A5 Capital Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 14083359 (England and Wales)
A5 Capital Limited
Company Information
Directors
K A Algard
S D L Riviere
J Kandunias
(Appointed 1 April 2026)
Secretary
K A Algard
Company number
14083359
Registered office
6th Floor
9 Appold Street
London
United Kingdom
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
A5 Capital Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 22
A5 Capital Limited
Strategic Report
For the year ended 31 December 2025
Page 1

The directors present the strategic report for the year ended 31 December 2025.

Principal activities

The principal activity is providing AIFM services to AIF’s.

Review of the business

The company was authorised by the Financial Conduct Authority (FCA) as an Alternative Investment Fund Manager (AIFM) on 25 July 2025.

The company has contracts with AIF’s controlled by connected parties that adequately cover its operating costs and accordingly the directors are satisfied with the results for the year and the position at the year end.

Principal risks and uncertainties

The company’s principal risks are linked to its activities as an AIFM and its ability to manage adequate funds to cover its core costs.

The company presently manages well-funded AIF’s controlled by connected parties and the directors have no indication those contracts will not continue.

The company's operational risks are minimal and manageable for the following reasons:

a) The company has a low staff turnover where staff undertake cross-functional activities on a day-to-day basis which ensures cover and contingency, reducing the risk of any disruption in processes.

b) The current clients and assets under management adequately cover the cost base of the company.

c) Regulatory matters are highlighted to management by external consultants and are regularly monitored by the directors. Any new regulatory matters are discussed by management and appropriate action taken.

d)The IT strategy of the company provides robust controls and backup to reduce the risk of IT related disruptions.

An adequate financial buffer remains in place to address any potential continuing financial shock.

Financial highlights

The company generated turnover of £5,318,686 (2024: £3,552,543) and profit before tax of £211,809 (2024: £320,649) in the year.

Strategy and outlook

The company’s strategy is to continue to provide AIFM and administrative services. The company is focused exclusively on servicing its main customers and will continue to develop and grow as the client's assets grow.

There are no key performance indicators monitored by management due to the nature of the business.

Promoting the success of the company

The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the Companies Act 2006, which is summarised as follows:

A director of a Company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole, and in doing so, have regard (amongst other matters) to:

a) The likely consequences of any decisions in the long term;

b) The interests of the Company’s employees;

c) The need to foster the Company’s business relationships with suppliers; and

e) The desirability of the Company maintaining a reputation for high standards of business conduct.

The following paragraphs summaries how the directors fulfil these duties.

A5 Capital Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 2

Long-term decision making

The Company prepares an annual budget approved by the Board and performance against budget is monitored on a quarterly basis. Decision-making is focused on driving long term performance in preference to chasing short term wins.

Employees

The Company engages regularly with employees and aims to hold monthly “All Hands” meetings for senior management to provide business updates and for all staff to ask questions.

Business Relationships

The Company engages with its contractual counterparties and other business relationships on a regular basis. These discussions focus on developing and maintaining positive relationships, understanding the needs of the key stakeholders and where appropriate aligning goals.

Business Conduct

The Company is focused on ensuring its business is conducted with integrity and in line with regulatory and other legal requirements at all times. The Company has adopted compliance policies and procedures to oversee processes, led and overseen by the Company’s senior management.

On behalf of the board

J Kandunias
Director
21 April 2026
A5 Capital Limited
Directors' Report
For the year ended 31 December 2025
Page 3

The directors present their annual report and financial statements for the year ended 31 December 2025.

See the strategic report for details of future developments and risk management.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K A Algard
S D L Riviere
J Kandunias
(Appointed 1 April 2026)
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

A5 Capital Limited
Directors' Report (Continued)
For the year ended 31 December 2025
Page 4
On behalf of the board
J Kandunias
Director
21 April 2026
A5 Capital Limited
Independent Auditor's Report
To the Members of A5 Capital Limited
Page 5
Opinion

We have audited the financial statements of A5 Capital Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our 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.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

A5 Capital Limited
Independent Auditor's Report
To the Members of A5 Capital Limited (Continued)
Page 6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the Strategic Report and the Directors' R eport 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 identifie d material misstatements in the Strategic Report and the Directors' R eport. 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.

Responsibilities of directors

As explained more fully in the Directors' R esponsibilities S tatement, 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.

A5 Capital Limited
Independent Auditor's Report
To the Members of A5 Capital Limited (Continued)
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes 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.

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.

A5 Capital Limited
Independent Auditor's Report
To the Members of A5 Capital Limited (Continued)
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation and regulations applicable to companies regulated by the Financial Conduct Authority.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

A5 Capital Limited
Independent Auditor's Report
To the Members of A5 Capital Limited (Continued)
Page 9
Andrew Grieve
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
21 April 2026
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
A5 Capital Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
Page 10
2025
2024
Notes
£
£
Turnover
3
5,318,686
3,552,543
Administrative expenses
(5,130,377)
(3,250,139)
Other operating income
-
0
157
Operating profit
4
188,309
302,561
Interest receivable and similar income
24,974
18,201
Interest payable and similar expenses
8
(1,474)
(113)
Profit before taxation
211,809
320,649
Tax on profit
9
(51,500)
(74,768)
Profit for the financial year
160,309
245,881

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

A5 Capital Limited
Balance Sheet
As at 31 December 2025
Page 11
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
43,620
49,777
Tangible assets
11
35,358
24,571
78,978
74,348
Current assets
Debtors
12
2,690,284
1,533,871
Cash at bank and in hand
1,554,246
805,496
4,244,530
2,339,367
Creditors: amounts falling due within one year
13
(2,343,621)
(1,974,037)
Net current assets
1,900,909
365,330
Net assets
1,979,887
439,678
Capital and reserves
Called up share capital
15
1,380,100
200
Profit and loss reserves
599,787
439,478
Total equity
1,979,887
439,678
The financial statements were approved by the board of directors and authorised for issue on 21 April 2026 and are signed on its behalf by:
J Kandunias
Director
Company Registration No. 14083359
A5 Capital Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Page 12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
100
193,597
193,697
Year ended 31 December 2024:
Profit and total comprehensive income
-
245,881
245,881
Issue of share capital
15
100
-
100
Balance at 31 December 2024
200
439,478
439,678
Year ended 31 December 2025:
Profit and total comprehensive income
-
160,309
160,309
Issue of share capital
15
1,379,900
-
1,379,900
Balance at 31 December 2025
1,380,100
599,787
1,979,887
A5 Capital Limited
Statement of Cash Flows
For the year ended 31 December 2025
Page 13
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(537,110)
46,154
Interest paid
(1,474)
(113)
Income taxes paid
(95,340)
(40,583)
Net cash (outflow)/inflow from operating activities
(633,924)
5,458
Investing activities
Purchase of tangible fixed assets
(22,200)
(27,889)
Interest received
24,974
18,201
Net cash generated from/(used in) investing activities
2,774
(9,688)
Financing activities
Proceeds from issue of shares
1,379,900
100
Net cash generated from financing activities
1,379,900
100
Net increase/(decrease) in cash and cash equivalents
748,750
(4,130)
Cash and cash equivalents at beginning of year
805,496
809,626
Cash and cash equivalents at end of year
1,554,246
805,496
A5 Capital Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 14
1
Accounting policies
Company information

A5 Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, United Kingdom, EC2A 2AP.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company has good cash reserves. The company derives its revenue from contracts with entities under common control and have no indication that these contracts will not continue. The directors have reviewed the financial standing of these entities and are satisfied they remain financially strong.

1.3
Turnover

Turnover represents the fair value of services provided during the period to clients. Turnover is

recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.

The company earns revenue from service agreements which include reimbursement of approved costs and accordingly performance obligations are satisfied as the services are provided and the costs incurred.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Domain name
Over 10 years at 10% on a straight line basis
A5 Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 15
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand 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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

A5 Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 16

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Deferred compensation

The company has a remuneration policy whereby a portion of the compensation for the year for eligible employees is deferred and may be subject to forfeiture. Payment to participating employees will depend on whether they remain in the employment of the company and on their performance over the deferral period.

Deferred remuneration is recognised as an expense evenly over the deferral period once an obligation exists, it is probable that the company will be required to pay the deferred remuneration and the amount can be measured reliably.

A5 Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 17
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors do not deem there to be any key estimates or uncertainties.

3
Turnover and other revenue
2025
2024
£
£
Other significant revenue
Interest income
24,974
18,201
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(47,818)
14,257
Depreciation of tangible fixed assets
11,413
5,515
Amortisation of intangible assets
6,157
6,157
Operating lease charges
400,536
267,065
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,000
22,500
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
7
5
A5 Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
6
Employees
(Continued)
Page 18

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,163,769
1,649,895
Social security costs
489,845
216,355
Pension costs
52,601
29,920
3,706,215
1,896,170
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,988,687
1,162,857
Company pension contributions to defined contribution schemes
25,000
14,583
2,013,687
1,177,440

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
1,988,687
1,162,857
Company pension contributions to defined contribution schemes
25,000
14,583
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Other interest
1,474
113
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
51,500
74,768
A5 Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
9
Taxation
(Continued)
Page 19

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
211,809
320,649
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
52,952
80,162
Tax effect of expenses that are not deductible in determining taxable profit
(7,089)
(8,883)
Tax effect of income not taxable in determining taxable profit
5,709
3,489
Foreign exchange differences
(72)
-
0
Taxation charge for the year
51,500
74,768
10
Intangible fixed assets
Domain name
£
Cost
At 1 January 2025 and 31 December 2025
61,568
Amortisation and impairment
At 1 January 2025
11,791
Amortisation charged for the year
6,157
At 31 December 2025
17,948
Carrying amount
At 31 December 2025
43,620
At 31 December 2024
49,777
A5 Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 20
11
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2025
8,925
22,969
31,894
Additions
1,116
21,084
22,200
At 31 December 2025
10,041
44,053
54,094
Depreciation and impairment
At 1 January 2025
1,136
6,187
7,323
Depreciation charged in the year
1,897
9,516
11,413
At 31 December 2025
3,033
15,703
18,736
Carrying amount
At 31 December 2025
7,008
28,350
35,358
At 31 December 2024
7,789
16,782
24,571
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,366,799
1,120,625
Other debtors
142,296
52,410
Prepayments and accrued income
101,592
295,180
2,610,687
1,468,215
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
79,597
65,656
Total debtors
2,690,284
1,533,871
A5 Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 21
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
61,609
36,773
Corporation tax
30,928
74,768
Other taxation and social security
46,126
41,954
Other creditors
8,992
801,975
Accruals and deferred income
2,195,966
1,018,567
2,343,621
1,974,037
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,601
29,920

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1,380,100
200
1,380,100
200

During the year 1,379,9 00 ordinary shares of £1 each were issued at par.

16
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
150,070
408,049
Years 2-5
1,441
152,604
151,511
560,653
A5 Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 22
17
Related party transactions

Revenue of £5,318,686 (202 4: £3,552,543), trade debtors of £2,366,799 (202 4: £1,120,625), accrued income of nil (2024: 237,770), trade creditors of £5,211 (2024: nil), accruals of £15,843 (2024: nil) and expenses of £71,167 (2024: nil) relate to transactions with entities under common control. Other creditors includes nil (202 4: £799,028) due to key management personnel who also has a controlling interest. Balances outstanding at the period end date have no fixed repayment terms and are interest free.

18
Deferred compensation

As part of the company's remuneration policy, unvested deferred compensation amounts for which a provision has not been recognised is £1,791,896 (2024: £750,000).

19
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit after taxation
160,309
245,881
Adjustments for:
Taxation charged
51,500
74,768
Finance costs
1,474
113
Investment income
(24,974)
(18,201)
Amortisation and impairment of intangible assets
6,157
6,157
Depreciation and impairment of tangible fixed assets
11,413
5,515
Movements in working capital:
Increase in debtors
(1,156,413)
(1,205,107)
Increase in creditors
413,424
937,028
Cash (absorbed by)/generated from operations
(537,110)
46,154
20
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
805,496
748,750
1,554,246
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