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REGISTERED NUMBER: 12921709 (England and Wales)

| Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Tico Capital Management Limited |

| Tico Capital Management Limited (Registered number: 12921709) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Tico Capital Management Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | J M Harper

| A A Harper

| REGISTERED OFFICE: | Apartment 302

| Acre House

| 72 Long Acre

| London

| WC2E 9JS

| REGISTERED NUMBER: | 12921709 (England and Wales)

| AUDITORS: | Anderson Barrowcliff Limited

| Statutory Auditors

| Chartered Accountants

| 3 Kingfisher Court

| Bowesfield Park

| Stockton on Tees

| TS18 3EX

| Tico Capital Management Limited (Registered number: 12921709) |

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 2,099 |  | 3,357 |  |

CURRENT ASSETS

Debtors | 5 | 78,429 |  | 47,714 |  |

Cash at bank | 181,543 |  | 166,265 |  |

259,972 |  | 213,979 |  |

CREDITORS

Amounts falling due within one year | 6 | 242,680 |  | 177,839 |  |

NET CURRENT ASSETS | 17,292 |  | 36,140 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 19,391 |  | 39,497 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 525,000 |  | 385,000 |  |

Retained earnings | (505,609 | ) | (345,503 | ) |

SHAREHOLDERS' FUNDS | 19,391 |  | 39,497 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:

J M Harper - Director

| Tico Capital Management Limited (Registered number: 12921709) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Tico Capital Management 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.

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

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements have been prepared on a going concern basis. Given the known challenges faced by startup investment managers raising external assets leading towards a self-sustaining business, the directors have allocated sufficient resources to finance the Company. Based on the assessment of the directors, there is reasonable expectation that the Company has access to adequate financial resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to apply the going concern basis.

| Turnover

| Turnover represents net fees earned on managed funds. Credit is taken for fees in the period to which the fee relates.

| 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 | - | 25% on cost

| Computer equipment | - | 25% on cost

| Taxation

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

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

| 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.

| Debtors and creditors receivable/ payable

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2023 - NIL).

| Tico Capital Management Limited (Registered number: 12921709) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 3,600 |  | 1,435 |  | 5,035 |  |

| DEPRECIATION

| At 1 January 2024 | 1,200 |  | 478 |  | 1,678 |  |

| Charge for year | 900 |  | 358 |  | 1,258 |  |

| At 31 December 2024 | 2,100 |  | 836 |  | 2,936 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,500 |  | 599 |  | 2,099 |  |

| At 31 December 2023 | 2,400 |  | 957 |  | 3,357 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 28,898 |  | 21,673 |  |

| Other debtors | 48,214 |  | 23,700 |  |

| VAT | 1,317 |  | 2,341 |  |

78,429 |  | 47,714 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 1,292 |  | 5,399 |  |

| Other creditors | 183,687 |  | 132,889 |  |

| Directors' current accounts | 54,901 |  | 36,751 |  |

| Accrued expenses | 2,800 |  | 2,800 |  |

242,680 |  | 177,839 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 525,000 | Ordinary | £1 | 525,000 |  | 385,000 |  |

| 140,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| David Shawcross FCA (Senior Statutory Auditor)

| for and on behalf of Anderson Barrowcliff Limited