Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 2025-03-31 8 2024-04-01 false proprietary trading in the financial services markets 8 false false false OC301237 2024-04-01 2025-03-31 OC301237 2023-04-01 2024-03-31 OC301237 2025-03-31 OC301237 2024-03-31 OC301237 c:Buildings c:LongLeaseholdAssets 2024-04-01 2025-03-31 OC301237 c:OfficeEquipment 2024-04-01 2025-03-31 OC301237 c:CurrentFinancialInstruments 2025-03-31 OC301237 c:CurrentFinancialInstruments 2024-03-31 OC301237 c:CurrentFinancialInstruments 2 2025-03-31 OC301237 c:CurrentFinancialInstruments 2 2024-03-31 OC301237 c:CurrentFinancialInstruments 6 2025-03-31 OC301237 c:CurrentFinancialInstruments 6 2024-03-31 OC301237 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 OC301237 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC301237 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2025-03-31 OC301237 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 OC301237 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:ListedExchangeTraded 2025-03-31 OC301237 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:ListedExchangeTraded 2024-03-31 OC301237 e:FRS102 2024-04-01 2025-03-31 OC301237 e:Audited 2024-04-01 2025-03-31 OC301237 e:FullAccounts 2024-04-01 2025-03-31 OC301237 e:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC301237 c:Subsidiary1 2024-04-01 2025-03-31 OC301237 c:Subsidiary1 1 2024-04-01 2025-03-31 OC301237 c:WithinOneYear 2025-03-31 OC301237 c:WithinOneYear 2024-03-31 OC301237 e:Consolidated 2025-03-31 OC301237 e:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 OC301237 2 2024-04-01 2025-03-31 OC301237 6 2024-04-01 2025-03-31 OC301237 e:PartnerLLP1 2024-04-01 2025-03-31 OC301237 e:PartnerLLP2 2024-04-01 2025-03-31 OC301237 e:PartnerLLP3 2024-04-01 2025-03-31 OC301237 e:PartnerLLP4 2024-04-01 2025-03-31 OC301237 e:PartnerLLP5 2024-04-01 2025-03-31 OC301237 e:PartnerLLP6 2024-04-01 2025-03-31 OC301237 e:PartnerLLP7 2024-04-01 2025-03-31 OC301237 e:PartnerLLP8 2024-04-01 2025-03-31 OC301237 e:PartnerLLP9 2024-04-01 2025-03-31 OC301237 e:PartnerLLP10 2024-04-01 2025-03-31 OC301237 e:PartnerLLP11 2024-04-01 2025-03-31 OC301237 e:PartnerLLP12 2024-04-01 2025-03-31 OC301237 e:Director13 2024-04-01 2025-03-31 OC301237 e:Director14 2024-04-01 2025-03-31 OC301237 e:PartnerLLP15 2024-04-01 2025-03-31 OC301237 e:PartnerLLP16 2024-04-01 2025-03-31 OC301237 e:PartnerLLP17 2024-04-01 2025-03-31 OC301237 e:PartnerLLP18 2024-04-01 2025-03-31 OC301237 c:OtherCapitalInstrumentsClassifiedAsEquity 2025-03-31 OC301237 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC301237 c:FurtherSpecificReserve2ComponentTotalEquity 2025-03-31 OC301237 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC301237 c:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 OC301237 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC301237 c:Non-controllingInterests 2025-03-31 OC301237 c:Non-controllingInterests 2024-03-31 OC301237 f:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Registered number: OC301237 TTG OPTIONS LLP (formerly Sequoia Capital LLP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) INFORMATION
Designated Members Karimu Limited (appointed 25 July 2024)
Nabsolut Limited (appointed 25 July 2024)
Tower Trading Group (GP) LTD (appointed 25 July 2024)
Tower Trading Group (LP) Limited (appointed 24 July 2024)
M Al-Hussein (resigned 25 July 2024)
M B Brown (resigned 25 July 2024)
P S El Nabbout (resigned 25 July 2024)
Members Milestrades Ltd (appointed 25 July 2024)
Noordy DMCC (appointed 25 July 2024)
Altairinvest (appointed 1 October 2025)
Noordy Limited (appointed 1 April 2025)
J S Brose (resigned 25 July 2024)
M A Harvey (resigned 25 July 2024)
Hen Gastell (resigned 25 July 2024)
NA Holdings AB (resigned 25 July 2024)
N R A Laurencin (resigned 25 July 2024)
X C J Dehais (resigned 25 July 2024)
Nilesya Limited (appointed 25 July 2024, resigned 4 November 2024)
LLP registered number OC301237
Registered office 166 College Road Harrow Greater London HA1 1RA
Independent auditors BKL Audit LLP Chartered Accountants Statutory Auditor 35 Ballards Lane London N3 1XW
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) CONTENTS
| Page
Members' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Consolidated Statement of Comprehensive Income | 7 - 8
Consolidated Statement of Financial Position | 9 - 10
LLP Statement of Financial Position | 11 - 12
Consolidated Reconciliation of Members' Interests | 14
LLP Reconciliation of Members' Interests | 15-16
Consolidated Statement of Cash Flows | 17 - 18
Notes to the Financial Statements | 19 - 33
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The members present their annual report together with the audited financial statements of TTG Options LLP (Formerly Sequoia Capital LLP) (the "LLP and the Group") for the ended 31 March 2025. Principal activities The principal object of the LLP and the Group was that of trading derivatives in financial markets. The LLP was authorised and regulated by the FCA. The firm ceased to be authorised by the FCA on 17 July 2024. SC Long Limited, one of the subsidiaries undertakings included within these consolidated financial statements, ceased trading in May 2022. Its activities are presented as discontinued operations. Designated Members M Al-Hussein, M B Brown and P S El-Nabbout were designated members of the LLP and the Group until 25th July 2024 when they resigned. Karimu Limited, Nabsolut Limited and Tower Trading Group (GP) LTD were designated members of the LLP and the Group from 25 July 2024 when they were appointed. Tower Trading Group (LP) Limited was appointed a designated member of the Company and the Group from 24 July 2024. Members J S Brose, M A Harvey, N R A Laurencin, Niclas Albertsson Holdings AB, Hen Gastell Investments Limited and X C J Dehais were members of the LLP and the Group until 25 July 2024 when they resigned. Milestrades Ltd, Noordy DMCC and Nilesya Limited were appointed on 25 July 2024. Nilesya Limited resigned on 4 November 2024. Members' capital and interests Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP. Details of changes in members' capital in the ended 31 March 2025 are set out in the Reconciliation of Members' Interests. Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. Members' responsibilities statement The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 LLP and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the members are required to: Page 1
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ∙select suitable accounting policies 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 Group will continue in business. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are members at the time when this Members' Report is approved has confirmed that: ∙so far as that member is aware, there is no relevant audit information of which the Group's auditors are unaware, and ∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information. Auditors The auditors, BKL Audit LLP, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members. This report was approved by the members and signed on their behalf by:
J R Taylor on behalf of Tower Trading Group (GP) Ltd Designated member
Date: 31 March 2026
Page 2
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP)
Opinion
We have audited the financial statements of TTG Options LLP (Formerly Sequoia Capital LLP) (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the LLP Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Reconciliation of Members' Interests, the LLP Reconciliation of Members' Interests 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 Group's and of the parent LLP's affairs as at 31 March 2025 and of the Group's 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent LLP'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 members with respect to going concern are described in the relevant sections of this report. Page 3
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent LLP financial statements are not in agreement with the accounting records and returns; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the Members' Responsibilities Statement set out on page 1, the members 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 members 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 members are responsible for assessing the Group and the parent LLP'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 members either intend to liquidate the Group or the parent LLP or to cease operations, or have no realistic alternative but to do so. Page 4
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) (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 Group 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: ∙Enquiring of management and those charged with governance around actual and potential litigation and claims; ∙Enquiring of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work over the risks of management override of controls, including walkthrough testing of journal entries and other adjustments for appropriateness. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Group's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members. ∙Conclude on the appropriateness of the members' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group or the parent LLP's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Group and the parent LLP to cease to continue as a going concern. Page 5
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) (CONTINUED) ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation. ∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed. Catalina Feier FCA (Senior Statutory Auditor) for and on behalf of BKL Audit LLP Chartered Accountants Statutory Auditor London 31 March 2026 Page 6
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| Continuing operations | Discontin'd operations | Total | Continuing operations | Discontinued operations | Total
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
Note | £ | £ | £ | £ | £ | £
Turnover | 4 | 13,728,796 | - | 13,728,796 | 2,447,363 | - | 2,447,363
Cost of sales |  | (10,638,375) | - | (10,638,375) | (4,564,490) | - | (4,564,490)
Gross profit/(loss) |  | 3,090,421 | - | 3,090,421 | (2,117,127) | - | (2,117,127)
Administrative expenses |  | (1,859,987) | - | (1,859,987) | (1,942,093) | - | (1,942,093)
Operating profit/(loss) | 5 | 1,230,434 | - | 1,230,434 | (4,059,220) | - | (4,059,220)
Interest receivable and similar income | 9 | 237,748 | - | 237,748 | 925,907 | - | 925,907
Interest payable and similar expenses | 10 | (1,740) | - | (1,740) | (472,579) | - | (472,579)
Profit/(loss) before tax |  | 1,466,442 | - | 1,466,442 | (3,605,892) | - | (3,605,892)
Tax on profit/(loss) | 11 | (339,538) | - | (339,538) | 656,672 | 225,926 | 882,598
Profit/(loss) before members' remuneration and profit shares |  | 1,126,904 | - | 1,126,904 | (2,949,220) | 225,926 | (2,723,294)
Profit/(loss) for the year before members' remuneration and profit shares |  | 1,126,904 | - | 1,126,904 | (2,723,294) | - | (2,723,294)
Members' remuneration charged as an expense |  | (108,290) | - | (108,290) | - | - | -
Page 7
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Profit/(loss) for the financial year available for discretionary division among members |  | 1,018,614 | - | 1,018,614 | (2,723,294) | - | (2,723,294)
Profit for the year attributable to: |  |  |  |  |  |  |
Owners of the parent LLP |  |  |  | 1,018,614 |  |  | (2,723,294)
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 19 to 33 form part of these financial statements.
Page 8
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) REGISTERED NUMBER: OC301237 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 12,496 |  | 11,553
|  |  | 12,496 |  | 11,553
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 2,977,716 |  | 6,194,681 |
Current asset investments | 15 | 1,489,769 |  | 40,707 |
Cash at bank and in hand | 16 | 2,412,791 |  | 44,370,135 |
|  | 6,880,276 |  | 50,605,523 |
Creditors: amounts falling due within one year | 17 | (3,292,492) |  | (18,919,988) |
Net current assets |  |  | 3,587,784 |  | 31,685,535
Total assets less current liabilities |  |  | 3,600,280 |  | 31,697,088
Net assets |  |  | 3,600,280 |  | 31,697,088
Page 9
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) REGISTERED NUMBER: OC301237 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Members' capital classified as a liability |  |  | - |  | 3,530,000
Other amounts | 19 |  | 82,035 |  | 61,214
|  |  | 82,035 |  | 3,591,214
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 5 |  | - |
Other reserves classified as equity |  | 3,518,240 |  | 28,105,874 |
|  |  | 3,518,245 |  | 28,105,874
|  |  | 3,600,280 |  | 31,697,088
Total members' interests |  |  |  |  |
Amounts due from members (included in debtors) | 14 |  | (1,348,983) |  | (4,913,026)
Loans and other debts due to members | 19 |  | 82,035 |  | 3,591,214
Members' other interests |  |  | 3,518,245 |  | 28,105,874
|  |  | 2,251,297 |  | 26,784,062
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
J R Taylor on behalf of Tower Trading Group (GP) Ltd
Designated member
Date: 31 March 2026
The notes on pages 19 to 33 form part of these financial statements. TTG Options LLP (Formerly Sequoia Capital LLP) has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Consolidated Statement of Changes in Equity. Page 10
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) REGISTERED NUMBER: OC301237 LLP STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 12,496 |  | 11,553
Investments | 13 |  | 100 |  | 100
|  |  | 12,596 |  | 11,653
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 30,869,007 |  | 5,744,977 |
Current asset investments | 15 | 1,489,769 |  | 40,707 |
Cash at bank and in hand | 16 | 2,403,400 |  | 44,363,367 |
|  | 34,762,176 |  | 50,149,051 |
Creditors: amounts falling due within one year | 17 | (34,692,732) |  | (48,845,242) |
Net current assets |  |  | 69,444 |  | 1,303,809
Total assets less current liabilities |  |  | 82,040 |  | 1,315,462
Net assets |  |  | 82,040 |  | 1,315,462
Page 11
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) REGISTERED NUMBER: OC301237 LLP STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Members' capital classified as a liability |  |  | - |  | 3,530,000
Other amounts |  |  | 82,035 |  | 61,214
|  |  | 82,035 |  | 3,591,214
Members' other interests |  |  |  |  |
Members' capital classified as equity |  |  | 5 |  | -
Other reserves classified as equity brought forward |  | (2,275,752) |  | (884,444) |
Proft/(loss) for the year available for discretionary division among members |  | - |  | (1,391,308) |
Other movements in other reserves |  | 2,275,752 |  | - |
Other reserves classified as equity carried forward |  |  | - |  | (2,275,752)
|  |  | 5 |  | (2,275,752)
|  |  | 82,040 |  | 1,315,462
Total members' interests |  |  |  |  |
Amounts due from members (included in debtors) | 14 |  | (1,348,983) |  | (4,913,026)
Loans and other debts due to members |  |  | 82,035 |  | 3,591,214
Members' other interests |  |  | 5 |  | (2,275,752)
|  |  | (1,266,943) |  | (3,597,564)
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
J R Taylor on behalf of Tower Trading Group (GP) Ltd
Designated member
Date: 31 March 2026
The notes on pages 19 to 33 form part of these financial statements. Page 12

|  | TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) |
CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2025
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves | Total | Members' capital (classified as debt) | Other amounts | Total | Total
| £ | £ | £ | £ | £ | £ | £
Amounts due to members |  |  |  | 3,530,000 | 429,298 | 3,959,298 |
Amounts due from members |  |  |  |  | (1,923,155) | (1,923,155) |
Balance at 1 April 2023 | - | 30,829,168 | 30,829,168 | 3,530,000 | (1,493,857) | 2,036,143 | 32,865,311
Loss for the year available for discretionary division among members | - | (2,723,294) | (2,723,294) | - | - | - | (2,723,294)
Members' interests after profit for the year | - | 28,105,874 | 28,105,874 | 3,530,000 | (1,493,857) | 2,036,143 | 30,142,017
Drawings on account and distribution of profit | - | - | - | - | (3,357,955) | (3,357,955) | (3,357,955)
Amounts due to members |  |  |  | 3,530,000 | 61,214 | 3,591,214 |
Amounts due from members |  |  |  |  | (4,913,026) | (4,913,026) |
Balance at 31 March 2024 | - | 28,105,874 | 28,105,874 | 3,530,000 | (4,851,812) | (1,321,812) | 26,784,062
Members' remuneration charged as an expense | - | - | - | - | (57,745) | (57,745) | (57,745)
Profit for the year available for discretionary division among members | - | 1,018,614 | 1,018,614 | - | - | - | 1,018,614
Members' interests after profit for the year | - | 29,124,488 | 29,124,488 | 3,530,000 | (4,909,557) | (1,379,557) | 27,744,931
Other division of profits | - | (27,882,000) | (27,882,000) | - | 27,990,290 | 27,990,290 | 108,290
Movement in reserves | - | 2,275,752 | 2,275,752 | - | - | - | 2,275,752
Amounts introduced by members | 5 | - | 5 | - | - | - | 5
Repayment of capital | - | - | - | (3,530,000) | - | (3,530,000) | (3,530,000)
Drawings on account and distribution of profit | - | - | - | - | (24,826,869) | (24,826,869) | (24,826,869)
Page 13

|  | TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Repayment of members' drawings | - | - | - | - | 479,188 | 479,188 | 479,188
Amounts due to members |  |  |  |  | 82,035 | 82,035 |
Amounts due from members |  |  |  |  | (1,348,983) | (1,348,983) |
Balance at 31 March 2025 | 5 | 3,518,240 | 3,518,245 | - | (1,266,948) | (1,266,948) | 2,251,297
Page 14

|  | TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) |
LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2025
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves | Total | Members' capital (classified as debt) | Other amounts | Total | Total
| £ | £ | £ | £ | £ | £ | £
Amounts due to members |  |  |  | 3,530,000 | 429,298 | 3,959,298 |
Amounts due from members |  |  |  |  | (1,923,155) | (1,923,155) |
Balance at 1 April 2023 | - | (884,444) | (884,444) | 3,530,000 | (1,493,857) | 2,036,143 | 1,151,699
Loss for the year available for discretionary division among members | - | (1,391,308) | (1,391,308) | - | - | - | (1,391,308)
Members' interests after profit for the year | - | (2,275,752) | (2,275,752) | 3,530,000 | (1,493,857) | 2,036,143 | (239,609)
Drawings on account and distribution of profit | - | - | - | - | (3,357,955) | (3,357,955) | (3,357,955)
Amounts due to members |  |  |  | 3,530,000 | 61,214 | 3,591,214 |
Amounts due from members |  |  |  |  | (4,913,026) | (4,913,026) |
Balance at 31 March 2024 | - | (2,275,752) | (2,275,752) | 3,530,000 | (4,851,812) | (1,321,812) | (3,597,564)
Members' remuneration charged as an expense, including employment and retirement benefit costs | - | - | - | - | (57,745) | (57,745) | (57,745)
Members' interests after profit for the year | - | (2,275,752) | (2,275,752) | 3,530,000 | (4,909,557) | (1,379,557) | (3,655,309)
Other division of profits | - | - | - | - | 27,990,290 | 27,990,290 | 27,990,290
Movement in reserves | - | 2,275,752 | 2,275,752 | - | - | - | 2,275,752
Amounts introduced by members | 5 | - | 5 | - | - | - | 5
Repayment of capital | - | - | - | (3,530,000) | - | (3,530,000) | (3,530,000)
Drawings on account and distribution of profit | - | - | - | - | (24,826,869) | (24,826,869) | (24,826,869)
Page 15

|  | TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
LLP RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Repayment of members' drawings | - | - | - | - | 479,188 | 479,188 | 479,188
Amounts due to members |  |  |  |  | 82,035 | 82,035 |
Amounts due from members |  |  |  |  | (1,348,983) | (1,348,983) |
Balance at 31 March 2025 | 5 | - | 5 | - | (1,266,948) | (1,266,948) | (1,266,943)
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
Page 16

TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 1,018,614 | (2,723,294)
Adjustments for: |  |
Depreciation of tangible assets | 2,438 | 9,365
Loss on disposal of tangible assets | 9,115 | (3,640)
Interest paid | 1,740 | 472,579
Interest received | (237,748) | (925,907)
Taxation charge | 339,538 | (882,598)
Decrease in debtors | 2,608,600 | 29,437
(Increase)/decrease in amounts owed by groups | (76,643) | -
(Decrease) in creditors | (2,616,645) | (6,090)
Corporation tax received/(paid) | 685,008 | (6,460,100)
Increase / (Decrease) in liabilities at fair value | (16,859,874) | (50,253,516)
(Increase) / Decrease in assets at fair value | (1,449,062) | (40,707)
Members' remuneration charged as an expense | 50,545 | -
Net cash generated from operating activities before transactions with members | (16,524,374) | (60,784,471)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (12,496) | (4,629)
Sale of tangible fixed assets | - | 3,640
Interest received | 237,748 | 777,335
Net cash from investing activities | 225,252 | 776,346
Page 17
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Interest paid | (1,740) | (103,404)
Members' capital contributed | 5 | -
LLP capital treated as debt - amounts repaid | (3,530,000) | -
Amounts introduced by members | 479,188 | -
Payments to members | (24,881,427) | (3,357,955)
Movement in reserves | 2,275,752 | -
Net cash used in financing activities | (25,658,222) | (3,461,359)
Net (decrease) in cash and cash equivalents | (41,957,344) | (63,469,484)
Cash and cash equivalents at beginning of year | 44,370,135 | 107,839,619
Cash and cash equivalents at the end of year | 2,412,791 | 44,370,135
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and cash equivalents | 2,412,791 | 44,370,135
The notes on pages 19 to 33 form part of these financial statements.
Page 18
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
TTG Options LLP (formerly Sequoia Capital LLP) ('the LLP') is principally engaged in derivatives trading in financial markets. The LLP was authorised and regulated by the FCA. The firm ceased to be authorised by the FCA on 17 July 2024. The LLP is a limited liability partnership incorporated in the United Kingdom. Its principal place of business is 166 College Road, Harrow, Greater London, England, HA1 1RA. 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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships". The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis, which assumed that the Group will continue to trade for at least 12 months from the date of approval of these financial statements, and will be able to meet its liabilities as they fall due. The Group relies upon the availability of working capital and generation of profits and cash in the future to meet such liabilities. The members are confident that the Group's access to working capital and future profit generation is sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis. Page 19
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The LLP'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 Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue and Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. Revenue comprises profits and losses derived from dealings in futures and options, together with market maker and other rebates. In accordance with accepted practice, the profits and losses from dealings in futures and options include unrealised profits and losses at the period end, as open positions are included at market value. This policy represents a departure from the statutory requirement to record positions and instruments at the lower of cost and net realisable value. The members consider this to be necessary to show a true and fair view, since the marketability of the instruments enables decisions to be taken continually about whether to hold or sell them, and hence the economic measure of profit in any period is properly made by reference to market values.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term. Page 20
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Taxation
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 LLP and the Group operate and generate income.
| 2.11 | 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. Page 21
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
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 | - | Over the period of the lease
|  |  |  | Office equipment | - | 25% straight line
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.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Current asset investments are open positions on the Group's derivatives trading and these are measured at fair value through profit and loss as determined by market forces and the gains and losses arising are recognised in turnover.
| 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 Consolidated 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 Group's cash management.
| 2.14 | Financial instruments
The Group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. (i) Financial assets Basic financial assets, including trade and other debtors, and amounts due from related companies,are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Page 22
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Income. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (ii) Financial liabilities Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Fair value models assume that the effective rate of interest to be used for valuing fair value is that rate at which the company can obtain external finance. Page 23
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgements 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 for assets and liabilities as at the year end date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. No judgements (apart form those involving estimates) have been made in the process of applying the above accounting policies. The following are key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year: ∙Adminstrative expenses are allocated from Sequoia Capital LLP to its subidiaries based on management estimations of costs attributed to each trading desk. ∙Brokerage costs are accrued in respect of transactions executed prior to the year end but for which final settlement confirmations are received after the reporting date. The accrual is based on management’s best estimate of costs incurred, taking into account contracts with counterparties, historical settlement patterns, transaction data received up to the reporting date and, where applicable, estimates of volumes and rates not yet confirmed.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net trading profits and other income | 4,222,235 | 1,027,554
| Designated market maker rebates | 9,506,561 | 1,419,809
|  | 13,728,796 | 2,447,363
| All turnover arose within the United Kingdom.
5. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 2,438 | 9,365
| Exchange differences | (15,553) | (33,351)
| Other operating lease rentals | 113,452 | 108,716
| Pension | 62,650 | 72,498
Page 24
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the LLP's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the LLP's auditors and their associates for the audit of the consolidated and parent LLP's financial statements | 34,000 | 36,700
| Fees payable to the LLP's auditors and their associates in respect of: |  |
| The auditing of accounts of subsidiaries of the LLP | 3,000 | 11,300
| Other services relating to taxation | 33,000 | 31,800
7. | Employees
| Staff costs were as follows:
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 774,174 | 854,104 | 774,174 | 854,104
| Social security costs | 95,634 | 120,441 | 95,634 | 120,441
| Cost of defined contribution scheme | 62,650 | 72,498 | 62,650 | 72,498
|  | 932,458 | 1,047,043 | 932,458 | 1,047,043
| The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
|  |  | Group | Group | LLP | LLP
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Administration | 2 | 2 | 2 | 2
|  | IT development and maintenance | 3 | 3 | 3 | 3
|  | Back office | 3 | 3 | 3 | 3
|  |  | 8 | 8 | 8 | 8
Page 25
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Information in relation to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | Number | Number
| The average number of members during the year was | 6 | 9
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| The average members remuneration during the year was | 18,048 | -
| Paid under employment contract | 57,745 | -
| Paid under the terms of the LLP agreement | 50,545 | -
|  | 108,290 | -
| The amount of profit attributable to the member with the largest entitlement was | 36,241 | 20,762
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 237,748 | 925,907
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 1,740 | 103,404
| Other interest payable | - | 369,175
|  | 1,740 | 472,579
Page 26
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 339,538 | -
| Adjustments in respect of previous periods | - | (882,598)
| Total current tax | 339,538 | (882,598)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 1,466,442 | (3,605,892)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 366,611 | (901,473)
| Effects of: |  |
| Losses carried back | - | 214,723
| Credit in relation to prior year tax not due as a result of current year losses | - | (225,926)
| Other timing differences leading to an increase (decrease) in taxation | - | 23,284
| Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment | (27,073) | 6,794
| Total tax charge for the year | 339,538 | (882,598)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 27
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
| Group and LLP
|  | Long-term leasehold property | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 242,249 | 106,143 | 348,392
| Additions | - | 12,496 | 12,496
| Disposals | (242,249) | (106,143) | (348,392)
| At 31 March 2025 | - | 12,496 | 12,496
| At 1 April 2024 | 242,249 | 94,590 | 336,839
| Charge for the year on owned assets | - | 2,438 | 2,438
| Disposals | (242,249) | (97,028) | (339,277)
| At 31 March 2025 | - | - | -
| Net book value |  |  |
| At 31 March 2025 | - | 12,496 | 12,496
| At 31 March 2024 | - | 11,553 | 11,553
Page 28
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Fixed asset investments
| LLP
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 100
| At 31 March 2025 | 100
| Direct subsidiary undertaking
| The following was a direct subsidiary undertaking of the LLP:
| Name | Registered office | Principal activity | Class of shares | Holding
| TTG Capital Markets (formerly Sequoia Capital Markets Ltd) | 35 Ballards Lane, London, UK, N3 1XW | Investment holding | Ordinary | 100%
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the LLP:
| Name | Registered office | Principal activity | Class of shares | Holding
| SC Stirs Limited | 35 Ballards Lane, London, UK, N3 1XW | Trading derivatives in financial markets | Ordinary | 100%
| SC Long Limited | 35 Ballards Lane, London, UK, N3 1XW | Ceased trading | Ordinary | 100%
Page 29
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Debtors
|  | Group | Group As restated | LLP | LLP As restated
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts owed by group undertakings | 76,643 | - | 27,967,934 | 232,594
| Other debtors | 16,928 | 885,353 | 16,928 | 203,055
| Prepayments and accrued income | 1,535,162 | 396,302 | 1,535,162 | 396,302
| Amounts due from members | 1,348,983 | 4,913,026 | 1,348,983 | 4,913,026
|  | 2,977,716 | 6,194,681 | 30,869,007 | 5,744,977
| Amounts owed by group undertakings are interest free, unsecured and repayable upon demand.
15. | Current asset investments
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Short term investments | 1,489,769 | 40,707 | 1,489,769 | 40,707
| The short term investments are financial assets measured at fair value through profit or loss, and held as part of a trading portfolio.
16. | Cash and cash equivalents
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,412,791 | 44,370,135 | 2,403,400 | 44,363,367
| Included within cash and cash equivalents is an amount of £2,330,641 (2024: £38,732,743) held with the clearing agents through which the LLP trades.
Page 30
TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Creditors: Amounts falling due within one year
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 58,745 | 152,844 | 58,745 | 152,844
| Amounts owed to group undertakings | - | - | 31,739,878 | 29,925,254
| Corporation tax | 339,538 | - | - | -
| Other taxation and social security | 30,267 | 30,125 | 30,267 | 30,125
| Other creditors | - | 5,069 | - | 5,069
| Accruals and deferred income | 1,579,415 | 587,819 | 1,579,315 | 587,819
| Financial instruments | 1,284,527 | 18,144,131 | 1,284,527 | 18,144,131
|  | 3,292,492 | 18,919,988 | 34,692,732 | 48,845,242
| Amounts owed to group undertakings are interest free, unsecured and repayable upon demand.
18. | Financial instruments
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 1,489,769 | 40,707 | 1,489,769 | 40,707
| Financial liabilities |  |  |  |
| Derivative financial instruments measured at fair value through profit or loss | (1,284,527) | (18,144,131) | (1,284,527) | (18,144,131)
| Financial assets and liabilities measured at fair value through profit or loss comprise open positions held with the clearing agents through which the Group trades.
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TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Loans and other debts due to members
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Members' capital treated as debt | - | 3,530,000 | - | 3,530,000
| Other amounts due to members | 82,035 | 61,214 | 82,035 | 61,214
|  | 82,035 | 3,591,214 | 82,035 | 3,591,214
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
20. | Discontinued operations
The discontinued operations consist of the activities undertaken by subsidiary undertaking SC Long Limited which has ceased trading in May 2022.
21. | Prior year adjustment
The LLP financial statements have been restated to reclassify group balances previously included within creditors due within one year to debtors due within one year. This has reduced debtors due within one year by £1,364,132 and reduced creditors due within one year by the same amount. This has no impact on net assets or loss for the year as previously reported.
22. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £66,654 (2024: £72,498). Contributions totalling £4,705 (2024: £4,505) were payable to the fund at the reporting date.
23. | Commitments under operating leases
| At 31 March 2025 the Group and the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | - | 60,624 | - | 60,624
|  | - | 60,624 | - | 60,624
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TTG OPTIONS LLP (FORMERLY SEQUOIA CAPITAL LLP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
24. | Related party transactions
| All members are related parties and transactions with them are shown in the reconciliation of members interests.
25. | Controlling party
The ultimate controlling party is Tower Trading Group (LP) Limited. The registered office of Tower Trading Group (LP) Limited is 166 College Road, Harrow, Middlesex, United Kingdom, HA1 1RA.
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