REGISTERED NUMBER: 05275432 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

METHODOLOGY CAPITAL MANAGEMENT (UK)

LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Consolidated Statement of Comprehensive Income

5

Consolidated Balance Sheet

6

Company Balance Sheet

7

Consolidated Statement of Changes in Equity

8

Company Statement of Changes in Equity

9

Consolidated Cash Flow Statement

10

Notes to the Consolidated Cash Flow Statement

11

Notes to the Consolidated Financial Statements

12

DIRECTORS:

M Lehtimaki

A F C Bonnet

REGISTERED OFFICE:

7 Clifford Street

London

W1S 2FT

REGISTERED NUMBER:

05275432 (England and Wales)

AUDITORS:

TC Group

Suite 4

2nd Floor

New Kings Court

Eastleigh

SO53 3LG

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of fund management, advisory services and holding company to the group.

REVIEW OF BUSINESS

The profit/(loss) for the year, after taxation and minority interest, amounted to £(1,332) (2024 - £879,231).

DIVIDENDS

No dividends will be distributed for the year ended 31st March 2025.

DIRECTORS

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

M Lehtimaki

A F C Bonnet

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Lehtimaki - Director

24th September 2025

Opinion

We have audited the financial statements of Methodology Capital Management (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st 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 Auditors' 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 group's and the parent 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in 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 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 two, 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 group's and the parent 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 group or the parent 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.

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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

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.

Richard Gillespie FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Suite 4

2nd Floor

New Kings Court

Eastleigh

SO53 3LG

25th September 2025

TURNOVER

4

1,554,321

3,587,132

Cost of sales

78,153

101,957

GROSS PROFIT

1,476,168

3,485,175

Administrative expenses

580,454

936,783

895,714

2,548,392

Other operating income

66,663

77,970

OPERATING PROFIT

6

962,377

2,626,362

Interest receivable and similar income

26,098

26,827

988,475

2,653,189

Interest payable and similar expenses

7

3,670

36,144

PROFIT BEFORE TAXATION

984,805

2,617,045

Tax on profit

8

(141

)

184,287

PROFIT FOR THE FINANCIAL YEAR

984,946

2,432,758

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

984,946

2,432,758

Profit attributable to:

Owners of the parent

(1,332

)

879,231

Non-controlling interests

986,278

1,553,527

984,946

2,432,758

Total comprehensive income attributable to:

Owners of the parent

(1,332

)

879,231

Non-controlling interests

986,278

1,553,527

984,946

2,432,758

FIXED ASSETS

Tangible assets

10

30,736

77,408

Investments

11

-

-

Investment property

12

2,912,589

2,912,589

2,943,325

2,989,997

CURRENT ASSETS

Debtors

13

2,936,850

3,553,631

Cash at bank and in hand

3,875,425

4,127,977

6,812,275

7,681,608

CREDITORS

Amounts falling due within one year

14

438,983

745,097

NET CURRENT ASSETS

6,373,292

6,936,511

TOTAL ASSETS LESS CURRENT LIABILITIES

9,316,617

9,926,508

PROVISIONS FOR LIABILITIES

16

7,620

19,235

NET ASSETS

9,308,997

9,907,273

CAPITAL AND RESERVES

Called up share capital

17

260,541

260,541

Retained earnings

8,909,293

8,910,625

SHAREHOLDERS' FUNDS

9,169,834

9,171,166

NON-CONTROLLING INTERESTS

18

139,163

736,107

TOTAL EQUITY

9,308,997

9,907,273

The financial statements were approved by the Board of Directors and authorised for issue on 24th September 2025 and were signed on its behalf by:

M Lehtimaki - Director

FIXED ASSETS

Tangible assets

10

29,674

75,457

Investments

11

3,767,294

3,769,018

Investment property

12

-

-

3,796,968

3,844,475

CURRENT ASSETS

Debtors

13

2,801,884

2,994,482

Cash at bank and in hand

2,960,105

3,079,761

5,761,989

6,074,243

CREDITORS

Amounts falling due within one year

14

355,034

706,039

NET CURRENT ASSETS

5,406,955

5,368,204

TOTAL ASSETS LESS CURRENT LIABILITIES

9,203,923

9,212,679

PROVISIONS FOR LIABILITIES

16

7,419

18,864

NET ASSETS

9,196,504

9,193,815

CAPITAL AND RESERVES

Called up share capital

17

260,541

260,541

Retained earnings

8,935,963

8,933,274

SHAREHOLDERS' FUNDS

9,196,504

9,193,815

Company's profit for the financial year

2,689

883,591

The financial statements were approved by the Board of Directors and authorised for issue on 24th September 2025 and were signed on its behalf by:

M Lehtimaki - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1st December 2022

260,541

8,031,394

8,291,935

2,095,580

10,387,515

Changes in equity

Total comprehensive income

-

879,231

879,231

1,553,527

2,432,758

260,541

8,910,625

9,171,166

3,649,107

12,820,273

Distributions paid

-

-

-

(2,913,000

)

(2,913,000

)

Balance at 31st March 2024

260,541

8,910,625

9,171,166

736,107

9,907,273

Changes in equity

Total comprehensive income

-

(1,332

)

(1,332

)

986,278

984,946

260,541

8,909,293

9,169,834

1,722,385

10,892,219

Distributions paid

-

-

-

(1,583,222

)

(1,583,222

)

Balance at 31st March 2025

260,541

8,909,293

9,169,834

139,163

9,308,997

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st December 2022

260,541

8,049,683

8,310,224

Changes in equity

Total comprehensive income

-

883,591

883,591

Balance at 31st March 2024

260,541

8,933,274

9,193,815

Changes in equity

Total comprehensive income

-

2,689

2,689

Balance at 31st March 2025

260,541

8,935,963

9,196,504

Cash flows from operating activities

Cash generated from operations

1

1,613,165

2,166,085

Interest paid

(3,670

)

(36,144

)

Tax paid

(292,673

)

(908,979

)

Net cash from operating activities

1,316,822

1,220,962

Cash flows from investing activities

Purchase of tangible fixed assets

(480

)

(30,558

)

Sale of fixed asset investments

(854

)

-

Interest received

26,098

26,827

Net cash from investing activities

24,764

(3,731

)

Cash flows from financing activities

Amount introduced by directors

5,264

8,160

Amount withdrawn by directors

(16,180

)

(713,424

)

Distributions paid to minority interests

(1,583,222

)

(2,913,000

)

Net cash from financing activities

(1,594,138

)

(3,618,264

)

Decrease in cash and cash equivalents

(252,552

)

(2,401,033

)

Cash and cash equivalents at beginning of year

2

4,127,977

6,529,010

Cash and cash equivalents at end of year

2

3,875,425

4,127,977

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

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

Profit before taxation

984,805

2,617,045

Depreciation charges

47,152

61,842

Loss on disposal of fixed assets

854

-

Increase in amount to parent company

(11,379

)

(24,984

)

Finance costs

3,670

36,144

Finance income

(26,098

)

(26,827

)

999,004

2,663,220

Decrease/(increase) in trade and other debtors

756,997

(608,545

)

(Decrease)/increase in trade and other creditors

(142,836

)

111,410

Cash generated from operations

1,613,165

2,166,085

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 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

3,875,425

4,127,977

Period ended 31st March 2024

31.3.24

1.12.22

£

£

Cash and cash equivalents

4,127,977

6,529,010

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

4,127,977

(252,552

)

3,875,425

4,127,977

(252,552

)

3,875,425

Total

4,127,977

(252,552

)

3,875,425

1.	STATUTORY INFORMATION

Methodology Capital Management (UK) 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries

("the Group") as if they form a single entity. Intercompany transactions and balances between group

companies are therefore eliminated in full.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point at which the service is delivered. Any amounts received in advance are treated as a liability until the service is delivered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets under the cost model are stated at historical costs less accumulated depreciation and any accumulated impairment losses.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Financial assets

The Company's financial assets comprise basic financial instruments, being trade and other receivables and

cash balances, that are categorised as being debt instruments measured at amortized cost.

Cash is represented by deposits with financial institutions repayable without penalty on notice of no more than 24 hours.

Trade and other receivables are measured initially at transaction price and thereafter at the undiscounted

amount expected to be received, which is net of any impairment.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or

are settled, or when substantially all the risks and rewards of ownership have been transferred.

An impairment loss is measured as the difference between an asset's carrying amount and the amount that the Partnership would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial liabilities

The Company's financial liabilities comprise basic financial instruments, being trade and other payables that are categorised as financial liabilities measured at amortised cost. These are initially recognised at transaction price and thereafter at the undiscounted amount expected to be paid.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Loans payable are measured at amortised cost using the effective interest rate method. The unwinding of any discount is taken to profit or loss as interest expense and the unamortised balance is included in reserves.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Parent company disclosure exemptions

No cash flow statement has been presented for the parent company;

Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole.

No disclosure has been given of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole; and

Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliation's for the group and the parent company would be identical.

Going concern

Based on predicted revenue and expenses for the next twelve months the directors have a reasonable expectation that the Company and Group has adequate resources to continue operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Investment property is originally held at historical cost and revalued for any movement in market value

during the reporting period. Management continually use judgement to ascertain the fair value of the

Company's investment property and assess whether any indicators of impairment exist. In assessing fair

value, reference is made to latest market value estimates. In doing so, management can ascetain whether

an impairment of the investment property should be considered and accounted for in the financial

statements.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

Rest of World

1,554,321

3,587,132

1,554,321

3,587,132

5.	EMPLOYEES AND DIRECTORS

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

Hire of plant and machinery

-

1,260

Depreciation - owned assets

47,152

61,842

Loss on disposal of fixed assets

854

-

Foreign exchange differences

66,939

396,065

Auditors fees

29,065

34,430

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

Interest on taxation

3,670

36,144

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

11,474

258,686

Prior year tax

-

(66,461

)

Total current tax

11,474

192,225

Deferred tax

(11,615

)

(7,938

)

Tax on profit

(141

)

184,287