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Registration number: 08214098

Hamilton Stuart Capital Limited
Annual Report and Financial Statements
for the Year Ended 31 March 2025

Hamilton Stuart Capital Limited

Company Information

Director | Richard MacIntyre

Registered office | 101 Wigmore Street 5th Floor London W1U 1QU

Auditors | EVMS Partners LLP Chartered Accountants45 Ludgate Hill London EC4M 7JU

Hamilton Stuart Capital Limited

Strategic Report for the Year Ended 31 March 2025

The director presents his strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is that of investment management.

Fair review of the business

Hamilton Stuart Capital Limited's business is to invest in financial instruments on behalf of its client. The Firm is incorporated in the UK and is authorised and regulated by the FCA as an Investment Management/Advisory Firm.
Hamilton Stuart Capital had another profitable year, with profits increasing on a like for like basis from the previous period.
Key financial performance indicators are revenue and operating profit. Revenue has increased during the year to 31 March 2025 to £2,068,721 from £1,934,120 for the year to 31 March 2024. Operating profit has increased in the year to 31 March 2025 to £1,053,728 from £972,076 for the year to 31 March 2024.

Principal risks and uncertainties

Market Risk
The company's performance is linked to the returns it generates from the financial instruments it invests in. Strong risk management procedures are in place and continually monitored.
Business Risk
The principal risk is that the company fails to generate returns for our client thereby reducing our income. Income and expenditure are monitored to ensure that we don't move into a loss.
Regulatory Risk
We monitor regulatory developments and employ compliance consultants to ensure we are always compliant.

Director's statement of compliance with duty to promote the success of the Company

The director is fully aware of his obligations under s172 of the Companies Act 2006. Long term consequences of any business decisions are always considered. We aim to foster close relationships with all trading partners and our client. We seek to maintain high standards of conduct and act with integrity at all times.

Approved and authorised by the director on 18 July 2025

......................................... Richard MacIntyre Director

Hamilton Stuart Capital Limited

Director's Report for the Year Ended 31 March 2025

The director presents his report and the financial statements for the year ended 31 March 2025.

Director of the company

The director who held office during the year was as follows:

Richard MacIntyre

Dividends

The company paid interim dividends of £250,000 in the year (2024: £500,000).

Future developments

The company's financial year has started well, and we remain confident of another profitable year. Future plans are to continue investing as we are, adapting to market conditions, and investigating new strategies and markets.

Disclosure of information to the auditors

The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of EVMS Partners LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the director on 18 July 2025

......................................... Richard MacIntyre Director

Hamilton Stuart Capital Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Hamilton Stuart Capital Limited

Independent Auditor's Report to the Members of Hamilton Stuart Capital Limited

Opinion

We have audited the financial statements of Hamilton Stuart Capital Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 March 2025 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 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 are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Hamilton Stuart Capital Limited

Independent Auditor's Report to the Members of Hamilton Stuart Capital Limited (continued)

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities set out on page 4, 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 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 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 have no realistic alternative but to do so.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Hamilton Stuart Capital Limited

Independent Auditor's Report to the Members of Hamilton Stuart Capital Limited (continued)

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance 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 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, applicable tax legislation and the relevant rules of the Financial Conduct Authority (‘FCA’).
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 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 is available 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.

Hamilton Stuart Capital Limited

Independent Auditor's Report to the Members of Hamilton Stuart Capital Limited (continued)

......................................
Philip Vipond (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor
45 Ludgate Hill
London
EC4M 7JU

21 July 2025

Hamilton Stuart Capital Limited

Profit and Loss Account for the Year Ended 31 March 2025

| Note | Year ended 31 March 2025 £ | 2024 £
Turnover | 3 | 2,068,721 | 1,934,120
Cost of sales |  | (684,496) | (712,123)
Gross profit |  | 1,384,225 | 1,221,997
Administrative expenses |  | (330,497) | (281,521)
Other operating income |  | - | 31,600
Operating profit | 4 | 1,053,728 | 972,076
Other interest receivable and similar income | 5 | 11,536 | 18,855
Interest payable and similar expenses | 6 | (587) | (513)
|  | 10,949 | 18,342
Profit before tax |  | 1,064,677 | 990,418
Tax on profit | 8 | (253,736) | (238,730)
Profit for the financial year |  | 810,941 | 751,688

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Hamilton Stuart Capital Limited

(Registration number: 08214098)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 9 | 1,765 | 874
Current assets |  |  |
Debtors | 10 | 697,963 | 623,984
Cash at bank and in hand |  | 977,901 | 550,586
|  | 1,675,864 | 1,174,570
Creditors: Amounts falling due within one year | 11 | (326,948) | (385,704)
Net current assets |  | 1,348,916 | 788,866
Net assets |  | 1,350,681 | 789,740
Capital and reserves |  |  |
Called up share capital |  | 60,000 | 60,000
Retained earnings |  | 1,290,681 | 729,740
Shareholders' funds |  | 1,350,681 | 789,740

Approved and authorised by the director on 18 July 2025

......................................... Richard MacIntyre Director

Hamilton Stuart Capital Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

| Share capital £ | Retained earnings £ | Total £
At 1 April 2024 | 60,000 | 729,740 | 789,740
Profit for the year | - | 810,941 | 810,941
Dividends | - | (250,000) | (250,000)
At 31 March 2025 | 60,000 | 1,290,681 | 1,350,681

| Share capital £ | Retained earnings £ | Total £
At 1 April 2023 | 60,000 | 478,052 | 538,052
Profit for the year | - | 751,688 | 751,688
Dividends | - | (500,000) | (500,000)
At 31 March 2024 | 60,000 | 729,740 | 789,740

Hamilton Stuart Capital Limited

Statement of Cash Flows for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 810,941 | 751,688
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 860 | 740
Finance income | 5 | (11,536) | (18,855)
Finance costs | 6 | 587 | 513
Income tax expense | 8 | 253,736 | 238,730
|  | 1,054,588 | 972,816
Working capital adjustments |  |  |
Increase in trade debtors | 10 | (73,979) | (471,189)
Decrease in trade creditors | 11 | (79,751) | (137,524)
Cash generated from operations |  | 900,858 | 364,103
Income taxes paid | 8 | (232,741) | (259,312)
Net cash flow from operating activities |  | 668,117 | 104,791
Cash flows from investing activities |  |  |
Interest received | 5 | 11,536 | 18,855
Acquisitions of tangible assets |  | (1,751) | (1,048)
Net cash flows from investing activities |  | 9,785 | 17,807
Cash flows from financing activities |  |  |
Interest paid | 6 | (587) | (513)
Dividends paid | 13 | (250,000) | (500,000)
Net cash flows from financing activities |  | (250,587) | (500,513)
Net increase/(decrease) in cash and cash equivalents |  | 427,315 | (377,915)
Cash and cash equivalents at 1 April |  | 550,586 | 928,501
Cash and cash equivalents at 31 March |  | 977,901 | 550,586

Hamilton Stuart Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
101 Wigmore Street
5th Floor
London
W1U 1QU

These financial statements were authorised for issue by the director on 18 July 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pounds sterling.

Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet all its debts as they fall due.
The Director believes the Company has adequate resources to continue operating for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of the financial statements.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgements or estimates which materially affect the amounts in the accounts.

Hamilton Stuart Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable for investment management services provided in the normal course of business.
Revenue relates to profit share receivable from the LLP in which the Company is a member and is recognised in the period in which it is generated.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures & fittings | 25% straight line
Computer equipment | 25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Hamilton Stuart Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
(i) Financial Assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measure at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

Hamilton Stuart Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Investment management | 2,068,721 | 1,934,120

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 860 | 740
Foreign exchange gains | (1,909) | (1,167)

5 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 11,536 | 18,855

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest payable on corporation tax | 587 | 513

7 | Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 13,011 | 13,306
Social security costs | 866 | 532
Other short-term employee benefits | 1,786 | -
| 15,663 | 13,838

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

Hamilton Stuart Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

7 | Staff costs (continued)

| 2025 No. | 2024 No.
Director | 1 | 1
| 1 | 1

8 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 266,498 | 249,275
UK corporation tax adjustment to prior periods | (12,762) | (10,545)
| 253,736 | 238,730

Hamilton Stuart Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

8 | Taxation (continued)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 1,064,677 | 990,418
Corporation tax at standard rate | 266,169 | 247,605
Decrease in UK and foreign current tax from adjustment for prior periods | (12,762) | (10,545)
Tax decrease from effect of capital allowances and depreciation | - | (77)
Effect of expense not deductible in determining taxable profit (tax loss) | 329 | 1,747
Total tax charge | 253,736 | 238,730

9 | Tangible assets

| Fixtures & fittings £ | Computer equipment £ | Total £
Cost or valuation
At 1 April 2024 | 864 | 4,763 | 5,627
Additions | - | 1,752 | 1,752
At 31 March 2025 | 864 | 6,515 | 7,379
Depreciation
At 1 April 2024 | 864 | 3,890 | 4,754
Charge for the year | - | 860 | 860
At 31 March 2025 | 864 | 4,750 | 5,614
Carrying amount
At 31 March 2025 | - | 1,765 | 1,765
At 31 March 2024 | - | 874 | 874

Hamilton Stuart Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

10 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 689,268 | 614,954
Prepayments | 8,695 | 9,030
| 697,963 | 623,984

11 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 30 | 46,000
Social security and other taxes |  | 1,149 | 1,105
Other payables |  | 354 | 1,646
Accruals and deferred income |  | 54,632 | 87,165
Corporation tax | 8 | 270,783 | 249,788
|  | 326,948 | 385,704

12 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 60,000 | 60,000 | 60,000 | 60,000

13 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £4.17 (2024 - £8.33) per each Ordinary share |  | 250,000 |  | 500,000