ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 09459348

DROMEUS CAPITAL MANAGEMENT (UK) LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

DROMEUS CAPITAL MANAGEMENT (UK) LTD

COMPANY INFORMATION

Directors	A S Risvas
	V Tsilimpis
	C Panteli


Registered number	09459348


Registered office	42 Berkeley Square
	London
	W1J 5AW


Independent auditor	Blick Rothenberg Audit LLP
	Chartered Accountants & Statutory Auditor
	16 Great Queen Street
	London
	WC2B 5AH

DROMEUS CAPITAL MANAGEMENT (UK) LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The principal activity of the company is the provision of investment management services to its customers. The company is authorised and regulated by the Financial Conduct Authority as an Alternative Investment Fund Manager.

Business review

The company currently has four permanent employees and is the investment manager to one Master-Feeder fund, which employs a global macro strategy, a Greece focussed strategy and a special situations strategy and the delegated portfolio manager of three alternative investment funds investing in real estate strategies.

The turnover for the year to 31 December 2024 decreased to £1,359,857 (2023: £5,259,037). The directors feel confident that the company is well positioned to take advantage of opportunities as they arise in the future.

Principal risks and uncertainties

The principal activity of the company during the year was the provision of investment management and advisory services. The main risks facing the company are:

Business risk:
The risk that fees earned in accordance with the investment management and advisory agreements will be impaired.
This could occur due to a number of factors including:
• Sustained poor investment performance
• Material fund outflow
• Defaults on assets within a portfolio

Operational risk
The risk that systems and procedures are not established, implemented and operated in an appropriate way leading to the potential for errors, fraud and loss of reputation.

The company addresses these risks through:
• Diversification of portfolio management activities by division, geography, product and investor
• Independent risk management performing detailed analysis and review of portfolio risks versus limits
• Regular communication with investors
• Attracting and retaining qualified and experienced staff
• Ensuring the segregation of functions between the front office, and middle office, finance, risk, compliance
• and legal.
• Creating and maintaining robust and well documented systems and controls

Financial key performance indicators

The directors of the company monitor the performance of the business using monthly management information and such measures and key performance indicators as:
• Fees earned
• Operating costs as a proportion of fees
• Assets Under Management and forecast subscriptions and redemptions

Directors' statement of compliance with duty to promote the success of the Company

The directors have the fiduciary duty to maximize shareholder wealth over the long term through the successful management of its investment vehicles in accordance with a governance system structured to ensure regulatory compliance.

Page 1

DROMEUS CAPITAL MANAGEMENT (UK) LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 31 December 2025 and signed on its behalf.

C Panteli

Director

Page 2

DROMEUS CAPITAL MANAGEMENT (UK) LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors

The directors who served during the year were:

A S Risvas

V Tsilimpis

C Panteli (appointed 1 July 2024)

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards 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 to 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 3

DROMEUS CAPITAL MANAGEMENT (UK) LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 December 2025 and signed on its behalf.

C Panteli

Director

Page 4

DROMEUS CAPITAL MANAGEMENT (UK) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DROMEUS CAPITAL MANAGEMENT (UK) LTD

FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Dromeus Capital Management (UK) Ltd (the 'Company') for the year ended 31 December 2024, which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows 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, 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 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 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Page 5

DROMEUS CAPITAL MANAGEMENT (UK) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DROMEUS CAPITAL MANAGEMENT (UK) LTD (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion 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 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 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 3, 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.

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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Company’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company

Page 6

DROMEUS CAPITAL MANAGEMENT (UK) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DROMEUS CAPITAL MANAGEMENT (UK) LTD (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act 2006, the Financial Services and Markets Act 2000 and applicable tax legislation.

One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.

Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The Company was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the Company and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the Company.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 auditor's report.

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 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.

Richard Hinton (senior statutory auditor)

for and on behalf of

Blick Rothenberg Audit LLP

Chartered Accountants

Statutory Auditor

16 Great Queen Street

London

WC2B 5AH

31 December 2025

Page 7

DROMEUS CAPITAL MANAGEMENT (UK) LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	3	1,359,857	5,259,037
Cost of sales		23,517	(48,273)
Gross profit		1,383,374	5,210,764
Administrative expenses		(1,053,294)	(2,756,711)
Gains from changes in fair value of investments		-	275,861
Operating profit	4	330,080	2,729,914
Interest receivable and similar income		4,642	5,630
Interest payable and similar expenses		-	(74)
Profit before tax		334,722	2,735,470
Tax on profit	7	(83,944)	(641,655)
Profit after tax		250,778	2,093,815



Retained earnings at the beginning of the year	2,363,963	612,356
Profit for the year	250,778	2,093,815
Dividends declared and paid	(1,800,412)	(342,208)
Retained earnings at the end of the year	814,329	2,363,963

The notes on pages 11 to 19 form part of these financial statements.

Page 8

REGISTERED NUMBER:09459348

DROMEUS CAPITAL MANAGEMENT (UK) LTD

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	9		8,023		9,075
Investments	10		5		5
			8,028		9,080
Current assets
Debtors	11	2,969,776		5,414,461
Cash at bank and in hand		340,989		431,765
		3,310,765		5,846,226
Creditors: amounts falling due within one year	12	(1,679,928)		(2,790,784)
Net current assets			1,630,837		3,055,442
Total assets less current liabilities			1,638,865		3,064,522
Creditors: amounts falling due after more than one year	13		(123,977)		-
Provisions for liabilities
Deferred tax	14		(559)		(559)
Net assets			1,514,329		3,063,963

Capital and reserves
Called up share capital	15	700,000	700,000
Profit and loss account		814,329	2,363,963
		1,514,329	3,063,963

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 December 2025.

C Panteli

Director

The notes on pages 11 to 19 form part of these financial statements.

Page 9

DROMEUS CAPITAL MANAGEMENT (UK) LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	250,778	2,093,815
Adjustments for:
Depreciation of tangible assets	1,052	889
Bank interest payable	-	74
Bank and other interest receivable	(4,642)	(5,630)
Taxation charge	83,944	641,655
Decrease/(increase) in debtors	2,638,287	(3,878,248)
(Increase)/decrease in amounts owed by groups	(193,602)	-
(Decrease)/increase in creditors	(1,056,031)	1,586,266
(Decrease)/increase in amounts owed to groups	(10,150)	-
Net fair value losses/(gains) recognised in P&L	-	(275,861)
Net cash generated from operating activities	1,709,636	162,960

Cash flows from investing activities
Computer equipment-additions	-	(2,325)
Sale of unlisted and other investments	-	356,349
Net cash from investing activities	-	354,024
Cash flows from financing activities
Dividends paid	(1,800,412)	(342,208)
Bank interest payable	-	(74)
Net cash used in financing activities	(1,800,412)	(342,282)
Net (decrease)/increase in cash and cash equivalents	(90,776)	174,702
Cash and cash equivalents at beginning of year	431,765	257,063
Cash and cash equivalents at the end of year	340,989	431,765

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	340,989	431,765

The notes on pages 11 to 19 form part of these financial statements.

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Dromeus Capital Management (UK) Ltd is a private company, limited by shares, incorporated in England and Wales. The company's address is 42 Berkeley Square, London, W1J 5AW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The company has good financial resources and the directors believe it is well placed to manage its business risks successfully. In addition, the directors, assuming no unforeseen circumstances, will continue to provide sufficient funds to the company, if necessary, for the foreseeable future.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.4

Turnover

Turnover comprises revenue recognised by the company in respect of investment management and performance fees. Management fees are recognised as they accrue across the year. Performance fees are recognised on crystallisation.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.11

Financial instruments

The Company does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The Company does not hold collateral against its trade and other receivables so its exposure to credit risk is the balance of trade and other debtors after allowance for impairment.

The Company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the Company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Turnover

The whole of the turnover is attributable to the principal continuing activity.

					2024	2023
					£	£

	United Kingdom	1,359,857	5,259,037

All turnover arose within the United Kingdom.

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Exchange differences	21,195	9,817
Other operating lease rentals	5,361	4,371
Share-based payment	-	8,000
Auditors' remuneration - non-audit services	-	30,385
Depreciation of tangible fixed assets	1,052	889

Wages and salaries	38,033	82,341
Social security costs	2,366	3,903
Cost of defined contribution scheme	660	960
	41,059	87,204

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Administration	2	2

6.	Directors' remuneration
		2024	2023
		£	£

	Directors' emoluments	12,000	12,000

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
UK Corporation tax on profits for the year	83,944	670,347

Total current tax	83,944	670,347

Deferred tax
Origination and reversal of timing differences	-	(26,890)
Changes to tax rates	-	(1,692)
Adjustments in respect of previous periods	-	(110)
Total deferred tax	-	(28,692)


	Tax on profit	83,944	641,655

Profit on ordinary activities before tax

334,722

2,735,470

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	83,681	643,398
Effects of:
Expenses not deductible for tax purposes	263	59
Adjustments to tax charge in respect of prior periods	-	(110)
Effect of providing for deferred tax at 25%	-	(1,692)
Total tax charge for the year	83,944	641,655

8.	Dividends
		2024	2023
		£	£

Dividends on ordinary shares

1,800,412

342,208

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Tangible fixed assets

		Office equipment
		£
	Cost
	At 1 January 2024	21,287
	At 31 December 2024	21,287
	Depreciation
	At 1 January 2024	12,212
	Charge for the year on owned assets	1,052
	At 31 December 2024	13,264
	Net book value
	At 31 December 2024	8,023
	At 31 December 2023	9,075

10.	Fixed asset investments

		Other fixed asset investments
		£
	Valuation
	At 1 January 2024	5
	At 31 December 2024	5

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.

Debtors

					2024	2023
					£	£

Due after more than one year
Other debtors	78,469	87,031
	78,469	87,031
Due within one year
Trade debtors	127,391	71,418
Amounts owed by group undertakings	725,863	532,261
Other debtors	1,885,908	4,415,676
Prepayments and accrued income	152,145	308,075
	2,969,776	5,414,461

Included in Other debtors is a bond loan which is due after more than one year of €100,000 issued in 2022. The loan accrues interest at 5% per annum and is due for repayment in 2027. The total value of this loan at the balance sheet date is £78,469 (2023: £87,031).

12.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	367,884	356,639
Amounts owed to group undertakings	-	134,127
Corporation tax	89,293	672,486
Other taxation and social security	353	1,827
Accruals and deferred income	1,222,398	1,625,705
	1,679,928	2,790,784

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Amounts owed to group undertakings	123,977	-
	123,977	-

Creditors due after more than one year at 31 December 2024 relate to a loan drawn down from the company's parent company, Dromeus Capital Group S.A. The loan is interest-free and repayable in 2027.
At 31 December 2024 the loan is included in Amounts owed to group undertakings falling due after more one year (note 13) as the repayment date was moved from 2024 to 2027.

14.	Deferred taxation

		2024
		£

	At beginning of year	(559)
	At end of year	(559)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	(559)	(559)
		(559)	(559)

15.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

700,000 (2023 - 700,000) Ordinary shares of £1.00 each	700,000	700,000

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DROMEUS CAPITAL MANAGEMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Analysis of net debt

		At 1 January 2024	Cash flows	At 31 December 2024
		£	£	£

Cash at bank and in hand

431,765

(90,776)

340,989

17.	Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

18.

Related party transactions

The company is exempt under the terms of Section 33.1A of FRS102 from disclosing transactions with its immediate parent as it is a 100% owned subsidiary.

During the year the company recognised management fees of £293,446 (2023: £279,878) due from Dromeus Global Opportunities Fund, an entity under common control. At the year end £75,285 (2023: £75,383) was due in respect of this and included within accrued income.

During the year the company incurred consultancy fees of £81,551 (2023: £114,445) payable to Cydonia SA, an entity under common control. At the year end £nil (2023: £nil) was due in respect of this. The company has also issued bond loans to Cydonia SA, the details of these loans are included in note 11. During the year, interest of £5,014 was charged on the loan (2023: £5,630). The total accrued interest of £8,907 (2023: £11,189) is included in accrued income at the balance sheet date.

During the year the company recognised income of €4,571,300 and sold investments valued at €627,921, to Dromeus Real Estate Fund II, SLP RAIF, an entity under common control.

19.	Controlling party

The company's immediate and ultimate parent undertaking is Dromeus Capital Group S.A.R.L, an entity based in Luxembourg, owned by A Risvas.

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