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REGISTERED NUMBER: 12493436 (England and Wales)

ADELIO PARTNERS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Statement of Income and Retained Earnings | 9 |

Statement of Financial Position | 10 |

Statement of Cash Flows | 11 |

Notes to the Statement of Cash Flows | 12 |

Notes to the Financial Statements | 13 |

ADELIO PARTNERS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | A J H A Badel

| A L G Brown

| V J Rech

| G Stuttgen

| REGISTERED OFFICE: | 33 Cavendish Square

| London

| W1G 0PW

| REGISTERED NUMBER: | 12493436 (England and Wales)

| AUDITORS: | Albury Associates Limited

| Chartered Accountants & Statutory Auditor

| 2nd Floor, One Hobbs House,

| Harrovian Business Village

| Bessborough Road

| Harrow

| Middlesex

| HA1 3EX

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

INTRODUCTION

The directors present their strategic report for Adelio Partners Limited ("the Company") for the year ended 31 December 2024.

REVIEW OF BUSINESS

The Company is authorised and regulated by the Financial Conduct Authority, effective 1 October 2020, firm reference number 927313. There are no anticipated changes to the business conducted by the Company in the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Company are regulatory risk, liquidity risk, investment risk and key person risk. They are managed and mitigated as follows:

- |  | Regulatory risk: A designated Compliance Officer tracks emerging UK/EU rules, reports monthly to the Board, and delivers mandatory staff training. |

- |  | Liquidity risk: Rolling 12 month cash flow forecasts and committed cash reserves ensure the Company can meet obligations as they fall due. |

- |  | Investment risk: A cornerstone seed investor represents the majority of AUM; portfolio exposures are controlled by predefined risk limits, stress testing, and daily performance monitoring. |

- |  | Key person risk: The business is managed by four founder directors. Significant incentives exist as shareholders, and cross coverage is in place. |

Financial key performance indicators

The Board reviews the following key performance indicators on a regular basis:

- |  | Assets under management and net subscriptions/redemptions for each vehicle. |

- |  | Investment performance and risk appetite. |

- |  | Cash-flow forecasts |

- |  | Liquidity headroom relative to regulatory capital requirements. |

These key performance indicators guide both strategic planning and day to day decision making.

Directors' responsibilities and fostering business relationships

During the year, the Directors actively considered the interests of key stakeholders:

- |  | Suppliers: Regular review meetings secured service continuity and identified efficiency opportunities. Five-year due diligence exercises were conducted where warranted. |

- |  | Investors: Targeted engagement with specialised institutional market neutral allocators helped refine the product and marketing materials. |

- |  | Employees: Daily on-site interactions reinforced the Company's risk management culture and strategic objectives. |

The Board believes these actions have strengthened commercial relationships and support sustainable, long term value creation.

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires the directors of a company to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of their shareholders as a whole. As part of the Company's deliberations and decision making process, the directors also take into account the following:

- |  | the likely consequences of any decision in the long term; |

- |  | the interests of the Company's employees; |

- |  | the need to foster the Company's business relationships with suppliers, customers and others; |

- |  | the impact of the Company's operations on the community and the environment; |

- |  | the desirability of the Company maintaining a reputation for high standards of business conduct; and |

- |  | the need to act fairly between members of the Company |

The directors consider the Company's stakeholders to be the people who work for us, invest with us, own us, regulate us and live in the societies we serve. During the year ended 31 December 2024, the directors considered the factors set out above in discharging their duties under section 172. The directors recognise that building strong relationships with our stakeholders will help deliver the Company's strategy in line with its long term values. The directors are committed to effective engagement with all of its stakeholders. Depending on the nature of the issue in question, the relevance of each stakeholder may differ and, as such, as part of the Company's engagement with stakeholders, the directors seek to understand the relative interests and priorities of each company and to have regard to these, as appropriate, in their decision making. The directors acknowledge however, that not every decision they make will necessarily result in a positive outcome for all stakeholders. The directors also challenge management to ensure all stakeholder interests are considered in the day to day management and operations of the Company.

The directors seek to understand the interests and views of the Company's stakeholders by engaging with them directly as appropriate. The directors sometimes engage directly with certain stakeholders on specific issues, but the size and distribution of our stakeholders means that stakeholder engagement often takes place at an operational level. The majority of decisions made by the directors during the period are deemed to be routine in nature and are taken on a cyclical basis. The directors are also focused on delivering both fair and right outcome for all its stakeholders. As a result of these activities, the directors believe they have demonstrated compliance with their legal duty under section 172 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

A J H A Badel - Director

23 April 2025

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

RESULTS AND DIVIDENDS

The loss for the year amounted to £517,509 (2023 - £1,062,071).

During the year no dividends were declared (2023 - £NIL).

PRINCIPAL ACTIVITY

The principal activity of the Company is the provision of investment advisory services.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

A J H A Badel

A L G Brown

V J Rech

G Stuttgen

GOING CONCERN

The directors have prepared the financial statements on a going concern basis having considered the nature of the Company, the ongoing interest in its business and the ability of the Company to continue to generate turnover post year-end.

In reaching this conclusion the directors evaluated the Company's cash resources, committed revenue streams and forecast operating requirements for the 12 month period from the date of approving these accounts.

| - Committed revenues: In 2024 the Company executed a seed capital mandate to manage a portfolio in excess of US$100 million Gross Market Value for a tier 1 institution. The capital is contractually committed until December 2026 (subject to standard redemption provisions). Management fees alone are projected to cover all budgeted cash outflows over the going concern assessment horizon; performance fees represent additional upside. |

| - Liquidity headroom: At 31 December 2024 the Company held cash of £185,235. Rolling 12 month cash flow forecasts prepared on a conservative basis-assuming no further asset inflows and no performance fees-demonstrate that existing cash, together with committed management fee income, is sufficient to meet liabilities as they fall due. |

| - Business development: The directors' current plan is to leverage strong investment performance and the recent tier 1 client win to raise additional assets under management. Marketing efforts during 2025 target approximately 30 specialised institutional investors with an appetite for early stage, market neutral strategies. Positive returns achieved amid early 2025 market turbulence support this initiative. |

Having considered the matters outlined above-and no material uncertainties having been identified that cast significant doubt on the Company's ability to continue as a going concern-the directors believe it is appropriate to prepare these financial statements on a going concern basis.

Further detail on the going concern assessment is provided in note 2.2.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Albury Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A J H A Badel - Director

23 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ADELIO PARTNERS LIMITED

Opinion

We have audited the financial statements of Adelio Partners Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ADELIO PARTNERS LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit; or

- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the investment advisory business and FCA regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

- |  | inspecting correspondence with the FCA regulators and tax authorities; |

- |  | discussions with management including consideration of known or suspected instances of non-compliancewith laws and regulation and fraud; |

- |  | evaluating management’s controls designed to prevent and detect irregularities; |

- |  | identifying and testing journals, in particular journal entries posted with unusual values, accountcombinations or journal entries that have been posted by unusual entry posters and postings including keywords or significantly impacting profit; and |

- |  | challenging assumptions and judgements made by management in their critical accounting estimates. |

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ADELIO PARTNERS LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kiran Patel BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Albury Associates Limited

Chartered Accountants & Statutory Auditor

2nd Floor, One Hobbs House,

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

23 April 2025

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 102,542 |  | - |  |

Administrative expenses | 620,054 |  | 1,062,108 |  |

OPERATING LOSS | 4 | (517,512 | ) | (1,062,108 | ) |

Interest receivable and similar income | 3 |  | 37 |  |

LOSS BEFORE TAXATION | (517,509 | ) | (1,062,071 | ) |

Tax on loss | 5 | - |  | - |  |

LOSS FOR THE FINANCIAL YEAR | (517,509 | ) | (1,062,071 | ) |

Retained earnings at beginning of year | (2,992,235 | ) | (1,930,164 | ) |

RETAINED EARNINGS AT END OF YEAR | (3,509,744 | ) | (2,992,235 | ) |

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ |

FIXED ASSETS

Tangible assets | 6 | 683 |  | 1,963 |  |

CURRENT ASSETS

Debtors | 7 | 71,913 |  | 42,967 |  |

Cash at bank | 185,235 |  | 453,742 |  |

257,148 |  | 496,709 |  |

CREDITORS

Amounts falling due within one year | 8 | 130,530 |  | 53,857 |  |

NET CURRENT ASSETS | 126,618 |  | 442,852 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 127,301 |  | 444,815 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 198,226 |  | 111,659 |  |

Share premium | 11 | 3,438,819 |  | 3,325,391 |  |

Retained earnings | 11 | (3,509,744 | ) | (2,992,235 | ) |

SHAREHOLDERS' FUNDS | 127,301 |  | 444,815 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2025 and were signed on its behalf by:

A J H A Badel - Director

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (468,386 | ) | (1,063,246 | ) |

Net cash from operating activities | (468,386 | ) | (1,063,246 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | - |  | (1,542 | ) |

Interest received | 3 |  | 37 |  |

Net cash from investing activities | 3 |  | (1,505 | ) |

Cash flows from financing activities

Share issue | 86,567 |  | - |  |

Share premium issue | 113,428 |  | - |  |

Net cash from financing activities | 199,995 |  | - |  |

Decrease in cash and cash equivalents | (268,388 | ) | (1,064,751 | ) |

Cash and cash equivalents at beginning of year | 2 | 453,623 |  | 1,518,374 |  |

Cash and cash equivalents at end of year | 2 | 185,235 |  | 453,623 |  |

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Loss before taxation | (517,509 | ) | (1,062,071 | ) |

| Depreciation charges | 1,280 |  | 3,570 |  |

| Finance income | (3 | ) | (37 | ) |

(516,232 | ) | (1,058,538 | ) |

| (Increase)/decrease in trade and other debtors | (28,946 | ) | 58,232 |  |

| Increase/(decrease) in trade and other creditors | 76,792 |  | (62,940 | ) |

| Cash generated from operations | (468,386 | ) | (1,063,246 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 185,235 |  | 453,742 |  |

| Bank overdrafts | - |  | (119 | ) |

185,235 |  | 453,623 |  |

| Year ended 31 December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 453,742 |  | 1,518,374 |  |

| Bank overdrafts | (119 | ) | - |  |

453,623 |  | 1,518,374 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/24 | Cash flow | At 31/12/24

£ | £ | £ |

| Net cash |

| Cash at bank | 453,742 |  | (268,507 | ) | 185,235 |  |

| Bank overdrafts | (119 | ) | 119 |  | - |  |

453,623 |  | (268,388 | ) | 185,235 |  |

| Total | 453,623 |  | (268,388 | ) | 185,235 |  |

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Adelio Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The directors have prepared the financial statements on a going concern basis having considered the nature of the Company, the ongoing interest in its business and the ability of the Company to continue to generate turnover post year-end.

| In reaching this conclusion the directors evaluated the Company's cash resources, committed revenue streams and forecast operating requirements for the 12 month period from the date of approving these accounts.

|  | - Committed revenues: In 2024 the Company executed a seed capital mandate to manage a portfolio in excess of US$100 million Gross Market Value for a tier 1 institution. The capital is contractually committed until December 2026 (subject to standard redemption provisions). Management fees alone are projected to cover all budgeted cash outflows over the going concern assessment horizon; performance fees represent additional upside. |

|  | - Liquidity headroom: At 31 December 2024 the Company held cash of £185,235. Rolling 12 month cash flow forecasts prepared on a conservative basis-assuming no further asset inflows and no performance fees-demonstrate that existing cash, together with committed management fee income, is sufficient to meet liabilities as they fall due. |

|  | - Business development: The directors' current plan is to leverage strong investment performance and the recent tier 1 client win to raise additional assets under management. Marketing efforts during 2025 target approximately 30 specialised institutional investors with an appetite for early stage, market neutral strategies. Positive returns achieved amid early 2025 market turbulence support this initiative. |

| Having considered the matters outlined above-and no material uncertainties having been identified that cast significant doubt on the Company's ability to continue as a going concern-the directors believe it is appropriate to prepare these financial statements on a going concern basis.

| Turnover

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

| Tangible fixed assets

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

| Computer equipment | - | 33% on cost

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

| Pension costs

| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Creditors

| Short term creditors are measured at the transaction price.

3. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 191,221 |  | 586,589 |  |

| Social security costs | 24,000 |  | 78,495 |  |

215,221 |  | 665,084 |  |

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

| 2024 |  | 2023

| Directors | 3 |  | 4 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 187,045 |  | 570,152 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Defined benefit schemes | 4 |  | 4 |  |

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | OPERATING LOSS

| The operating loss is stated after charging:

| 2024 |  | 2023

£ | £ |

| Other operating leases | 21,231 |  | 75,085 |  |

| Depreciation - owned assets | 1,280 |  | - |  |

| Auditors' remuneration | 10,250 |  | 12,000 |  |

| Foreign exchange differences | 7,897 |  | 3,507 |  |

5. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Loss before tax | (517,509 | ) | (1,062,071 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 19%) | (98,327 | ) | (201,793 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 66 |  | 286 |  |

| Depreciation in excess of capital allowances | 243 |  | 477 |  |

| Tax losses brought forward | (553,622 | ) | (352,592 | ) |

| Tax losses carried forward | 651,640 |  | 553,622 |  |

| Total tax charge | - |  | - |  |

| The company has estimated tax losses of £3,429,682 available to carry forward and use against future taxable profits.

6. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 13,803 |  |

| DEPRECIATION

| At 1 January 2024 | 11,840 |  |

| Charge for year | 1,280 |  |

| At 31 December 2024 | 13,120 |  |

| NET BOOK VALUE

| At 31 December 2024 | 683 |  |

| At 31 December 2023 | 1,963 |  |

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 | 2023 |

£ | £ |

| Trade debtors | 23,088 |  | - |  |

| Other debtors | 23,067 |  | 5,300 |  |

| VAT | 5,905 |  | 10,694 |  |

| Prepayments | 19,853 |  | 26,973 |  |

71,913 |  | 42,967 |  |

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

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 9) | - |  | 119 |  |

| Trade creditors | 27,065 |  | 7,206 |  |

| Social security and other taxes | 521 |  | 19,949 |  |

| Other creditors | 683 |  | 1,192 |  |

| Accrued expenses | 102,261 |  | 25,391 |  |

130,530 |  | 53,857 |  |

9. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 119 |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 5,000 | Ordinary A | £1 | 5,000 |  | 5,000 |  |

| 766,700 | Ordinary B | £0.01 | 7,667 |  | 7,667 |  |

| 185,559 | Ordinary C | £1 | 185,559 |  | 98,992 |  |

198,226 |  | 111,659 |  |

| 86,567 Ordinary C shares of £1 each were allotted as fully paid at a premium of £1.31 per share during the year.

ADELIO PARTNERS LIMITED (REGISTERED NUMBER: 12493436)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2024 | (2,992,235 | ) | 3,325,391 |  | 333,156 |  |

| Deficit for the year | (517,509 | ) | (517,509 | ) |

| Cash share issue | - |  | 113,428 |  | 113,428 |  |

| At 31 December 2024 | (3,509,744 | ) | 3,438,819 |  | (70,925 | ) |

| Share premium account

| The share premium account includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing shares are deducted from share premium.

| Profit and loss account

| Includes all accumulated profits and losses.

12. | RELATED PARTY DISCLOSURES

| Key management personnel are considered to be the directors of the Company.

13. | POST BALANCE SHEET EVENTS

| Global markets were volatile in Q1 2025 after the relaxation of European fiscal rules to fund defence spending and the escalation of US led trade measures. Despite this backdrop, the Company's market neutral strategy preserved capital, and the public investment vehicle (an Actively Managed Certificate issued by UBS) returned +1.2 % to 15 April 2025.

| Management continued to prioritise asset raising, entering a strategic marketing partnership with an existing investor and scheduling fundraising roadshows in New York and major European financial centres for H1 2025.

14. | ULTIMATE CONTROLLING PARTY

| The controlling party is A J H A Badel.

15. | PENSION COMMITMENTS

| The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £4,176 (2023 - £16,437).

| Contributions totalling £521 (2023 - £1,174) were payable to the fund at the reporting date and are included in creditors.