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Registered number: 08831417 POSCO CAPITAL PARTNERS PLC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
POSCO CAPITAL PARTNERS PLC
COMPANY INFORMATION
Directors | S B Parekh
| S M U Ahmed
| G O'Brien
| P Unnikrishnan
Registered number | 08831417
Registered office | 232-238 Bishopsgate
| Chanray House
| London
| EC2M 4QD
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
POSCO CAPITAL PARTNERS PLC
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 - 22
POSCO CAPITAL PARTNERS PLC
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
Posco Capital Partners PLC is a boutique investment management firm based in London, authorised and regulated by the Financial Conduct Authority (FCA). Posco offers a full range of services in Investment Advisory, Corporate Finance Advisory and Securities Trading to High Net-Worth Individuals, Corporate Groups, Family Offices and Institutional Investors in emerging Markets.
Business review
Net Turnover of the Company was £1,602,078 (2024 - £1,682,200) for the year ended 31 December 2025. The profit for the year was £13,138 (2024 - £12,708). Profitability is heavily influenced by brokerage business. The capital resources of the Company for the year are in excess of the financial resources requirement as prescribed by the Financial Conduct Authority (FCA). The Company's focus is to provide stockbroking, and corporate finance services in emerging and developing markets. Technology and operational efficiency are critical within the business and back office operation. The operations team continue to be supported by an efficient straight through processing system that meets the needs of the Company and our clients.
Principal risks and uncertainties
The financial risk management objective and policy is to maintain sufficient liquidity and capital so that it can always meet its liabilities and regulatory financial resources requirements. At the reporting date, the main risks to which the Company was exposed are as follows: Credit risk & cash-flow risk The Company has no significant concentration of credit risk as the Company continues to grow its customer base. The Company has so far provided advisory services where monies are received in advance of services reducing the effect of cash flow risk. Operational risk The Company relies on a number of third party relationships and services to carry out business functions. The risk arises from the inability to effectively carry out robust evaluations of third parties by the Company or the ability to meet the services requirements by third party service providers. Operational risks are monitored by the board and which has delegated the risk monitoring function to a member of the senior management team that reports directly to the Chief Executive. As part of the Capital Requirements Directive, the Company maintains an "Internal Capital Adequacy Assessment Review". This is updated on an annual basis on the latest available information and is used in conjunction with a compliance manual and a fully documented system of controls and procedures. Liquidity risk The Company is cash positive and aims to ensure sufficient funds are always available for its operating activities. There is no need for borrowing facilities required, the directors will continue to monitor the Company's cash requirements and ensure there is sufficient liquidity to meet its liabilities. Page 1
POSCO CAPITAL PARTNERS PLC
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The Directors consider the level of fee income to be the key performance indicator for the Company. Given the straightforward nature of the business, the Company's Directors are of the opinion that analysis using any other KPIs is not necessary for an understanding of the development, performace or position of the business.
Remuneration Code
In accordance with the rules of the Financial Conduct Authority, the Company has made available information on its Remuneration Code. This information is available on request of the Company.
Directors' statement of compliance with duty to promote the success of the Company
The board of Directors of the Company consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the Stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 December 2024. Consideration of long-term consequences are an inherent part of the Company's decision-making processes. As a privately-owned Company, the board considers that the interests of the Company and its Shareholder are aligned in seeking sustainable value creation over the longer term through it's operations, promoting long term strategic decision-making. These factors also drive a continuing focus on the maintenance of durable relationships with Stakeholders, built on the Company's reputation with Clients and Suppliers. The Company is regulated by the Financial Conduct Authority in the conduct of its advisory services and must do so in good faith and with due diligence. The Company operates in a sector characterised by long term relationships with Stakeholders. Maintaining a reputation for high standards of business conduct is vital and the Company expects all members of the supply chain to always act with integrity, acting openly, honestly and ethically. The Company has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, each of which is reinforced through appropriate measures. This report was approved by the board on 31 March 2026 and signed on its behalf.
S M U Ahmed Director
Page 2
POSCO CAPITAL PARTNERS PLC
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
Directors
The Directors who served during the year were:
S B Parekh
S M U Ahmed
G O'Brien
P Unnikrishnan (appointed 25 September 2025)
Results and dividends
The profit for the year, after taxation, amounted to £13,138 (2024 - £12,708). The Directors do not recommend payment of a dividend.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Future developments
There are no other plans which will significantly change the activities and risks of the Company.
Engagement with employees
The Company has continued throughout the year to provide Employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that Employees are aware of all significant matters affecting the Company's performance and of any significant organisational changes. Page 3
POSCO CAPITAL PARTNERS PLC
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Engagement with suppliers, customers and others
The Company does not confirm to any code or standard regarding payment practice. However, it is the Company's policy to settle the terms of payment with suppliers when business is agreed, to ensure that Suppliers are made aware of them and to pay invoices in accordance with these terms.
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.
Auditors
The auditors, Sopher + Co LLP, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006. This report was approved by the board on 31 March 2026 and signed on its behalf.
S M U Ahmed Director
Page 4
POSCO CAPITAL PARTNERS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSCO CAPITAL PARTNERS PLC
Opinion
We have audited the financial statements of Posco Capital Partners PLC (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 31 December 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. Page 5
POSCO CAPITAL PARTNERS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSCO CAPITAL PARTNERS PLC (CONTINUED)
Other information
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
POSCO CAPITAL PARTNERS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSCO CAPITAL PARTNERS PLC (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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the financial sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; and ∙enquiring of management as to actual and potential litigation and claims. ∙. Page 7
POSCO CAPITAL PARTNERS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSCO CAPITAL PARTNERS PLC (CONTINUED) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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. Sean Brennan FCCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 31 March 2026 Page 8
POSCO CAPITAL PARTNERS PLC
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 1,602,078 | 1,682,200
Cost of sales |  | (687,199) | (857,667)
Gross profit |  | 914,879 | 824,533
Administrative expenses |  | (911,211) | (806,360)
Operating profit | 5 | 3,668 | 18,173
Interest receivable and similar income | 10 | 26,825 | 27,778
Interest payable and similar expenses | 11 | (4,474) | (16,529)
Profit before tax |  | 26,019 | 29,422
Tax on profit | 12 | (12,881) | (16,714)
Profit for the financial year |  | 13,138 | 12,708
The notes on pages 13 to 22 form part of these financial statements.
Page 9
POSCO CAPITAL PARTNERS PLC REGISTERED NUMBER:08831417
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets |  |  | 23,053 |  | -
Fixed asset investments | 14 |  | 500,000 |  | 500,000
|  |  | 523,053 |  | 500,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 78,921 |  | 164,688 |
Cash at bank and in hand | 16 | 1,483,391 |  | 1,468,934 |
|  | 1,562,312 |  | 1,633,622 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (180,705) |  | (247,863) |
Net current assets |  |  | 1,381,607 |  | 1,385,759
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (5,763) |  | - |
|  |  | (5,763) |  | -
Net assets |  |  | 1,898,897 |  | 1,885,759
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 1,542,499 |  | 1,542,499
Profit and loss account | 20 |  | 356,398 |  | 343,260
|  |  | 1,898,897 |  | 1,885,759
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2026.
S M U Ahmed
Director
The notes on pages 13 to 22 form part of these financial statements. Page 10
POSCO CAPITAL PARTNERS PLC
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 1,542,499 | 343,260 | 1,885,759
Profit for the year | - | 13,138 | 13,138
At 31 December 2025 | 1,542,499 | 356,398 | 1,898,897
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1,542,499 | 330,552 | 1,873,051
Profit for the year | - | 12,708 | 12,708
At 31 December 2024 | 1,542,499 | 343,260 | 1,885,759
| The notes on pages 13 to 22 form part of these financial statements.
Page 11
POSCO CAPITAL PARTNERS PLC
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 13,138 | 12,708
Adjustments for: |  |
Depreciation of tangible assets | 5,763 | -
Interest paid | 4,474 | 16,529
Interest received | (26,824) | (27,778)
Taxation charge | 12,881 | 16,714
Decrease/(increase) in debtors | 85,768 | (11,550)
(Decrease) in creditors | (67,160) | (171,582)
Corporation tax (paid) | (7,118) | (16,714)
Net cash generated from operating activities | 20,922 | (181,673)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (28,816) | -
Interest received | 26,824 | 27,778
Net cash from investing activities | (1,992) | 27,778
Cash flows from financing activities |  |
Interest paid | (4,474) | (16,529)
Net cash used in financing activities | (4,474) | (16,529)
Net increase/(decrease) in cash and cash equivalents | 14,456 | (170,424)
Cash and cash equivalents at beginning of year | 1,468,935 | 1,639,359
Cash and cash equivalents at the end of year | 1,483,391 | 1,468,935
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,483,391 | 1,468,935
| 1,483,391 | 1,468,935
The notes on pages 13 to 22 form part of these financial statements.
Page 12
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Posco Capital Partners PLC is a limited liability company incorporated and domiciled in England & Wales, with its registered office address is at 232-238 Bishopsgate, Chanray House, London, EC2M 4QD. The principal activity of the Company during the year was providing brokerage services. The financial statements are presented in £ Sterling, which is the functional currency of the Company. 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). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is £ Sterling. 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. Page 13
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 14
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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 reporting 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 reporting 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 reporting date.
| 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. 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:
|  |  |  | Fixtures and fittings | - | 20% |
|  |  |  | Office equipment | - | 20% |
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 subsidiaries are measured at cost less accumulated impairment. Page 15
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.13 | Basic Financial Instruments
The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to related parties. Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. Cash and cash equivalents comprise cash balances and call deposits.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing these financial statements, the Directors have made the judgement in determine whether there are indicators of impairment of the Company's fixed asset investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Brokerage fees | 846,987 | 1,218,800
| Custody fees | 206,601 | 176,312
| Advisory services fees | 548,490 | 287,088
|  | 1,602,078 | 1,682,200
| All turnover arose within the United Kingdom.
Page 16
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 25,635 | (5,335)
| Other operating lease rentals | 52,088 | 49,917
|  | 26,453 | 55,252
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 10,800 | 10,500
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 355,771 | 304,918
| Social security costs | 17,965 | 14,399
|  | 373,736 | 319,317
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 4 | 3
|  | Administrative staff | 4 | 4
|  |  | 8 | 7
Page 17
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sums paid to third parties in respect of directors' services | 163,667 | 120,000
9. | Key management compensation
Key management includes the Directors and members of senior management. Compensation paid or payable to key management during the year totaled £163,667 (2024 - £120,000).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 26,825 | 27,778
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 4,474 | 16,529
Page 18
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 7,118 | 14,472
| Adjustments in respect of previous periods | - | 2,242
| Deferred tax |  |
| Origination and reversal of timing differences | 5,763 | -
|  | 12,881 | 16,714
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the composite rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 26,019 | 29,422
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 6,505 | 7,356
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 6,376 | 7,116
| Capital allowances for year in excess of depreciation | (5,763) | -
| Adjustments to tax charge in respect of prior periods | - | 2,242
| Other differences leading to an increase (decrease) in the tax charge | 5,763 | -
| Total tax charge for the year | 12,881 | 16,714
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 19
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| Additions | 12,056 | 16,760 | 28,816
| At 31 December 2025 | 12,056 | 16,760 | 28,816
| Depreciation |  |  |
| Charge for the year on owned assets | 2,411 | 3,352 | 5,763
| At 31 December 2025 | 2,411 | 3,352 | 5,763
| Net book value |  |  |
| At 31 December 2025 | 9,645 | 13,408 | 23,053
| At 31 December 2024 | - | - | -
14. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost or valuation |
| At 1 January 2025 | 500,000
| At 31 December 2025 | 500,000
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 19,710 | -
| Other debtors | 57,254 | 113,731
| Prepayments and accrued income | 1,957 | 50,957
|  | 78,921 | 164,688
Page 20
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,483,391 | 1,468,934
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | - | 29,524
| Other taxation and social security | 7,041 | 18,791
| Accruals and deferred income | 173,664 | 199,548
|  | 180,705 | 247,863
18. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | (5,763)
| At end of year | (5,763)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (5,763) | -
Page 21
POSCO CAPITAL PARTNERS PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,542,499 (2024 - 1,542,499) Ordinary shares of £1.00 each | 1,542,499 | 1,542,499
20. | Reserves
Profit and loss account The profit and loss reserve contains the cumulative balance of retained profit and losses since the Company started trading. It is a distributable reserve.
21. | Commitments under operating leases
| At 31 December 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 | 32,000 | 145,765
| Later than 1 year and not later than 5 years | 109,940 | 214,055
|  | 141,940 | 359,820
22. | Client funds and assets
The Company holds cash funds on behalf of clients in the ordinary course of business. These funds are held in separate client bank accounts, which do not form part of these financial statements. At 31 December 2025, the balance of the funds held on behalf of clients amounted to £3,023,440. The Company is also in custody of client assets, held separately by third party institutes, which do not form part of these financial statements. At 31 December 2025, the market value of these assets amounted to £496,346,870.
23. | Related party transactions
| The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.
24. | Controlling party
The immediate parent undertaking of the Company is Posco Capital Holdings Limited, a company incorporated in British Virgin Islands. Mr S B Parekh is considered the ultimate controlling party by virtue of his 100% shareholding in Posco Capital Holdings Limited. Page 22