REGISTERED NUMBER: 15980468 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 26 SEPTEMBER 2024 TO 31 MARCH 2025

FOR

NORTH POLE ASSET MANAGEMENT PARTNERS

(UK) LTD

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

Directors:

Mr R G Lemaich

Mr R S Puma

Mr J P Sabourin

Registered office:

Suite 1, 7th Floor

50 Broadway

London

SW1H 0DB

Registered number:

15980468 (England and Wales)

Auditors:

Nortons Assurance Limited

Chartered Accountants & Statutory Auditor

Second Floor

NOW Building

Thames Valley Park

Reading

Berkshire

RG6 1RB

FIXED ASSETS

Owned

Tangible assets

4

278,653

Right-of-use

Tangible assets

4, 8

627,161

905,814

CURRENT ASSETS

Debtors

5

3,276,098

CREDITORS

Amounts falling due within one year

6

(3,466,868

)

NET CURRENT LIABILITIES

(190,770

)

TOTAL ASSETS LESS CURRENT LIABILITIES

715,044

CREDITORS

Amounts falling due after more than one year

7

(225,615

)

PROVISIONS FOR LIABILITIES

9

(69,663

)

NET ASSETS

419,766

CAPITAL AND RESERVES

Called up share capital

10

2

Retained earnings

419,764

SHAREHOLDERS' FUNDS

419,766

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2025 and were signed on its behalf by:

Mr R S Puma - Director

1.	STATUTORY INFORMATION

North Pole Asset Management Partners (UK) Ltd 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 Company’s functional and presentational currency is Canadian Dollars (CAD) and the financial statements have been rounded to the nearest Dollar ($).

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 (September 2024) including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover is accrued at the cost plus profit rate as relevant expenses are recognised.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

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

Right-of-use asset

- over 2 years

Computer equipment

- over 3 years

Short-term leases

Rentals paid under short-term leases are charged to profit & loss on a straight line basis over the period of the lease.

Right-of-use asset

The Company recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use).

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.

The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

Financial instruments

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Taxation

Taxation for the period 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 period 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 Canadian Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Canadian Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Going concern

The accounts are prepared on the going concern basis. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future. The directors have considered all available information about the future in coming to this conclusion.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	TANGIBLE FIXED ASSETS

Right of

Computer

use asset

equipment

Totals

$

$

$

Cost

Additions

792,203

328,249

1,120,452

At 31 March 2025

792,203

328,249

1,120,452

Depreciation

Charge for period

165,042

49,596

214,638

At 31 March 2025

165,042

49,596

214,638

Net book value

At 31 March 2025

627,161

278,653

905,814

The company has entered into a lease agreement with a fixed-term period ending on 31 October 2026.

The lease liability has been measured using an annual incremental borrowing rate of 6.95%, which reflects the cost of capital over the lease term.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

$

Amounts owed by group undertakings

3,063,897

Other debtors

212,201

3,276,098

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

$

Leases (see note 8)

419,271

Taxation and social security

137,900

Other creditors

2,909,697

3,466,868

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

$

Leases (see note 8)

225,615

8.

LEASING

Right-of-use assets

Tangible fixed assets

$

Cost

Additions

792,203

Depreciation

Charge for year

165,042

Net book value

627,161

Lease liabilities

Minimum lease payments fall due as follows:

£

Gross obligations repayable:

Within one year

419,271

Between one and five years

225,615

644,886

Net obligations repayable:

Within one year

419,271

Between one and five years

225,615

644,886

9.	PROVISIONS FOR LIABILITIES

$

Deferred tax

69,663

Deferred tax

$

Provided during period

69,663

Balance at 31 March 2025

69,663

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

$

1

Ordinary

$1.80

2

1 Ordinary share of $1.80 was allotted and fully paid for cash at par during the period.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Anthony Campbell (Senior Statutory Auditor)

for and on behalf of Nortons Assurance Limited

12.	ULTIMATE CONTROLLING PARTY

The immediate parent of the company is Polar Asset Management Partners Inc, a Company incorporated in Canada.

The ultimate parent company is Polar Financial Corporation, a Company incorporated in Canada.

The smallest and largest undertaking for which group financial statements are prepared is Polar Financial Corporation. The registered office of Polar Financial Corporation is 16 York Street, Suite 2900, Toronto, ON M5J 0E6, Canada.