Frema Capital Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10—11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to the Statement of Cash Flows	14
Notes to the Financial Statements	15—21

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

Review of the Business

2024 was a much better year than 2023 for the company.

There were multiple volatility events that allowed us to put on profitable trades and most importantly lock in the profits.

Principal Risks and Uncertainties

As always in this kind of business, there is tail risk to our business, but we are confident that we have systems in place to see our risk exposure and reduce it, if and when necessary.

Foreign exchange risk

We are aware of our exposure to foreign exchange risk through our investments which are done in USD. We are not hedging this exposure as we believe in the continuous outperforming of the USD against the GBP.

Interest rate risk

The company has no debt. The company is only exposed to interest rate risk in the level of return it earns on its cash deposits.

DEVELOPMENT AND PERFORMANCE

In 2025, we experienced multiple extreme volatility events in most global markets but in particular the USA. Especially, with the “Liberation Day” in April which caused a huge sell off in equity markets and spike in volatility. Surprisingly, the market recovered very quickly from the initial shock of Trump’s tariff announcements.

The other main topic in 2025 was Artificial Intelligence (AI). Again, the spike in certain stocks and volatility created great trading opportunities for us.

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Frema Capital Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

FINANCIAL KEY PERFORMANCE INDICATORS

2024 was a much better year for the company in terms of revenues and profitability.

Turnover for the year 31 December 2024 was £12,5m which is a significant increase from the prior year to 31 December 2023 which saw a turnover of £2.1m

Gross profit margins have decreased from 80.8% in December 2023 to 35.68% in December 2024, however, are more in line with previous years when turnover was generated at similar levels. Operating profit margins have also decreased from 68.8% in December 2023 to 39.3% in December 2024 which was brought about by an increase in the bonuses paid during the year. The results for 2024 are consistent with prior year years when trading was at a similar level.

The company has continued to maintain a strong net asset position which has improved from £17m in December 2023 to £20m in December 2024 and it continues to maintain a healthy bank balance.

On behalf of the board

P J Thon

Director

29 December 2025

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Frema Capital Limited

Company No. 07206920

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The principal activity of the company in the year under review was that of investment management services.

Directors

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

P Thon

E Thon

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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 of 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 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 company's auditors are aware of that information.

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Frema Capital Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, Jones & Partners Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board

P J Thon

Director

29 December 2025

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Independent Auditor's Report

to the Members of

Frema Capital Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Frema Capital Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

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

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

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

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Independent Auditor's Report (continued)

to the Members of

Frema Capital Limited

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, 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 or 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 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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Independent Auditor's Report (continued)

to the Members of

Frema Capital Limited

Auditor's Responsibilities for the Audit of the Financial Statements

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

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:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors and other management (as required by auditing standards).

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeffrey Lishak (Senior Statutory Auditor)

for and on behalf of Jones & Partners Limited , Statutory Auditor

29 December 2025

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Frema Capital Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	12,500,290	2,110,294
Cost of sales		(8,040,034 )	(312,924 )

GROSS PROFIT		4,460,256	1,797,370

Administrative expenses		(12,446 )	(343,213 )
Other operating income		1,000	1,000
Fair value gains on investments		467,707	88,389

OPERATING PROFIT		4,916,517	1,543,546
Profit/(loss) on disposal of fixed asset investments		98,879	(42,767)
Other interest receivable and similar income	9	546,055	334,378

PROFIT BEFORE TAXATION		5,561,451	1,835,157
Tax on Profit	10	(2,366,588 )	476,278

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		3,194,863	2,311,435

The notes on pages 14 to 21 form part of these financial statements.

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Frema Capital Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	3,194,863	2,311,435
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	3,194,863	2,311,435

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Frema Capital Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 07206920

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		71,734		71,734
Investments	12		4,073,736		2,812,830

			4,145,470		2,884,564
CURRENT ASSETS
Debtors	13	16,283,438		7,098,318
Cash at bank and in hand		7,030,024		9,713,966

		23,313,462		16,812,284
Creditors: Amounts Falling Due Within One Year	14	(6,967,667 )		(2,561,508 )

NET CURRENT ASSETS (LIABILITIES)			16,345,795		14,250,776

TOTAL ASSETS LESS CURRENT LIABILITIES			20,491,265		17,135,340

PROVISIONS FOR LIABILITIES
Deferred Taxation	15		(281,979 )		(120,917 )

NET ASSETS			20,209,286		17,014,423

CAPITAL AND RESERVES
Called up share capital	16		200		200
Fair value reserve			845,937		494,980
Profit and Loss Account			19,363,149		16,519,243

SHAREHOLDERS' FUNDS			20,209,286		17,014,423

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Frema Capital Limited

Balance Sheet (continued)

As At 31 December 2024

On behalf of the board

P J Thon

Director

29 December 2025

The notes on pages 14 to 21 form part of these financial statements.

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Frema Capital Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	200	428,865	15,473,923	15,902,988
Profit for the year and total comprehensive income	-	-	2,311,435	2,311,435

Dividends paid	-	-	(1,200,000)	(1,200,000)
Movements in fair value reserve	-	66,115	-	66,115
Transfer to/from Fair value reserve	-	-	(66,115)	(66,115)

As at 31 December 2023 and 1 January 2024	200	494,980	16,519,243	17,014,423


Profit for the year and total comprehensive income	-	-	3,194,863	3,194,863

Dividends paid	-	-	-	-
Movements in fair value reserve	-	350,957	-	350,957
Transfer to/from Fair value reserve	-	-	(350,957)	(350,957)

As at 31 December 2024	200	845,937	19,363,149	20,209,286

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Frema Capital Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(108,999 )	3,756,283
Tax paid		(912,380 )	(3,546,261 )
Forex gain/loss		-	236

Net cash (used in)/generated from operating activities		(1,021,379 )	210,258

Cash flows from investing activities
Purchase of other fixed asset investments		(699,945 )	(400,153 )
Proceeds from disposal of other fixed asset investments		42,077	6,029
Interest received		546,055	334,378

Net cash used in investing activities		(111,813 )	(59,746 )

Cash flows from financing activities
Equity dividends paid		-	(1,200,000 )
Amount introduced by directors		-	440
Amount withdrawn by directors		(1,550,750)	-

Net cash used in financing activities		(1,550,750 )	(1,199,560 )



Decrease in cash and cash equivalents		(2,683,942 )	(1,049,048 )
Cash and cash equivalents at beginning of year	2	9,713,966	10,763,014

Cash and cash equivalents at end of year	2	7,030,024	9,713,966

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Frema Capital Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2024	2023
	£	£
Profit for the financial year	3,194,863	2,311,435
Adjustments for:
Tax on profit	2,366,588	(476,278 )
Interest income	(546,055 )	(334,378 )
(Profit)/loss on disposal of fixed asset investments	(98,879)	42,767
Net fair value gains recognised in profit or loss	(467,707)	(88,625)
Foreign exchange (gains)/losses	(36,452)	142,374
Movements in working capital:
(Increase)/decrease in trade and other debtors	(8,938,113 )	13,751,692
Increase/(decrease) in trade and other creditors	4,416,756	(11,592,704 )

Net cash (used in)/generated from operations	(108,999 )	3,756,283

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	7,030,024	9,713,966

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	9,713,966	(2,683,942)	7,030,024

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Frema Capital Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Frema 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 (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover represents the fair value of services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on advisory services provided and expenses incurred.

2.3. Tangible Fixed Assets and Depreciation

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

Freehold

not provided

Tangible fixed assets are stated at cost, less accumulated depreciation and any provision for impairment. Cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repair and maintenance expenditures are charged to the statement of comprehensive income during the financial period in which they are incurred.

The assets' useful economic lives and residual values are reviewed at each financial period end and adjusted if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on the disposal of the asset, calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the statement of comprehensive income in the year the item is sold or retired.

2.4. Investments

Investments in unlisted company shares, which have been classified as fixed asset investments as the company intends to hold them on a continuing basis, are remeasured to fair value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Frema Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

3. Turnover

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

4. Other Operating Income

	2024	2023
	£	£
Rental income	1,000	1,000

	1,000	1,000

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	19,200	20,000


Other Services
Other non-audit services	17,890	22,339

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Frema Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	6,900,341	168,374
Social security costs	1,013,067	10,580
Other pension costs	118,366	61,793

	8,031,774	240,747

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Directors and management	2	2
Staff	8	8

	10	10

8. Directors' remuneration

	2024	2023
	£	£
Emoluments	108,333	50,000
Company contributions to money purchase pension schemes	107,803	51,124

	216,136	101,124

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

	2024		2023
Money purchase pension schemes	2		2

Information regarding the highest paid director was as follows:

	2024	2023
	£	£
Emoluments	59,984	-
Company contributions to money purchase pension schemes	53,902	-

	113,886	-

Both directors were remunerated equally. The breakdown above relates to payments made to each director.

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Frema Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	216,925	60,249
Other interest receivable	329,130	274,129

	546,055	334,378

10. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	2,205,526	(454,871 )
Foreign tax			-	631

			2,205,526	(454,240 )
Deferred Tax
Deferred taxation			161,062	(22,038 )


Total tax charge for the period			2,366,588	(476,278 )


Reconciliation of total tax charge included in profit and loss The tax assessed for the year is higher (2023: lower) than the standard rate of corporation tax in the UK. The difference is explained below:
			2024	2023
			£	£
Profit before tax			5,561,451	1,835,157

Tax on profit at 25% (UK standard rate)			1,390,363	458,789
Expenses not deductible for tax purposes			295,361	(1,057,303 )
Short term timing differences			161,062	(22,038 )
Difference in tax rates			-	143,643
Current tax from unrecognised tax loss or credit			519,802	-
Overseas tax suffered/expensed			-	631

Total tax charge for the period			2,366,588	(476,278)

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Frema Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Tangible Assets

	Land & Property
	Freehold
	£
Cost
As at 1 January 2024	71,734

As at 31 December 2024	71,734

Net Book Value
As at 31 December 2024	71,734

As at 1 January 2024	71,734

Included in cost of land and buildings is freehold land of £71,374 (2021 - £71,374) which is not depreciated.

12. Investments

	Unlisted
	£
Cost or Valuation
As at 1 January 2024	2,812,830
Additions	699,945
Disposals	56,802
Fair value adjustments	467,707
Other	36,452

As at 31 December 2024	4,073,736

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	4,073,736

As at 1 January 2024	2,812,830

Fixed asset investments have been measured at fair value. The fair value remeasurements on these investments in the period was a gain of £467,707 (2023 - £88,389).

13. Debtors

	2024	2023
	£	£
Due within one year
Other debtors	16,283,438	7,098,318

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Frema Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Other creditors	3,443	13,869
Taxation and social security	32,391	-
Accruals and deferred income	6,931,833	2,547,639

	6,967,667	2,561,508

15. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	281,979	120,917

16. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary A shares of £ 1.00 each	100	100
100 Ordinary B shares of £ 1.00 each	100	100

	200	200

The A and B shares rank pari passu.

17. Capital Commitments

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements of £994,650 (2023: £942,648) in respect of funds committed towards its unlisted investments.

18. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £118,366 (2023: £61,793).

At the balance sheet date contributions of £2,568 (2023: £2,272) were due to the fund and are included in creditors.

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Frema Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

19. Directors Advances, Credits and Guarantees

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mrs Emma Thon	-	775,000	-	-	775,000
Mr Peter Thon	(10,597 )	775,750	-	-	765,153

The loans to the directors are interest free and repayable on demand.

20. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	-	1,200,000

21. Post Balance Sheet Events

Following the year end, 100% of the share capital of the company was acquired by Frema Capital EOT Ltd on behalf of the Trust. The ultimate controlling party are the trustees of Frema Capital Employee Ownership Trust. The Trust holds the entire issued share capital of the company on behalf of the beneficiaries of the trust.

Following the year end, the company disposed its freehold land and investments to Frema Capital Management Limited, a company in which P Thon and E Thon are directors. The disposals were done at the prevailing market value on transfer date.

22. Related Party Disclosures

The company's turnover is the performance fees it receives from Capital Markets Trading UK LLP in which Frema Capital Limited and P Thon are partners. At the year end, the company was owed £11,639,239 (2023: £2,777,993).

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