REGISTERED NUMBER: 03591241 (England and Wales)

Strategic Report, Report of the Director and

Audited Financial Statements

for the Year Ended 31 December 2024

for

Hedge Funds Investment Management

Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

Director:

T Patel

Registered office:

30 Crown Place

London

EC2A 4EB

Registered number:

03591241 (England and Wales)

Auditors:

Parker Lloyd Audit LLP

139 Viglen House

Alperton Lane, Wembley

London

HA0 1HD

Bankers:

Royal Bank Of Scotland

62-63 Threadneedle Street

London

EC2R 8LA

Solicitors:

Squire Patton Boggs (UK) LLP

7 Devonshire Square

London

EC2M 4YH

The Directors present their report together with the audited financial statements of Hedge Funds Investment Management Ltd for the Year ended 31 December 2024..

Review of business

The revenue for the year is attributable to introducer and other fees receivable d by HFIM,

In the Year ended 31st December 2024, ,the company made a (Loss)/profit of (£73,999) (31 December 2023:£6,804)

Principal risks and uncertainties

The company is exposed to several risks that could impact its operations. These key risks include:

Market Risk: Market risk refers to the potential for financial loss due to unfavourable changes in market factors, such as stock prices, interest rates, exchange rates, commodity prices, and counterparty failures. These changes can decrease the value of assets and negatively affect the company's revenue, particularly if the business is focused on managing or advising on investments.

Economic and Political Risks: Economic downturns, trade issues or political instability in regions where subsidiaries operate can impact profitability and sustainability.

Liquidity Risk: Liquidity risk arises when the company is unable to meet short-term financial obligations due to insufficient working capital, difficulties in converting assets into cash, or delays in receiving payments from debtors. This can hinder the company's ability to cover operational costs or fulfil other financial commitments.

Legal Risk: Legal risk is the potential loss from legal actions, non-compliance with laws or regulations, or the inability to enforce contracts and agreements. It can also stem from errors, omissions, or disputes during the normal course of business, which could result in financial or reputational damage.

Business Risk: Business risk refers to the company's ability to grow and sustain its operations. This includes risks such as failing to expand assets under management or advisory, inability to retain clients, loss of advisory mandates, or the failure to generate sufficient revenue to meet operational expenses. Factors such as changing market conditions, increased competition, or internal inefficiencies can heighten this risk.

Regulatory Risk: Regulatory risk stems from the potential negative impact of changes in laws and regulations, or failure to comply with existing rules. Non-compliance can lead to fines, legal penalties, operational disruptions, reputational damage, or even loss of regulatory approval, potentially hindering the company's ability to operate as a regulated firm.

Personnel Risk: Personnel risk, also known as key personnel, risk, arises from the company's inability to attract, retain, or effectively manage essential employees. It also includes the risk that key individuals may abuse their positions, engage in unethical behaviour (such as related-party transactions), or breach fiduciary duties for personal gain, resulting in financial losses and reputational harm.

Shareholder Risk: Shareholder risk arises from the potential failure of shareholders to provide ongoing support for the business, particularly during times of financial difficulty or when additional capital is needed.

On behalf of the board:

T Patel - Director

31 December 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activities of the group during the year were that of investment management and advisory,

Hedge Funds Investment Management Limited (HFIM) is regulated by the Financial Conduct Authority ('FCA') in the UK (Reference number: 449528)

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Director

T Patel held office during the whole of the period from 1 January 2024 to the date of this report.

Statement of director's responsibilities

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

Auditors

The auditors, Parker Lloyd Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

T Patel - Director

31 December 2025

Opinion

We have audited the financial statements of Hedge Funds Investment Management Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, 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 December 2024 and of its 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 Report of the Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

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 senior statutory auditor ensured 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 company through discussions with directors and other management, and from our commercial knowledge and experience of the related 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 company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, health and safety legislation and anti-money laundering regulations.

" we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 company'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.

" considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

" To address the risk of fraud through management bias and override of controls, we:

- performed analytical and substantive 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 in the Company financial statements were indicative of potential bias.

- 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 and correspondence of meetings of those charged with governance.

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

" reviewing correspondence with HMRC and the company's advisors.

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.

Atul Sharma (Senior Statutory Auditor)

for and on behalf of Parker Lloyd Audit LLP

139 Viglen House

Alperton Lane, Wembley

London

HA0 1HD

31 December 2025

Revenue

6,580

21,544

Administrative expenses

(83,316

)

(16,224

)

Operating (loss)/profit

3

(76,736

)

5,320

Interest receivable and similar income

2,746

1,484

(Loss)/profit before taxation

(73,990

)

6,804

Tax on (loss)/profit

4

72,442

8,854

(Loss)/profit for the financial year

(1,548

)

15,658

(Loss)/profit for the year

(1,548

)

15,658

Other comprehensive income

-

-

Total comprehensive income for the year

(1,548

)

15,658

Current assets

Debtors

6

838,800

839,327

Cash at bank

393,610

380,702

1,232,410

1,220,029

Creditors

Amounts falling due within one year

7

(196,092

)

(182,163

)

Net current assets

1,036,318

1,037,866

Total assets less current liabilities

1,036,318

1,037,866

Provisions for liabilities

8

(834,048

)

(834,048

)

Net assets

202,270

203,818

Capital and reserves

Called up share capital

9

450,000

450,000

Retained earnings

10

(247,730

)

(246,182

)

Shareholders' funds

202,270

203,818

The financial statements were approved by the director and authorised for issue on 31 December 2025 and were signed by:

T Patel - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

450,000

(261,840

)

188,160

Changes in equity

Total comprehensive income

-

15,658

15,658

Balance at 31 December 2023

450,000

(246,182

)

203,818

Changes in equity

Total comprehensive income

-

(1,548

)

(1,548

)

Balance at 31 December 2024

450,000

(247,730

)

202,270

Cash flows from operating activities

Cash generated from operations

1

(62,175

)

(153,509

)

Tax paid

72,442

8,854

Net cash from operating activities

10,267

(144,655

)

Cash flows from investing activities

Interest received

2,746

1,484

Net cash from investing activities

2,746

1,484

Cash flows from financing activities

Amount introduced by directors

829

-

Amount withdrawn by directors

(934

)

-

Net cash from financing activities

(105

)

-

Increase/(decrease) in cash and cash equivalents

12,908

(143,171

)

Cash and cash equivalents at beginning of year

2

380,702

523,873

Cash and cash equivalents at end of year

2

393,610

380,702

1.	Reconciliation of (loss)/profit before taxation to cash generated from operations

31.12.24

31.12.23

£

£

(Loss)/profit before taxation

(73,990

)

6,804

Finance income

(2,746

)

(1,484

)

(76,736

)

5,320

Decrease/(increase) in trade and other debtors

527

(3,840

)

Increase/(decrease) in trade and other creditors

14,034

(154,989

)

Cash generated from operations

(62,175

)

(153,509

)

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 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

393,610

380,702

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

380,702

523,873

3.	Analysis of changes in net funds

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

380,702

12,908

393,610

380,702

12,908

393,610

Total

380,702

12,908

393,610

1.	Statutory information

Hedge Funds Investment Management 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.

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.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised for commissions, consultancy services and investment advice based on the stage of completion.

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 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.

3.	Operating (loss)/profit

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

18,900

14,733

Auditors' remuneration

5,000

6,500

Foreign exchange differences

(9,044

)

20,528

4.

Taxation

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

(72,442

)

(8,854

)

Tax on (loss)/profit

(72,442

)

(8,854

)

5.	Provision for doubtful debts

A provision for doubtful debts of £834,047 (Year ended 31/12/22: 834,047) remains. This represents unpaid interest claims awarded earlier by the Seychelles court in February 2017. Recoverability remains uncertain due to concerns about the liquidity and solvency of the debtor.

6.

Debtors: amounts falling due within one year

31.12.24

31.12.23

£

£

Trade debtors

834,648

838,817

Other debtors

1,575

-

VAT

1,469

-

Prepayments

1,108

510

838,800

839,327

7.

Creditors: amounts falling due within one year

31.12.24

31.12.23

£

£

Trade creditors

70,071

63,739

VAT

-

576

Other creditors

8,092

3,814

Directors' current accounts

929

1,034

Accrued expenses

117,000

113,000

196,092

182,163

8.	Provisions for liabilities

31.12.24

31.12.23

£

£

Other provisions

Provision for doubtful debts

834,048

834,048

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

450,000

Ordinary

1

450,000

450,000

10.

Reserves

Retained

earnings

£

At 1 January 2024

(246,182

)

Deficit for the year

(1,548

)

At 31 December 2024

(247,730

)

11.	Ultimate holding company

.

E-Alpha Capital Ltd is the holding company of Hedge Funds Investment Management Ltd. It is incorporated and registered in England and Wales with company number 13217856, whose registered office is at 30 Crown Place, London, England EC2A 4EB.

12.	Going concern

Having made the appropriate reviews, the director believes the company to be a going concern.