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Registration number: 12564080

Expedition Growth Capital Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2025

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Expedition Growth Capital Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Income Statement

9

Consolidated Statement of Comprehensive Income

10

Consolidated Statement of Financial Position

11

Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 30

 

Expedition Growth Capital Ltd

Company Information

Directors

O G Thomas

W J O Sheldon

Registered office

Fourth Floor
14 Golden Square
London
W1F 9JG

Auditors

Brebners
Chartered Accountants & Statutory Auditor130 Shaftesbury Avenue
London
W1D 5AR

 

Expedition Growth Capital Ltd

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the Group is that of the provision of investment advisory services. Expedition Growth Capital Ltd ("EGCL"), is authorised and regulated by the Financial Conduct Authority (“FCA”).

Fair review of the business

The Group’s turnover for the year was £7,750,893 (2024: £8,459,005). This resulted in the Group making a profit after tax of £917,827 (2024: £2,831,837) and has driven an increase in net assets at 31 March 2025 amounting to £5,970,490 (2024: £5,075,603). The results for the year were lower than in the prior year driven primarily by certain income recognised in that year which is not expected going forwards. With that in mind the directors, are pleased with the results of the Group, which remains profitable and continues to have a strong balance sheet position.

The Group’s subsidiary undertakings, Expedition Growth Capital GP Limited and Expedition Growth Capital GP II Limited act as general partners to Expedition Growth Capital LP (“Fund I”) and Expedition Growth Capital II LP (“Fund II”) and other associated partnerships, from which it earns management fees. Expedition Operations Ltd continues to drive value creation for portfolio companies. Expedition Growth Capital Inc. remains actively engaged in supporting EGCL’s North American deal sourcing activities and in advising portfolio companies considering expansion into the United States.

The Group manages two main funds (Fund I and Fund II) with a combined strategy of investing in founder-led European software companies. As at 31 March 2025, Fund I had total commitments of €173.6 million and was 83% deployed across ten companies. Fund II had total commitments of €251.2 million and was 55% deployed across nine portfolio companies, including investments in three existing Fund I companies. In aggregate, the funds support sixteen active investments, reflecting the Group’s continued execution of its focused investment strategy.

Financial KPI's

The Group's key financial and other performance indicators during the year were as follows:

 

Unit

2025

2024

Turnover

£

7,750,893

8,459,005

Profit before tax

£

1,077,540

3,528,638

There are other non-financial performance indicators used by the directors but none are considered key.

Principal risks and uncertainties

The key financial risk affecting the Group would be the discontinuation of investment advisory fees and management fees. In the longer term, the fees are in part related to the structure and performance of funds for which the subsidiary undertakings are a general partner. A further principal risk is the loss of a key person. Risks are managed by engaging a wide team of employees and service providers to provide high quality services.

As a regulated entity, compliance with the FCA’s regulations is essential. There is a dedicated Compliance Officer, and the Company uses the services of external consultants when required to ensure that the Group complies with the regulations.

The Group continues to monitor inflationary pressures and will implement appropriate measures to manage any resultant impact on operational expenses.

 

Expedition Growth Capital Ltd

Strategic Report for the Year Ended 31 March 2025

Objectives and policies

The Group’s financial risk management objectives and policies address its exposure to key financial risks, including price risk, credit risk, liquidity risk and cash flow risk. Where material to the assessment of the Group’s assets, liabilities, financial position, or performance, the specific policies and exposures applicable during the reporting period are set out below.

Price risk, credit risk, liquidity risk and cash flow risk

The Group actively manages its cash and funding requirements with a focus on optimising returns from liquid investments, while maintaining adequate liquidity for its ongoing operations.

The Group uses basic financial instruments, primarily comprising bank balances, liquidity funds, trade debtors and trade creditors, in the normal course of business. These instruments are used to manage working capital and support the Group’s operational activities. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

The Group does not engage in the trading of complex financial instruments and does not use derivatives for speculative purposes. However, formal hedging arrangements may be entered into to manage foreign exchange risk where appropriate.

Future developments

The Group derives income through the funds’ life cycles in the form of management fees.

The Group is preparing to raise its third fund, targeting a strong first close in the latter half of 2025. The Group expects that Fund III will begin investing in 2026 and will follow a similar strategy to its other funds, investing in founder-led European software companies. The launch of a third fund will further diversify revenue streams.

The directors aim to maintain the management policies in place that have served the Group well to date.
 

Approved and authorised by the Board on 17 July 2025 and signed on its behalf by:
 

.........................................
O G Thomas
Director

 

Expedition Growth Capital Ltd

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the for the year ended 31 March 2025.

Directors of the Group

The directors who held office during the year were as follows:

O G Thomas

R S Levy (ceased 31 March 2025)

W J O Sheldon (appointed 31 March 2025)

Dividends

Interim dividends paid during the year amounted to £500 (2024: £1,000). No final dividend is proposed.

Information included in the Strategic Report

The Group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the Group's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of financial risk management and future developments.

Directors' indemnities

As permitted by the Articles of Association, 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 last financial year and is currently in force.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director 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 confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 17 July 2025 and signed on its behalf by:
 

.........................................
O G Thomas
Director

 

Expedition Growth Capital Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Expedition Growth Capital Ltd

Independent Auditor's Report to the Members of Expedition Growth Capital Ltd

Opinion

We have audited the financial statements of Expedition Growth Capital Ltd (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated 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 the financial statements:

give a true and fair view of the state of the Group's and the company's affairs as at 31 March 2025 and of the Group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Expedition Growth Capital Ltd

Independent Auditor's Report to the Members of Expedition Growth Capital Ltd

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 5), 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 is 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.

Auditor 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws and FCA regulations. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

 

Expedition Growth Capital Ltd

Independent Auditor's Report to the Members of Expedition Growth Capital Ltd

We understood how the Group is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, discussion of any regulatory and legal matters with management, and inspection of any regulatory or legal costs; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

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, collusion, omission, misrepresentation or forgery.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 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.

......................................
Colin Li (Senior Statutory Auditor)
For and on behalf of Brebners, Statutory Auditor
 130 Shaftesbury Avenue
London
W1D 5AR

21 July 2025

 

Expedition Growth Capital Ltd

Consolidated Income Statement for the Year Ended 31 March 2025

Note

2025
£

2024
£

Turnover

3

7,750,893

8,459,005

Cost of sales

 

(699,503)

(613,668)

Gross profit

 

7,051,390

7,845,337

Administrative expenses

 

(5,996,096)

(4,315,365)

Other operating income

16,139

-

Operating profit

4

1,071,433

3,529,972

Other interest receivable and similar income

6,552

528

Interest payable and similar expenses

(445)

(1,862)

   

6,107

(1,334)

Profit before tax

 

1,077,540

3,528,638

Taxation

8

(159,713)

(696,801)

Profit for the financial year

 

917,827

2,831,837

Profit attributable to:

 

Owners of the company

 

917,827

2,831,837

 

Expedition Growth Capital Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2025

2025
£

2024
£

Profit for the year

917,827

2,831,837

Foreign currency translation losses

(22,440)

(7,065)

Total comprehensive income for the year

895,387

2,824,772

Total comprehensive income attributable to:

Owners of the company

895,387

2,824,772

 

Expedition Growth Capital Ltd

Consolidated Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

9

158,363

216,407

Current assets

 

Debtors

11

2,831,519

4,347,658

Cash and cash equivalents

12

4,501,094

2,024,210

 

7,332,613

6,371,868

Creditors: Amounts falling due within one year

13

(1,458,637)

(1,444,426)

Net current assets

 

5,873,976

4,927,442

Total assets less current liabilities

 

6,032,339

5,143,849

Provisions

8

(61,849)

(68,246)

Net assets

 

5,970,490

5,075,603

Capital and reserves

 

Share capital

16

125,000

125,000

Retained earnings

17

5,845,490

4,950,603

Equity attributable to owners of the company

 

5,970,490

5,075,603

Shareholder funds

 

5,970,490

5,075,603

Approved and authorised by the Board on 17 July 2025 and signed on its behalf by:
 

.........................................
O G Thomas
Director

Company registration number: 12564080

 

Expedition Growth Capital Ltd

Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

9

154,332

215,524

Investments

10

11

11

 

154,343

215,535

Current assets

 

Debtors

11

3,431,903

3,567,312

Cash and cash equivalents

12

3,035,445

1,404,943

 

6,467,348

4,972,255

Creditors: Amounts falling due within one year

13

(2,164,115)

(1,062,625)

Net current assets

 

4,303,233

3,909,630

Total assets less current liabilities

 

4,457,576

4,125,165

Provisions

14

(61,054)

(68,053)

Net assets

 

4,396,522

4,057,112

Capital and reserves

 

Share capital

16

125,000

125,000

Retained earnings

4,271,522

3,932,112

Shareholder funds

 

4,396,522

4,057,112

The company made a profit after tax for the financial year of £339,910 (2024 - profit of £2,104,077).

Approved and authorised by the Board on 17 July 2025 and signed on its behalf by:
 

.........................................
O G Thomas
Director

Company registration number: 12564080

 

Expedition Growth Capital Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 April 2024

125,000

4,950,603

5,075,603

5,075,603

Profit for the year

-

917,827

917,827

917,827

Other comprehensive income

-

(22,440)

(22,440)

(22,440)

Total comprehensive income

-

895,387

895,387

895,387

Dividends

-

(500)

(500)

(500)

At 31 March 2025

125,000

5,845,490

5,970,490

5,970,490




 

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 April 2023

125,000

2,126,831

2,251,831

2,251,831

Profit for the year

-

2,831,837

2,831,837

2,831,837

Other comprehensive income

-

(7,065)

(7,065)

(7,065)

Total comprehensive income

-

2,824,772

2,824,772

2,824,772

Dividends

-

(1,000)

(1,000)

(1,000)

At 31 March 2024

125,000

4,950,603

5,075,603

5,075,603

 

Expedition Growth Capital Ltd

Statement of Changes in Equity for the Year Ended 31 March 2025

Share capital
£

Retained earnings
£

Total
£

At 1 April 2024

125,000

3,932,112

4,057,112

Profit for the year

-

339,910

339,910

Dividends

-

(500)

(500)

At 31 March 2025

125,000

4,271,522

4,396,522




 

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

125,000

1,829,035

1,954,035

Profit for the year

-

2,104,077

2,104,077

Dividends

-

(1,000)

(1,000)

At 31 March 2024

125,000

3,932,112

4,057,112




 

 

Expedition Growth Capital Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 March 2025

Note

2025
£

2024
£

Cash flows from operating activities

Profit for the year

 

917,827

2,831,837

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

81,410

77,458

Loss on disposal of tangible assets

1,883

-

Finance income

(6,552)

(528)

Finance costs

445

1,862

Income tax expense

8

159,713

696,801

 

1,154,726

3,607,430

Working capital adjustments

 

Decrease/(increase) in trade debtors

11

1,516,139

(3,209,443)

Increase in trade creditors

13

211,743

395,626

Cash generated from operations

 

2,882,608

793,613

Income taxes paid

8

(363,642)

(526,808)

Net cash flow from operating activities

 

2,518,966

266,805

Cash flows from investing activities

 

Interest received

6,552

528

Acquisitions of tangible assets

(25,250)

(10,263)

Proceeds from sale of tangible assets

 

1

-

Net cash flows from investing activities

 

(18,697)

(9,735)

Cash flows from financing activities

 

Interest paid

(445)

(1,862)

Dividends paid

(500)

(1,000)

Net cash flows from financing activities

 

(945)

(2,862)

Net increase in cash and cash equivalents

 

2,499,324

254,208

Cash and cash equivalents at 1 April

 

2,024,210

1,777,067

Effect of exchange rate fluctuations on cash held

 

(22,440)

(7,065)

Cash and cash equivalents at 31 March

 

4,501,094

2,024,210

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fourth Floor
14 Golden Square
London
W1F 9JG

The principal activity of the company and group is the provision of investment advisory services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements were 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.

No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial period of £339,910 (2024: 2,104,077).

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosure exemptions available under FRS 102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments of the company have not been prepared.
(c) Disclosures in respect of key management personnel compensation in total for the company have not been presented.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March each year.

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Going concern

The Group made a profit for the year ended 31 March 2025 and had net assets at that date amounting to £5,970,490. The Group's management accounts show that it has continued to trade profitably after 31 March 2025 and continues to generate sufficient working capital to meet its financial obligations.

The directors expect the Group to have adequate working capital for the foreseeable future and have prepared financial forecasts which demonstrate that the Group has adequate working capital to operate for a period of at least twelve months from the date of approval of the financial statements.

Accordingly, the directors have a reasonable expectation that the Group has the resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis in preparing the financial statements.

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for services provided in the ordinary course of the Group's activities. Revenue from fees is recognised over the period in which discretionary investment advisory services have been provided to clients and the amount of revenue can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property

Over the period of the lease

Furniture, fittings and equipment

25% straight line

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Provisions

Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

3

Turnover

The analysis of the Group's turnover for the year from continuing operations is as follows:

2025
£

2024
£

Rendering of services

7,750,893

8,459,005

The analysis of the Group's turnover for the year by geographic market is as follows:

2025
£

2024
£

UK

46,929

92,940

Europe

7,703,964

8,366,065

7,750,893

8,459,005

4

Operating profit

Arrived at after charging

2025
£

2024
£

Depreciation expense

81,410

77,458

Foreign exchange losses

172,058

74,569

Operating lease expense - property

118,216

97,209

Loss on disposal of property, plant and equipment

1,883

-

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2025
£

2024
£

Wages and salaries

4,046,117

2,778,530

Social security costs

486,340

382,445

Pension costs, defined contribution scheme

20,791

21,463

Other employee expense

35,623

38,755

4,588,871

3,221,193

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2025
No.

2024
No.

Investment services

5

10

Administration

12

6

17

16

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2025
£

2024
£

Remuneration

1,072,343

780,472

Pension contributions

1,321

1,321

1,073,664

781,793

In respect of the highest paid director:

2025
£

2024
£

Remuneration

670,977

450,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2025
No.

2024
No.

Accruing benefits under defined contribution pension scheme

1

1

7

Auditor's remuneration

2025
£

2024
£

Audit of these financial statements

19,000

17,500

Audit of subsidiary undertakings financial statements

7,500

6,500

Other services

37,352

40,245

63,852

64,245


 

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Taxation

Tax charged/(credited) in the consolidated income statement

2025
£

2024
£

Current taxation

UK corporation tax

153,000

713,689

Foreign tax

13,110

-

Total current income tax

166,110

713,689

Deferred taxation

Arising from origination and reversal of timing differences

(6,397)

(16,888)

Tax expense in the income statement

159,713

696,801

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

2025
£

2024
£

Profit before tax

1,077,540

3,528,638

Corporation tax at standard rate

269,385

882,160

Effect of expense not deductible in determining taxable profit (tax loss)

3,289

28,423

Effect of tax losses

-

(31,122)

Differences due to foreign tax rates

(118,250)

(162,793)

Deferred tax credit

(6,397)

(16,888)

Differences between depreciation and capital allowances

11,191

(3,075)

Other timing differences

24

96

Tax increase from effect of loss on disposal of fixed assets

471

-

Total tax charge

159,713

696,801

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Deferred tax

Group

Deferred tax assets and liabilities

2025

(Asset) / Liability
£

Accelerated tax depreciation

17,311

Provisions

(462)

16,849

2024

(Asset) / Liability
£

Accelerated tax depreciation

23,684

Provisions

(438)

23,246

Company

Deferred tax assets and liabilities

2025

(Asset) / Liability
£

Accelerated tax depreciation

16,461

Provisions

(407)

16,054

2024

(Asset) / Liability
£

Accelerated tax depreciation

23,456

Provisions

(410)

23,046

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

9

Tangible assets

Group

Short leasehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

259,321

105,067

364,388

Additions

-

25,248

25,248

Disposals

-

(2,792)

(2,792)

At 31 March 2025

259,321

127,523

386,844

Depreciation

At 1 April 2024

105,140

42,841

147,981

Charge for the year

54,681

26,729

81,410

Eliminated on disposal

-

(910)

(910)

At 31 March 2025

159,821

68,660

228,481

Carrying amount

At 31 March 2025

99,500

58,863

158,363

At 31 March 2024

154,181

62,226

216,407

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Company

Short leasehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

259,321

104,055

363,376

Additions

-

21,572

21,572

Disposals

-

(2,792)

(2,792)

At 31 March 2025

259,321

122,835

382,156

Depreciation

At 1 April 2024

105,140

42,712

147,852

Charge for the year

54,681

26,201

80,882

Eliminated on disposal

-

(910)

(910)

At 31 March 2025

159,821

68,003

227,824

Carrying amount

At 31 March 2025

99,500

54,832

154,332

At 31 March 2024

154,181

61,343

215,524

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

10

Investments

Company

2025
£

2024
£

Investments in subsidiaries

11

11

Subsidiaries

£

Cost or valuation

At 1 April 2024 and 31 March 2025

11

Carrying amount

At 31 March 2025

11

At 31 March 2024

11

Details of subsidiary undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2025

2024

Expedition Growth Capital GP Limited

2nd Floor Gaspé House, 66-72 Esplanade, St Helier, Jersey

Ordinary

100%

100%

Expedition Growth Capital GP II Limited

2nd Floor Gaspé House, 66-72 Esplanade, St Helier, Jersey

Ordinary

100%

100%

Expedition Operations Ltd

Fourth Floor, 14 Golden Square, London, W1F 9JG

Ordinary

100%

100%

Expedition Growth Capital Inc.

8 The Green, Suite R, Dover, Kent County, Delaware 19901

Ordinary

100%

100%

All of the subsidiary undertakings above are included in the consolidated results.

The principal activities of each subsidiary undertaking are as follows:

Expedition Growth Capital GP Limited - Acting as a general partner to limited partnerships
Expedition Growth Capital GP II Limited - Acting as a general partner to limited partnerships
Expedition Operations Ltd - Portfolio support
Expedition Growth Capital Inc - Portfolio support

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

11

Debtors

 

Group

Company

2025
£

2024
£

2025
£

2024
£

Trade debtors

1,860,889

3,427,180

91,109

27,525

Amounts owed by group undertakings

-

-

2,642,210

2,045,142

Other debtors

711,123

536,506

496,626

328,862

Prepayments and accrued income

259,507

383,972

201,958

1,165,783

2,831,519

4,347,658

3,431,903

3,567,312

Other debtors includes an amount of £65,892 (2024: £65,892) recoverable in greater than one year and secured in favour of the landlord in respect of the property obligations.

12

Cash and cash equivalents

 

Group

Company

2025
£

2024
£

2025
£

2024
£

Cash at bank

4,501,094

2,024,210

3,035,445

1,404,943

13

Creditors

 

Group

Company

2025
£

2024
£

2025
£

2024
£

Due within one year

Trade creditors

216,284

366,537

159,210

141,817

Social security and other taxes

750,524

437,302

706,807

437,302

Other payables

15,210

15,046

12,290

9,189

Accruals and deferred income

336,012

287,401

270,692

136,178

Corporation tax liability

140,607

338,139

106,338

338,139

Deferred income

-

-

908,778

-

1,458,637

1,444,425

2,164,115

1,062,625

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

14

Provisions

Group

Deferred tax
£

Dilapidations provision
£

Total
£

At 1 April 2024

23,246

45,000

68,246

Decrease in existing provisions

(6,397)

-

(6,397)

At 31 March 2025

16,849

45,000

61,849

Company

Deferred tax
£

Dilapidations provision
£

Total
£

At 1 April 2024

23,053

45,000

68,053

Decrease in existing provisions

(6,999)

-

(6,999)

At 31 March 2025

16,054

45,000

61,054

15

Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to £20,971 (2024: £21,463).

16

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £0.10 each

1,250,000

125,000

1,250,000

125,000

         

There are no restrictions on the repayment of capital or the distribution of dividends.

17

Reserves

Profit and loss account - this reserve records retained earnings and accumulated losses.

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

18

Commitments, guarantees and contingencies

Group and company

The total of future minimum lease payments is as follows:

2025
£

2024
£

Not later than one year

118,181

109,820

Later than one year and not later than five years

88,759

198,579

206,940

308,399

The amount of non-cancellable operating lease payments recognised as an expense during the year was £118,216 (2024 - £97,209).

19

Analysis of changes in net debt


Group
 

Non cash changes

At 1 April 2024

Cash Flows

Foreign exchange movements

At 31 March 2025

Cash and cash equivalents

Cash

2,024,210

2,499,293

(22,440)

4,501,063

Total of Net Cash / (Borrowings)

2,024,210

2,499,293

(22,440)

4,501,063

 

Expedition Growth Capital Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

20

Dividends

2025

2024

£

£

Interim dividend of £0.004 (2024 - £0.008) per ordinary share

500

1,000

 

 

21

Related Party Transactions

Summary of transactions with other related parties

At 31 March 2025 an amount of £412,351 was due from a director (2024: £246,639). Advances of £412,351 and repayments of £246,639 were made during the year. The loan is interest free and repayable on demand.

During the year the Group received income of £7,618,328 (2024: £8,326,413) and incurred administrative expenses of £262,471 (2024: £406,547) from companies and entities under the significant influence of a director.

At 31 March 2025 an amount of £1,973,155 (2024: £3,760,365) was due from these companies and entities, and an amount of £49,626 (2024: £240,378) was due to these companies and entities.
 

Summary of transactions with subsidiaries

In accordance with FRS102 paragraph 33.1A, exemption is taken not to disclose transactions in the period or amounts falling due between undertakings where 100% of the voting rights are controlled within the Group.

Key management compensation

Key management personnel comprises the directors whose remuneration is disclosed in note 6.

22

Ultimate Control

Ultimate control of the Group is with O G Thomas.

23

Non adjusting events after the financial period

Subsequent to 31 March 2025 dividends amounting to £412,351 were declared and paid.