IRIS Accounts Production v25.1.4.42 03564197 Board of Directors Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities trading of and investments in futures, options and all kinds of financial instruments, stocks, shares and other investments. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 Ordinary A 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035641972023-12-31035641972024-12-31035641972024-01-012024-12-31035641972022-12-31035641972023-01-012023-12-31035641972023-12-3103564197ns15:EnglandWales2024-01-012024-12-3103564197ns14:PoundSterling2024-01-012024-12-3103564197ns10:Director12024-01-012024-12-3103564197ns10:Director22024-01-012024-12-3103564197ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103564197ns10:MediumEntities2024-01-012024-12-3103564197ns10:Audited2024-01-012024-12-3103564197ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3103564197ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3103564197ns10:FullAccounts2024-01-012024-12-3103564197ns10:OrdinaryShareClass12024-01-012024-12-3103564197ns10:OrdinaryShareClass22024-01-012024-12-3103564197ns10:RegisteredOffice2024-01-012024-12-3103564197ns5:CurrentFinancialInstruments2024-12-3103564197ns5:CurrentFinancialInstruments2023-12-3103564197ns5:ShareCapital2024-12-3103564197ns5:ShareCapital2023-12-3103564197ns5:RevaluationReserve2024-12-3103564197ns5:RevaluationReserve2023-12-3103564197ns5:FurtherSpecificReserve1ComponentTotalEquity2024-12-3103564197ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3103564197ns5:RetainedEarningsAccumulatedLosses2024-12-3103564197ns5:RetainedEarningsAccumulatedLosses2023-12-3103564197ns5:ShareCapital2022-12-3103564197ns5:RetainedEarningsAccumulatedLosses2022-12-3103564197ns5:RevaluationReserve2022-12-3103564197ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3103564197ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103564197ns5:RevaluationReserve2023-01-012023-12-3103564197ns5:FurtherSpecificReserve1ComponentTotalEquity2023-01-012023-12-3103564197ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3103564197ns5:RevaluationReserve2024-01-012024-12-3103564197ns5:FurtherSpecificReserve1ComponentTotalEquity2024-01-012024-12-310356419712024-01-012024-12-310356419712023-01-012023-12-3103564197ns5:FurnitureFittings2024-01-012024-12-3103564197ns5:ComputerEquipment2024-01-012024-12-3103564197ns10:HighestPaidDirector2024-01-012024-12-3103564197ns10:HighestPaidDirector2023-01-012023-12-3103564197ns5:OwnedAssets2024-01-012024-12-3103564197ns5:OwnedAssets2023-01-012023-12-3103564197112024-01-012024-12-3103564197112023-01-012023-12-310356419722024-01-012024-12-310356419722023-01-012023-12-3103564197ns5:FurnitureFittings2023-12-3103564197ns5:ComputerEquipment2023-12-3103564197ns5:FurnitureFittings2024-12-3103564197ns5:ComputerEquipment2024-12-3103564197ns5:FurnitureFittings2023-12-3103564197ns5:ComputerEquipment2023-12-3103564197ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3103564197ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3103564197ns5:CurrentFinancialInstruments2024-01-012024-12-3103564197ns5:DeferredTaxation2023-12-3103564197ns5:DeferredTaxation2024-01-012024-12-3103564197ns5:DeferredTaxation2024-12-3103564197ns10:OrdinaryShareClass12024-12-3103564197ns10:OrdinaryShareClass22024-12-3103564197ns5:RetainedEarningsAccumulatedLosses2023-12-3103564197ns5:RevaluationReserve2023-12-3103564197ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-31
REGISTERED NUMBER: 03564197 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

DOUBLE EIGHT LIMITED

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


DOUBLE EIGHT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: W Griffin
M J C Tilney





REGISTERED OFFICE: Mercury House
19-21 Chapel Street
Marlow
Bucks
SL7 3HN





REGISTERED NUMBER: 03564197 (England and Wales)





AUDITORS: Richardson Jones
Chartered Accountants &
Registered Auditors
Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their strategic report for the year ended 31st December 2024.

The principal activity of the company throughout the year remained focused on forward and futures derivatives trading.

REVIEW OF BUSINESS
In 2024, the company continued to operate within a highly dynamic and competitive market landscape. The year was characterised by heightened geopolitical tensions, fluctuating economic conditions and evolving trade policies. The United States presidential election introduced additional uncertainty, with shifting policies on tariffs and the potential for an escalating trade war affecting global markets. Central banks continued to grapple with inflationary pressures, requiring us to maintain a high level of strategic adaptability. Additionally, cocoa prices experienced significant volatility due to supply chain disruptions and extreme weather conditions, further impacting global commodity markets. Amid these challenges, our disciplined financial approach remained a cornerstone in ensuring resilience and stability

PRINCIPAL RISKS AND UNCERTAINTIES
The company faces a broad spectrum of risks, encompassing fluctuations in market conditions, exposure to counterparty defaults, liquidity challenges, cyber security vulnerabilities and currency instability. In 2024, additional risks emerged with the unpredictability surrounding United States trade policies, particularly the implementation of new tariffs and shifting international trade relations. The ongoing geopolitical uncertainties, especially in the Middle East and the conflict in Ukraine, further contributed to volatility in commodities and financial markets. To mitigate these risks, we have reinforced our risk management framework, ensuring that we remain agile and prepared to respond to market shifts whilst maintaining robust financial oversight and control measures.

FUTURE DEVELOPMENTS
Looking ahead, the company intends to continue capitalising on prevailing macroeconomic conditions whilst maintaining its strategic approach to risk and liquidity management. The elevated interest rate environment presents opportunities for optimising cash management strategies. Whilst we do not anticipate major changes to our core trading strategies, we remain vigilant in monitoring market trends and regulatory changes, ensuring that we remain well-positioned to adapt to any necessary developments.

STRATEGY
Our strategic focus remains centred on identifying investment opportunities within the global futures and forward derivatives markets through comprehensive macroeconomic and geopolitical analysis. We employ a combination of fundamental and technical analysis to evaluate market trends and execute informed trading decisions. A steadfast commitment to disciplined trade execution, risk diversification and rigorous financial assessment continues to underpin our approach. Our portfolio spans various instruments, including commodities, bonds, investments and cash management strategies, ensuring a well-balanced and adaptable trading framework.

KEY PERFORMANCE INDICATORS
The company continues to prioritise key performance metrics that focus on asset growth, stringent risk management and disciplined financial operations. We maintain a balanced approach, aiming to achieve sustainable expansion whilst adhering to prudent financial principles. Whilst market conditions in 2024 presented challenges, our financial results remained within expectations, demonstrating resilience in navigating economic and geopolitical headwinds. Although profitability fluctuated in response to market conditions, we remain committed to fortifying our financial position and pursuing growth opportunities that drive long-term value for stakeholders.

ENVIRONMENTAL AND SOCIAL MATTERS
The company acknowledges the increasing significance of environmental and social responsibilities and remains dedicated to reducing its ecological impact whilst fostering ethical business practices. With the evolution of global regulatory standards, including more stringent Environmental, Social and Governance (ESG) related policies, we actively evaluate and enhance our sustainability initiatives to remain aligned with best practices.

ON BEHALF OF THE BOARD:





W Griffin - Director


3rd July 2025

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

W Griffin
M J C Tilney

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.

AUDITORS
The auditors, Richardson Jones, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W Griffin - Director


3rd July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOUBLE EIGHT LIMITED

Opinion
We have audited the financial statements of Double Eight Limited (the 'company') for the year ended 31st December 2024 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 31st December 2024 and of its profit 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOUBLE EIGHT LIMITED


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 three, 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 Double Eight Ltd 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. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including compliance with the Commodities Futures Trading Commission (CFTC) , European Market Infrastructure Regulations (EMIR), Health and Safety regulations and Corporation tax regulations. Our procedures included:

- agreeing the financial statement disclosures to underlying supporting documentation
- agreeing the supporting CFTC and EMIR documents
- enquiries with management
- understanding of management's internal controls designed to prevent and detect irregularities

There are inherent limitations in the audit procedures described above and, 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 our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOUBLE EIGHT LIMITED


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.




Giles Thrush (Senior Statutory Auditor)
for and on behalf of Richardson Jones
Chartered Accountants &
Registered Auditors
Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN

3rd July 2025

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

31.12.24 31.12.23
Notes £ £

TURNOVER 10,459,002 2,338,348

Cost of sales 204,946 173,628
GROSS PROFIT 10,254,056 2,164,720

Administrative expenses 3,216,058 1,389,855
7,037,998 774,865

Gain/loss on revaluation of investments 527,320 (236,817 )
OPERATING PROFIT 4 7,565,318 538,048

Interest receivable and similar income 1,104,864 638,403
8,670,182 1,176,451

Interest payable and similar expenses 5 814,195 662,428
PROFIT BEFORE TAXATION 7,855,987 514,023

Tax on profit 6 1,964,636 288,287
PROFIT FOR THE FINANCIAL YEAR 5,891,351 225,736

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2024

31.12.24 31.12.23
Notes £ £

PROFIT FOR THE YEAR 5,891,351 225,736


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

5,891,351

225,736

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

BALANCE SHEET
31ST DECEMBER 2024

31.12.24 31.12.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 5,779 6,336

CURRENT ASSETS
Debtors 8 2,768,210 5,169,198
Investments 9 3,595,407 5,382,279
Cash at bank 29,131,036 18,257,810
35,494,653 28,809,287
CREDITORS
Amounts falling due within one year 10 10,680,622 10,019,164
NET CURRENT ASSETS 24,814,031 18,790,123
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,819,810

18,796,459

PROVISIONS FOR LIABILITIES 11 627,000 495,000
NET ASSETS 24,192,810 18,301,459

CAPITAL AND RESERVES
Called up share capital 12 2,000 2,000
Revaluation reserve 13 1,552,269 1,157,057
Other reserves 13 6,337,006 6,337,006
Retained earnings 13 16,301,535 10,805,396
SHAREHOLDERS' FUNDS 24,192,810 18,301,459

The financial statements were approved by the Board of Directors and authorised for issue on 3rd July 2025 and were signed on its behalf by:




W Griffin - Director



M J C Tilney - Director


DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2024

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£ £ £ £ £
Balance at 1st January 2023 2,000 10,230,771 1,505,946 6,337,006 18,075,723

Changes in equity
Total comprehensive income - 574,625 (348,889 ) - 225,736
Balance at 31st December 2023 2,000 10,805,396 1,157,057 6,337,006 18,301,459

Changes in equity
Total comprehensive income - 5,496,139 395,212 - 5,891,351
Balance at 31st December 2024 2,000 16,301,535 1,552,269 6,337,006 24,192,810

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

31.12.24 31.12.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 8,804,504 (1,966,139 )
Interest paid (814,195 ) (662,428 )
Tax paid (533,438 ) (1,495,062 )
Net cash from operating activities 7,456,871 (4,123,629 )

Cash flows from investing activities
Purchase of tangible fixed assets (2,701 ) (4,855 )
Sale of fixed asset investments 2,314,192 1,129,374
Interest received 1,104,864 638,403
Net cash from investing activities 3,416,355 1,762,922

Increase/(decrease) in cash and cash equivalents 10,873,226 (2,360,707 )
Cash and cash equivalents at beginning
of year

2

18,257,810

20,618,517

Cash and cash equivalents at end of
year

2

29,131,036

18,257,810

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

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

31.12.24 31.12.23
£ £
Profit before taxation 7,855,987 514,023
Depreciation charges 3,258 2,984
(Gain)/loss on revaluation of fixed assets (527,320 ) 236,817
Finance costs 814,195 662,428
Finance income (1,104,864 ) (638,403 )
7,041,256 777,849
Decrease/(increase) in trade and other debtors 1,764,003 (2,551,989 )
Decrease in trade and other creditors (755 ) (191,999 )
Cash generated from operations 8,804,504 (1,966,139 )

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 31st December 2024
31.12.24 1.1.24
£ £
Cash and cash equivalents 29,131,036 18,257,810
Year ended 31st December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 18,257,810 20,618,517


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank 18,257,810 10,873,226 29,131,036
18,257,810 10,873,226 29,131,036

Liquid resources
Current asset investments 5,382,279 (1,786,872 ) 3,595,407
5,382,279 (1,786,872 ) 3,595,407
Total 23,640,089 9,086,354 32,726,443

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. STATUTORY INFORMATION

Double Eight 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 attributable to the net trading gains or losses during the year, including foreign exchange gains or losses. If during the year the company makes a net loss on trading, turnover will be shown as negative in the profit and loss account.Turnover includes the fair market value of the open positions held at the year end.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - at varying rates on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

The functional currency of the company is in US dollars and Euros, but the presentation currency is in GBP Sterling as the company is a UK company.

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.

Commodities trading
Current asset investments are recognised at cost, being the contract amount paid on the delivery date. Open positions at the balance sheet date, where the delivery date is post balance sheet are valued at fair market value.

The trading results for the period include unrealised profits and losses in respect of open contracts outstanding at the balance sheet date.

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

3. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£ £
Wages and salaries 2,695,439 1,004,869
Social security costs 453,414 216,313
3,148,853 1,221,182

The average number of employees during the year was as follows:
31.12.24 31.12.23

Directors 2 2

31.12.24 31.12.23
£ £
Directors' remuneration 2,685,439 994,869

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£ £
Emoluments etc 2,685,439 994,869

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£ £
Depreciation - owned assets 3,258 2,984
Auditors' remuneration 9,600 10,000
Non audit services 8,661 18,334

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£ £
Bank interest 14,195 12,428
Interest paid 800,000 650,000
814,195 662,428

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£ £
Current tax:
UK corporation tax 1,832,636 176,287

Deferred tax 132,000 112,000
Tax on profit 1,964,636 288,287

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£ £
Profit before tax 7,855,987 514,023
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

1,963,997

120,898

Effects of:
Expenses not deductible for tax purposes 330 55,884
Income not taxable for tax purposes (131,830 ) -
Capital allowances in excess of depreciation - (495 )
Depreciation in excess of capital allowances 139 -
Deferred tax 132,000 112,000
Total tax charge 1,964,636 288,287

7. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1st January 2024 8,000 15,453 23,453
Additions - 2,701 2,701
At 31st December 2024 8,000 18,154 26,154
DEPRECIATION
At 1st January 2024 8,000 9,117 17,117
Charge for year - 3,258 3,258
At 31st December 2024 8,000 12,375 20,375
NET BOOK VALUE
At 31st December 2024 - 5,779 5,779
At 31st December 2023 - 6,336 6,336

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Other debtors 515,199 136,045
Fair value of derivatives 2,046,226 4,074,419
Tax - 636,985
Prepayments and accrued income 206,785 321,749
2,768,210 5,169,198

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

9. CURRENT ASSET INVESTMENTS
31.12.24 31.12.23
£ £
Listed investments - 2,313,905
Unlisted investments 3,595,407 3,068,374
3,595,407 5,382,279

Market value of listed investments at 31st December 2024 - £Nil (2023 - £2,313,905).

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Tax 662,213 -
Directors' current accounts 10,000,000 10,000,000
Accrued expenses 18,409 19,164
10,680,622 10,019,164

The interest on the directors' loans was 5% until 30th June 2023 and 8% from 1st July 2023.

11. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£ £
Deferred tax 627,000 495,000

Deferred tax
£
Balance at 1st January 2024 495,000
Provided during year 132,000
Balance at 31st December 2024 627,000

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £ £
1,000 Ordinary £1 1,000 1,000
1,000 Ordinary A £1 1,000 1,000
2,000 2,000

13. RESERVES
Retained Revaluation Other
earnings reserve reserves Totals
£ £ £ £

At 1st January 2024 10,805,396 1,157,057 6,337,006 18,299,459
Profit for the year 5,891,351 5,891,351
Movement in investments (395,033 ) - - (395,033 )
Movement in investments - 395,033 - 395,033
Realization of brought forward
revaluations

(179

)

179

-

-

At 31st December 2024 16,301,535 1,552,269 6,337,006 24,190,810

DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

14. ULTIMATE CONTROLLING PARTY

The controlling party is M J C Tilney.