IRIS Accounts Production v25.3.0.601 08421482 Board of Directors 30.6.25 1.7.24 30.6.25 30.6.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 08421482 2024-06-30 08421482 2025-06-30 08421482 2024-07-01 2025-06-30 08421482 2023-06-30 08421482 2023-07-01 2024-06-30 08421482 2024-06-30 08421482 ns15:EnglandWales 2024-07-01 2025-06-30 08421482 ns14:PoundSterling 2024-07-01 2025-06-30 08421482 ns10:Director1 2024-07-01 2025-06-30 08421482 ns10:Consolidated 2025-06-30 08421482 ns10:ConsolidatedGroupCompanyAccounts 2024-07-01 2025-06-30 08421482 ns10:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 08421482 ns10:Consolidated ns10:MediumEntities 2024-07-01 2025-06-30 08421482 ns10:Consolidated ns10:Audited 2024-07-01 2025-06-30 08421482 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-07-01 2025-06-30 08421482 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-07-01 2025-06-30 08421482 ns10:Consolidated 2024-07-01 2025-06-30 08421482 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-07-01 2025-06-30 08421482 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-07-01 2025-06-30 08421482 ns10:FullAccounts 2024-07-01 2025-06-30 08421482 ns5:Subsidiary1 2024-07-01 2025-06-30 08421482 ns5:Subsidiary2 2024-07-01 2025-06-30 08421482 1 2024-07-01 2025-06-30 08421482 ns10:Director2 2024-07-01 2025-06-30 08421482 ns10:CompanySecretary1 2024-07-01 2025-06-30 08421482 ns10:RegisteredOffice 2024-07-01 2025-06-30 08421482 ns10:Consolidated 2023-07-01 2024-06-30 08421482 ns5:CurrentFinancialInstruments 2025-06-30 08421482 ns5:CurrentFinancialInstruments 2024-06-30 08421482 ns5:ShareCapital 2025-06-30 08421482 ns5:ShareCapital 2024-06-30 08421482 ns5:SharePremium 2025-06-30 08421482 ns5:SharePremium 2024-06-30 08421482 ns5:RetainedEarningsAccumulatedLosses 2025-06-30 08421482 ns5:RetainedEarningsAccumulatedLosses 2024-06-30 08421482 ns5:ShareCapital 2023-06-30 08421482 ns5:RetainedEarningsAccumulatedLosses 2023-06-30 08421482 ns5:SharePremium 2023-06-30 08421482 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-06-30 08421482 ns5:ShareCapital 2023-07-01 2024-06-30 08421482 ns5:SharePremium 2023-07-01 2024-06-30 08421482 ns5:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 08421482 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-07-01 2024-06-30 08421482 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-06-30 08421482 ns5:ShareCapital 2024-07-01 2025-06-30 08421482 ns5:SharePremium 2024-07-01 2025-06-30 08421482 ns5:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 08421482 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-07-01 2025-06-30 08421482 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-06-30 08421482 ns5:NetGoodwill 2024-07-01 2025-06-30 08421482 ns5:IntangibleAssetsOtherThanGoodwill 2024-07-01 2025-06-30 08421482 ns5:PlantMachinery 2024-07-01 2025-06-30 08421482 ns5:FurnitureFittings 2024-07-01 2025-06-30 08421482 ns5:MotorVehicles 2024-07-01 2025-06-30 08421482 ns5:ComputerEquipment 2024-07-01 2025-06-30 08421482 ns5:PlantMachinery 2024-06-30 08421482 ns5:FurnitureFittings 2024-06-30 08421482 ns5:MotorVehicles 2024-06-30 08421482 ns5:ComputerEquipment 2024-06-30 08421482 ns5:PlantMachinery 2025-06-30 08421482 ns5:FurnitureFittings 2025-06-30 08421482 ns5:MotorVehicles 2025-06-30 08421482 ns5:ComputerEquipment 2025-06-30 08421482 ns5:PlantMachinery 2024-06-30 08421482 ns5:FurnitureFittings 2024-06-30 08421482 ns5:MotorVehicles 2024-06-30 08421482 ns5:ComputerEquipment 2024-06-30 08421482 ns5:CostValuation 2024-06-30 08421482 ns5:AdditionsToInvestments 2025-06-30 08421482 ns5:CostValuation 2025-06-30 08421482 1 ns5:Subsidiary1 2024-07-01 2025-06-30 08421482 ns5:Subsidiary2 3 2024-07-01 2025-06-30 08421482 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-06-30 08421482 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-06-30 08421482 ns5:WithinOneYear 2025-06-30 08421482 ns5:WithinOneYear 2024-06-30 08421482 ns5:BetweenOneFiveYears 2025-06-30 08421482 ns5:BetweenOneFiveYears 2024-06-30 08421482 ns5:MoreThanFiveYears 2025-06-30 08421482 ns5:MoreThanFiveYears 2024-06-30 08421482 ns5:AllPeriods 2025-06-30 08421482 ns5:AllPeriods 2024-06-30 08421482 ns5:RetainedEarningsAccumulatedLosses 2024-06-30 08421482 ns5:SharePremium 2024-06-30

REGISTERED NUMBER: 08421482 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

ICM INVESTMENT MANAGEMENT LIMITED

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Consolidated Statement of Comprehensive Income | 9 |

| Consolidated Balance Sheet | 10 |

| Company Balance Sheet | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Financial Statements | 15 |

| ICM INVESTMENT MANAGEMENT LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | S J Pope

| C D O Jillings

| SECRETARY: | ICM Administration Limited

| REGISTERED OFFICE: | Ridge Court

| The Ridge

| Epsom

| Surrey

| KT18 7EP

| REGISTERED NUMBER: | 08421482 (England and Wales)

| AUDITORS: | Lewis Brownlee (Chichester) Limited

| Statutory Auditors

| Appledram Barns

| Birdham Road

| Chichester

| West Sussex

| PO20 7EQ

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their strategic report of the company and the group for the year ended 30 June 2025.

REVIEW OF BUSINESS

The period to 30 June 2025 has been challenging as a result of the ongoing wars in Ukraine and the Middle East, the interest rate environment, the rising polarisation of political views in key countries and the rising economic friction between China and the developed markets. This has seen rising tensions and heightened volatility in global markets. In addition the election of Donald Trump in the US and his foreign policy/economic tariff actions has led to a very volatile market.

During the year ICM Investment Management Limited ('ICMIM') issued 1 ordinary share of £1 at a premium of £999,999 to ensure that the minimum regulatory capital requirements were met. Key performance indicators are linked to the capital requirements. See further details below.

The group seeks to maintain long term profitability by retaining its existing client base. Despite the difficulties presented by the current economic instability, the directors believe the group is well placed to continue to operate in the current economic environment and will continue to pursue a strategy of providing services to the financial services industry as currently permitted under ICMIM's registration with the Financial Conduct Authority ('FCA').

PRINCIPAL RISKS AND UNCERTAINTIES

The directors endeavour to create and sustain commercial advantage by providing a consistently high level of service to clients coupled with prudent management and a sound business model for ICMIM.

The directors operate a system of constant review over strategic, operational, financial and compliance risks for ICMIM. They focus on the factors that could limit or prevent the achievement of group objectives and actively consider and develop strategies to mitigate exposure and build resilience and sustainability. The challenging market conditions for its clients are the principal risk of the group. There is also the risk that the group is dependent on a small key group of employees, which creates an element of key person risk.

FINANCIAL INSTRUMENTS

The group has no overdraft facility. The group has not entered into any hedging arrangements in respect of risks relating to trade debtors or accrued income as its invoicing arrangements are made in sterling. The group is currently reliant on two major clients and therefore has a cashflow and liquidity risk, which may be affected by a reduced assets under management ('AUM') as a result of the downturn in the markets. The group is currently satisfied with its clients' financial performance and the directors do not think there is any risk in continued reliance.

REGULATORY CAPITAL

ICMIM is incorporated in the UK and is authorised and regulated by the FCA and is categorised as a Collective Portfolio Management Investment Firm ('CPMI') for regulatory purposes. ICMIM is subject to minimum regulatory capital requirements and is categorised as a CPMI that is an external Alternative Investment Fund Manager ('AIFM') by the FCA for capital purposes. In addition, ICMIM is a small and non-interconnected ('SNI') firm under the Investment Firms Prudential Regime ('IFPR') and as such has to meet the associated prudential rules that apply within MIFIDPRU.

The Alternative Investment Fund Managers Directive ('AIFMD') of the European Union establish a regulatory capital framework across Europe governing the amount and nature of capital investment firms must maintain. In the United Kingdom, the AIFMD has been retained by the FCA in its regulations through the Interim Prudential sourcebook for Investment Businesses ('IPRU-INV') and the Prudential Sourcebook for Banks, Building Societies and Investment Firms ('BIPRU') no longer applies.

MIFIDPRU/IPRU-INV - Capital Requirement

A CPMI firm is required to comply with the applicable requirements of the MIFIDPRU sourcebook in parallel with its requirements under the IPRU-INV sourcebook. This means that a capital instrument may be used to meet either or both sets of requirements provided it meets the conditions set out in the relevant sourcebook.

Own Funds/Capital Resources Requirements:

Higher of:

A) GBP 75,000 (MIFIDPRU 4.4) EUR125,000 (IPRU-INV); OR

B) Fixed Overhead Requirement (MIFIDPRU 4.5); OR

C) IPRU-INV 11: OR

D) ICARA

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

MIFIDPRU 11 - Disclosure

Capital Requirement Calculation (as at 30.06.2025):

Fixed Overhead Requirement

June 2025 Management Report - 12 months to June 2025

| £ |  |

Operating Expenses |  | 863,601 |  |

Other Expenses (Depreciation and Donations) |  | 37,967 |  |

Salaries & Related Costs |  | 2,631,007 |  |

| 3,532,575 |  | Total Opex |

@ 25% Total Capital required |  | 883,144 |  |

IPRU-INV - Pillar 1 Capital Requirement

Capital Requirement Calculation (as at 30.06.2025):

£ |  | £ |  |  |

Base Capital of EUR125,000 |  |  | 106,938 |  | A |

(converted using ECB rate for 30.06.2025 = 1.1689) |  |

Funds under management requirement: |  |

UIL |  | 252,199,000 |  |

UEM |  | 527,530,000 |  |

PHCBF = n/a as UCITS |  | - |  |

PHDBF |  | 12,603,080 |  |

Pentagon Capeo |  | 15,945,624 |  |

Less EUR250 million |  | (213,876,294 | ) |

Less value of assets invested by UIL into UEMT |  | (22,626,332 | ) |

SUBTOTAL TO USE FOR CALCULATION |  | 571,775,078 |  |

0.02% of relevant funds exceeding EUR250 million |  | 114,355 |  | 114,355 |  | B |

Calculation of (A) + (B) |  |  | 221,293 |  | A+B |

Fixed Overheads (i.e. 25% of annual amount) |  |  | 883,144 |  | C |

Higher of (A) + (B) or Fixed Overheads (C) |  | 883,144 |  |

Plus: Additional own funds (PII) |  | 57,177 |  |

Total Capital required |  |  | 940,321 |  |

The higher of the two calculations is £940,321 which shall be applied to ICMIM regulatory calculation requirements and is also in line with AIFMD requirements.

ICARA Capital Requirement

ICARA capital should be calculated to include any additional capital to be maintained against any risks that are not adequately covered under the requirement under MIFIDPRU and IPRU-INV. For ICMIM the ICARA Capital requirement is considered to be nil on the basis that capital calculated under MIFIDPRU and IPRU-INV is deemed to be sufficient.

ON BEHALF OF THE BOARD:

S J Pope - Director

17 October 2025

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company is acting as the Alternative Investment Fund Manager regulated by the FCA providing investment management services to Utilico Emerging Markets Trust plc and UIL Limited. The company is also appointed sub-investment manager to Pentagon High Conviction Bond Fund, Pentagon Global Diversified Bond Fund Limited, and Capeo Pentagon Credit Select Fund.

The sole activity of ICM Capital Research Limited ('ICMCR') is to carry out investment research and provide investment research and support services within the global capital markets to ICM Limited ('ICM'). The company charges ICM for all its operational costs plus a 7.5% markup. ICM is an international Fund Manager and Corporate Finance Adviser headquartered in Bermuda.

ICM Latin America Investimentos Ltda was incorporated on 21 May 2025 and did not trade during the current period.

DIVIDENDS

The total distribution of dividends for the year ended 30 June 2025 was £Nil (2024: £Nil).

DIRECTORS

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

S J Pope

C D O Jillings

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group 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 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.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S J Pope - Director

17 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ICM INVESTMENT MANAGEMENT LIMITED

Opinion

We have audited the financial statements of ICM Investment Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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 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 30 June 2025 and of the group's 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 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 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 the audit:

- | the information given in the Group 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 Group 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

ICM INVESTMENT MANAGEMENT LIMITED

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 Group 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 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' Responsibilities Statement set out on page four, 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- |  | 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 group through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |

- |  | 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 group including legislation such as the Companies Act 2006 , taxation legislation and the Financial Conduct Authority regulations; |

- |  | 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 group'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. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ICM INVESTMENT MANAGEMENT LIMITED

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 set out in the accounting policies 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; and |

- |  | reviewing correspondence with HMRC, relevant regulators and the group's legal advisors, where applicable. |

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.

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.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

17 October 2025

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 30 JUNE 2025

2025 | 2024 |

| Notes | £ | £

TURNOVER | 3 | 3,341,510 |  | 4,387,853 |  |

Administrative expenses | 5,027,075 |  | 6,071,444 |  |

OPERATING LOSS | 5 | (1,685,565 | ) | (1,683,591 | ) |

Interest receivable and similar income | 49,574 |  | 37,670 |  |

LOSS BEFORE TAXATION | (1,635,991 | ) | (1,645,921 | ) |

Tax on loss | 6 | - |  | 220,721 |  |

LOSS FOR THE FINANCIAL YEAR | (1,635,991 | ) | (1,866,642 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (1,635,991 | ) | (1,866,642 | ) |

Loss attributable to:

Owners of the parent | (1,635,991 | ) | (1,866,642 | ) |

Total comprehensive income attributable to:

Owners of the parent | (1,636,189 | ) | (1,866,642 | ) |

Non-controlling interests | 198 |  | - |  |

(1,635,991 | ) | (1,866,642 | ) |

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

CONSOLIDATED BALANCE SHEET

30 JUNE 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 8 | 101,333 |  | 159,238 |  |

Tangible assets | 9 | 110,482 |  | 110,927 |  |

Investments | 10 | - |  | - |  |

211,815 |  | 270,165 |  |

CURRENT ASSETS

Debtors | 11 | 2,091,117 |  | 3,041,386 |  |

Cash at bank | 718,571 |  | 737,860 |  |

2,809,688 |  | 3,779,246 |  |

CREDITORS

Amounts falling due within one year | 12 | 2,137,484 |  | 2,529,599 |  |

NET CURRENT ASSETS | 672,204 |  | 1,249,647 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 884,019 |  | 1,519,812 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 943,985 |  | 943,984 |  |

Share premium | 15 | 3,808,570 |  | 2,808,571 |  |

Retained earnings | 15 | (3,868,734 | ) | (2,232,743 | ) |

SHAREHOLDERS' FUNDS | 883,821 |  | 1,519,812 |  |

NON-CONTROLLING INTERESTS | 198 |  | - |  |

TOTAL EQUITY | 884,019 |  | 1,519,812 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2025 and were signed on its behalf by:

S J Pope - Director

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

COMPANY BALANCE SHEET

30 JUNE 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 63,686 |  | 71,994 |  |

Investments | 10 | 109,695 |  | 108,574 |  |

173,381 |  | 180,568 |  |

CURRENT ASSETS

Debtors | 11 | 2,051,260 |  | 3,006,267 |  |

Cash at bank | 677,846 |  | 653,779 |  |

2,729,106 |  | 3,660,046 |  |

CREDITORS

Amounts falling due within one year | 12 | 547,107 |  | 1,486,372 |  |

NET CURRENT ASSETS | 2,181,999 |  | 2,173,674 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,355,380 |  | 2,354,242 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 943,985 |  | 943,984 |  |

Share premium | 15 | 3,808,570 |  | 2,808,571 |  |

Retained earnings | 15 | (2,397,175 | ) | (1,398,313 | ) |

SHAREHOLDERS' FUNDS | 2,355,380 |  | 2,354,242 |  |

Company's loss for the financial year | (998,862 | ) | (1,592,410 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2025 and were signed on its behalf by:

S J Pope - Director

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

Called up |  |

share | Retained | Share |

capital | earnings | premium |

| £ | £ | £

Balance at 1 July 2023 | 943,983 |  | (450,166 | ) | 1,308,572 |  |

Changes in equity

Issue of share capital | 1 |  | - |  | 1,499,999 |  |

Total comprehensive income | - |  | (1,782,577 | ) | - |  |

Balance at 30 June 2024 | 943,984 |  | (2,232,743 | ) | 2,808,571 |  |

Changes in equity

Issue of share capital | 1 |  | - |  | 999,999 |  |

Total comprehensive income | - |  | (1,635,991 | ) | - |  |

Balance at 30 June 2025 | 943,985 |  | (3,868,734 | ) | 3,808,570 |  |

Non- |  |

distributable | Non-controlling | Total |

reserves | Total | interests | equity |

| £ | £ | £ | £

Balance at 1 July 2023 | 84,065 |  | 1,886,454 |  | - |  | 1,886,454 |  |

Changes in equity

Issue of share capital | - |  | 1,500,000 |  | - |  | 1,500,000 |  |

Total comprehensive income | (84,065 | ) | (1,866,642 | ) | - |  | (1,866,642 | ) |

Balance at 30 June 2024 | - |  | 1,519,812 |  | - |  | 1,519,812 |  |

Changes in equity

Issue of share capital | - |  | 1,000,000 |  | - |  | 1,000,000 |  |

Total comprehensive income | - |  | (1,635,991 | ) | 198 |  | (1,635,793 | ) |

Balance at 30 June 2025 | - |  | 883,821 |  | 198 |  | 884,019 |  |

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

Called up | Non- |  |

share | Retained | Share | distributable | Total |

capital | earnings | premium | reserves | equity |

| £ | £ | £ | £ | £

Balance at 1 July 2023 | 943,983 |  | 110,032 |  | 1,308,572 |  | 84,065 |  | 2,446,652 |  |

Changes in equity

Issue of share capital | 1 |  | - |  | 1,499,999 |  | - |  | 1,500,000 |  |

Total comprehensive income | - |  | (1,508,345 | ) | - |  | (84,065 | ) | (1,592,410 | ) |

Balance at 30 June 2024 | 943,984 |  | (1,398,313 | ) | 2,808,571 |  | - |  | 2,354,242 |  |

Changes in equity

Issue of share capital | 1 |  | - |  | 999,999 |  | - |  | 1,000,000 |  |

Total comprehensive income | - |  | (998,862 | ) | - |  | - |  | (998,862 | ) |

Balance at 30 June 2025 | 943,985 |  | (2,397,175 | ) | 3,808,570 |  | - |  | 2,355,380 |  |

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

2025 | 2024 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 18 | (999,546 | ) | (1,533,215 | ) |

Tax paid | (43,938 | ) | - |  |

Net cash from operating activities | (1,043,484 | ) | (1,533,215 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (53,929 | ) | (21,620 | ) |

Sale of tangible fixed assets | 28,298 |  | - |  |

Sale of fixed asset investments | - |  | 252,346 |  |

Interest received | 49,574 |  | 37,670 |  |

Net cash from investing activities | 23,943 |  | 268,396 |  |

Cash flows from financing activities

Amount introduced by directors | 14,363 |  | - |  |

Amount withdrawn by directors | (14,111 | ) | (903 | ) |

Share issue | 1,000,000 |  | 1,500,000 |  |

Net cash from financing activities | 1,000,252 |  | 1,499,097 |  |

(Decrease)/increase in cash and cash equivalents | (19,289 | ) | 234,278 |  |

Cash and cash equivalents at beginning of year | 19 | 737,860 |  | 503,582 |  |

Cash and cash equivalents at end of year | 19 | 718,571 |  | 737,860 |  |

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| ICM Investment Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08421482 and the registered office address is Ridgecourt, The Ridge, Epsom, Surrey, KT18 7EP.

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.

| The financial statements are presented in Sterling, which is also a functional currency of the company.

| The functional currency of ICM Capital Research Limited (ICMCR) is Euros and for ICM Latin America Investimentos Ltda (ICMLAI) is Brazilian Real. The results of ICMCR and ICMLAI have been converted into Sterling on consolidation.

| Basis of consolidation

| The group financial statements consolidate the financial statements of ICM Investment Management Limited and its subsidiary undertakings drawn up to the balance sheet date.

| Subsidiaries are consolidated from the date of their acquisition, being the date on which ICM Investment Management Limited obtains control, and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the subsidiary so as to obtain benefit from its activities.

| Going concern

| The financial statements have been prepared on a going concern basis.

| The directors have considered the overall business plan, including cashflows, of the group and the availability of financial support from its ultimate parent company and are confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company and its subsidiaries are dependent on financial support from its ultimate parent company to enable them to continue as a going concern and to meet its day-to-day obligations as they fall due. ICM Limited has confirmed that it will provide such financial assistance and has the financial capacity to do so.

| Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

| Revenue recognition

| Turnover represents amounts chargeable in respect of the sale of services to customers, and the fair value of the right to consideration in exchange for the performance of its contractual obligations.

| The revenue is recognised in the period to which the service provided relates.

| Performance fees are recognised once the fees have been agreed and become payable.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| 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 | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Tangible fixed assets are stated at cost less depreciation.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less impairment.

| 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.

| 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 and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Share capital and distributions to equity holders

| Ordinary shares are classified as equity. Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

| Financial instruments

| Financial instruments are classified by the directors as basic or advanced following the conditions in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The group has no advanced financial instruments.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Employee benefits

| Short-term employee benefits are recognised as an expense in the period in which they are incurred.

| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

| Critical accounting 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 critical judgements made by management that have an effect on the amounts recognised in the financial statements are described below.

| Critical judgment and estimation uncertainty

| In respect of goodwill on consolidation of the acquisition of the company's subsidiary, management undertake an annual impairment review of the carrying value and have determined that the carrying value is not materially different to the recoverable amount at the year end.

3. | TURNOVER

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

| An analysis of turnover by class of business is given below:

2025 | 2024 |

| £ | £

| Regular service fees | 3,341,510 |  | 3,923,941 |  |

| Performance fees | - |  | 463,912 |  |

3,341,510 |  | 4,387,853 |  |

| An analysis of turnover by geographical market is given below:

2025 | 2024 |

| £ | £

| United Kingdom | 2,322,752 |  | 3,016,916 |  |

| Europe | 192,015 |  | 558,006 |  |

| Bermuda | 826,743 |  | 812,931 |  |

3,341,510 |  | 4,387,853 |  |

4. | EMPLOYEES AND DIRECTORS

2025 | 2024 |

| £ | £

| Wages and salaries | 3,348,129 |  | 4,270,978 |  |

| Social security costs | 279,342 |  | 404,915 |  |

| Other pension costs | 155,981 |  | 189,622 |  |

3,783,452 |  | 4,865,515 |  |

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

2025 | 2024 |

| Directors | 2 |  | 2 |  |

| Administration and support | 18 |  | 19 |  |

| Analysts | 8 |  | 9 |  |

28 |  | 30 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 7 (2024 - 8 ) .

| Key management includes the directors and members of senior management of the group. The total compensation paid or payable to key management for employee services is £1,045,744 (2024: £1,392,207).

2025 | 2024 |

| £ | £

| Directors' remuneration | 352,596 |  | 809,033 |  |

| Information regarding the highest paid director is as follows:

2025 | 2024 |

| £ | £

| Emoluments etc | 202,180 |  | 495,566 |  |

| Included in the total directors' remuneration above are benefits in kind of £13,247 (2024: £11,212).

5. | OPERATING LOSS

| The operating loss is stated after charging/(crediting):

2025 | 2024 |

| £ | £

| Other operating leases | 158,050 |  | 132,669 |  |

| Depreciation - owned assets | 49,178 |  | 53,554 |  |

| Profit on disposal of fixed assets | (23,102 | ) | (11,401 | ) |

| Goodwill amortisation | 57,905 |  | 57,904 |  |

| Auditors' remuneration | 30,000 |  | 27,600 |  |

| Auditors' remuneration for non audit work | 11,591 |  | 9,386 |  |

| Foreign exchange differences | 38,631 |  | 6,784 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the loss for the year was as follows:

2025 | 2024 |

| £ | £

| Deferred tax | - |  | 220,721 |  |

| Tax on loss | - |  | 220,721 |  |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

6. | TAXATION - continued

| 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:

2025 | 2024 |

| £ | £

| Loss before tax | (1,635,991 | ) | (1,645,921 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | (408,998 | ) | (411,480 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 35,430 |  | 29,631 |  |

| Impact of unrecognised deferred tax asset | 228,761 |  | 548,488 |  |

| Impact of non-UK profits/losses charged at a different corporation tax rate | 72,399 |  | 27,044 |  |

| Impact of deferred tax not recognised on non-UK profits/losses | 72,399 |  | 27,044 |  |

| Impact on consolidation | 9 |  | (6 | ) |

| Total tax charge | - |  | 220,721 |  |

| The group has £4,561,746 (2024: £2,809,976) tax losses available to carry forward to future periods for which a deferred tax asset has not been recognised.

7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

8. | INTANGIBLE FIXED ASSETS

| Group

Goodwill |

| £

| COST

| At 1 July 2024

| and 30 June 2025 | 289,523 |  |

| AMORTISATION

| At 1 July 2024 | 130,285 |  |

| Amortisation for year | 57,905 |  |

| At 30 June 2025 | 188,190 |  |

| NET BOOK VALUE

| At 30 June 2025 | 101,333 |  |

| At 30 June 2024 | 159,238 |  |

| On 1 April 2022 the group acquired 100% of the shares in ICM Capital Research Limited at a cost of £108,574, paid by issuing one £1 share in the group at a premium of £108,573. On acquisition the group acquired assets of £240,483 owned by ICM Capital Research Limited and liabilities of £421,432 due from ICM Capital Research Limited resulting in goodwill of £289,523.

| On 21 May 2025 the group acquired 85% of the shares in ICM Latin America Investimentos Ltda at a cost of £1,121. The goodwill on this acquisition was £Nil.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

9. | TANGIBLE FIXED ASSETS

| Group

Fixtures |  |

Plant and | and | Motor | Computer |  |

machinery | fittings | vehicles | equipment | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 July 2024 | 1,776 |  | 41,735 |  | 236,516 |  | 74,988 |  | 355,015 |  |

| Additions | - |  | 3,488 |  | 35,392 |  | 15,049 |  | 53,929 |  |

| Disposals | - |  | - |  | (55,379 | ) | (10,959 | ) | (66,338 | ) |

| At 30 June 2025 | 1,776 |  | 45,223 |  | 216,529 |  | 79,078 |  | 342,606 |  |

| DEPRECIATION

| At 1 July 2024 | 1,226 |  | 22,657 |  | 186,478 |  | 33,727 |  | 244,088 |  |

| Charge for year | 137 |  | 5,298 |  | 30,042 |  | 13,701 |  | 49,178 |  |

| Eliminated on disposal | - |  | - |  | (53,530 | ) | (7,612 | ) | (61,142 | ) |

| At 30 June 2025 | 1,363 |  | 27,955 |  | 162,990 |  | 39,816 |  | 232,124 |  |

| NET BOOK VALUE

| At 30 June 2025 | 413 |  | 17,268 |  | 53,539 |  | 39,262 |  | 110,482 |  |

| At 30 June 2024 | 550 |  | 19,078 |  | 50,038 |  | 41,261 |  | 110,927 |  |

| Company

Fixtures |  |

Plant and | and | Motor | Computer |  |

machinery | fittings | vehicles | equipment | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 July 2024 | 1,776 |  | 41,735 |  | 114,557 |  | 63,357 |  | 221,425 |  |

| Additions | - |  | 3,488 |  | - |  | 13,440 |  | 16,928 |  |

| Disposals | - |  | - |  | (6,577 | ) | (10,959 | ) | (17,536 | ) |

| At 30 June 2025 | 1,776 |  | 45,223 |  | 107,980 |  | 65,838 |  | 220,817 |  |

| DEPRECIATION

| At 1 July 2024 | 1,226 |  | 22,657 |  | 98,406 |  | 27,142 |  | 149,431 |  |

| Charge for year | 137 |  | 5,298 |  | 3,718 |  | 10,888 |  | 20,041 |  |

| Eliminated on disposal | - |  | - |  | (4,729 | ) | (7,612 | ) | (12,341 | ) |

| At 30 June 2025 | 1,363 |  | 27,955 |  | 97,395 |  | 30,418 |  | 157,131 |  |

| NET BOOK VALUE

| At 30 June 2025 | 413 |  | 17,268 |  | 10,585 |  | 35,420 |  | 63,686 |  |

| At 30 June 2024 | 550 |  | 19,078 |  | 16,151 |  | 36,215 |  | 71,994 |  |

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

10. | FIXED ASSET INVESTMENTS

| Company

Shares in |

group |

undertakings |

| £

| COST

| At 1 July 2024 | 108,574 |  |

| Additions | 1,121 |  |

| At 30 June 2025 | 109,695 |  |

| NET BOOK VALUE

| At 30 June 2025 | 109,695 |  |

| At 30 June 2024 | 108,574 |  |

| On 21 May 2025 the company acquired 8,500 shares in ICM Latin America Investimentos Ltda for £1,121.

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| ICM Capital Research Limited

| Registered office: 15 Baggot Street Upper, Dublin 4, D04 E5V6

| Nature of business: Investment research and support services

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| ICM Latin America Investimentos Ltda

| Registered office: 725, Sala 1004, Andar 10, Cond. Saint Louis Business, Centro, Curitiba, CEP 80420-080, Brazil

| Nature of business: Investment research and support services

% |

| Class of shares: | holding |

| Ordinary | 85.00 |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| £ | £ | £ | £

| Trade debtors | 488,968 |  | 1,267,460 |  | 476,148 |  | 1,240,458 |  |

| Amounts owed by group undertakings | 1,520,328 |  | 1,455,712 |  | 1,519,206 |  | 1,455,712 |  |

| Other debtors | 6,574 |  | 105,822 |  | - |  | 99,102 |  |

| Directors' current accounts | 651 |  | 903 |  | 651 |  | 903 |  |

| Corporation tax | - |  | 129,724 |  | - |  | 129,724 |  |

| VAT | 3,106 |  | 1,397 |  | - |  | - |  |

| Prepayments and accrued income | 71,490 |  | 80,368 |  | 55,255 |  | 80,368 |  |

2,091,117 |  | 3,041,386 |  | 2,051,260 |  | 3,006,267 |  |

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| £ | £ | £ | £

| Trade creditors | 2,534 |  | 55,453 |  | 2,495 |  | 55,017 |  |

| Amounts owed to group undertakings | 1,548,918 |  | 934,858 |  | 32,705 |  | 21,168 |  |

| Foreign tax | - |  | 670 |  | - |  | - |  |

| Social security and other taxes | 150,654 |  | 597,958 |  | 106,716 |  | 497,884 |  |

| Other creditors | 407,879 |  | 856,279 |  | 377,692 |  | 827,922 |  |

| Accruals and deferred income | 27,499 |  | 84,381 |  | 27,499 |  | 84,381 |  |

2,137,484 |  | 2,529,599 |  | 547,107 |  | 1,486,372 |  |

13. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

Non-cancellable |

operating leases |

2025 | 2024 |

| £ | £

| Within one year | 144,000 |  | - |  |

| Between one and five years | 576,000 |  | - |  |

| In more than five years | 576,000 |  | - |  |

1,296,000 |  | - |  |

| Company

Non-cancellable |

operating leases |

2025 | 2024 |

| £ | £

| Within one year | 144,000 |  | - |  |

| Between one and five years | 576,000 |  | - |  |

| In more than five years | 576,000 |  | - |  |

1,296,000 |  | - |  |

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

|  | 2025 |  |  | 2024 |

| Number: |  | Class: |  | Nominal value: |  | £ |  |  | £ |  |

| 943,985 |  | Ordinary |  | £1 |  |  | 943,985 |  |  | 943,984 |

| Ordinary shares have full voting rights and entitlement to dividends and the repayment of capital.

| During the year 1 (2024: 1) ordinary share of £1 was issued at a premium of £999,999 (2024: £1,499,999).

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

15. | RESERVES

| Group

Retained | Share |

earnings | premium | Totals |

| £ | £ | £

| At 1 July 2024 | (2,232,743 | ) | 2,808,571 |  | 575,828 |  |

| Deficit for the year | (1,635,991 | ) | - |  | (1,635,991 | ) |

| Cash share issue | - |  | 999,999 |  | 999,999 |  |

| At 30 June 2025 | (3,868,734 | ) | 3,808,570 |  | (60,164 | ) |

| Company

Retained | Share |

earnings | premium | Totals |

| £ | £ | £

| At 1 July 2024 | (1,398,313 | ) | 2,808,571 |  | 1,410,258 |  |

| Deficit for the year | (998,862 | ) | - |  | (998,862 | ) |

| Cash share issue | - |  | 999,999 |  | 999,999 |  |

| At 30 June 2025 | (2,397,175 | ) | 3,808,570 |  | 1,411,395 |  |

| The share premium reserve contains the premium arising on issue of equity shares.

16. | RELATED PARTY DISCLOSURES

| The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Directors' remuneration and key management personnel compensation are disclosed in note 4.

| At the balance sheet date the group was owed £651 (2024: £903) by the directors.

| During the period the group incurred charges of £319 (2024: £2,652) from a member of the same group relating to banking and investment custodial services. At the balance sheet date cash at bank included £152,392 (2024: £50,660) held in accounts with the group member.

| Turnover of £2,460,098 (2024: £3,205,166) relates to the supply of services to investment funds under common control with the group. At the balance sheet date £410,446 (2024: £1,215,324) was outstanding to the group from the investment funds. The group acts as Alternative Investment Fund Manager to the investment funds.

17. | ULTIMATE CONTROLLING PARTY

| The company is controlled by its parent company, ICM Limited. ICM Limited is incorporated in Bermuda.

| The ultimate controlling party is the board of directors of Somers Isles Private Trust Company Limited, a company registered in Bermuda.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

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

2025 | 2024 |

| £ | £

| Loss before taxation | (1,635,991 | ) | (1,645,921 | ) |

| Depreciation charges | 107,083 |  | 111,458 |  |

| Profit on disposal of fixed assets | (23,102 | ) | (11,401 | ) |

| Loans to group undertaking | 549,444 |  | (972,425 | ) |

| Finance income | (49,574 | ) | (37,670 | ) |

(1,052,140 | ) | (2,555,959 | ) |

| Decrease in trade and other debtors | 1,014,831 |  | 57,259 |  |

| (Decrease)/increase in trade and other creditors | (962,237 | ) | 965,485 |  |

| Cash generated from operations | (999,546 | ) | (1,533,215 | ) |

19. | 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 30 June 2025

| 30/6/25 |  | 1/7/24

| £ | £

| Cash and cash equivalents | 718,571 |  | 737,860 |  |

| Year ended 30 June 2024

| 30/6/24 |  | 1/7/23

| £ | £

| Cash and cash equivalents | 737,860 |  | 503,582 |  |

20. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/7/24 | Cash flow | At 30/6/25

| £ | £ | £

| Net cash |

| Cash at bank | 737,860 |  | (19,289 | ) | 718,571 |  |

737,860 |  | (19,289 | ) | 718,571 |  |

| Total | 737,860 |  | (19,289 | ) | 718,571 |  |