Company registration number 4921914 (England and Wales)
CAMPION CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CAMPION CAPITAL LIMITED
COMPANY INFORMATION
Directors
W Campion
W Maydon
E Bradley-Norman
M Graham
T Strange
N Rawdon-Jones
T Richards
L Parages Revertera
(Appointed 5 June 2024)
Company number
4921914
Registered office
48 George Street
London
W1U 7DY
Auditor
Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
CAMPION CAPITAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
CAMPION CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Fair review of the business

The group has delivered a strong recovery in the year to March 2025, with group revenues increasing by 37% on the prior year. This marks a clear return to growth following the challenges of the preceding period and demonstrates the underlying resilience of the business model. The operating environment has stabilised and the group is well-positioned with a robust and diversified stable of fund managers whom we represent.

We continue to invest in deepening relationships with both managers and institutional investors, while remaining disciplined in our approach to new partnerships. The strategic footprint of the group, particularly through our US and Spanish subsidiaries, positions us well for future growth across key global markets. With a strengthened financial base and a clear long-term focus, the outlook remains positive.

The group’s key financial performance indicators during the year were as follows:

Unit
2025
2024
Turnover
£000
4,829
3,526
Profit Before Tax
£000
492
99
Principal risks and uncertainties

The group operates across multiple geographies, with both funds and investors spread internationally. Our managers run diverse strategies by design, which provides some risk mitigation. However, group revenues remain inherently linked to global financial markets and the performance of fund managers that we represent – both factors outside of our control and which can significantly impact our own performance financially. While revenue remains concentrated in a small number of funds, we continue to work towards further diversification across strategies and clients.

Our UK business retains exposure to USDGBP exchange rate movements. This is actively managed through a structured transfer pricing policy and regular FX conversions across the year, helping to smooth fluctuations in reported revenue.

Transfer Pricing

We maintain the transfer pricing policy established in line with US Treasury rules and OECD guidelines, developed in partnership with Baker Tilly. The policy is reviewed regularly to ensure ongoing compliance and relevance. For the year, the Transfer Pricing Adjustment totalled $385,724.

CAMPION CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Section 172 statement & commentary

The Board remains acutely aware of its responsibilities to all stakeholders, including employees, clients, and suppliers. We recognise that long-term success is underpinned by the strength of these relationships and by maintaining the highest standards of integrity and transparency.

Beyond our employees, key stakeholders include our Clients, categorised as:

1. The funds with whom we partner and provide capital raising services;

2. The institutional investors whose allocations into these funds generate our revenues.

We continue to view our Clients as long-term partners, operating a relationship-led approach grounded in trust and openness. We are candid in our communications with institutional investors, ensuring clarity around the funds we represent, associated fees, and the basis on which Campion earns its revenues. This commitment to transparency remains fundamental to our reputation and continued growth.

For our employees, we maintain a flexible and supportive working environment, balancing remote working where appropriate with an office-centric culture that fosters collaboration. Regular appraisals and open dialogue ensure that staff feel engaged and valued within the business. We extend the same respect and integrity to our suppliers, recognising the importance of responsible partnerships across the value chain.

The Board also remains committed to advancing our ESG responsibilities. Our B-Corp certification continues to be a defining part of our identity, reinforcing our focus on balancing profit with broader social and environmental purpose as we evolve.

On behalf of the board

T Strange
Director
24 July 2025
CAMPION CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Principal activities

The principal activity of the company is to provide specialist capital raising services to asset managers seeking long-term institutional investors.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £406,700. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

W Campion
W Maydon
E Bradley-Norman
M Graham
T Strange
N Rawdon-Jones
T Richards
L Parages Revertera
(Appointed 5 June 2024)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
T Strange
Director
24 July 2025
CAMPION CAPITAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible 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 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Campion Capital Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 parent 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing relevant correspondence.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 Mills (Senior Statutory Auditor)
For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor
Chartered Accountants
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
25 July 2025
CAMPION CAPITAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
4,829,390
3,525,672
Administrative expenses
(4,441,421)
(3,469,984)
Other operating income
48,202
28,117
Operating profit
4
436,171
83,805
Interest receivable and similar income
8
14,680
6,192
Gain/(loss) on investment revaluation
9
41,184
9,251
Profit before taxation
492,035
99,248
Tax on profit
10
(86,909)
(43,261)
Profit for the financial year
405,126
55,987
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations

CAMPION CAPITAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
£
£
Profit for the year
405,126
55,987
Other comprehensive income
Currency translation loss taken to retained earnings
(13,420)
(15,610)
Total comprehensive income for the year
391,706
40,377
Total comprehensive income for the year is all attributable to the owners of the parent company.
CAMPION CAPITAL LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
1,504
4,039
Tangible assets
13
6,840
14,423
Investments
14
91,545
50,513
99,889
68,975
Current assets
Debtors
16
1,834,614
1,277,504
Investments
17
109,749
40,111
Cash at bank and in hand
697,886
1,044,557
2,642,249
2,362,172
Creditors: amounts falling due within one year
18
(730,181)
(412,707)
Net current assets
1,912,068
1,949,465
Total assets less current liabilities
2,011,957
2,018,440
Provisions for liabilities
Deferred tax liability
19
8,830
319
(8,830)
(319)
Net assets
2,003,127
2,018,121
Capital and reserves
Called up share capital
21
1,162
1,162
Share premium account
910,405
910,405
Profit and loss reserves
1,091,560
1,106,554
Total equity
2,003,127
2,018,121
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
24 July 2025
T Strange
Director
Company Registration No. 4921914
CAMPION CAPITAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
6,840
14,423
Investments
14
2,762,806
2,501,979
2,769,646
2,516,402
Current assets
Debtors
16
1,150,484
898,542
Investments
17
66,904
40,111
Cash at bank and in hand
275,550
819,582
1,492,938
1,758,235
Creditors: amounts falling due within one year
18
(603,409)
(347,803)
Net current assets
889,529
1,410,432
Total assets less current liabilities
3,659,175
3,926,834
Provisions for liabilities
Deferred tax liability
19
8,830
319
(8,830)
(319)
Net assets
3,650,345
3,926,515
Capital and reserves
Called up share capital
21
1,162
1,162
Share premium account
910,405
910,405
Profit and loss reserves
2,738,778
3,014,948
Total equity
3,650,345
3,926,515

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £130,530 (2024 - £174,140 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
24 July 2025
T Strange
Director
Company registration number 4921914 (England and Wales)
CAMPION CAPITAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
1,162
910,405
1,066,177
1,977,744
Year ended 31 March 2024:
Profit for the year
-
-
55,987
55,987
Other comprehensive income:
Currency translation differences
-
-
(15,610)
(15,610)
Total comprehensive income
-
-
40,377
40,377
Balance at 31 March 2024
1,162
910,405
1,106,554
2,018,121
Year ended 31 March 2025:
Profit for the year
-
-
405,126
405,126
Other comprehensive income:
Currency translation differences
-
-
(13,420)
(13,420)
Total comprehensive income
-
-
391,706
391,706
Dividends
11
-
-
(406,700)
(406,700)
Balance at 31 March 2025
1,162
910,405
1,091,560
2,003,127
CAMPION CAPITAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
1,162
910,405
2,840,808
3,752,375
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
174,140
174,140
Balance at 31 March 2024
1,162
910,405
3,014,948
3,926,515
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
130,530
130,530
Dividends
11
-
-
(406,700)
(406,700)
Balance at 31 March 2025
1,162
910,405
2,738,778
3,650,345
CAMPION CAPITAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
111,229
70,088
Income taxes refunded/(paid)
24,226
(55,722)
Net cash inflow from operating activities
135,455
14,366
Investing activities
Purchase of intangible assets
-
(4,587)
Purchase of tangible fixed assets
(7,200)
-
(Purchases)/proceeds on disposal of investments
(69,486)
7,015
Interest received
14,680
6,192
Net cash (used in)/generated from investing activities
(62,006)
8,620
Financing activities
Dividends paid to equity shareholders
(406,700)
-
Net cash used in financing activities
(406,700)
-
Net (decrease)/increase in cash and cash equivalents
(333,251)
22,986
Cash and cash equivalents at beginning of year
1,044,557
1,037,181
Effect of foreign exchange rates
(13,420)
(15,610)
Cash and cash equivalents at end of year
697,886
1,044,557
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information

Campion Capital Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 48 George Street, London, W1U 7DY.

The group consists of Campion Capital Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include current asset investments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Campion Capital Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents commission receivable in the year.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 year straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over length of lease
Fixtures and fittings
3 to 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Other investments are measured initially at cost, and then subsequently at fair value (if fair value can be estimated reliably).

1.8
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.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Trade creditors 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 the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

1.10
Equity instruments

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.

1.11
Taxation

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

Current tax

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.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Retirement benefits

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.

1.13
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.

1.14
Foreign exchange

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.

Monetary assets in the balance sheet of overseas subsidiary undertakings are translated at the rate ruling at the balance sheet date. The profit and loss account of overseas subsidiary undertakings are also translated at the rate ruling at the balance sheet date. All translation differences are taken to other comprehensive income.

1.15

Dividends

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

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The main judgement made by the directors in preparing these financial statements is whether there has been any impairment in fixed asset investments within the company's own financial statements, and the level of that impairment.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rendering of service
4,829,390
3,525,672
2025
2024
£
£
Turnover analysed by geographical market
UK office
2,597,839
2,610,286
Overseas offices
2,231,551
915,386
4,829,390
3,525,672
2025
2024
£
£
Other revenue
Interest income
14,680
6,192
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(2,285)
33,382
Depreciation of owned tangible fixed assets
3,965
3,835
Loss on disposal of tangible fixed assets
10,818
39,844
Amortisation of intangible assets
2,535
3,323
Operating lease charges
237,214
135,862
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,069
15,689
For other services
Taxation compliance services
3,012
2,436
All other non-audit services
12,984
9,774
15,996
12,210
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Sales, marketing and distribution
16
13
9
8

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,743,796
2,051,251
1,661,898
1,399,006
Social security costs
301,790
248,424
222,498
182,690
Pension costs
17,644
5,019
17,041
5,019
3,063,230
2,304,694
1,901,437
1,586,715
Redundancy payments made or committed
-
-
-
-
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
2,182,148
1,549,633
Company pension contributions to defined contribution schemes
14,133
2,311
2,196,281
1,551,944
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 21 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
476,029
302,788
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
14,680
6,192
9
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Amounts written back to fair value through profit or loss
41,184
9,251
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
68,739
58,381
Adjustments in respect of prior periods
-
0
(22,255)
Total UK current tax
68,739
36,126
Foreign current tax on profits for the current period
11,764
8,246
Total current tax
80,503
44,372
Deferred tax
Origination and reversal of timing differences
6,406
(1,111)
Total tax charge
86,909
43,261
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
492,035
99,248
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
123,009
24,812
Tax effect of expenses that are not deductible in determining taxable profit
25,305
12,892
Tax effect of tax losses not previously recognised
(61,405)
-
0
Unutilised tax losses carried forward
-
0
12,115
Adjustments in respect of prior years
-
0
(22,255)
Effect of overseas tax rates
-
0
15,697
Taxation charge
86,909
43,261
11
Dividends
2025
2024
2025
2024
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
3.50
-
406,700
-
12
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2024 and 31 March 2025
7,944
Amortisation and impairment
At 1 April 2024
3,905
Amortisation charged for the year
2,535
At 31 March 2025
6,440
Carrying amount
At 31 March 2025
1,504
At 31 March 2024
4,039
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2024
36,053
34,377
70,430
Additions
-
0
7,200
7,200
Disposals
(36,053)
-
0
(36,053)
At 31 March 2025
-
0
41,577
41,577
Depreciation and impairment
At 1 April 2024
21,630
34,377
56,007
Depreciation charged in the year
3,605
360
3,965
Eliminated in respect of disposals
(25,235)
-
0
(25,235)
At 31 March 2025
-
0
34,737
34,737
Carrying amount
At 31 March 2025
-
0
6,840
6,840
At 31 March 2024
14,423
-
0
14,423
Company
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2024
36,053
34,377
70,430
Additions
-
0
7,200
7,200
Disposals
(36,053)
-
0
(36,053)
At 31 March 2025
-
0
41,577
41,577
Depreciation and impairment
At 1 April 2024
21,630
34,377
56,007
Depreciation charged in the year
3,605
360
3,965
Eliminated in respect of disposals
(25,235)
-
0
(25,235)
At 31 March 2025
-
0
34,737
34,737
Carrying amount
At 31 March 2025
-
0
6,840
6,840
At 31 March 2024
14,423
-
0
14,423
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,671,774
2,451,979
Unlisted investments
91,545
50,513
91,032
50,000
91,545
50,513
2,762,806
2,501,979
Movements in fixed asset investments
Group
Other investments
£
Cost or valuation
At 1 April 2024
50,513
Valuation changes
41,032
At 31 March 2025
91,545
Carrying amount
At 31 March 2025
91,545
At 31 March 2024
50,513
Movements in fixed asset investments
Company
Investment in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
2,451,979
50,000
2,501,979
Additions
219,795
-
219,795
Valuation changes
-
41,032
41,032
At 31 March 2025
2,671,774
91,032
2,762,806
Carrying amount
At 31 March 2025
2,671,774
91,032
2,762,806
At 31 March 2024
2,451,979
50,000
2,501,979
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
W Campion Capital LLC
USA
broker-dealer
LLC investment
100.00
Campion Capital Iberia SA
Spain
broker-dealer
Ordinary
100.00
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,286,315
892,008
617,275
627,028
Corporation tax recoverable
-
0
10,590
-
0
10,590
Amounts owed by group undertakings
-
-
77,413
-
Other debtors
148,127
156,176
141,056
133,121
Prepayments and accrued income
65,291
38,700
59,107
24,916
1,499,733
1,097,474
894,851
795,655
Amounts falling due after more than one year:
S455 tax on loans
18,313
42,287
18,313
42,287
Other debtors
237,320
60,600
237,320
60,600
255,633
102,887
255,633
102,887
Deferred tax asset (note 19)
79,248
77,143
-
0
-
0
334,881
180,030
255,633
102,887
Total debtors
1,834,614
1,277,504
1,150,484
898,542
17
Current asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Other investments
109,749
40,111
66,904
40,111
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Corporation tax payable
70,165
-
0
70,165
-
0
Other taxation and social security
437,953
296,252
437,953
296,252
Other creditors
30,380
23,077
30,380
23,077
Accruals and deferred income
191,683
93,378
64,911
28,474
730,181
412,707
603,409
347,803
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
1,710
319
-
-
Tax losses
-
-
79,248
77,143
Investment property
10,258
-
-
-
Other timing differences
(3,138)
-
-
-
8,830
319
79,248
77,143
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
1,710
319
-
-
Investment property
10,258
-
-
-
Other timing differences
(3,138)
-
-
-
8,830
319
-
-
Group
Company
2025
2025
Movements in the year:
£
£
Liability/(Asset) at 1 April 2024
(76,824)
319
Charge to profit or loss
6,406
8,511
Liability/(Asset) at 31 March 2025
(70,418)
8,830
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,644
5,019

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
116,200
116,200
1,162
1,162
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
235,686
79,342
232,792
68,228
Between two and five years
820,592
22,984
820,592
22,984
1,056,278
102,326
1,053,384
91,212
23
Events after the reporting date

On 2 May 2025, a dividend totalling £406,700 (£3.50 per share) was declared.

24
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Group
Other related parties
23,390
-
Company
Other related parties
23,390
-
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
24
Related party transactions
(Continued)
- 28 -
Other operating income
2025
2024
£
£
Group
Other related parties
41,026
24,500
Company
Other related parties
41,026
24,500
25
Directors' transactions

Dividends totalling £368,431 (2024 - £0) were paid in the year in respect of shares held by the company's directors and connected parties.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
W Campion - advance
-
-
450,000
(450,000)
-
E Bradley-Norman - loan
1.50
19,796
-
(19,796)
-
M Graham - loan
1.50
20,000
-
(20,000)
-
T Strange - loan
1.50
55,960
-
(20,320)
35,640
N Rawdon-Jones - loan
2.25
9,400
60,150
-
69,550
T Richards - loan
1.50
24,960
5,856
(13,651)
17,165
L Parages Revertera - loan
2.25
-
94,842
-
94,842
130,116
610,848
(523,767)
217,197
All loans are repayable in instalments over 5 years.
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
26
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
405,126
55,987
Adjustments for:
Taxation charged
86,909
43,261
Investment income
(14,680)
(6,192)
Loss on disposal of tangible fixed assets
10,818
39,844
Amortisation and impairment of intangible assets
2,535
3,323
Depreciation and impairment of tangible fixed assets
3,965
3,835
Other gains and losses
(41,184)
(9,251)
Movements in working capital:
(Increase)/decrease in debtors
(589,569)
15,793
Increase/(decrease) in creditors
247,309
(76,512)
Cash generated from operations
111,229
70,088
27
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
1,044,557
(346,671)
697,886
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