REGISTERED NUMBER: 13217856 (England and Wales)

Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

E-ALPHA CAPITAL LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

Director:

T Patel

Registered office:

30 Crown Place

London

EC2A 4EB

Registered number:

13217856 (England and Wales)

Senior statutory auditor:

Atul K Sharma

Auditors:

Parker Lloyd Audit LLP

139 Viglen House

Alperton Lane, Wembley

London

HA0 1HD

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

Principal risks and uncertainties

The company and its subsidiary are 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 and the group for the year ended 31 December 2024.

Principal activity

The company principal activities are that of a holding company and providing management services to it's subsidiary company The company is the holding and management company for Hedge Funds Investment Management Limited (HFIM), which is regulated by the Financial Conduct Authority ('FCA') in the UK. The FCA registration number is 449528

Review of business

For the period 1 January to 31 December 2024 the Group made a loss/ (loss) of (£ 73,999) (2023:£6,804

Acquisition

In the previous period, on 3rd May 2022, E-Alpha Capital Ltd ("The Company") acquired the 100% shareholding of Hedge Funds Investment Management Ltd ("HFIM") being 450,000 Ordinary shares of £1.00 from the control of Alternative Investment Strategies Ltd through a demerger agreement approved by HMRC and the Financial Conduct Authority (FCA).E-Alpha Capital Ltd remains 100% controlled by Mr T Patel, the Director.

The acquisiton was undertaken by the company issuing 6,100.000 ordinary shares of £.01 to Mr. T Patel.

Dividend

No dividend was declared or paid during the year ( 2023: £0)

Events since the end of the year

Information relating to events since the end of the year is given in the notes to the financial statements.

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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

T Patel - Director

31 December 2025

Opinion

We have audited the financial statements of E-ALPHA CAPITAL LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Group Strategic Report or in preparing the Report of the Director.

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 group's and the parent 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 group or the parent 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 K 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

Turnover

6,580

21,544

Administrative expenses

(83,316

)

(41,541

)

(76,736

)

(19,997

)

Other operating income

-

25,317

Operating (loss)/profit

4

(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

5

72,442

8,854

(Loss)/profit for the financial year

(1,548

)

15,658

(Loss)/profit attributable to:

Owners of the parent

(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

Total comprehensive income attributable to:

Owners of the parent

(1,548

)

15,658

Current assets

Debtors

8

838,800

839,327

Cash at bank

393,610

380,702

1,232,410

1,220,029

Creditors

Amounts falling due within one year

9

(196,091

)

(182,162

)

Net current assets

1,036,319

1,037,867

Total assets less current liabilities

1,036,319

1,037,867

Provisions for liabilities

10

(834,048

)

(834,048

)

Net assets

202,271

203,819

Capital and reserves

Called up share capital

11

450,000

450,000

Retained earnings

12

(247,729

)

(246,181

)

Shareholders' funds

202,271

203,819

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

T Patel - Director

Fixed assets

Investments

7

175,003

175,003

Total assets less current liabilities

175,003

175,003

Capital and reserves

Called up share capital

11

61,004

61,004

Share premium

113,999

113,999

Shareholders' funds

175,003

175,003

Company's profit for the financial year

-

-

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

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

(261,839

)

188,161

Changes in equity

Total comprehensive income

-

15,658

15,658

Balance at 31 December 2023

450,000

(246,181

)

203,819

Changes in equity

Total comprehensive income

-

(1,548

)

(1,548

)

Balance at 31 December 2024

450,000

(247,729

)

202,271

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

61,004

-

113,999

175,003

Changes in equity

Balance at 31 December 2023

61,004

-

113,999

175,003

Changes in equity

Balance at 31 December 2024

61,004

-

113,999

175,003

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 Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet 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

E-ALPHA CAPITAL 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 General 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.

Basis of consolidation

The consolidated financial statements include the accounts of the company and its subsidiary undertaking (collectively the "Group'') drawn up to 31 December 2024. All material intercompany transactions and balances have been eliminated in the group financial statements. No profit and loss accounts is presented for E- Alpha Capital Limited as permitted by section 408(1) of the Companies Act 2006.The company has one subsidiary, Hedge Fund Investment Management Limited. This entity has been included in the group financial statements using acquisition method of accounting. Accordingly, the consolidated Profit and Loss and Account and Statement of Cash Flows include the results and cash flows of the entity.

Turnover

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.	Employees and directors

The average number of employees by undertakings that were proportionately consolidated during the year was 1

31.12.24

31.12.23

£

£

Director's remuneration

12,570

25,010

4.	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

5.

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

)

6.	Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	Fixed asset investments

Company

Shares in

group

undertakings

£

Cost

At 1 January 2024

and 31 December 2024

175,003

Net book value

At 31 December 2024

175,003

At 31 December 2023

175,003

8.

Debtors: amounts falling due within one year

Group

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

9.

Creditors: amounts falling due within one year

Group

31.12.24

31.12.23

£

£

Trade creditors

70,070

63,739

VAT

-

575

Other creditors

8,092

3,814

Directors' current accounts

929

1,034

Accrued expenses

117,000

113,000

196,091

182,162

10.	Provisions for liabilities

On 6.02.2017 the Supreme Court of Seychelles delivered a favourable judgement for HFIM. The judgement provided to HFIM all income due, costs and interest. Interest on the judgement debt amounting to £843,048 remains uncollected but is included in the financial statement. A provision is created against the judgement debt not beiing collected.

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

61,001

Share Capital

61001

61,001

61,001

1

Redeemable

1

1

1

1

Preference

1

1

1

1

Share Capital A

1

1

1

61,004

61,004

12.

Reserves

Group

Retained

earnings

£

At 1 January 2024

(246,181

)

Deficit for the year

(1,548

)

At 31 December 2024

(247,729

)

13.	Ultimate parent company

E-Alpha Capital Limited is regarded by the director as being the company's ultimate parent company.

14.	Contingent liabilities

There are no contingent liabilities and commitments

15.	Related party disclosures

The accounts include an accrual of interest on a judgement debt amounting to £834,048 (2023: £834,048) owed by HIL to HFIM, a company controlled by the Director, T. Patel.

16.	Post balance sheet events

There are no post balance sheet events

17.	Ultimate controlling party

The controlling party is T Patel.