Company registration number 09479851 (England and Wales)
AMBERSIDE CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
AMBERSIDE CAPITAL LIMITED
COMPANY INFORMATION
Directors
D Lomas
D Scowcroft
Company number
09479851
Registered office
Bourne House
Prince Edward Street
Berkhamsted
Hertfordshire
Hertfordshire
HP4 3EZ
Auditor
BK Plus Audit Limited
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
AMBERSIDE CAPITAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
AMBERSIDE CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Review of the business

The results for the year and the financial position of the company are shown in the financial statements which comprise the Profit and Loss Account on page 8, Statement of Comprehensive Income on page 9, the Balance Sheet on page 10, Statement of Changes in Equity on page 11 and Statement of Cash Flows on page 12.

Revenue has decreased by 44% to £240,142 (2024: £430,949) largely due to non-recurring income from completed fund raising mandates in the prior year. Employee remuneration has consequently decreased, causing a significant decrease to Cost of Sales. As a result, gross profit has decreased by 28% to £127,788 (2024: £177,855).

Overheads have decreased by 67% to £60,888 (2024: £181,779). This decrease has also been driven by decreased employee remuneration.

As a result of the decrease in expenditure outpacing the decrease in revenue, the company has generated a operating profit of £67,767 (2024: £3,412 loss).

Following a review of the investments, impairments of £44,690 have been recognised (2024: £102,992), causing the overall profit before tax to be £23,077 (2024: £106,403 loss).

During the year, t he company has continued to develop sectoral strength in protected agriculture and the energy transition sector. The company has a number of ongoing fund raising and advisory mandates, which are forecast to be completed in the following financial year. The Directors have forecast that the company will generate a profit in the year to come.

At the year end, the company had cash at bank of £112,654 (2024: £19,338) and net assets of £147,143 (2024: £141,979). The company’s “Own Funds”, as defined by the FCA, totalled £114,978 (2024: £89,604). This is in excess of the thresholds required by the FCA.

Principal risks and uncertainties

The company's revenue is dependent upon fees generated from fund raising and financial advisory mandates both externally and with connected companies. There are no indications from the connected companies that the demand for consultancy work is likely to reduce as other business lines develop.

Investor appetite in some of the sectors that the company currently focusses on are at similar levels to 202 4, which is below the levels seen in the immediately preceding years. This may affect the time taken to complete some of the company’s fund raising mandates.

AMBERSIDE CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Financial key performance indicators

Given the scale of the business and number of employees, the monthly operating cashflow and operating profit are used as short-term key performance indicators. The other metric which is monitored closely is the FCA's own funds requirement. When assessing which opportunities to pursue the directors consider expected fees in the short term, incentive payments in the longer term and the probability of a successful outcome.

Directors statement of compliance with duty to promote the success of the company

The directors of the company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 and include a duty to promote the success of the company, which is summarised below.

The executive directors meet regularly to discuss their duties and they can access professional advice on these - either through the company, or if they judge it necessary, from an independent provider.

The directors fulfil their duties partly through a governance framework that may delegate day-to-day decision making to employees of the company. The Board recognises that such delegation needs to extend beyond simple financial authorities, and have summarised below how the directors fulfil their on-going operational duties:

i) Our People

The company is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, clients, investors, communities and society as a whole. For our business to succeed we need to manage our people's performance and develop and bring through talent while ensuring we operate as efficiently as possible. We must ensure common values that inform and guide our behaviour.

ii) Business relationships

Our strategy prioritises organic growth, to achieve this we need to develop and maintain strong client relationships. In line with our business culture, we value all of our clients and suppliers and endeavour to act with integrity at all times.

iii) Community and environment

As a business we recognise the impact we have on our community and the environment we operate in; as well as our ability to influence this. This influence is both direct, through making positive changes to our behaviours and how we do business, and indirect through choosing and influencing the businesses we work with.

Other key performance indicators

The principal non-financial key performance indicators which are considered by the directors relate to the environmental and social impact of our activities and investments as well as our presence and profile in our chosen markets. Maintaining this presence and profile is key to increasing our access to attractive investment opportunities and building closer relationships with investors in this space.

This report was approved by the board of directors on .............................. and signed on behalf of the board by:

D Scowcroft
Director
AMBERSIDE CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company continued to be that of financial consultancy services and investment business.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Lomas
D Scowcroft
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
D Scowcroft
Director
25 February 2026
AMBERSIDE CAPITAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 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.

AMBERSIDE CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMBERSIDE CAPITAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Amberside Capital Limited (the 'company') for the year ended 31 October 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 October 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'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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

AMBERSIDE CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMBERSIDE CAPITAL LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the directors' r eport.

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 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' r esponsibilities s tatement, 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

AMBERSIDE CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMBERSIDE CAPITAL LIMITED (CONTINUED)
- 7 -

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risks that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

David Hynes (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
25 February 2026
Statutory Auditor
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
AMBERSIDE CAPITAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
2025
2024
£
£
Turnover
3
240,142
430,949
Cost of sales
(112,354)
(253,094)
Gross profit
127,788
177,855
Administrative expenses
(60,888)
(181,778)
Other operating income
867
512
Operating profit/(loss)
4
67,767
(3,411)
Amounts written off investments
(44,690)
(102,992)
Profit/(loss) before taxation
23,077
(106,403)
Tax on profit/(loss)
7
(17,913)
-
0
Profit/(loss) for the financial year
5,164
(106,403)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

AMBERSIDE CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
2025
2024
£
£
Profit/(loss) for the year
5,164
(106,403)
Other comprehensive income
-
-
Total comprehensive income for the year
5,164
(106,403)
AMBERSIDE CAPITAL LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,677
3,910
Investments
10
47,163
91,853
49,840
95,763
Current assets
Debtors
12
48,143
68,916
Cash at bank and in hand
112,654
19,338
160,797
88,254
Creditors: amounts falling due within one year
13
(63,271)
(42,038)
Net current assets
97,526
46,216
Total assets less current liabilities
147,366
141,979
Provisions for liabilities
Deferred tax liability
14
223
-
0
(223)
-
Net assets
147,143
141,979
Capital and reserves
Called up share capital
15
317,120
317,120
Profit and loss reserves
(169,977)
(175,141)
Total equity
147,143
141,979

These 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 board of directors and authorised for issue on 25 February 2026 and are signed on its behalf by:
D Scowcroft
Director
Company registration number 09479851 (England and Wales)
AMBERSIDE CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2023
317,120
(68,738)
248,382
Year ended 31 October 2024:
Loss and total comprehensive income
-
(106,403)
(106,403)
Balance at 31 October 2024
317,120
(175,141)
141,979
Year ended 31 October 2025:
Profit and total comprehensive income
-
5,164
5,164
Balance at 31 October 2025
317,120
(169,977)
147,143
AMBERSIDE CAPITAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
93,316
(18,646)
Investing activities
Purchase of tangible fixed assets
-
0
(2,475)
Net cash used in investing activities
-
(2,475)
Net increase/(decrease) in cash and cash equivalents
93,316
(21,121)
Cash and cash equivalents at beginning of year
19,338
40,459
Cash and cash equivalents at end of year
112,654
19,338
AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -
1
Accounting policies
Company information

Amberside Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bourne House, Prince Edward Street, Berkhamsted, Hertfordshire, HP4 3EZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Bad debt provisions: The provision for bad debts is a key area of estimation uncertainty. The directors assess the recoverability of trade receivables at each reporting date and recognise a provision for impairment where there is objective evidence that the full amount may not be recoverable. The directors make their assessment on the basis of past experience and specific circumstances affecting individual debtors. The directors believe the provision for bad debts recognised within the financial statements is appropriate at the reporting date.

Carrying value of investments: The carrying value of investments is a key source of estimation uncertainty. The directors review the carrying value of investments at each reporting date to determine whether there is any indication of impairment. Where such indications exist, the recoverable amount of the investment is estimated and an impairment loss is recognised where the carrying amount exceeds the recoverable amount.

In assessing recoverable amount, the directors consider observable prices from recent arm’s‑length transactions where available, together with any specific circumstances affecting individual investments and future forecasts. Where market‑based evidence is not available, the assessment relies significantly on forward‑looking information and the directors’ judgement.

The directors acknowledge that reliance on future forecasts gives rise to uncertainty, as actual outcomes may differ from those assumed. Changes in forecast assumptions or market conditions could result in significant variations in the carrying value of investments, which may lead to an adjustment to the amounts recognised in the financial statements.

Depreciation and Useful Lives of Fixed Assets: The estimation of depreciation and useful lives of fixed assets is a key source of estimation uncertainty. The directors review the expected useful lives and residual values of fixed assets at each reporting date. This assessment considers historical experience, expected usage, and technological developments. Changes in these assumptions could result in variations in depreciation charges in future periods.

Deferred Tax Asset: The recognition of deferred tax assets is a key source of estimation uncertainty. The directors assess the recoverability of deferred tax assets based on forecasts of future taxable profits and the availability of suitable tax planning opportunities. These forecasts require judgement regarding future trading conditions and profitability. Changes in these assumptions could result in adjustments to the carrying amount of deferred tax assets.

AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Services provided
240,142
430,949
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
240,142
430,949

4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,233
1,250
Operating lease charges
5,072
8,695
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
3
2

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
97,075
302,258
Social security costs
7,129
41,568
Pension costs
7,200
7,787
111,404
351,613
AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 18 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
81,477
211,742
Company pension contributions to defined contribution schemes
7,200
7,677
88,677
219,419
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
n/a
137,437
Company pension contributions to defined contribution schemes
n/a
220

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
13,896
-
0
Deferred tax
Origination and reversal of timing differences
4,017
-
0
Total tax charge
17,913
-
0
AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
7
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
23,077
(106,403)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
5,769
(26,601)
Tax effect of expenses that are not deductible in determining taxable profit
11,243
130
Unutilised tax losses carried forward
-
0
28,097
Effect of change in corporation tax rate
-
0
(1,200)
Capital allowances in excess of depreciation
-
0
(426)
Deferred tax adjustments in respect of prior years
998
-
0
Marginal relief
(97)
-
0
Taxation charge for the year
17,913
-
8
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Fixed asset investments
10
44,690
102,992
Recognised in:
Amounts written off investments
44,690
102,992

The impairment losses in respect of financial assets are recognised in amounts written off investments in the profit and loss account.

AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
9
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2024 and 31 October 2025
7,627
Depreciation and impairment
At 1 November 2024
3,717
Depreciation charged in the year
1,233
At 31 October 2025
4,950
Carrying amount
At 31 October 2025
2,677
At 31 October 2024
3,910
10
Fixed asset investments
2025
2024
£
£
Unlisted investments
47,163
91,853
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2024 & 31 October 2025
91,853
Impairment
At 1 November 2024
-
Impairment losses
44,690
At 31 October 2025
44,690
Carrying amount
At 31 October 2025
47,163
At 31 October 2024
91,853
11
Financial instruments

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 third parties and related parties, loans to related parties and investments in ordinary shares.

AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,202
23,046
Amounts owed by group undertakings
12,751
11,251
Other debtors
23,832
13,219
Prepayments and accrued income
10,358
17,606
48,143
65,122
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
-
0
3,794
Total debtors
48,143
68,916
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
759
780
Corporation tax
13,896
-
0
Other taxation and social security
10,741
3,864
Other creditors
26,377
26,394
Accruals and deferred income
11,498
11,000
63,271
42,038
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
223
-
-
-
Tax losses
-
-
-
3,794
223
-
-
3,794
AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
14
Deferred taxation
(Continued)
- 22 -
2025
Movements in the year:
£
Asset at 1 November 2024
(3,794)
Charge to profit or loss
4,017
Liability at 31 October 2025
223

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
317,120
317,120
317,120
317,120
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,200
7,787

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Operating lease commitments
Lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

2025
2024
£
£
Within one year
-
0
5,796
-
0
5,796
18
Related party transactions

At the year-end, the company is owed a balance of £21,218 (2024: £7,808) from a company under common control. During the year, services totalling £950 (2024: £3,304) were provided by and services totalling £111,034 (2024: £110,137) were provided to a company under common control.

AMBERSIDE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 23 -
19
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit/(loss) after taxation
5,164
(106,403)
Adjustments for:
Taxation charged
17,913
-
0
Depreciation and impairment of tangible fixed assets
1,233
1,250
Amounts written off investments
44,690
102,992
Movements in working capital:
Decrease/(increase) in debtors
16,979
(7,456)
Increase/(decrease) in creditors
7,337
(9,029)
Cash generated from/(absorbed by) operations
93,316
(18,646)
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