Acorah Software Products - Accounts Production 18.1.170 false true 31 March 2024 1 April 2023 false false 8 April 2026 true true 1 April 2024 31 March 2025 31 March 2025 06732895 G Ellis M Ellis 31 March 2025 iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06732895 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2025-03-31 06732895 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2025-03-31 06732895 2025-03-31 06732895 2024-04-01 2025-03-31 06732895 frs-core:CurrentFinancialInstruments 2025-03-31 06732895 frs-core:Non-currentFinancialInstruments 2025-03-31 06732895 frs-core:PlantMachinery 2025-03-31 06732895 frs-core:PlantMachinery 2024-04-01 2025-03-31 06732895 frs-core:PlantMachinery 2024-03-31 06732895 frs-core:ShareCapital 2025-03-31 06732895 frs-core:RetainedEarningsAccumulatedLosses 2025-03-31 06732895 frs-bus:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 06732895 frs-core:UnlistedNon-exchangeTraded 2025-03-31 06732895 frs-core:UnlistedNon-exchangeTraded 2024-03-31 06732895 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-03-31 06732895 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2025-03-31 06732895 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2025-03-31 06732895 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 06732895 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2025-03-31 06732895 frs-bus:Director1 2024-04-01 2025-03-31 06732895 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear frs-bus:Consolidated 2024-03-31 06732895 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear frs-bus:Consolidated 2025-03-31 06732895 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears frs-bus:Consolidated 2025-03-31 06732895 frs-bus:Consolidated 2024-03-31 06732895 frs-bus:Consolidated 2025-03-31 06732895 frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-core:CurrentFinancialInstruments frs-bus:Consolidated 2025-03-31 06732895 frs-core:Non-currentFinancialInstruments frs-bus:Consolidated 2025-03-31 06732895 frs-core:FurnitureFittings frs-bus:Consolidated 2025-03-31 06732895 frs-core:FurnitureFittings frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-core:FurnitureFittings frs-bus:Consolidated 2024-03-31 06732895 frs-core:PlantMachinery frs-bus:Consolidated 2025-03-31 06732895 frs-core:PlantMachinery frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-core:PlantMachinery frs-bus:Consolidated 2024-03-31 06732895 frs-core:ShareCapital frs-bus:Consolidated 2025-03-31 06732895 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2025-03-31 06732895 frs-bus:PrivateLimitedCompanyLtd frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-bus:FullAccounts frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-bus:MediumEntities frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-bus:Audited frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-bus:Medium-sizedCompaniesRegimeForAccounts frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-bus:OrdinaryShareClass1 frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-bus:OrdinaryShareClass1 frs-bus:Consolidated 2025-03-31 06732895 frs-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests frs-bus:Consolidated 2025-03-31 06732895 frs-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-core:Non-controllingInterests frs-bus:Consolidated 2025-03-31 06732895 frs-core:Non-controllingInterests frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-core:ListedExchangeTraded frs-bus:Consolidated 2025-03-31 06732895 frs-core:ListedExchangeTraded frs-bus:Consolidated 2024-03-31 06732895 frs-core:CostValuation frs-core:ListedExchangeTraded frs-bus:Consolidated 2024-03-31 06732895 frs-core:AdditionsToInvestments frs-core:ListedExchangeTraded frs-bus:Consolidated 2025-03-31 06732895 frs-core:FurtherSpecificIncreaseDecreaseInInvestments1ComponentTotalChangeInInvestments frs-core:ListedExchangeTraded frs-bus:Consolidated 2025-03-31 06732895 frs-core:CostValuation frs-core:ListedExchangeTraded frs-bus:Consolidated 2025-03-31 06732895 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded frs-bus:Consolidated 2024-03-31 06732895 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded frs-bus:Consolidated 2025-03-31 06732895 frs-bus:Director1 frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-bus:Director2 frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 4 frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-countries:EnglandWales frs-bus:Consolidated 2024-04-01 2025-03-31 06732895 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2024-03-31 06732895 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2024-03-31 06732895 2023-03-31 06732895 2024-03-31 06732895 2023-04-01 2024-03-31 06732895 frs-core:CurrentFinancialInstruments 2024-03-31 06732895 frs-core:Non-currentFinancialInstruments 2024-03-31 06732895 frs-core:ShareCapital 2024-03-31 06732895 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 06732895 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear frs-bus:Consolidated 2024-03-31 06732895 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears frs-bus:Consolidated 2024-03-31 06732895 frs-bus:Consolidated 2023-03-31 06732895 frs-bus:Consolidated 2024-03-31 06732895 frs-bus:Consolidated 2023-04-01 2024-03-31 06732895 frs-core:CurrentFinancialInstruments frs-bus:Consolidated 2024-03-31 06732895 frs-core:Non-currentFinancialInstruments frs-bus:Consolidated 2024-03-31 06732895 frs-core:ShareCapital frs-bus:Consolidated 2023-03-31 06732895 frs-core:ShareCapital frs-bus:Consolidated 2024-03-31 06732895 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2023-04-01 2024-03-31 06732895 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount frs-bus:Consolidated 2023-03-31 06732895 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2024-03-31 06732895 frs-bus:OrdinaryShareClass1 frs-bus:Consolidated 2023-04-01 2024-03-31 06732895 frs-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests frs-bus:Consolidated 2023-03-31 06732895 frs-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests frs-bus:Consolidated 2024-03-31 06732895 frs-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests frs-bus:Consolidated 2023-04-01 2024-03-31 06732895 frs-core:Non-controllingInterests frs-bus:Consolidated 2023-03-31 06732895 frs-core:Non-controllingInterests frs-bus:Consolidated 2024-03-31 06732895 frs-core:Non-controllingInterests frs-bus:Consolidated 2023-04-01 2024-03-31 06732895 4 frs-bus:Consolidated 2023-04-01 2024-03-31
Resurgam Capital Management Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2025
PJE Chartered Accountants
2 Oakfield Road
Clifton
Bristol
BS8 2AL
Resurgam Capital Management Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1—3
Directors' Report | 4—5
Independent Auditor's Report | 6—9
Consolidated Profit and Loss Account | 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Balance Sheet | 12—13
Company Balance Sheet | 14—15
Consolidated Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17
Notes to the Consolidated Statement of Cash Flows | 18
Notes to the Financial Statements | 19—27

Page 1
Resurgam Capital Management Limited
Strategic Report
For The Year Ended 31 March 2025
Strategic Report
The directors present their strategic report for the year ended 31 March 2025.
Review of the Business
Introduction
The directors present their Strategic Report for the financial year ended 31st March 2025. This report provides an overview of the company’s business model, strategy, performance, principal risks, and outlook for the forthcoming financial year.
Group Overview
Resurgam Capital Management Limited is a holding company which does not actively trade. All trading activity is undertaken through Nutshell Asset Management ("The Company").
The Company is a London-based investment management firm authorised and regulated by the Financial Conduct Authority (FCA). The Company specialises in actively managed global equity strategies through both long-only and long–short investment approaches.
The business currently manages:
• The Nutshell Growth Fund, a long-only global equity UCITS fund;
• A newly launched long–short hedge fund; and
• Three Separately Managed Accounts (SMAs).
As at 31st March 2025, total assets under management (“AUM”) stood at £351 million, with the Nutshell Growth Fund representing £93 million of this total.
Founded by Mark Ellis, the Company is a specialist global equity boutique with a rigorous, repeatable investment process designed to deliver long-term outperformance with disciplined risk control.
Business Model and Investment Strategy
The Company’s investment philosophy is centred on identifying quality, resilient, and exceptional global companies thatexhibit sustainable competitive advantages and trade at reasonable valuations. The investment objective of the Nutshell Growth Fund is to achieve long-term capital growth in excess of peers and global equity markets, with reduced volatility and drawdown periods.
Investment decisions are guided by an in-house proprietary bottom-up quantitative process that integrates fundamental, technical, and valuation factors refined over 25+ years. This systematic approach helps the investment team mitigate behavioural biases and has historically contributed to both superior performance in normal market conditions and reduced beta during periods of market stress.
The portfolio is managed actively, with a focus on relative valuation discipline and agile rebalancing.
Strategic Objectives for FY24/25
During the financial year, the Company pursued the following key strategic objectives:
• Product Expansion: Develop the Nutshell Long–Short Fund, broadening the product range and providing clients with an alternative source of alpha generation through market cycles.
• Asset Growth: The firm achieved meaningful AUM growth, supported by positive fund performance and net inflows from both existing and new institutional clients.
• Operational Development: Continued investment in operations and compliance infrastructure to support scalable growth, including enhanced portfolio monitoring, client reporting, and regulatory systems.
• Brand and Distribution Strengthening: Deepened relationships with investment consultants and platforms to support future distribution and awareness of the Nutshell investment offering.
Key Performance Indicators (KPIs)
...CONTINUED
Page 1
Page 2
Resurgam Capital Management Limited
Strategic Report (continued)
For The Year Ended 31 March 2025
Review of the Business - continued
The directors monitor the Company’s performance against several key indicators, including:
• Assets Under Management (AUM): Increased to £ 351 million, reflecting strong inflows and investment performance.
• Revenue Growth: Management fee income rose 797% year on year, supported by growth in AUM and product diversification.
• Operating Profit: Operating profit increased by 1266%, notwithstanding higher administrative costs associated with fund launches and marketing initiatives.
• Administrative Expenses: Administrative expenses rose 391%, largely reflecting one-off project and technologyincreases in marketing, office an legal expenses.
• Profit Before Tax: Profit before tax increased by 1284%, underpinned by recurring fee income and interest earned on surplus cash balances.
• Liquidity: The Company maintained a strong cash position throughout the year, with no debt exposure and conservative treasury management.
Principal Risks and Uncertainties
The directors recognise that effective risk management is fundamental to the long-term success of the Company. The principal risks and associated mitigations include:
• Market Risk: Volatility in global equity markets directly affects fund performance and AUM levels. This risk is mitigated by the Company’s diversified investment approach, ongoing monitoring of portfolio exposures, and disciplined risk management framework.
• Key Person Risk: As a boutique asset manager, performance and client relationships are influenced by key individuals. The Company mitigates this through a strong team culture, cross-training, and appropriate retention initiatives.
• Operational and Compliance Risk: Growth in AUM increases operational complexity. The Company maintains comprehensive compliance oversight, utilises robust third-party service providers, and regularly reviews internal controls.
• Liquidity and Counterparty Risk: The Company operates with a conservative liquidity profile, maintaining surplus cash reserves and dealing only with reputable counterparties.
• Client Concentration Risk: The business continues to broaden its client base through new mandates and product diversification to reduce reliance on any single client or strategy.
Risk Management and Governance
The long only Growth Fund is managed within a UK UCITS-compliant framework where applicable. The Company employs a proprietary risk monitoring system and an internal “Capital Preservation and Recession Indicator” to assess downside risk across all portfolios.
The Board maintains oversight of all investment, operational, and compliance risks, supported by formal governance processes and regular reporting.
Future Outlook
The directors remain confident in the Company’s prospects for FY25. The year ahead is expected to see continued AUM growth, driven by:
• Further scaling the launch in Q4 of the Nutshell Long–Short Dynamic Fund;
• Sustained performance and inflows into the Nutshell Growth Fund;
• Expansion of institutional SMA mandates;
...CONTINUED
Page 2
Page 3
Resurgam Capital Management Limited
Strategic Report (continued)
For The Year Ended 31 March 2025
Principal Risks and Uncertainties - continued
• Continued investment in operational infrastructure and automation
The directors believe that the Company's disciplined investment process, strong performance record, and operational platform provide a robust foundation for future growth, even amid volatile market conditions.
On behalf of the board

M Ellis Director
8 April 2026

Page 3
Page 4
Resurgam Capital Management Limited
Company No. 06732895
Directors' Report For The Year Ended 31 March 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2025.
Principal Activity
The group's principal activity continues to be that of investment fund management.
Directors
The directors who held office during the year were as follows:

G Ellis
M Ellis

Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Page 4
Page 5
Resurgam Capital Management Limited
Directors' Report (continued)
For The Year Ended 31 March 2025
Independent Auditors
The auditors, PJE Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

M Ellis Director
8 April 2026

Page 5
Page 6
Independent Auditor's Report
to the Members of
Resurgam Capital Management Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Resurgam Capital Management Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(loss) for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
Resurgam Capital Management Limited
Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and 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 group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records or 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 4—5, 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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Page 7
Page 8
Independent Auditor's Report (continued)
to the Members of
Resurgam Capital Management Limited
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to
which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary
responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and
management.
Our approach was as follows:- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and
determined that the most significant are FRS 102 (United Kingdom Generally Accepted Accounting Practice), UK
Companies Act and tax legislation, General Data Protection requirements, health and safety laws, employment
regulations, The Equality Act 2010, anti-bribery and corruption regulations; and those that had a fundamental effect on
the operations of the Company.- We understood how Nutshell Asset Management Limited is complying with those frameworks by holding enquiries
with management and those charged with governance. We understood the potential incentive and ability to override
controls, and employee access to guidance of how to report any instances on non-compliance. We understood any
controls put in place to reduce the opportunities for fraudulent transactions.- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud
might occur by holding enquiries with management and those charged with governance. Through these procedures we
considered the risk of management override with revenue recognition as the key area of focus in particular. We
addressed this risk through testing the underlying revenue transactional data throughout the year and after the year end
date. We also reviewed any manual journal entries posted to revenue, conducted monthly income trend analysis and
made enquiries with management regarding any unusual fluctuations in revenue based on our understanding of the
business.- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and
regulations. Our procedures involved:
o Enquiry of management and those charged with governance as to any fraud identified or suspected in the period, any
actual or potential litigation or claims or breaches of significant laws or regulations applicable to the company;
o Auditing the risk of management override of controls, through testing of a sample of journal entries and other
adjustments for appropriateness;
o Enquiry of management, coupled with testing of journal entries, in order to identify and understand any significant
transactions outside of the normal course of business;
o Challenging the judgements made by management through corroborating the basis for those judgments and
considering contradicting evidence; and
o Reading financial statement disclosures and testing to supporting documentation to assess compliance with applicable
laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 8
Page 9
Independent Auditor's Report (continued)
to the Members of
Resurgam Capital Management Limited
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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Evans BSc FCA (Senior Statutory Auditor) for and on behalf of PJE Chartered Accountants , Statutory Auditor
8 April 2026

Page 9
Page 10
Resurgam Capital Management Limited
Consolidated Profit and Loss Account
For The Year Ended 31 March 2025
Consolidated Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 2,007,561 |  | 223,805
Cost of sales |  | (457,054 ) |  | (111,745 )
GROSS PROFIT |  | 1,550,507 |  | 112,060
Administrative expenses |  | (279,925 ) |  | (122,192 )
Fair value gains on investments |  | 8,034 |  | -
OPERATING PROFIT/(LOSS) | 4 | 1,278,616 |  | (10,132 )
Other interest receivable and similar income | 9 | 23,963 |  | -
Interest payable and similar charges | 10 | (289 ) |  | (725 )
PROFIT/(LOSS) BEFORE TAXATION |  | 1,302,290 |  | (10,857 )
Tax on Profit/(loss) | 11 | (245,361 ) |  | -
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR |  | 1,056,929 |  | (10,857 )
Profit/(loss) attributable to:
Owners of the parent |  | 628,598 |  | (32,754)
Non-controlling interest |  | 428,331 |  | 21,897
|  | 1,056,929 |  | (10,857 )

The notes on pages 18 to 27 form part of these financial statements.
Page 10
Page 11
Resurgam Capital Management Limited
Consolidated Statement of Comprehensive Income
For The Year Ended 31 March 2025
Consolidated Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 1,056,929 |  | (10,857 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 1,056,929 |  | (10,857 )
Total comprehensive income attributable to:
Owners of the parent |  | 628,598 |  | (32,754)
Non-controlling interest |  | 428,331 |  | 21,897
|  | 1,056,929 |  | (10,857 )

Page 11
Page 12
Resurgam Capital Management Limited
Consolidated Balance Sheet
As At 31 March 2025
Consolidated Balance Sheet
Registered number: 06732895

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 12 |  | 8,632 |  | 5,339
Investments | 13 |  | 657,430 |  | -
|  |  | 666,062 |  | 5,339
CURRENT ASSETS
Debtors | 15 | 262,294 |  | 53,929 |
Cash at bank and in hand |  | 3,263,290 |  | 196,763 |
|  | 3,525,584 |  | 250,692 |
Creditors: Amounts Falling Due Within One Year | 16 | (348,341 ) |  | 24,589 |
NET CURRENT ASSETS (LIABILITIES) |  |  | 3,177,243 |  | 275,281
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 3,843,305 |  | 280,620
Creditors: Amounts Falling Due After More Than One Year | 17 |  | (21,374 ) |  | (87,472 )
NET ASSETS |  |  | 3,821,931 |  | 193,148
CAPITAL AND RESERVES
Called up share capital | 19 |  | 350 |  | 100
Profit and Loss Account |  |  | 175,620 |  | (378,466 )
Equity attributable to owners of the parent |  |  | 175,970 |  | (378,366)
Non-controlling interest |  |  | 3,645,961 |  | 571,514
TOTAL EQUITY |  |  | 3,821,931 |  | 193,148

Page 12
Page 13
Resurgam Capital Management Limited
Consolidated Balance Sheet (continued)
As At 31 March 2025
On behalf of the board

M Ellis Director
8 April 2026

The notes on pages 18 to 27 form part of these financial statements.
Page 13
Page 14
Resurgam Capital Management Limited
Company Balance Sheet
As At 31 March 2025
Company Balance Sheet
Registered number: 06732895

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 12 |  | 316 |  | 421
Investments | 13 |  | 13,060 |  | -
|  |  | 13,376 |  | 421
CURRENT ASSETS
Stocks | 14 | 90,000 |  | 108,650 |
Cash at bank and in hand |  | 194,489 |  | 510 |
|  | 284,489 |  | 109,160 |
Creditors: Amounts Falling Due Within One Year | 16 | (96,406 ) |  | (54,901 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 188,083 |  | 54,259
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 201,459 |  | 54,680
Creditors: Amounts Falling Due After More Than One Year | 17 |  | (1,790 ) |  | (59,627 )
NET ASSETS/(LIABILITIES) |  |  | 199,669 |  | (4,947 )
CAPITAL AND RESERVES
Called up share capital | 19 |  | 350 |  | 100
Profit and Loss Account |  |  | 199,319 |  | (5,047 )
SHAREHOLDERS' FUNDS |  |  | 199,669 |  | (4,947)

Page 14
Page 15
Resurgam Capital Management Limited
Company Balance Sheet (continued)
As At 31 March 2025
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 278,878 (2024: £ 67,853 profit).
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

M Ellis Director
8 April 2026

The notes on pages 18 to 27 form part of these financial statements.
Page 15
Page 16
Resurgam Capital Management Limited
Consolidated Statement of Changes in Equity
For The Year Ended 31 March 2025
Consolidated Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total Attributable to Parent | Non-controlling interest | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 April 2023 | 100 | (345,712 ) | (345,612 ) | 399,688 | 54,076
Loss for the year and total comprehensive income | - | (32,754 ) | (32,754 ) | 21,897 | (10,857)
Acquisition of shares in subsidiary from non-controlling interest | - | - | - | 149,929 | 149,929
As at 31 March 2024 and 1 April 2024 | 100 | (378,466 ) | (378,366 ) | 571,514 | 193,148
Profit for the year and total comprehensive income | - | 628,598 | 628,598 | 428,331 | 1,056,929
Dividends paid | - | (74,512) | (74,512) | - | (74,512)
Arising on shares issued during the period | 250 | - | 250 | - | 250
Acquisition of shares in subsidiary from non-controlling interest | - | - | - | 2,659,176 | 2,659,176
Disposal of shares in subsidiary to non-controlling interest | - | - | - | (13,060 ) | (13,060 )
As at 31 March 2025 | 350 | 175,620 | 175,970 | 3,645,961 | 3,821,931

Page 16
Page 17
Resurgam Capital Management Limited
Consolidated Statement of Cash Flows
For The Year Ended 31 March 2025
Consolidated Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from/(used in) operations | 1 | 1,234,719 |  | (35,431 )
Interest paid |  | (289 ) |  | (725 )
Net cash generated from/(used in) operating activities |  | 1,234,430 |  | (36,156 )
Cash flows from investing activities
Purchase of tangible assets |  | (4,866 ) |  | (2,396 )
Purchase of investment in subsidiary undertaking |  | (13,060 ) |  | -
Purchase of other fixed asset investments |  | (649,396 ) |  | -
Interest received |  | 23,963 |  | 273,554
Net cash (used in)/generated from investing activities |  | (643,359 ) |  | 271,158
Cash flows from financing activities
Proceeds from issue of share capital |  | 2,659,426 |  | -
Equity dividends paid |  | (74,512 ) |  | -
Proceeds from new bank borrowings |  | - |  | 22,879
Repayment of bank borrowings |  | (7,952 ) |  | -
Amount withdrawn by directors |  | (102,746) |  | (61,754)
Net cash generated from/(used in) financing activities |  | 2,474,216 |  | (38,875 )
Increase in cash and cash equivalents |  | 3,065,287 |  | 196,127
Cash and cash equivalents at beginning of year | 2 | 196,763 |  | 636
Foreign exchange gains on cash and cash equivalents |  | 1,240 |  | -
Cash and cash equivalents at end of year | 2 | 3,263,290 |  | 196,763

Page 17
Page 18
Resurgam Capital Management Limited
Notes to the Consolidated Statement of Cash Flows
For The Year Ended 31 March 2025
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial year to cash generated from/(used in) operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit/(loss) for the financial year | 1,056,929 |  | (10,857 )
Adjustments for:
Tax on profit/(loss) | 245,361 |  | -
Interest expense | 289 |  | 725
Interest income | (23,963 ) |  | -
Depreciation of tangible assets | 1,573 |  | 1,009
Net fair value gains recognised in profit or loss | (8,034) |  | -
Foreign exchange gains | (1,240) |  | (139)
Movements in working capital:
Increase in trade and other debtors | (208,365 ) |  | (53,929 )
Increase in trade and other creditors | 172,169 |  | 27,760
Net cash generated from/(used in) operations | 1,234,719 |  | (35,431 )

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 3,263,290 |  | 196,763

3. Analysis of changes in net funds

| As at 1 April 2024 | Cash flows | As at 31 March 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 196,763 | 3,066,527 | 3,263,290
Debts falling due within one year | (4,750 ) | (5,400) | (10,150 )
Debts falling due after more than one year | (34,726) | 13,352 | (21,374)
| 157,287 | 3,074,479 | 3,231,766

Page 18
Page 19
Resurgam Capital Management Limited
Notes to the Financial Statements
For The Year Ended 31 March 2025
Notes to the Financial Statements
1. General Information
Resurgam Capital Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06732895 . The registered office is Beaconshaw, Brittains Lane, Sevenoaks, Kent, TN13 2NF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
Page 19
Page 20
Resurgam Capital Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery | 25% on reducing balance
Fixtures & Fittings | 15% on reducing balance

2.6. Investments
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 20
Page 21
Resurgam Capital Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Turnover

| 2025 |  | 2024
| £ |  | £
Fee income | 2,007,561 |  | 223,805

4. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Depreciation of tangible fixed assets | 1,573 |  | 1,009

Page 21
Page 22
Resurgam Capital Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
5. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 3,481 |  | 3,180

6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Wages and salaries | 60,813 |  | 61,690 |  | 50,280 |  | 61,540

7. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Office and administration | 2 |  | 2
| 2 |  | 2

Company
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
8. Directors' remuneration

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 25,140 |  | 25,140

9. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 23,963 |  | -

Page 22
Page 23
Resurgam Capital Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
10. Interest Payable and Similar Charges

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 289 |  | 725

11. Tax on Profit

The tax charge on the profit/(loss) for the year was as follows:
| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | - | 245,361 |  | -
Total tax charge for the period | 245,361 |  | -
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit/(loss) and the standard rate of corporation tax as follows:
| 2025 |  | 2024
| £ |  | £
Profit before tax | 1,302,290 |  | (10,857)
Tax on profit at 25% (UK standard rate) | 325,573 |  | -
Goodwill/depreciation not allowed for tax | 393 |  | -
Expenses not deductible for tax purposes | 9,787 |  | -
Tax losses utilised | (87,166 ) |  | -
Capital allowances | (1,217 ) |  | -
Revenue exempt from taxation | (2,009 ) |  | -
Total tax charge for the period | 245,361 |  | -

Page 23
Page 24
Resurgam Capital Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12. Tangible Assets
Group

| Plant & Machinery | Fixtures & Fittings | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 April 2024 | 26,253 | 6,943 | 33,196
Additions | - | 4,866 | 4,866
As at 31 March 2025 | 26,253 | 11,809 | 38,062
Depreciation
As at 1 April 2024 | 25,832 | 2,025 | 27,857
Provided during the period | 105 | 1,468 | 1,573
As at 31 March 2025 | 25,937 | 3,493 | 29,430
Net Book Value
As at 31 March 2025 | 316 | 8,316 | 8,632
As at 1 April 2024 | 421 | 4,918 | 5,339

Company

| Plant & Machinery
--- | ---
| £
Cost
As at 1 April 2024 | 26,253
As at 31 March 2025 | 26,253
Depreciation
As at 1 April 2024 | 25,832
Provided during the period | 105
As at 31 March 2025 | 25,937
Net Book Value
As at 31 March 2025 | 316
As at 1 April 2024 | 421

Page 24
Page 25
Resurgam Capital Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
13. Investments
Group

| Listed
--- | ---
| £
Cost or Valuation
As at 1 April 2024 | -
Additions | 649,396
Fair value adjustments | 8,034
As at 31 March 2025 | 657,430
Provision
As at 1 April 2024 | -
As at 31 March 2025 | -
Net Book Value
As at 31 March 2025 | 657,430
As at 1 April 2024 | -

Company

| Unlisted
--- | ---
| £
Cost or Valuation
As at 1 April 2024 | -
Additions | 13,060
As at 31 March 2025 | 13,060
Provision
As at 1 April 2024 | -
As at 31 March 2025 | -
Net Book Value
As at 31 March 2025 | 13,060
As at 1 April 2024 | -

14. Stocks

| Company
--- | ---
| 2025 |  | 2024
| £ |  | £
Stock | 90,000 |  | 108,650

Page 25
Page 26
Resurgam Capital Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
15. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Due within one year
Trade debtors | 45,824 |  | 51,151 |  | - |  | -
Other debtors | 216,470 |  | 2,778 |  | - |  | -
| 262,294 |  | 53,929 |  | - |  | -

16. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Bank loans and overdrafts | 10,150 |  | 4,750 |  | 4,750 |  | 4,750
Other creditors | 92,679 |  | (29,490) |  | - |  | 50,000
Corporation tax | 245,361 |  | - |  | 91,505 |  | -
Taxation and social security | 151 |  | 151 |  | 151 |  | 151
| 348,341 |  | (24,589 ) |  | 96,406 |  | 54,901

17. Creditors: Amounts Falling Due After More Than One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Bank loans | 21,374 |  | 34,726 |  | 1,790 |  | 6,881
Other creditors | - |  | 52,746 |  | - |  | 52,746
| 21,374 |  | 87,472 |  | 1,790 |  | 59,627

18. Loans
An analysis of the maturity of loans is given below:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Amounts falling due within one year or on demand:
Bank loans | 10,150 |  | 4,750 |  | 4,750 |  | 4,750

Page 26
Page 27
Resurgam Capital Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Amounts falling due between one and five years:
Bank loans | 21,374 |  | 34,726 |  | 1,790 |  | 6,881

19. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
350 Ordinary Shares of £ 1.00 each | 350 |  | 100

Shares issued during the period: | £
250 Ordinary Shares of £ 1.00 each | 250

20. Dividends

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
On equity shares:
Interim dividend paid | 74,512 |  | -

Page 27