinion

We have audited the financial statements of Highway Capital plc (the "Company") for the year ended 28 February 2025, which comprise the statement of financial position, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows, and 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, except for the effects of the matter described in paragraph (a) and the possible effects of the matter described in paragraph (b) of the Basis for Qualified Opinion section of our report, the financial statements:

· give a true and fair view of the state of the Company's affairs as at 28 February 2025 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 qualified opinion

(a) As disclosed in Note 1, the Company has incurred recurring losses and, as at 28 February 2025, reported net liabilities of approximately £2.44 million, cash balances of £242 and an overdraft balance of £8,416. The Company is dependent upon the successful implementation of a proposed Company Voluntary Arrangement (CVA), restoration of its listing status and the availability of future funding in order to meet its liabilities as they fall due. The proposed Company Voluntary Arrangement had not been approved as at the date of approval of the financial statements and the funding support referred to by management remains subject to significant conditions and formal documentation.

In our judgement, these conditions indicate the existence of a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern. The financial statements do not adequately describe this material uncertainty or provide sufficient disclosure of the principal events and conditions giving rise to that uncertainty. The shares of Highway Capital plc remain suspended from trading on the London Stock Exchange.

Consequently, the financial statements are materially misstated in respect of the disclosure requirements relating to going concern and we have therefore qualified our opinion in respect of this matter.

(b) The Company has paid directors' fees without operating PAYE and National Insurance arrangements. We were unable to obtain sufficient appropriate audit evidence to determine the amount, if any, of liabilities, interest and penalties that should be recognised in respect of these arrangements.

Consequently, we were unable to determine whether adjustments were necessary in respect of creditors, taxation and social security liabilities, administrative expenses, retained earnings and the related disclosures in the financial statements. Accordingly, our opinion is qualified in respect of the possible effects of this matter.

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 Auditor's 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. Except for the matter described in paragraph (b) of the Basis for Qualified Opinion section, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

HIGHWAY CAPITAL plc

Independent Auditors' Report continued

Year ended 28 February 2025

Conclusions relating to going concern

In auditing the financial statements, we have concluded that management's use of the going concern basis of accounting is appropriate. However, as described in paragraph (a) of the Basis for Qualified Opinion section, we conclude that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. The financial statements do not adequately disclose this material uncertainty and, accordingly, our opinion on the financial statements is qualified in respect of this matter.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters.

The matters giving rise to the modified opinion described in the Basis for Qualified Opinion section were determined to be key audit matters.

Except for those matters, we have determined that there are no other key audit matters to communicate in our report.

Other information

The directors are responsible for the other information. The other information comprises the information in 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 Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the directors has 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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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 in the Statement of directors' responsibilities set out on page 10, 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.

Text Box: 17

HIGHWAY CAPITAL plc

Independent Auditors' Report continued

Year ended 28 February 2025

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.

Auditor's 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 an auditor's report 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

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

The objectives of our audit in respect of fraud are to:

• Identify and assess the risks of material misstatement in the financial statements due to fraud;

• Obtain sufficient appropriate audit evidence regarding those assessed risks through designing and implementing appropriate responses; and

• Respond appropriately to fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

Our approach to detecting irregularities, including fraud, involved the following:

• Obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and assessing the Company's compliance with that framework. The principal laws and regulations considered as part of our audit included the Companies Act 2006, the applicable financial reporting framework, the Listing Rules and Disclosure Guidance and Transparency Rules applicable to companies admitted to trading on the London Stock Exchange, and relevant UK taxation legislation.

• Discussions with management and those charged with governance to understand procedures and controls established to prevent and detect fraud.

• Discussions among the audit engagement team regarding risk of fraud, including management override of controls.

• Performing specific procedures to respond to these risks, including:

o Testing journal entries and other adjustments;

o Evaluating the business rationale of significant transactions;

o Performing analytical procedures on key estimates;

o Confirming significant balances and transactions;

o Assessing the adequacy and compliance of disclosures in the financial statements.

There are inherent limitations in the audit procedures described above. Irregularities, including fraud, may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. As such, there is a risk that audit procedures may not detect a material misstatement arising from fraud, particularly the further the audit date is from the date of the underlying transactions.

The risks of material misstatement that had the greatest effect on our audit included going concern and the non-operation of PAYE and National Insurance on directors' fees.

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

Text Box: 18

HIGHWAY CAPITAL plc

Independent Auditors' Report continued

Year ended 28 February 2025

This description forms part of our auditor's report.

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 an auditor's report 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.

Pankaj Rajani (Senior Statutory Auditor)

For and on behalf of MCA Audit Limited

Statutory Auditors

7 St John's Road

Harrow

Middlesex

HA1 2EY

15 September 2026

Text Box: 19

Text Box: 20

HIGHWAY CAPITAL plc

Statement of comprehensive income

Year ended 28 February 2025

	Notes	2025 £	2024 £
Turnover Administrative expenses Interest expense	2	- (173,881) (91,989)	- (204,352) (116,291)
Operating loss Interest receivable Administrative expenses	3	(265,870) - (183,689)	(320,823) - (178,759)
Other income		300	-
Loss before taxation		(265,570)	(320,823)
Taxation for period	6	-	-
Loss for the financial period and total comprehensive income		(265,570)	(320,823)
Basic loss per share	8	(2.31)p	(2.79)p
Diluted loss per share	8	(2.31)p	(2.79)p
Basic loss per share from continuing operations	8	(2.31)p	(2.79)p
Diluted loss per share from continuing operations	8	(2.31)p	(2.79)p

Continuing operations

There are no acquired or discontinued operations in the above two financial periods.

Statement of comprehensive income

The company has no items of other comprehensive income other than the profit or loss for the above two financial periods.

The notes on pages 24 to 30 form part of these Financial Statements.

Text Box: 21 HIGHWAY CAPITAL plc

Statement of financial position

As at 28 February 2025

	Notes	2025 £	2024 £
Current assets
Debtors	10	4,932	689
Cash at bank and in hand		242	-
		5,174	689
Creditors: amounts falling due within one year	11	(2,106,415)	(1,687,856)
Net current liabilities		(2,101,241)	(1,687,167)
Total assets less current liabilities		(2,101,241)	(1,687,167)
Creditors: amounts due after more than one year	12	(342,100)	(490,604)
Net liabilities		£(2,443,341)	£(2,177,771)
Capital and reserves
Share capital	14	229,804	229,804
Share premium account	17	474,971	474,971
Convertible loan equity reserve		228,664	228,664
Retained earnings	17	(3,376,780)	(3,111,210)
Total equity shareholders' deficit		£(2,443,341)	£(2,177,771)
Approved by the board on 15 October 2026
Maciej Szytko
Chairman

Company registration no. 02991159

The notes on pages 24 to 30 form part of these Financial Statements.

Text Box: 22 HIGHWAY CAPITAL plc

Statement of changes in equity

Year ended 28 February 2025

	Share capital	Share premium	Convertible loan equity	Retained earnings	Total
		account	reserve
Balance at 1 March 2023	229,804	474,971	228,182	(2,790,387)	(1,857,430)
Period ended 29 February 2024:
Loss and total comprehensive income for the year	-	-	-	(320,823)	(320,823)
Prior period adjustments	-	-	-	-	-
Convertible loan equity reserve	-	-	482	-	482
Balance at 29 February 2024	229,804	474,971	228,664	(3,111,210)	(2,177,771)
Period ended 28 February 2025:
Loss and total comprehensive income for the year	-	-	-	(265,570)	(265,570)
Prior period adjustments	-	-	-	-	-
Convertible loan equity reserve	-	-	-	-	-
Balance at 28 February 2025	£229,804	£474,971	£228,664	£(3,376,780)	£(2,443,341)

The notes on pages 24 to 30 form part of these Financial Statements.

HIGHWAY CAPITAL plc

Statement of cash flows

Year ended 28 February 2025

	2025 £	2024 £
Cash flows from operating activities
Loss for the financial period	(265,570)	(320,823)
Adjustments for: Interest receivable Interest payable	- 91,989	- 116,291
Changes in: Trade and other debtors Trade and other creditors	(4,243) 162,037	7,925 175,591
Cash generated from operations	(15,787)	(21,016)
Interest received	-	-
Net cash from operating activities	(15,787)	(21,016)
Cash flows from financing activities Issue of new equity (net of costs) Proceeds from loans to company Repayment and conversion of loans to company	- 15,125 -	- 20,000 -
Net cash from financing activities	15,125	20,000

Net (decrease)/ increase in cash and cash equivalents	(662)	(1,016)
Cash and cash equivalents at beginning of period	(7,512)	(6,496)
Cash and cash equivalents at end of period	(8,174)	(7,512)
Net cash reconciliation
Cash at bank and in hand	242	-
Bank loans and overdrafts (note 11)	(8,416)	(7,512)
Cash and cash equivalents at end of period	(8,174)	(7,512)

Text Box: 23 The notes on pages 24 to 30 form part of these Financial Statements

Text Box: 24 HIGHWAY CAPITAL plc

Notes to the accounts

Year ended 28 February 2025

The company is a public limited company (limited by shares) incorporated in the United Kingdom. The company's registered number is 02991159, and its registered office and principal place of business address is Eden House, Reynolds Road, Beaconsfield, Buckinghamshire, HP9 2FL. The principal activity of the company is to identify, evaluate and complete suitable acquisition opportunities.

1. Accounting policies

Statement of compliance

These financial statements have been prepared in compliance with FRS 102, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland".

Basis of accounting

The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards.

Highway Capital plc does not prepare consolidated accounts and the directors have therefore continued to prepare its accounts in accordance with FRS 102 rather than international accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Directors have reviewed projections for a period of at least 12 months from the date of approval of the Financial Statements.

The Company has made significant progress, since announcing termination of the Reverse Takeover transaction and commencement of the Corporate Restructuring as announced on 25 September 2024.

Consolidation

At 28 February 2025, Highway Capital plc was a stand-alone company and is therefore not required to prepare consolidated accounts.

Deferred taxation

Deferred tax is provided in full at appropriate rates in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes, if those timing differences are not permanent and have originated but not reversed by the balance sheet date. The deferred tax balance has not been discounted

Text Box: 25 HIGHWAY CAPITAL plc

Notes to the accounts continued

Year ended 28 February 2025

Foreign currencies

Profit and loss account transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Turnover

Revenue relates to management fees receivable for services carried out in the UK, and is recognised on the delivery of services to which it relates at the fair value of the consideration received or receivable based on agreed rates net of discounts, VAT and other sales related taxes.

Interest receivable

Interest receivable is recognised as income in the period on the effective income basis.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities, including the recoverability of debtors, that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors have considered the above and do not believe that there are any estimates or assumptions which have a significant effect on the amounts recognised in the financial statements that require disclosure.

Financial instruments and financial liabilities

The Company's financial instruments comprise cash, trade debtors and trade creditors that arise directly from its operations and are measured at their transaction price. The Company's policy has been, and continues to be, that no speculative trading in financial derivatives shall be undertaken.

Basic financial liabilities, including creditors, bank loans, loans from investors and convertible loan notes, are initially recognized 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.

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.

Convertible loan notes

The issued Convertible Loan Notes are treated by the Company in accordance with its accounting policy under IAS 32, as follows:

· The liability component is measured first, typically at the present value of future cash flows.

· The equity component is then measured as the residual amount.

· Once recognised, the equity component is not re-measured.

2. Turnover

Turnover relates to management fees receivable for services carried out in the UK - £nil (2024: £nil).

Text Box: 26 HIGHWAY CAPITAL plc

Notes to the accounts continued

Year ended 28 February 2025

3. Operating loss
This is stated after charging:	2025	2024
Directors' remuneration - Salaries and fees	79,600	96,000
Auditors' remuneration - Audit fees	29,640	26,000
Auditors' remuneration - Non-audit fees	-	-
Loan interest	91,989	116,291
Other expenses	64,641	82,532
Total	£265,870	£320,823

4. Employees

The average number of employees, including directors and key management personnel, during the year was made up as follows

2025

No.

2024

No.

Directors

Employee costs, including directors and key management personnel, during the year amounted to:

2024

2023

Salaries and fees

£79,600

£96,000

5. Directors' remuneration

Information relating to directors' emoluments is included in the directors' remuneration report on pages 11 and 12 There were no key management personnel in the year, other than directors.

6. Taxation
Based on the loss for the year:	2025	2024
U.K. corporation tax at 19% (2024: 19%)	£-	£-
The tax assessed on the loss on ordinary activities for the period is lower than the standard rate of corporation tax in the UK of 19% (2024: 19%).
Factors affecting the tax credit for the year
Loss on ordinary activities before taxation	£(265,570)	£(320,823)
Loss on ordinary activities before taxation multiplied by the small company rate of UK corporation tax of 19% (2024: 19%)	£(50,458)	£(60,596)
Effects of:
Current period tax losses not utilized	47,143	57,765
Disallowed expenditure	3,315	3,191
	£50,458	£60,956
Current tax credit	£-	£-

The company has estimated losses of £3,561,000 (2024: £3,313,000) that may be available for carry forward against future profits, and estimated capital losses of £1,471,000 (2024: £1,471,000) that may be available for carry forward against future chargeable gains. No deferred tax asset has been recognised in the accounts in respect of these unrelieved losses.

Text Box: 27 HIGHWAY CAPITAL plc

Notes to the accounts continued

Year ended 28 February 2025

7. Dividends

2025 2024

Interim dividend paid per share - -

£- £-

8. Loss per share

The loss per ordinary share calculation has been based on the loss attributable to ordinary shareholders of £265,570 (2024: loss £320,823), divided by 11,490,201 (2024: 11,490,201), being the weighted average number of ordinary shares in issue during the year. There is no difference between the basic and the diluted loss per ordinary share. There are no discontinued operations in either period and, therefore, the basic and the diluted loss per ordinary share from continuing operations are the same as the basic and the diluted loss per ordinary share.

9. Capital commitments

At 28 February 2025 the company had no capital commitments or contracts for capital expenditure (2022: £nil).

10. Debtors
	2025	2024
Other debtors	4,932	689
Prepayments	-	-
	£4,932	£689
11. Creditors: amounts falling due within one year
	2025	2024
Loans payable	955,540	699,922
Bank overdraft	8,416	7,512
Trade creditors	511,368	406,884
Accruals	631,091	573,538
	£2,106,415	£1,687,856

The loan note holders have all confirmed that they wish to convert their loans to equity when the company completes a suitable acquisition. Loan notes are unsecured, convertible at the holder's request into new ordinary shares in the company at a price of 5 or 10 pence per share; in the event that the loans are not repaid or converted prior to their maturity date then they will attract accrued interest at a rate of 5% or 12% per annum.

Text Box: 28 HIGHWAY CAPITAL plc

Notes to the accounts continued

Year ended 28 February 2025

12. Creditors: amounts due after more than one year
	2025	2024
Loans payable	342,100	490,604
	£342,100	£490,604

The loans payable due after more than one year of £342,100 (2024: £490,604) are unsecured, repayable after two or five years, convertible at the holder's request into new ordinary shares in the company at a price of 5 or 10 pence per share; in the event that the loans are not repaid or converted prior to their maturity date then they will attract accrued interest at a rate of 5% or 12% per annum.

13. Deferred taxation

The estimated deferred tax asset not recognised in the accounts, based on a 25% rate of tax, amounts to £1,258,000 (2024: based on a 25% rate of tax £1,196,000). Of this amount, £368,000 (2024: £368,000). may be recoverable by the company against future chargeable gains, and £890,000 (2024: £828,000) may be recoverable against future profits.

14. Share capital	Number of Shares	Nominal Value	Number of Shares	Nominal Value
	2025	2025	2024	2024
Allotted, called-up and fully paid:
Ordinary shares of 2p each	11,490,201	£229,804	11,490,201	£229,804

Each 2p ordinary share is entitled to one vote in any circumstances; All dividends shall be apportioned and paid proportionately to the amount paid up on the ordinary shares during any proportion or proportions of the period in respect of which the dividend is paid; No shares of the company are currently redeemable or liable to be redeemed at the choice of the company or the shareholder.

The company also has convertible loan notes in issue which if fully converted would increase the number of ordinary shares allotted by 16,130,320 shares (2024: 16,130,320 shares). These shares would benefit from all the rights and benefits as detailed above.

15. Related party transactions

The company has no ultimate controlling party.

As at the balance sheet date, there are loans at full value of £31,288 (2024: £31,288) due from the company to B Patnaik, a director; £11,000 (2024: £11,000) due to M Szytko, a director; and £70,000 (2024: £70,000) due to D Zych, a former director and a shareholder. The terms of these loans are set out in note 12 above.

As at the balance sheet date there is a loan at full value of £255,000 (2024: £255,000) due from the company on normal commercial terms to N Mayster a former director and a shareholder of Highway Capital PLC. The terms are interest at 5% and this is considered reasonable and in line with third party market rates available to the entity.

No other related party transactions were undertaken as such that are required to be disclosed under FRS 102.

Text Box: 29 HIGHWAY CAPITAL plc

Notes to the accounts continued

Year ended 28 February 2025

16. Post balance sheet events

Highway Capital Plc, between June 2026 and October 2026, raised £38,900 currently, expecting a further £40,000 fund its professional costs related to publishing the annual accounts. On a successful conclusion of the CVA process and restoration of the full listing on the London Stock Exchange, the Directors are confident that the Company will raise additional funding to continue its operations.

17. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Retained earnings - This reserve records retained earnings and accumulated losses.

18. Other financial commitments

At 28 February 2025 the company had no commitments under non-cancellable operating leases or finance leases (2024: £nil).

19. Financial instruments

The Company's financial instruments comprise cash, trade debtors and trade creditors that arise directly from its operations. The Company's policy has been, and continues to be, that no speculative trading in financial derivatives shall be undertaken.

The cash is held in bank current and premium accounts and on treasury deposit, which receive varying rates of interest that is recognised on a receivable basis. All financial assets and liabilities are denominated in Sterling.

Fair value of financial assets and liabilities

The fair value of financial assets and liabilities, calculated by discounting expected future cash flows at prevailing interest rates, is as follows:

Text Box: 30 HIGHWAY CAPITAL plc

Notes to the accounts continued

Year ended 28 February 2025

	2025	2024
Financial assets

Trade and other receivables	4,932	689
Cash at bank	242
	£5,174	£689
Financial liabilities
Bank overdraft	8,416	7,512
Trade and other payables	511,368	406,884
Loans payable - within 1 year	955,540	699,922
Loans payable - after 1 year	342,100	490,604

	£1,817,424	£1,604,922

The fair value of the financial assets and financial liabilities is equal to their carrying values. All financial assets are categorized as loans and receivables and all financial liabilities are categorized as financial liabilities at amortized cost.

The entity has convertible loan notes. In accordance with reporting standards, the instrument was assessed as a compound financial instrument, with the liability component measured at the present value of future contractual cash flows and the equity component representing the residual value attributable to the option to convert the loan into ordinary shares.

The equity component of £228,664 has been recognised in the Convertible Loan Equity Reserve within equity and will not be subsequently remeasured. The liability component is recognised under borrowings.

Hedging

The Company makes no use of forward currency contracts, other financial derivatives or hedging.

Interest rate risk

The Company does not have an interest rate policy in isolation but regularly reviews the interest rates being received on deposits.

Liquidity risk

The principal policy of the Company in managing liquidity risk is to align the anticipated timing of expenditure with the availability of its cash balances.

20. Net debt reconciliation


	1 March 2024 £	Cash flows £	28 February 2025 £
Cash at bank and in hand	-	242	242
Bank overdrafts	(7,512)	(904)	(8,416)
	(7,512)	(662)	(8,174)

Text Box: 31 HIGHWAY CAPITAL plc

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Highway Capital (HWC)

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Directors	Maciej Szytko (non-executive Chairman)*
	Biswanath Patnaik (non-executive director)
	* member of the remuneration & audit committees

Secretary, registered office, and principal	Maciej Szytko
	Eden House,Reynolds Road
	Beacnsfield HP9 2FL

Place of incorporation	England and Wales


Registrars and share transfer office	Neville Registrars Limited
	Neville House
	18 Laurel Lane
	Halesowen
	West Midlands B63 3DA

Share price information	Information about the day-to-day movement of the
	Company's share price can be obtained from the London Stock Exchange: Code HWC

Auditors	MCA Audit Limited
	Chartered Accountants 7 St John's Road, Harrow, London, HA1 2EY

Bankers	Revolut Ltd
	7 Westferry Circus
	London, E14 4HD

Solicitors	RWK Goodman
	69 Carter Lane London
	EC4A 5EQ

Annual Financial Report

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