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Registered number: 04870280 SI CAPITAL LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
01483 755 399 hamlyns.com
SI CAPITAL LTD COMPANY INFORMATION
Directors | Renato Rufus
| Philip Wilson Scott (resigned 24 October 2024)
| Nicholas Robert Seth Emerson
Company secretary | Kingland (Services) Limited
Registered number | 04870280
Registered office | 20 North Audley Street
| London
| W1K 6WE
Independent accountant | Hamlyns Limited
| Chartered Accountants & Statutory Auditors
| Sundial House
| High Street
| Horsell
| GU21 4SU
SI CAPITAL LTD CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Profit and loss account | 8
Balance sheet | 9
Statement of changes in equity | 10 - 11
Statement of cash flows | 12 - 13
Analysis of net debt | 13
Notes to the financial statements | 14 - 31
SI CAPITAL LTD STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The company was incorporated on 18th August 2003. The company is engaged in the trading of securities and commodities contract dealing activities.
Business review
The company reported a profit of £10,260 for the current year (2024: loss £613,207). Turnover increased slightly by 16.6%, reflecting increased business activity as a result of a new project undertaken in the year. As of 30th September 2025, net assets stood at £742,386, up from £432,126 in the previous year. The increase in debtors, from £1,319,419 to £1,413,427, is attributable to the year-end invoice relating to the new project. Additionally, external creditors decreased by £279,335.
Principal risks and uncertainties
The principle risks associated with the business are the usual risks associated with the industry being the economic climate in which it operates. The most significant risk lies within the current downturn in the UK economy, the cost of living has increased substantially resulting in less disposal income available for growing wealth through investment vehicles. Additionally,the rise in other forms of investments such as cryptocurrencies, NFTs as well as an increase in mobile investment platforms has had an impact on traditional investments firms. Lastly, the operations are subject to changes in interest rates which have been largely variable of the last few years. The company monitors these risks and takes steps to mitigate their impact where possible.
Financial key performance indicators
SI Capital’s key performance indicators allow the business to measure both financial values created for its stakeholders and the strategic value in growing the business and delivering on its purpose. The directors consider that the company has the following financial KPI’s as a measure of its performance and position: Revenues: £1,597,717 (2024: £1,370,701) Profit: £10,260 (2024: Loss £613,207) Equity shareholder’s funds: £742,386 (2024: £432,126) This report was approved by the board on 11 March 2026 and signed on its behalf.
___________________________ Renato Rufus Director
Page 1
SI CAPITAL LTD DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The company is engaged in the trading of securities and commodities contract dealing activities.
Results and dividends
The profit for the year, after taxation, amounted to £10,260 (2024 - loss £613,207).
Directors
The directors who served during the year were:
Renato Rufus
Philip Wilson Scott (resigned 24 October 2024)
Nicholas Robert Seth Emerson
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 2
SI CAPITAL LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Auditors
The auditors, Hamlyns Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 11 March 2026 and signed on its behalf.
___________________________ Renato Rufus Director
Page 3
SI CAPITAL LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SI CAPITAL LTD
Opinion
We have audited the financial statements of SI Capital LTD (the 'Company') for the year ended 30 September 2025, which comprise the profit and loss account, the analysis of net debt, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 September 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 4
SI CAPITAL LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SI CAPITAL LTD (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 2, 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. Page 5
SI CAPITAL LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SI CAPITAL LTD (CONTINUED)
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 an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are the Companies Act 2006, the reporting framework of the Financial Reporting Standard 102, and relevent tax legislation. We assessed the risks of material misstatement in respect of fraud as part of planning for the audit by assessing the entity's internal and external environment to identify any particular fraud risk factors,making enquires of management and carrying out analytical procedures on the accounts and key estimates. Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatement in relation to fraud. In particular we considered our approach to income testing, investment valuation testing, related parties and the effect of management override and bias on the figures and our testing responses to these risks. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 auditors' 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 auditors' 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. Page 6
SI CAPITAL LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SI CAPITAL LTD (CONTINUED) Oliver Spevack ACA FCCA (senior statutory auditor) for and on behalf of Hamlyns Limited Chartered Accountants Statutory Auditors Sundial House High Street Horsell GU21 4SU 11 March 2026 Page 7
SI CAPITAL LTD PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
| £ | £
Turnover |  | 1,597,717 | 1,370,701
Cost of sales |  | (244,214) | (173,483)
Gross profit |  | 1,353,503 | 1,197,218
Administrative expenses |  | (1,564,461) | (1,782,380)
Other operating income |  | 33,620 | -
Operating loss |  | (177,338) | (585,162)
Profit/(loss) on disposal of investments |  | 233,937 | (10,310)
Interest payable and similar expenses |  | (27,696) | (22,117)
Profit/(loss) before tax |  | 28,903 | (617,589)
Tax on profit/(loss) |  | (18,643) | 4,382
Profit/(loss) for the financial year |  | 10,260 | (613,207)
There are no items of other comprehensive income for 2025 or 2024 other than the profit/(loss) for the year. As a result, no separate Statement of comprehensive income has been presented.
The notes on pages 14 to 31 form part of these financial statements.
Page 8
SI CAPITAL LTD REGISTERED NUMBER: 04870280 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 21,587 |  | 17,705
|  |  | 21,587 |  | 17,705
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 1,413,427 |  | 1,319,420 |
Current asset investments | 14 | 410,309 |  | 448,873 |
Cash at bank and in hand | 15 | 71,741 |  | 95,103 |
|  | 1,895,477 |  | 1,863,396 |
Creditors: amounts falling due within one year | 16 | (1,170,693) |  | (1,437,707) |
Net current assets |  |  | 724,784 |  | 425,689
Total assets less current liabilities |  |  | 746,371 |  | 443,394
Creditors: amounts falling due after more than one year | 17 |  | - |  | (7,904)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (3,985) |  | (3,364) |
|  |  | (3,985) |  | (3,364)
Net assets |  |  | 742,386 |  | 432,126
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 1,037 |  | 985
Share premium account | 22 |  | 599,919 |  | 299,971
Capital redemption reserve | 22 |  | 171 |  | 171
Profit and loss account | 22 |  | 141,259 |  | 130,999
|  |  | 742,386 |  | 432,126
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 March 2026.
___________________________ Renato Rufus
Director
The notes on pages 14 to 31 form part of these financial statements. Page 9
SI CAPITAL LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 October 2024 | 985 | 299,971 | 171 | 130,999 | 432,126
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 10,260 | 10,260
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | - | 10,260 | 10,260
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 52 | 299,948 | - | - | 300,000
Total transactions with owners | 52 | 299,948 | - | - | 300,000
At 30 September 2025 | 1,037 | 599,919 | 171 | 141,259 | 742,386
| The notes on pages 14 to 31 form part of these financial statements.
Page 10
SI CAPITAL LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 October 2023 | 956 | - | 171 | 744,206 | 745,333
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (613,207) | (613,207)
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | - | (613,207) | (613,207)
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 29 | 299,971 | - | - | 300,000
Total transactions with owners | 29 | 299,971 | - | - | 300,000
At 30 September 2024 | 985 | 299,971 | 171 | 130,999 | 432,126
| The notes on pages 14 to 31 form part of these financial statements.
Page 11
SI CAPITAL LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 10,260 | (613,207)
Adjustments for: |  |
Depreciation of tangible assets | 18,121 | 26,094
Non-cash accounting adjustments | (819) | -
Interest paid | 27,696 | -
Taxation charge | 18,643 | (4,382)
Decrease in debtors | 314,169 | 702,402
(Increase)/decrease in amounts owed by joint ventures | (408,177) | 24,801
(Decrease) in creditors | (86,670) | (307,167)
Corporation tax (paid) | (6,490) | (80,769)
Net cash generated from operating activities | (113,267) | (252,228)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (22,003) | (3,030)
Sale of listed investments | 273,937 | (10,310)
Sale of unlisted and other investments | (40,000) | -
Purchase of short-term listed investments | (250,134) | (108,168)
Sale of short-term listed investments | 263,698 | 184,875
Sale of short-term unlisted investments | 40,000 | -
Income from investments | - | 42,610
Net cash from investing activities | 265,498 | 105,977
Cash flows from financing activities |  |
Issue of ordinary shares | 45,000 | 300,000
New secured loans | 59,186 | 29,814
Repayment of loans | (39,083) | -
Repayment of other loans | (213,000) | (185,345)
Interest paid | (27,696) | -
Net cash used in financing activities | (175,593) | 144,469
Net (decrease) in cash and cash equivalents | (23,362) | (1,782)
Cash and cash equivalents at beginning of year | 95,103 | 96,885
Cash and cash equivalents at the end of year | 71,741 | 95,103
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 71,741 | 95,103
| 71,741 | 95,103
Page 12
SI CAPITAL LTD ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2025
| At 1 October 2024 | Cash flows | Other non-cash changes | At 30 September 2025
| £ | £ | £ | £
Cash at bank and in hand | 95,103 | (23,362) | - | 71,741
Debt due after 1 year | (7,904) | 7,904 | - | -
Debt due within 1 year | (864,878) | 191,874 | - | (673,004)
Liquid investments | 13,564 | - | 1,436 | 15,000
| (764,115) | 176,416 | 1,436 | (586,263)
The notes on pages 14 to 31 form part of these financial statements.
Page 13
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
SI Capital Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 04870280 and registered office is located at 20 North Audley Street, London, England, W1K 6WE. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
| 2.2 | Going concern
The Directors have reviewed the Company’s current financial position and expected trading activity and are satisfied that the Company has sufficient resources to meet its obligations as they fall due. The Company operates within the financial services and capital markets sector and is therefore exposed to risks associated with market conditions, investor activity and competition from alternative investment platforms and asset classes. The Directors continue to manage these risks through diversification of revenue streams and prudent cost control. Based on this assessment, the Directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 14
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 15
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 16
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 10% | Straight line over 10 years
|  |  |  | Fixtures and equipment | - | 25% | On cost
|  |  |  | Computer equipment | - | 33% | On cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 17
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 18
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets 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 profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the Page 19
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 20
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company’s accounting policies, which are described in note 2, 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 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors have not made any critical accounting judgements in the process of applying the company's accounting policies, that could have a significant effect on the amounts recognised in the Financial Statements.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Retail fees | 759,540 | 85,965
| Corporate fees | 838,177 | 1,284,736
|  | 1,597,717 | 1,370,701
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 1,597,717 | 1,370,701
|  | 1,597,717 | 1,370,701
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sundry income | 33,620 | -
|  | 33,620 | -
Page 21
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | - | 1,300
| Other operating lease rentals | 207,128 | 168,058
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 14,050 | 13,400
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 616,915 | 814,587
| Social security costs | 77,179 | 96,820
| Cost of defined contribution scheme | 16,743 | 17,728
|  | 710,837 | 929,135
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 2 | 3
|  | Employees | 10 | 11
|  |  | 12 | 14
Page 22
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 223,221 | 268,815
| Company contributions to defined contribution pension schemes | 7,096 | 2,250
|  | 230,317 | 271,065
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £111,186 (2024 - £112,751).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,192 (2024 - £4,077).
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 26,478 | 21,592
| Other loan interest payable | 348 | 467
| Other interest payable | 870 | 58
|  | 27,696 | 22,117
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 18,022 | -
| Deferred taxation | 621 | (4,382)
|  | 18,643 | (4,382)
| Total current tax | 18,643 | (4,382)
|  | - | -
| Tax on profit/(loss) | 18,643 | (4,382)
Page 23
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 19%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 28,903 | (617,589)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 19%) | 7,226 | (117,342)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (56,413) | 14,676
| Capital allowances for year in excess of depreciation | (1,116) | 4,248
| Deferred taxation | 612 | (4,382)
| Capital gains | 18,182 | 5,903
| Utilisation of tax losses | 50,311 | (5,903)
| Marginal relief | (159) | -
| Unrelieved tax losses carried forward | - | 98,418
| Total tax charge for the year | 18,643 | (4,382)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 24
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 October 2024 | 83,082 | 169,084 | 60,786 | 312,952
| Additions | - | 12,597 | 9,406 | 22,003
| At 30 September 2025 | 83,082 | 181,681 | 70,192 | 334,955
| Depreciation |  |  |  |
| At 1 October 2024 | 78,920 | 155,714 | 60,615 | 295,249
| Charge for the year on owned assets | 4,162 | 11,790 | 2,167 | 18,119
| At 30 September 2025 | 83,082 | 167,504 | 62,782 | 313,368
| Net book value |  |  |  |
| At 30 September 2025 | - | 14,177 | 7,410 | 21,587
| At 30 September 2024 | 4,163 | 13,371 | 171 | 17,705
Page 25
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 86,394 | 143,230
| Amounts owed by joint ventures and associated undertakings | 412,011 | 3,834
| Other debtors | 824,836 | 1,087,454
| Called up share capital not paid | 5,000 | -
| Prepayments and accrued income | 85,186 | 84,902
|  | 1,413,427 | 1,319,420
14. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Listed investments | 15,000 | 13,564
| Unlisted investments | 395,309 | 435,309
|  | 410,309 | 448,873
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Opening fair value | 13,564 | 122,571
| Purchases | 250,134 | 108,168
| Sales | (263,698) | (184,875)
| (Losses)/Gains on remeasurement to fair value | 15,000 | (32,300)
| Market value | 15,000 | 13,564
| Unlisted investments |  |
| Opening value | 435,309 | 435,309
| Sales | (40,000) | -
| Market value | 395,309 | 435,309
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 71,741 | 95,103
|  | 71,741 | 95,103
Page 26
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 137,674 | 209,837
| Bank loans | 38,354 | 39,878
| Other loans | 634,651 | 825,000
| Corporation tax | 18,022 | 6,490
| Other taxation and social security | 164,028 | 159,247
| Other creditors | 40,737 | 39,771
| Accruals and deferred income | 137,227 | 157,484
|  | 1,170,693 | 1,437,707
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 7,904
|  | - | 7,904
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 38,354 | 39,878
| Other loans | 634,651 | 825,000
|  | 673,005 | 864,878
| Amounts falling due 1-2 years |  |
| Bank loans | - | 7,904
|  | - | 7,904
|  | 673,005 | 872,782
Page 27
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
19. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 86,741 | 108,666
| Financial assets measured at fair value through profit or loss comprise of current asset investments being shares in listed companies other amounts are cash and bank.
Page 28
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
20. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (3,364) | (7,746)
| Movement within year | (621) | -
| Utilised in year | - | 4,382
| At end of year | (3,985) | (3,364)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (3,985) | (3,364)
|  | (3,985) | (3,364)
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 103,698 (2024 - 98,512) Ordinary shares of £0.01 each | 1,037 | 985
|  | 1 (2024 - 1) Preference B share of £0.01 | - | -
|  | 1 (2024 - 1) Preference C share of £0.01 | - | -
|  |  | 1,037 | 985
During the year the company issued 5,185 (2024: 2,868) Ordinary shares of £0.01 and received consideration of £300,000 toward the share capital issued, of which £255,000 was recieved during the previous financial period.
22. | Reserves
Share premium account Consideration received in excess of the share value is recognised as share premium. Profit and loss account Included with the profit and loss reserves are non-distributable fair value movements on investments totalling £15,000 (2024: -£32,300). Page 29
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
23. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,734 (2024 - £17,728). Contributions totalling £nil (2024 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
24. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 99,600 | 99,600
|  | 99,600 | 99,600
Page 30
SI CAPITAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
25. | Transactions with directors
| The following advances and credits to directors subsisted during the year ended 30 September 2025. The loans are interest free and repayable on demand.
|  | 2025 | 2024
|  | £ | £
| Mr R Rufus |  |
| Balance outstanding at start of year | 785,225 | 1,329,346
| Amounts advanced | 1,166,822 | 325,826
| Amounts repaid | (1,329,058) | (869,947)
| Balance outstanding at end of year | 622,989 | 785,225
26. | Related party transactions
| At the year end £412,012 (2024: £3,834) was owed by a related companies by virtue of common control and is included within debtors. Within directors loans are transactions with a related individual totalling £NIL (2024 - £24,350).
27. | Controlling party
The ultimate controlling party is director Renato Rufus by viture of shareholding.
Page 31