Volt Technologies Limited

DIRECTORS' REPORT FOR THE PERIOD 14 JULY 2022 TO 31 DECEMBER 2023 The directors present their report and the financial statements for the period ended 31 December 2023. Incorporation and commencement of trade The company was incorporated on 14 July 2022 and commenced trading on the same day. The company operates a branch in Germany and the registered office is as follows: TOG Pressehaus Podium Karl-Liebknecht-Str. 29A 10178 Berlin Germany Directors' responsibilities statement The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 to 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. The principal activities and future prospects of the Company have been set out in the strategic report. Results and dividends The loss for the period, after taxation, amounted to £228,056. No dividends were declared during the period. Directors The directors who served during the period were: G L A M Bernard de Montessus de Ballore (Appointed on 14 July 2022 and resigned 6 August 2024) T Greenwood (Appointed 14 July 2022 and resigned 9 September 2024) S Lopes-Smith (Appointed 14 July 2022) Steffen Vollert (Appointed 6 August 2024) G C N Baxter (Appointed 9 September 2024) Future developments The directors believe that the company has a strong competitive advantage due to its technical innovation, commercial approach and operational processes. The directors expect the company to grow in the coming years in mind of the broader commercial activity of the Volt group, enabled by the regulatory license now obtained. Volt's competitive advantage comes from being an orchestration layer, enabling us to focus our resources on productisation on top of Open Banking and international expansion. Volt also holds e-money (and equivalent) licenses in the UK and Europe. Volt believe's this combined offering in Europe along with being able to offer additional markets in Brazil and Australia is a compelling proposition that will enable Volt to keep growing its client base at home and abroad. Qualifying third-party indemnity provisions The directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the year and is currently in force. Going Concern: The financial statements have been prepared on a going concern basis. The Directors and Management Team have prepared projected cash flow and financial information in excess of 12 months from the date of their approval of these financial statements. The £2.5M initial capital injection from the Parent provides the Company with adequate resources to continue in operational existence for the period of at least 12 months from the date of approval of these financial statements. Disclosure of information to auditor Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. Post balance sheet events: There have been no significant events affecting the company since the year end. Auditor: The auditor, Deloitte LLP, will be proposed for appointment in accordance with section 485 of the Companies Act 2006.