Company No: 10565103 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

S P Morris

REGISTERED OFFICE	45 Gresham Street
	London
	EC2V 7BG
	United Kingdom

COMPANY NUMBER

10565103 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	4th Floor Cumberland House
	15-17 Cumberland Place
	Southampton
	Hampshire
	SO15 2BG

	Note	2025		2024
		$		$
				Restated
Fixed assets
Investments	3	39,606,408		35,825,050
		39,606,408		35,825,050
Current assets
Debtors	4	( 1,011,226)		409,673
Cash at bank and in hand		10,363,779		10,354,048
		9,352,553		10,763,721
Creditors: amounts falling due within one year	5	( 38,087,926)		( 39,205,170)
Net current liabilities		(28,735,373)		(28,441,449)
Total assets less current liabilities		10,871,035		7,383,601
Net assets		10,871,035		7,383,601
Capital and reserves
Called-up share capital		12		12
Profit and loss account		10,871,023		7,383,589
Total shareholder's funds		10,871,035		7,383,601

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Boltons Place Capital Management Limited (registered number: 10565103) were approved and authorised for issue by the Director on 30 October 2025. They were signed on its behalf by:

S P Morris Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Boltons Place Capital Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Gresham Street, London, EC2V 7BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Boltons Place Capital Management Limited is considered to be USD because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

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

The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Prior year adjustment

The prior year figures on the Balance Sheet have been restated such that all debtor balances owed to the Company are now included on the Company's Balance Sheet. The comparative figures displayed on the Statement of Income and Retained Earnings have also been restated for classification and presentational purposes.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.

Investments in listed shares are classified as basic financial instruments. They are initially measured at transaction price and subsequently measured at fair value, with changes in fair
value being recognised in the Statement of Comprehensive Income. Fair value is determined using the quoted bid price at the balance sheet date.

Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.

Derivative financial instruments are classified as other financial instruments. They are measured at fair value on initial recognition and at the end of each reporting period, with changes in fair
value recognised in profit or loss.

Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Fixed asset investments

	Listed investments		Other investments		Total
	$		$		$
Cost or valuation before impairment
At 01 February 2024	33,081,584		2,743,466		35,825,050
Additions	567,646		480,171		1,047,817
Disposals	( 912,894)		0		( 912,894)
Movement in fair value	5,631,273		( 1,984,838)		3,646,435
At 31 January 2025	38,367,609		1,238,799		39,606,408
Carrying value at 31 January 2025	38,367,609		1,238,799		39,606,408
Carrying value at 31 January 2024	33,081,584		2,743,466		35,825,050

4. Debtors

	2025		2024
	$		$
Trade debtors	0		( 1,514,604)
Interest and similar income receivable	0		1,514,604
Accrued income	59,641		71,003
Deferred tax asset	( 1,096,841)		333,590
Corporation tax	15,550		0
Other debtors	10,424		5,080
	( 1,011,226)		409,673

5. Creditors: amounts falling due within one year

	2025		2024
	$		$
Amounts owed to Group undertakings	7,734		7,734
Amounts owed to director	38,059,426		39,051,081
Accruals	20,766		22,257
Taxation and social security	0		124,098
	38,087,926		39,205,170

6. Deferred tax

	2025		2024
	$		$
At the beginning of financial year	333,590		475,380
Charged to the Statement of Income and Retained Earnings	( 1,430,431)		( 141,790)
At the end of financial year	( 1,096,841)		333,590

7. Financial commitments

Other financial commitments

The Company has made commitments to invest up to $10,155,000 in eight funds (2024 - $10,155,000 in seven funds). At the year end, $7,476,029 (2024 - $6,855,629) had been paid against these commitments.

8. Related party transactions

Transactions with the entity's director

	2025		2024
	$		$
Opening balance	39,051,081		40,046,388
Personally paid for expenses	8,345		4,693
Repayments made to the director by the company	(1,000,000)		(1,000,000)
Closing balance	38,059,426		39,051,081

At the year end, the Company owed the director $38,059,426 (2024 - $39,051,081). This loan is unsecured, interest free and has no set date for repayment.

Other related party transactions

At the year end, the Company owed $7,734 (2024 - $7,734) to SPM Capital Management Limited, a company owned by the director.

9. Ultimate controlling party

The ultimate controlling party is the S P Morris, by virtue of his shareholding and directorship in the Company.