REGISTERED NUMBER: 10042702 (England and Wales)

Strategic Report,

Directors' Report and

Financial Statements

for the Year Ended 31 March 2025

for

Fortem Capital Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DIRECTORS:

C A Dagg

E R J Senior

REGISTERED OFFICE:

c/o Parker Cavendish, Suite 301

Stanmore Business and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

REGISTERED NUMBER:

10042702 (England and Wales)

AUDITORS:

Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

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

Fair review of the business

The Directors present the company's financial statement for the period ending 31 March 2025. The principal activity of the company is that of asset management, specialising in Liquid Alternatives and providing investment solutions across UCITS funds and bespoke mandates. The company's clients are predominantly Professional and Institutional investors across the UK, Europe and Middle East.

Fortem Capital's Mission Statement

We strive to deliver cutting-edge investment solutions while constantly developing our resources including people and technology to ensure we're at the forefront of everything we do.

Fortem Capital's Vision Statement

Established & recognised as the go to expert Asset Management firm specialising in Liquid Alternatives. Servicing multi-jurisdictional professional clients across the wholesale & institutional market-place. Having an established cultural and performance driven programme for attracting and the development of best-in-class talent.

The company is regulated by the Financial Conduct Authority (FCA).

Principal risks and uncertainties

The board of Directors of Fortem Capital Limited are ultimately responsible for the risk management of the company. The board applies a 3 line of defence approach to help mitigate risks.

The board has assessed its risk, and these are categorised as follows:

Credit risk

The main credit risk of the firm is a defaulting debtor, although the firm does not extend credit to its clients. The key credit exposures that the firm has are cash balances maintained with its UK clearer, management fees receivable from the funds it manages, and fees owed from partner banks. Cash balances are held in overnight deposit accounts and are readily available. Arrangement and Management fees are payable within 30 days of their calculation.

Liquidity risk

The liquidity risk that the firm faces is the inability to settle its liabilities as they fall due. The risk management process includes frequent monitoring of the liquidity position of the firm. Bank reconciliations and cash flows are prepared on a regular basis to ensure that all liabilities are identified promptly and can be settled as they fall due.

Cash resources of the firm are maintained in bank accounts with instant access.

Operational risk

The firm is aware of the reputational damage that could result from a failure in operating procedures. The firm's key policies and procedures are documented in the compliance manual and their effectiveness kept under review via the compliance monitoring programme.

Changes to procedures are communicated to Directors and staff as they occur, and personnel provide a written confirmation of their understanding and acknowledgement of any significant changes.

Directors and staff remain aware of the policies and procedures and periodically confirm their compliance via a bi-annual compliance declaration.

Market risk

The firm has negligible exposure to foreign currency or to other financial markets and therefore is not subject to material market risk.

Interest rate risk

The firm is not exposed to interest rate risk as it does not rely on borrowings to meet operating expenditure and does not make loans to clients.

Loss of key staff

Given the size of the company loss of key staff is a material risk to Fortem Capital Limited. This is mitigated by ensuring staff are well incentivised and the working environment at Fortem Capital Limited reinforces this.

Development and performance of the company's business

The business had another strong performance with Revenues generated of £7,337,741, increasing year-on-year by more than 38%. Commensurate with the continued investment in the business including new UCITS funds, new offices, new clients and additional employees during the financial year, Operating Profit increased by 10%, albeit Operating Profit Margin remained very healthy at 38%. This is testament to the long-term investment that has been made in the business, combined with a strategic plan that continues to be well executed by the senior leadership team. This has enabled the firm to scale efficiently and effectively year-on-year since inception.

Assets across the UCITS funds and associated mandates increased by £232 million over the period, representing year-on-year growth of 35% and contributing circa 47% to the overall Revenues of the business. Whilst some of that growth came from continued inflows into the existing funds, a significant proportion came from the launch of a new UCITS fund and associated mandates. The fund targets a very well known, but previously difficult and costly to implement investment strategy targeting the roll premium associated with commodity futures, whilst aiming to be commodity market neutral. Leveraging off the firm's expertise and execution capabilities within Liquid Alternatives, the solution brought to market is very cost efficient and has generated significant interest. The business now has six UCITS funds on the Fortem Global Investments Plc UCITS platform.

On the bespoke Liquid Alternatives solution side of the business, volumes and associated revenues were also significantly up on the prior year with Revenues increasing by more than 46%. This is again testament to the investment that has gone in to building a cutting-edge bespoke solutions proposition and client servicing team.

The outlook for the business looks positive. Against a backdrop of geopolitical uncertainty and potentially changing world order, Liquid Alternatives may finally be entering their moment in the sun. Whilst historically equities and bonds have traditionally made up the lion's share within clients' multi asset portfolios, there is an increasing recognition that the assumption that the two assets are negatively correlated and therefore provide diversification to one another, can no longer be assumed. Liquid Alternatives providing alternative forms of return and thus diversification are becoming of increasing interest and prevalence within those multi-asset portfolios. That, combined with a growing track record of the business is leading to more conversations around both existing products and new solutions. It is anticipated that there will be a number of new UCITS funds launched in the next financial year with the associated assets and AUM growth.

The Directors and senior leadership team remain confident that the business is well placed for further growth and the strategic focus of the business will continue to be on its people, technology and clients.

The company continues to incorporate social and environmental impact considerations into all of its decision making.

The company has established an ESG policy covering the below five key areas, further details of which can be found at www.fortemcapital.com:

1. Governance

2. Fortem's Employees

3. The Community

4. The Environment

5. Fortem's Customers

Fortem is signed up to the UN PRI and UK FRC Stewardship Code and has an established investment philosophy for all activities undertaken that incorporates ESG oversight and considerations of investments.

Fortem continues to support a number of fantastic social projects via its community foundation.

ON BEHALF OF THE BOARD:

E R J Senior - Director

4 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the business is that of asset management, advising on and arranging bespoke liquid alternative solutions, and the provision of trade execution and financial data services.

DIRECTORS

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

C A Dagg

E R J Senior

Other changes in directors holding office are as follows:

R Rogowski - resigned 24 May 2024

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made charitable donations of £20,793 (2024: £19,400).

GOING CONCERN

Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 March 2025.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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.

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:

E R J Senior - Director

4 December 2025

Opinion

We have audited the financial statements of Fortem Capital Limited (the 'company') for the year ended 31 March 2025 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 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 Directors' Report, 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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 Directors' Report.

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 Directors' Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities 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 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.

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:

- identification of laws and regulations applicable to the company which may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health & safety legislation;

- assessing the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal and other relevant correspondence;

- discussions with the management on consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- evaluation of internal controls designed to prevent and detect irregularities;

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

- testing journal entries to identify unusual transactions;

- assessing whether there was evidence of bias by the management in relation to accounting estimates;

- investigating the rationale behind significant or unusual transactions;

- agreeing financial statement disclosures to underlying supporting documentation; and

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

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Raymond Rubenstein (Senior Statutory Auditor)

for and on behalf of Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

4 December 2025

REVENUE

4

7,337,741

5,310,076

Cost of sales

(1,238,507

)

(631,485

)

GROSS PROFIT

6,099,234

4,678,591

Administrative expenses

(2,964,094

)

(2,146,868

)

3,135,140

2,531,723

Other operating income

75

197

OPERATING PROFIT

6

3,135,215

2,531,920

Interest receivable and similar income

8,279

12,978

3,143,494

2,544,898

Interest payable and similar expenses

7

(699

)

(671

)

PROFIT BEFORE TAXATION

3,142,795

2,544,227

Tax on profit

8

(679,334

)

(626,343

)

PROFIT FOR THE FINANCIAL YEAR

2,463,461

1,917,884

Retained earnings at beginning of year

1,727,209

380,827

Dividends

9

(1,754,262

)

(571,502

)

RETAINED EARNINGS AT END OF YEAR

2,436,408

1,727,209

FIXED ASSETS

Property, plant and equipment

10

28,463

57,293

Investments

11

74,652

26,973

103,115

84,266

CURRENT ASSETS

Debtors

12

2,835,934

1,464,913

Cash at bank

1,127,334

1,476,603

3,963,268

2,941,516

CREDITORS

Amounts falling due within one year

13

(1,574,625

)

(1,243,223

)

NET CURRENT ASSETS

2,388,643

1,698,293

TOTAL ASSETS LESS CURRENT LIABILITIES

2,491,758

1,782,559

CAPITAL AND RESERVES

Called up share capital

15

55,350

55,350

Retained earnings

16

2,436,408

1,727,209

SHAREHOLDERS' FUNDS

2,491,758

1,782,559

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2025 and were signed on its behalf by:

E R J Senior - Director

Cash flows from operating activities

Cash generated from operations

1

2,080,049

1,921,328

Interest paid

(699

)

(671

)

Tax paid

(686,959

)

(489,451

)

Net cash from operating activities

1,392,391

1,431,206

Cash flows from investing activities

Purchase of tangible fixed assets

(14,173

)

(13,769

)

Purchase of fixed asset investments

(2,767,999

)

(3,421

)

Sale of tangible fixed assets

22,687

2,297

Sale of fixed asset investments

2,763,808

6,028

Interest received

8,279

12,978

Net cash from investing activities

12,602

4,113

Cash flows from financing activities

Amount introduced by directors

-

(28,498

)

Equity dividends paid

(1,754,262

)

(571,502

)

Net cash from financing activities

(1,754,262

)

(600,000

)

(Decrease)/increase in cash and cash equivalents

(349,269

)

835,319

Cash and cash equivalents at beginning of year

2

1,476,603

641,284

Cash and cash equivalents at end of year

2

1,127,334

1,476,603

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

2025

2024

£

£

Profit before taxation

3,142,795

2,544,227

Depreciation charges

14,957

26,345

Profit on disposal of fixed assets

(22,687

)

(2,297

)

Finance costs

699

671

Finance income

(8,279

)

(12,978

)

3,127,485

2,555,968

Increase in trade and other debtors

(1,410,737

)

(822,372

)

Increase in trade and other creditors

363,301

187,732

Cash generated from operations

2,080,049

1,921,328

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 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,127,334

1,476,603

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,476,603

641,284

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

1,476,603

(349,269

)

1,127,334

1,476,603

(349,269

)

1,127,334

Total

1,476,603

(349,269

)

1,127,334

4.	CASH FLOWS FROM INVESTING ACTIVITIES

Surplus cash has been efficiently deployed to optimise returns through enhanced interest earnings.

1.	STATUTORY INFORMATION

Fortem Capital 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is recognised in accordance with pre-agreed fees per transaction paid by the customers to the company. Daily reports of transactions are used to recognise income and invoices are issued on an accrual basis.

Turnover from management fees are recognised net of deductions.

Tangible fixed assets

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

Fixtures and fittings

-

25% Straight line

Motor vehicles

-

25% Straight line

Computer equipment

-

25% Straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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 and other post-retirement benefits

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

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Going concern

Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 March 2025.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’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.

4.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2025

2024

£

£

Advisory fees

3,447,866

3,272,081

Management fees

3,889,875

2,037,995

7,337,741

5,310,076

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,653,255

1,206,849

Social security costs

202,622

164,613

Other pension costs

51,439

46,264

1,907,316

1,417,726

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

2025

2024

Directors

2

3

Others

12

10

14

13

2025

2024

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

252,400

87,328

Depreciation - owned assets

14,958

26,346

Profit on disposal of fixed assets

(22,687

)

(2,297

)

Auditors' remuneration

28,800

27,000

Foreign exchange differences

(2,032

)

6,445

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest on overdue taxes

699

671

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

679,334

626,343

Tax on profit

679,334

626,343

UK corporation tax was charged at 25%) in 2024.

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

3,142,795

2,544,227

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

785,699

636,057

Effects of:

Expenses not deductible for tax purposes

(15,874

)

4,727

Depreciation in excess of capital allowances

196

3,144

Group relief

(101,841

)

(17,585

)

Chargeable gains

11,154

-

Total tax charge

679,334

626,343

9.

DIVIDENDS

2025

2024

£

£

A Shares shares of £1 each

Final paid

1,754,262

571,502

10.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

14,887

56,090

69,244

140,221

Additions

9,189

-

4,984

14,173

Disposals

-

(56,090

)

-

(56,090

)

At 31 March 2025

24,076

-

74,228

98,304

DEPRECIATION

At 1 April 2024

13,899

25,708

43,321

82,928

Charge for year

2,789

2,337

9,832

14,958

Eliminated on disposal

-

(28,045

)

-

(28,045

)

At 31 March 2025

16,688

-

53,153

69,841

NET BOOK VALUE

At 31 March 2025

7,388

-

21,075

28,463

At 31 March 2024

988

30,382

25,923

57,293

11.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 April 2024

26,973

Additions

2,767,999

Disposals

(2,763,808

)

Revaluations

43,488

At 31 March 2025

74,652

NET BOOK VALUE

At 31 March 2025

74,652

At 31 March 2024

26,973

Cost or valuation at 31 March 2025 is represented by:

Listed

investments

£

Valuation in 2022

7,921

Valuation in 2024

(1,355

)

Valuation in 2025

57,333

Cost

10,753

74,652