GGC Securities Ltd Cover |  |

| GGC Securities Ltd |
|  | Company No. 09088764 |  |
|  |  | Directors' Report and Audited Financial Statements |  |  |
|  |  | 31 December 2025 |  |  |

GGC Securities Ltd Contents |  |

|  |  |  |  |  |  | Pages |  |
Company Information |  |  |  | 2 |  |
Strategic Report |  |  |  | 3 to 5 |  |
Directors' Report |  |  |  | 6 to 7 |  |
Auditor's Report |  |  |  | 8 to 10 |  |
Statement of Comprehensive Income |  |  |  | 11 |  |
Statement of Financial Position |  |  |  | 12 |  |
Statement of Changes in Equity |  |  |  | 13 |  |
Statement of Cash Flows |  |  |  | 14 |  |
Notes to the Financial Statements |  |  |  | 15 to 23 |  |

GGC Securities Ltd Company Information |  |

Directors |  |  |  |  |  |
J.M. Calvert - appointed 1 June 2025 |  |  |  |  |  |
D. Clasadonte - appointed 2 July 2025 |  |  |  |  |  |
M.J. Eman |  |  |  |  |  |
A.J.F. Vecchio |  |  |  |  |  |
Registered Office |  |  |  |  |  |
5th Floor 10 Brook Street |  |  |  |  |  |
Mayfair |  |  |  |  |  |
London |  |  |  |  |  |
W1S 1BG |  |  |  |  |  |
Auditor |  |  |  |  |  |
Gordon Levy Limited |  |  |  |  |  |  |
Statutory Auditors |  |  |  |  |  |
Suite 5, 4th floor |  |  |  |  |  |
3 Universal Square |  |  |  |  |  |
Manchester |  |  |  |  |  |  |
M12 6JH |  |  |  |  |  |  |
Senior Statutory Auditor |  |  |  |  |  |  |
Gordon Levy, BA, FCA |  |  |  |  |  |  |
Accountants |  |  |  |  |  |  |
FKGB Accounting Ltd |  |  |  |  |  |
2nd Floor |  |  |  |  |  |
201 Haverstock Hill |  |  |  |  |  |
London |  |  |  |  |  |
NW3 4QG |  |  |  |  |  |

GGC Securities Ltd Strategic Report |  |

The Directors present their strategic report for the year ended 31 December 2025.
Review of business |  |  |  |
GGC Securities LTD (the "Company") is a UK-based entity registered with the Financial Conduct Authority (FCA) under firm reference number 728645. The Company specialises in the arrangement and distribution of fully customisable third-party instruments, with a primary focus on structured financial products.
A significant milestone was achieved in July 2025, when the Company received formal permission from the FCA to execute trades on a matched principal basis. This regulatory upgrade has allowed the Company to significantly expand its service offering and market reach.
The Company is a 100% owned subsidiary of Dorot Capital LTD. Within the wider group, the Company operates alongside Gold Grain Capital BV (GGC BV), which is registered with the Dutch Authority for the Financial Markets (AFM). Notably, the group’s other UK entity, Gold Grain Capital Ltd (GGC UK), was deregistered with the FCA effective 11 April 2025. Subsequent to that, all of the trading activity was transferred into the Company which explains the significant jump in revenues compared to 2024.
Financial performance |
The results for the year and the financial position of the Company are as shown in the annexed financial statements.
| Key financial performance indicators: |  | Unit | 2025 | 2024
1 | Revenue |  | £ | 25,677,012 | 9,041,907
2 | Operating profit |  | £ | 2,739,549 | 1,516,304
3 | Profit after tax |  | £ | 2,046,539 | 1,150,697
4 | Net assets |  | £ | 3,973,748 | 1,672,209
The appeal of the Company’s structured financial products remains sensitive to market conditions, performing most strongly during periods of market volatility and change.
Principal risks and uncertainties |  |  |  |
1 | Macro-economic environment: The Company operates in a competitive market responsive to external forces. Revenues remain sensitive to global macroeconomic conditions. Prolonged inflationary pressures, fluctuating interest rates, and ongoing geopolitical tensions may negatively affect investor sentiment and liquidity. A downturn in equity or credit markets can materially impact distribution volumes.
2 | Regulatory and Compliance Risk: As an FCA-authorized firm, the Company is subject to stringent regulations regarding conduct, prudential requirements, and reporting. Following the receipt of matched principal permissions, the Company has enhanced its compliance programs and internal monitoring to ensure adherence to the specific rules governing these activities. To mitigate these risks, the Company maintains a robust compliance framework and provides ongoing staff training.
Future developments and strategy going forward
Following the successful receipt of permission from the FCA in July 2025 to execute trades on a matched principal basis, the strategic focus for the upcoming financial year is the comprehensive onboarding of counterparties to fully operationalize this new capability. This expansion will significantly broaden the service offering, allowing the firm to provide more integrated and efficient execution services to its clients.
The company is also making substantial investments in its IT infrastructure. Key initiatives include:
| • Lifecycle Management Reporting: Implementing advanced systems to provide end-to-end transparency and detailed reporting throughout the lifecycle of every instrument we distribute.
| • Automated Pricing: Deploying automated pricing tools to improve response times, ensure market-leading accuracy, and enhance our overall competitiveness in the structured products market.
Section 172(1) statement
The directors are required to act in accordance with Section 172(1) of the Companies Act 2006 to promote the success of the Company for the benefit of its members as a whole. In doing so, the directors have regard (amongst other matters) to:
| (a) the likely consequences of any decision in the long term,
| (b) the interests of the company's employees,
| (c) the need to foster the company's business relationships with suppliers, customers and others,
| (d) the impact of the company's operations on the community and the environment,
| (e) the desirability of the company maintaining a reputation for high standards of business conduct, and
| (f) the need to act fairly as between members of the company.
The Board recognises that the long-term success of the Company is dependent on maintaining strong relationships with its stakeholders. The Company’s principal stakeholders include its employees, customers, suppliers, regulators and shareholders.
Stakeholders
The board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Company. The board regularly discusses issues concerning employees, customers, suppliers, community and environment, regulators and its shareholders, which it considers in its discussions and in its decision-making process. In addition to this, the board seeks to understand the interests and views of the Company's stakeholders by engaging with them directly when required. The following page summarises the key stakeholders and how the Company engages with each.
Stakeholders engagement
Employees
| Our employees contribute to a positive working culture and safe working environment. Employees are key to the success of our business. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team's productivity and our individual employees' potential within the business.
| We continually invest in employee development and well-being to create and encourage an inclusive culture within the organisation. Our employee appraisal programme encourages employee feedback and facilities the opportunity for both employees and managers to set performance goals on an annual basis. Our culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognized for their hard work. All employees receive regular updates on the performance of the business.
Customers
| Customers are at the centre of our business. Our business development team, allied with our customer service teams, builds lasting relationships with current and potential customers to understand their objectives and requirements. We are in regular contact with customers in order to meet their defined service and reporting requirements. We take a consultative approach with customers focused on building long-term relationships.
Suppliers
| We remain committed to being fair and transparent in our dealings with all our suppliers. The Company has procedures requiring due diligence of suppliers as to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modem slavery matters. The Company has systems and processes in place to ensure suppliers' goods and services are provided in line with terms and conditions which are acceptable to the company, in addition to ensuring suppliers are paid in timely manner.
Community and Environment
| The board's approach to social responsibility, diversity & the community is of high importance. And corporate social responsibility principles are part of our culture and decision-making process. We take a consultative approach focused on building long-term relationships and solving business problems. Diversity and inclusion is a key pillar of our business. Our HR resource is responsible for diversity & inclusion and aims to connect with affiliates and networks, updating the board regularly. The board continues to commit and broaden the Company's work and associations with local charitable organisations.
Shareholders
| The board also seeks to behave in a responsible manner towards our shareholders. The board communicates information relevant to the shareholders on a regular basis to cover such items as financial performance, forecasting, annual budgeting, etc.
Signed on behalf of the board |  |
M.J. Eman |  |  |  |
Director |  |  |  |
20 April 2026 |  |  |  |

GGC Securities Ltd Directors Report |  |

The Directors present their report and the financial statements for the year ended 31 December 2025.
Principal activities |  |  |  |  |  |
The principal activity of the company during the year under review was financial intermediary services.
Directors |  |  |  |  |
The Directors who served at any time during the year were as follows: |  |
J.M. Calvert - appointed 1 June 2025 |  |  |  |
D. Clasadonte - appointed 2 July 2025 |  |  |  |
M.J. Eman |  |  |  |  |  |  |
A.J.F. Vecchio |  |  |  |  |  |  |
Future developments |  |  |  |  |
Following the successful receipt of permission from the FCA in July 2025 to execute trades on a matched principal basis, the strategic focus for the upcoming financial year is the comprehensive onboarding of counterparties to fully operationalise this new capability. This expansion will significantly broaden the service offering, allowing the firm to provide more integrated and efficient execution services to its clients.
Charitable donations |  |  |  |  |
Charitable donations during the year amounted to £710,963 (2024: £Nil).
Events after the end of the reporting period
There have been no significant events affecting the Company since the year end.
Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these accounts, the directors are required to:
* | select suitable accounting policies and then apply them consistently;
* | make judgements and 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 statments; and
* | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditors
The auditors, Gordon Levy Limited, are deemed to be reappointed under Section 487(2) of the Companies Act 2006.
Statement of disclosure of information to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.
Signed on behalf of the board |  |  |  |
M.J. Eman |  |  |  |  |  |
Director |  |  |  |  |  |
20 April 2026 |  |  |  |  |  |

GGC Securities Ltd Audit Report Unqualified |  |

Independent Auditor's Report to the members of GGC Securities Ltd
Opinion |
We have audited the financial statements of GGC Securities Ltd (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
| • give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern |
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based upon the work undertaken in the course of the audit:
| • the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
| • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
| • the financial statements are not in agreement with the accounting records and returns; or
| • certain disclosures of directors’ remuneration specified by law are not made; or
| • we have not received all the information and explanations we require for our audit.
Responsibilities of directors |
As explained more fully in the directors’ responsibilities statement found in the directors' report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the accounts 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:
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism through 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 on resulting for 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 on the effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' 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 company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
• 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 a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. We have used professional scepticism throughout the audit and no evidence of fraud was found.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of the auditors report.
Use of this report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Gordon Levy, BA, FCA
Senior Statutory Auditor
For and on behalf of Gordon Levy Limited |  |  |  |  |
Statutory Auditors
Suite 5, 4th Floor,
3 Universal Square
Devonshire Street North
Manchester
M12 6JH
20 April 2026 |  |  |  |  |

GGC Securities Ltd Statement of Comprehensive Income |  |

for the year ended 31 December 2025 |  |  |  |  |
|  |  |  |  |  | Notes | 2025 |  |  |  | 2024
|  |  |  |  |  |  | £ |  |  |  | £
Revenue |  | 3 | 25,677,012 |  |  |  | 9,041,907
Cost of sales |  |  | (18,582,771) |  |  |  | (6,646,576)
Gross profit |  |  | 7,094,241 |  |  |  | 2,395,331
Administrative expenses |  |  | (4,354,692) |  |  |  | (879,027)
Operating profit |  | 4 | 2,739,549 |  |  |  | 1,516,304
Other interest receivable |  | 7 | 8,283 |  |  |  | 34
Profit on ordinary activities before taxation |  |  | 2,747,832 |  |  |  | 1,516,338
Taxation |  | 8 | (701,293) |  |  |  | (365,641)
Profit for the financial year after taxation |  |  | 2,046,539 |  |  |  | 1,150,697
Other comprehensive income |  |  | - |  |  |  | -
Total comprehensive income/(loss) |  |  | 2,046,539 |  |  |  | 1,150,697
| The notes on pages 15 to 23 form part of these financial statements

GGC Securities Ltd Statement of Financial Position |  |

at | 31 December 2025 |  |  |  |  |  |
Company No. | 09088764 | Notes | 2025 |  |  |  | 2024
|  |  |  |  |  | £ |  |  |  | £
Fixed assets |  |  |  |  |  |
| Tangible assets | 9 | 73,995 |  |  |  | 20,993
|  |  |  |  |  | 73,995 |  |  |  | 20,993
Current assets |  |  |  |  |  |
| Debtors | 10 | 4,906,121 |  |  |  | 1,420,372
| Cash at bank and in hand |  | 4,449,607 |  |  |  | 2,386,201
|  |  |  |  |  | 9,355,728 |  |  |  | 3,806,573
Creditors: Amount falling due within one year | 11 | (5,455,975) |  |  |  | (2,155,357)
Net current assets |  | 3,899,753 |  |  |  | 1,651,216
Total assets less current liabilities |  | 3,973,748 |  |  |  | 1,672,209
Net assets |  | 3,973,748 |  |  |  | 1,672,209
Capital and reserves |  |  |  |  |  |
| Called up share capital | 12 | 750,000 |  |  |  | 495,000
| Profit and loss account | 13 | 3,223,748 |  |  |  | 1,177,209
Total equity |  | 3,973,748 |  |  |  | 1,672,209
The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2026 and signed on its behalf by:
M.J. Eman |  |  |  |  |  |
Director |  |  |  |  |  |
20 April 2026 |  |  |  |  |  |  |  |
The notes on pages 15 to 23 form part of these financial statements

GGC Securities Ltd Statement of Changes in Equity |  |

for the year ended 31 December 2025 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Share Capital |  | Retained earnings |  | Total equity
|  |  |  |  |  |  |  | £ |  | £ |  | £
| At 1 January 2024 |  |  |  |  | 75,000 |  | 26,512 |  | 101,512
| Shares issued during the period |  |  |  |  | 420,000 |  |  |  | 420,000
| Profit for the period |  |  |  |  |  |  | 1,150,697 |  | 1,150,697
| At 31 December 2024 and 1 January 2025 |  |  |  |  | 495,000 |  | 1,177,209 |  | 1,672,209
| Shares issued during the period |  |  |  |  | 255,000 |  |  |  | 255,000
| Profit for the period |  |  |  |  |  |  | 2,046,539 |  | 2,046,539
| At 31 December 2025 |  |  |  |  | 750,000 |  | 3,223,748 |  | 3,973,748
The notes on pages 15 to 23 form part of these financial statements

GGC Securities Ltd Statement of Cash Flows |  |

for the year ended 31 December 2025 |  |  |  |  |
|  | 2025 |  |  |  | 2024
|  | £ |  |  |  | £
Cash flows from operating activities |  |  |  |  |
| Operating profit | 2,739,549 |  |  |  | 1,516,338
Adjustments for: |  |  |  |  |
| Depreciation of property, plant and equipment | 22,487 |  |  |  | 7,759
| Increase in trade and other receivables | (3,485,749) |  |  |  | (1,360,297)
| Increase in trade and other payables | 3,313,436 |  |  |  | 1,603,053
Net cash generated from operations | 2,589,723 |  |  |  | 1,766,853
| Income taxes paid | (714,110) |  |  |  | (4,802)
Net cash generated from operating activities | 1,875,613 |  |  |  | 1,762,051
Cash flows from investing activities |  |  |  |  |
| Payments for property, plant and equipment | (75,490) |  |  |  | (27,414)
| Interest received | 8,283 |  |  |  | -
Net cash used in investing activities | (67,207) |  |  |  | (27,414)
Cash flows from financing activities |  |  |  |  |
| Proceeds from issue of new share capital | 255,000 |  |  |  | 420,000
Net cash from financing activities | 255,000 |  |  |  | 420,000
Net increase in cash and cash equivalents | 2,063,406 |  |  |  | 2,154,637
Cash and cash equivalents at the beginning of the year | 2,386,201 |  |  |  | 231,564
Cash and cash equivalents at the end of the year | 4,449,607 |  |  |  | 2,386,201
Components of cash and cash equivalents |  |  |  |  |
| Cash and bank balances | 4,449,607 |  |  |  | 2,386,201
|  | 4,449,607 |  |  |  | 2,386,201
The notes on pages 15 to 23 form part of these financial statements

GGC Securities Ltd Notes to the Financial Statements |  |

for the year ended 31 December 2025 |  |  |  |  |  |  |  |  |  |

1 | General information |  |  |  |  |
| GGC Securities Ltd is a private company limited by shares and incorporated in England and Wales.
| The company's registered number is: 09088764 |  |  |  |  |  |  |  |
| The address of the company's registered office is: |  |  |  |  |  |
| 5th Floor 10 Brook Street |  |  |  |  |  |
| Mayfair |  |  |  |  |  |  |  |  |  |  |
| London |  |  |  |  |  |  |  |  |  |  |
| W1S 1BG |  |  |  |  |  |  |  |  |  |  |
| The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound. |  |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below. |  |
1 | The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |  |

2 | Accounting policies |  |  |  |  |  |  |  |  |  |

| Turnover |  |
| Revenue represents income earned from the provision of financial intermediary services, including the arrangement and distribution of structured financial products and the execution of transactions on a matched principal basis. Revenue is recognised when it is probable that economic benefits will flow to the Company and the amount can be measured reliably. Revenue is recognised at the point in time when the Company has fulfilled its performance obligations, typically on execution of the underlying transaction. Where services are provided over a period, including ongoing support or lifecycle-related services, revenue is recognised over time by reference to the stage of completion or on a straight-line basis where appropriate. Revenue is stated net of value added tax. |  |

| 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 Company'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 temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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. The measurement of deferred tax liabilities and assets reflects 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 or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |  |

| Significant judgements and estimates |  |  |  |  |  |
| The preparation of the financial statements requires management to make judgements , estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful life and residual values of the assets. These are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |  |

| Tangible fixed assets and depreciation |  |  |  |  |  |  |  |  |  |
| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |  |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |  |
|  | Leasehold improvements |  | 20% Reducing balance |  |  |  |  |  |  |  |
|  | Office equipment |  | 25% Reducing balance |  |  |  |  |  |  |  |
|  | Furniture, fittings and equipment |  | 25% Reducing balance |  |  |  |  |  |  |  |

| Trade and other debtors |  |  |  |  |  |  |  |  |  |
| Trade debtors include amounts due from counterparties in respect of executed transactions and earned fees not yet settled at the reporting date. Accrued income represents revenue recognised on completed transactions where invoicing or settlement occurs after the period end. |  |

| Cash and cash equivalents |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. |  |

| Financial instruments |  |  |  |  |  |  |  |  |  |
| The Company enters into financial instrument transactions arising from its activities as a financial intermediary, including receivables and payables relating to executed transactions. Where acting on a matched principal basis, the Company enters into back-to-back arrangements which minimise exposure to market risk. Financial assets and liabilities are initially recognised at transaction price and subsequently measured at amortised cost where applicable. |  |

| Trade and other creditors |  |  |  |  |  |  |  |  |  |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |  |

| Accruals and deferred income |  |  |  |  |  |  |  |
| Deferred income represents consideration received in advance of the Company satisfying its performance obligations, including amounts received in respect of transactions not yet executed or services to be provided in future periods. These amounts are recognised as revenue in the period in which the related services are performed. |  |

| Finance costs |  |  |  |  |  |  |  |  |  |
| Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate 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. |  |

| Related parties |  |  |  |  |  |  |  |  |  |
| For the purposes of these financial statements, a party is considered to be related to the Company if: • the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the Company; • the Company and the party are subject to common control; • the party is an associate of the Company or a joint venture in which the Company is a venturer; • the party is a member of key management personnel of the Company or the Company’s parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; • the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or • the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company. Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |  |

| Foreign currencies |  |  |  |  |  |  |  |  |  |
| Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated. |  |

| Going concern |  |
| These financial statements have been prepared on a going concern basis. The director, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, has no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern. Accordingly the director has a reasonable expectation that the company will continue in operational existence and therefore he continues to adopt the going concern basis of accounting to prepare the financial statements. |  |

| Defined contribution pensions |  |
| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. |  |
| The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |  |

| Provisions |  |  |  |  |  |  |  |  |  |
| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial position. |  |

3 |  | Revenue Analysis |  |  |  |  |  |  |  |  |  |
|  | Revenue, analysed geographically between markets, was as follows: |  | 2025 |  |  |  | 2024 |  |
|  |  |  |  |  |  |  |  |  | £ |  |  |  | £ |  |
|  | United Kingdom |  |  |  | 25,677,012 |  |  |  | 9,041,907 |  |
|  |  |  |  |  |  |  |  |  | 25,677,012 |  |  |  | 9,041,907 |  |
|  | Revenue, analysed by category, was as follows: |  | 2025 |  |  |  | 2024 |  |
|  |  |  |  |  |  |  |  |  | £ |  |  |  | £ |  |
|  | Rendering of services |  |  |  | 25,677,012 |  |  |  | 9,041,907 |  |
|  |  |  |  |  |  |  |  |  | 25,677,012 |  |  |  | 9,041,907 |  |

4 | Operating Profit |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 2025 |  |  |  | 2024 |  |
|  | This is stated after charging: |  |  |  | £ |  |  |  | £ |  |
|  | Depreciation of owned fixed assets |  |  |  | 22,487 |  |  |  | 7,759 |  |
|  | Foreign exchange loss/(profit) |  |  |  | (77,110) |  |  |  | 21,973 |  |
|  | Auditors' remuneration for: |  |  |  |  |  |  |  |  |  |
|  | Audit of the company's annual accounts |  |  |  | 7,000 |  |  |  | 7,000 |  |
|  | Operating lease rentals: |  |  |  |  |  |  |  |  |  |
|  | Land and buildings |  |  |  | 304,780 |  |  |  | 242,392 |  |

5 | Staff costs |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 2025 |  |  |  | 2024 |  |
|  | Staff costs during the year (including directors) were as follows: |  | £ |  |  |  | £ |  |
|  | Wages and salaries |  |  |  | 2,005,088 |  |  |  | 389,237 |  |
|  | Social security costs |  |  |  | 242,322 |  |  |  | 43,891 |  |
|  | Other pension costs |  |  |  | 10,488 |  |  |  | 3,250 |  |
|  | Total in company |  | 2,257,898 | 1 |  |  | 436,378 |  |
|  | Costs in respect of defined contribution schemes |  | 10,488 |  |  |  | 3,250 |  |
|  |  |  |  |  |  |  |  |  | - |  |  |  | - |  |
|  | The average monthly number of employees (including directors) during the year was: |  | Number |  |  |  | Number |  |
|  | Administration |  | 15 |  |  |  | 5 |  |
|  | Total in company |  | 15 |  |  |  | 5 |  |

6 | Directors' remuneration |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 2025 |  |  |  | 2024 |  |
|  | Remuneration included within staff costs - Note 5 - in respect of directors was as follows: |  | £ |  |  |  | £ |  |
|  | Aggregate remuneration in respect of qualifying services |  | 297,559 |  |  |  | 110,930 |  |
|  | Total remuneration |  | 297,559 | 1 |  |  | 110,930 |  |

7 | Interest receivable |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 2025 |  |  |  | 2024 |  |
|  |  |  |  |  |  |  |  |  | £ |  |  |  | £ |  |
|  | Other interest receivable |  |  |  | 8,283 |  |  |  | 34 |  |
|  |  |  |  |  |  |  |  |  | 8,283 |  |  |  | 34 |  |

8 | Taxation |  |  |  |  |  |  |  |  |  |
|  | (a) Tax on profit on ordinary activities |  |  | 2025 |  |  |  | 2024 |  |
|  | The tax charge is made up as follows: |  |  |  | £ |  |  |  | £ |  |
|  | UK corporation tax |  |  |  |  |  |  |  |  |  |
|  | Charge for the period |  |  |  | 682,794 |  |  |  | 365,641 |  |
|  | Deferred tax |  |  |  | 18,499 |  |  |  | - |  |
|  | Total corporation tax |  |  |  | 701,293 |  |  |  | 365,641 |  |
|  | Tax on profit on ordinary activities |  |  |  | 701,293 |  |  |  | 365,641 |  |
|  | (b) Factors affecting the total tax charge for the period |  |  |  |  |  |  |
|  | The tax assessed for the year is higher than the standard rate of corporation tax in the UK of 25% (2025: 25%). The differences are reconciled below: |  |
|  | Higher |  |  |  |  |  |  |  | 2025 |  |  |  | 2024 |  |
|  | 14335 |  |  |  |  |  |  |  | £ |  |  |  | £ |  |
|  | Profit on ordinary activities before tax |  |  |  | 2,747,832 |  |  |  | 1,516,338 |  |
|  | Standard rate of corporation tax in the United Kingdom |  | 25% |  |  |  | 25% |  |
|  | Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom |  | 686,958 |  |  |  | 379,085 |  |
|  | Expenses not deductible for tax purposes |  | 16,126 |  |  |  | (13,444) |  |
|  | Capital reliefs |  |  |  |  |  | (20,290) |  |  |  | - |  |
|  | Deferred tax |  | 18,499 |  |  |  | - |  |
|  | Tax on profit on ordinary activities |  |  |  | 701,293 |  |  |  | 365,641 |  |

9 | Tangible fixed assets |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Leasehold improvements |  | Office equipment |  | Fixtures, fittings and equipment |  | Total |  |
|  |  |  |  |  |  |  | £ |  | £ |  | £ |  | £ |  |
|  | Cost or revaluation |  |  |  |  |  |  |  |  |  |  |  |
|  | At 1 January 2025 |  |  |  | 7,829 |  | 19,602 |  | 5,170 |  | 32,601 |  |
|  | Additions |  |  |  | 57,769 |  | 5,286 |  | 12,435 |  | 75,490 |  |
|  | At 31 December 2025 |  |  |  | 65,598 |  | 24,888 |  | 17,605 |  | 108,091 |  |
|  | Depreciation and impairment |  |  |  |  |  |  |  |  |  |  |  |
|  | At 1 January 2025 |  |  |  | 1,566 |  | 8,750 |  | 1,292 |  | 11,608 |  |
|  | Charge for the year |  |  |  | 13,119 |  | 4,967 |  | 4,402 |  | 22,488 |  |
|  | At 31 December 2025 |  |  |  | 14,685 |  | 13,717 |  | 5,694 |  | 34,096 |  |
|  | Net book values |  |  |  |  |  |  |  |  |  |  |  |
|  | At 31 December 2025 |  |  |  | 50,913 |  | 11,171 |  | 11,911 |  | 73,995 |  |
|  | At 31 December 2024 |  |  |  | 6,263 |  | 10,852 |  | 3,878 |  | 20,993 |  |

10 | Debtors |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 2025 |  |  |  | 2024 |  |
|  |  |  |  |  |  |  |  |  | £ |  |  |  | £ |  |
|  | Trade debtors |  |  |  | 4,457,025 |  |  |  | 722,787 |  |
|  | Amounts owed by group undertakings |  |  |  | 137,995 |  |  |  | 611,649 |  |
|  | Other debtors |  |  |  | 125,000 |  |  |  | - |  |
|  | Prepayments and accrued income |  |  |  | 186,101 |  |  |  | 85,936 |  |
|  |  |  |  |  |  |  |  |  | 4,906,121 |  |  |  | 1,420,372 |  |

11 | Creditors: |  |  |  |  |  |  |  |  |  |  |
| amounts falling due within one year |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 2025 |  |  |  | 2024 |  |
|  |  |  |  |  |  |  |  |  | £ |  |  |  | £ |  |
|  | Trade creditors |  |  |  | 81,273 |  |  |  | 1,654,154 |  |
|  | Amounts owed to group undertakings |  |  |  | 103,604 |  |  |  | 6,203 |  |
|  | Corporation tax |  |  |  | 351,293 |  |  |  | 365,641 |  |
|  | Other taxes and social security |  |  |  | 206,396 |  |  |  | 23,275 |  |
|  | Other creditors |  |  |  | 71,118 |  |  |  | 1,063 |  |
|  | Accruals and deferred income |  |  |  | 4,642,291 |  |  |  | 105,021 |  |
|  |  |  |  |  |  |  |  |  | 5,455,975 |  |  |  | 2,155,357 |  |

12 | Share Capital |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 2025 |  | 2025 |  | 2024 |  | 2024 |  |
|  |  |  |  |  |  |  | £ |  | Number |  | £ |  | Number |  |
|  | Ordinary shares, allotted, fully paid up |  | 1 |  | 750,000 |  | 1 |  | 495,000 |  |
|  |  |  |  |  |  |  | 1 |  | 750,000 |  | 1 |  | 495,000 |  |

13 | Reserves |  |  |  |  |  |  |  |  |  |  |
|  | Profit and loss account - includes all current and prior period retained profits and losses. |  |

14 | Cash and cash equivalents |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | At 1 January 2025 |  | Cash flows |  | New HP/Finance leases |  | At 31 December 2025 |  |
|  |  |  |  |  |  |  | £ |  | £ |  | £ |  | £ |  |
|  | Cash and cash equivalents |  |  |  | 2,386,201 |  | 2,063,406 |  |  |  | 4,449,607 |  |
|  |  |  |  |  |  |  | 2,386,201 |  | 2,063,406 |  | - |  | 4,449,607 |  |
|  | Net debt |  |  |  | 2,386,201 |  | 2,063,406 |  | - |  | 4,449,607 |  |

15 | Related party disclosures |  |  |  |  |  |  |  |  |  |  |
| The debtor balance owed by group undertakings of £137,995 (2024: £611,649) relates to entities under common control, arising in the ordinary course of trading. |  |
| The creditor balance owed to group undertakings of £103,604 (2024: £6,203) relates to entities under common control, arising in the ordinary course of trading. |  |
| Controlling party |  |
|  | Name of parent company which draws up consolidated financial statements: |  |  |  |
|  | Dorot Capital Limited |  |  |  |
|  | Registered office of parent company: |  |  |  |  |  |
|  | 5th Floor, 10 Brook Street |  |  |  |  |  |
|  | Mayfair |  |  |  |  |  |
|  | London |  |  |  |  |  |
|  | United Kingdom |  |  |  |  |  |
|  | W1S 1BG |  |  |  |  |  |

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