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REGISTERED NUMBER: 12986781 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Shikuma Capital Limited |

| Shikuma Capital Limited (Registered number: 12986781) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

| Shikuma Capital Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | T Mancuso

| A McCutcheon

| T P Pontin

| M Tosi

| G O'Brien

| REGISTERED OFFICE: | Green Park House

| 15 Stratton Street

| London

| W1J 8LQ

| REGISTERED NUMBER: | 12986781 (England and Wales)

| AUDITORS: | Anderson Barrowcliff Limited

| Statutory Auditors

| Chartered Accountants

| 3 Kingfisher Court

| Bowesfield Park

| Stockton on Tees

| TS18 3EX

| Shikuma Capital Limited (Registered number: 12986781) |

Strategic Report

for the Year Ended 31 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of investment management services.

Review of business

The results for the year and financial position of the company are shown in the financial statements. The company results show a pre tax loss of £14,072 (2024 - £8,020) and net assets of £123,091 (2024 - £137,163).

The results for the year and the financial position at the year end were considered satisfactory by the directors.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that as with all fund management companies, the principal risks to the company are the general economic climate and the fluctuating exchange rates which can affect the company's income. The company actively monitors the risk of these variances where possible.

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires those charged with governance to act in the manner 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. As part of the Company’s deliberations and decision-making process, the directors also take into account the following:

- the likely consequences of any decisions in the long-term;

- the interests of the Company’s employees;

- the need to foster the Company’s business relationship with suppliers, customers and others;

- the impact of the Company’s operations on the community and the environment;

- the desirability of the Company maintaining a reputation for high standards of business conduct; and

- the need to act fairly between members of the Company.

The directors consider the Company’s stakeholders to be the people who work with them, invest with them, regulate them and live in the societies they serve – this includes, but is not limited to, the Company’s customers (i.e. investors), regulators, suppliers and service providers.

During the period ended 31 December 2025, the directors considered the factors set out above in discharging their duties under section 172. The directors recognise that building strong relationships with the Company’s stakeholders will help deliver the Company’s strategy in line with its long-term objectives (i.e. the long-term viability and success of the Company). The directors are committed to effective engagement with all of its stakeholders to deliver its strategy.

Depending on the nature of the issue in question, the relevance of each stakeholder may differ and, as such, as part of the Company’s engagement with stakeholders, the directors seek to understand the relative interests and priorities of each Company and to have regard to these, as appropriate, in their decision-making. The directors acknowledge however, that not every decision they make will necessarily result in a positive outcome for all stakeholders. To help facilitate effective decision-making that comprehensively considers the relative interests and priorities of each stakeholder, the Company holds regular (typically quarterly) Board of Directors meetings. These Board of Directors meetings act as the formal mechanism through which corporate governance and management decisions are made.

As part of the decision-making process conducted as part of these Board of Directors meetings, the directors discuss the relative merits of decisions and consider the impact on the Company’s stakeholders. Furthermore, the directors also challenge management to ensure all stakeholder interests are considered in the day-to-day management and operations of the Company. Ultimately, the directors are also the Company’s shareholders. As such, the directors' best interests are directly aligned with the best interests of the Company itself (i.e. the long-term viability and success of the Company). For this reason, the long-term consequences of decisions are an intrinsic and omnipresent consideration in the decision-making process of the Company’s directors and the directors effect their managerial responsibilities in a manner that is likely to promote robust corporate governance and positive outcomes for stakeholders as a whole.

The directors believe effective communication is essential to stakeholder engagement. The directors seek to understand the interests and views of the Company’s stakeholders by engaging with them directly as appropriate. The directors sometimes engage directly with certain stakeholders on specific issues, but the size and distribution of the stakeholders mean that stakeholder engagement often takes place at an operational level. The majority of decisions made by the directors during the period are deemed to be routine in nature and are taken on a cyclical basis, The directors are also focussed on delivering both fair and right outcomes for all its stakeholders. Where appropriate, the Company publicly communicates its policies, procedures and approach such that these are readily-accessible to stakeholders. For example, the Company’s approach to shareholder engagement, stewardship, data protection and complaints handling are published on the Company’s website.

| Shikuma Capital Limited (Registered number: 12986781) |

Strategic Report

for the Year Ended 31 December 2025

The Company relies on a number of suppliers and service providers to help ensure its smooth running of the business. The directors take great care to select suppliers and service providers of good repute. The directors view suppliers and service providers are key business partners. When managing business relationships with suppliers and service providers, the directors aim to ensure that suppliers and service providers are given access to the necessary resources to carry out their services, remunerated appropriately and are treated fairly by the Company at all times.

Ultimately, the directors' approach to decision-making is designed to ensure that the Company maintains a reputation for high standards of business conduct. By doing so, the directors promote the long-term viability and success of the Company. The directors believe they have demonstrated compliance with their legal duty under section 172 of the Companies Act 2006.

KEY PERFORMANCE INDICATORS

The financial performance of the business is largely driven by ongoing service agreements (driving turnover) and the company's cost base.

FUTURE DEVELOPMENTS

The company has no plans that will significantly change the nature of its activities.

ON BEHALF OF THE BOARD:

T Mancuso - Director

21 April 2026

| Shikuma Capital Limited (Registered number: 12986781) |

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

T Mancuso

A McCutcheon

T P Pontin

M Tosi

G O'Brien

Other changes in directors holding office are as follows:

S S Bhogal - resigned 1 October 2025

GOING CONCERN

The financial statements have been prepared on a going concern basis. Given the known challenges faced by startup investment managers raising external assets leading towards a self-sustaining business, the directors have allocated sufficient resources to finance the Company. Based on the assessment of the directors, there is reasonable expectation that the Company has access to adequate financial resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to apply the going concern basis.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its principal activity, future developments, financial instruments, risk management and exposure.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

| Shikuma Capital Limited (Registered number: 12986781) |

Report of the Directors

for the Year Ended 31 December 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) 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 audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

T Mancuso - Director

21 April 2026

Report of the Independent Auditors to the Members of

Shikuma Capital Limited

Opinion

We have audited the financial statements of Shikuma Capital Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of

Shikuma Capital Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

- |  | Enquiry of management and those charged with governance around actual and potential litigation and claims. |

- |  | Enquiry of entity staff to identify any instances of non-compliance with laws and regulations. |

- |  | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |

- |  | Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |

- |  | Revenue recognition; confirming revenue earning activities to supporting contractual or other documentation, and obtaining relevant evidence to gain assurance over the occurrence and accuracy of revenue and that revenue has been recognised in the correct period. |

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Shikuma Capital 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 we are required to state to them in a Report of the Auditors 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.

David Shawcross FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

22 April 2026

| Shikuma Capital Limited (Registered number: 12986781) |

Statement of Comprehensive

Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 104,126 |  | 59,127 |  |

Administrative expenses | 120,511 |  | 71,235 |  |

OPERATING LOSS | 5 | (16,385 | ) | (12,108 | ) |

Interest receivable and similar income | 2,362 |  | 4,088 |  |

(14,023 | ) | (8,020 | ) |

Interest payable and similar expenses | 7 | 49 |  | - |  |

LOSS BEFORE TAXATION | (14,072 | ) | (8,020 | ) |

Tax on loss | 8 | - |  | - |  |

LOSS FOR THE FINANCIAL YEAR | (14,072 | ) | (8,020 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (14,072 | ) | (8,020 | ) |

| Shikuma Capital Limited (Registered number: 12986781) |

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | - |  | 45 |  |

CURRENT ASSETS

Debtors | 11 | 27,939 |  | 12,523 |  |

Cash at bank | 100,519 |  | 138,934 |  |

128,458 |  | 151,457 |  |

CREDITORS

Amounts falling due within one year | 12 | 5,367 |  | 14,339 |  |

NET CURRENT ASSETS | 123,091 |  | 137,118 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 123,091 |  | 137,163 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 6,864 |  | 6,864 |  |

Share premium | 14 | 1,160,016 |  | 1,160,016 |  |

Retained earnings | 14 | (1,043,789 | ) | (1,029,717 | ) |

123,091 |  | 137,163 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2026 and were signed on its behalf by:

T Mancuso - Director

| Shikuma Capital Limited (Registered number: 12986781) |

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 6,766 |  | (1,021,697 | ) | 1,143,454 |  | 128,523 |  |

Changes in equity

Issue of share capital | 98 |  | - |  | 16,562 |  | 16,660 |  |

Total comprehensive income | - |  | (8,020 | ) | - |  | (8,020 | ) |

Balance at 31 December 2024 | 6,864 |  | (1,029,717 | ) | 1,160,016 |  | 137,163 |  |

Changes in equity

Total comprehensive income | - |  | (14,072 | ) | - |  | (14,072 | ) |

Balance at 31 December 2025 | 6,864 |  | (1,043,789 | ) | 1,160,016 |  | 123,091 |  |

| Shikuma Capital Limited (Registered number: 12986781) |

Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (40,728 | ) | (686 | ) |

Interest paid | (49 | ) | - |  |

Net cash from operating activities | (40,777 | ) | (686 | ) |

Cash flows from investing activities

Interest received | 2,362 |  | 4,088 |  |

Net cash from investing activities | 2,362 |  | 4,088 |  |

Cash flows from financing activities

Amount withdrawn by directors | - |  | (23,774 | ) |

Share issue | - |  | 16,660 |  |

Net cash from financing activities | - |  | (7,114 | ) |

Decrease in cash and cash equivalents | (38,415 | ) | (3,712 | ) |

Cash and cash equivalents at beginning of year | 2 | 138,934 |  | 142,646 |  |

Cash and cash equivalents at end of year | 2 | 100,519 |  | 138,934 |  |

| Shikuma Capital Limited (Registered number: 12986781) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Loss before taxation | (14,072 | ) | (8,020 | ) |

| Depreciation charges | 45 |  | 536 |  |

| Finance costs | 49 |  | - |  |

| Finance income | (2,362 | ) | (4,088 | ) |

(16,340 | ) | (11,572 | ) |

| (Increase)/decrease in trade and other debtors | (15,416 | ) | 4,239 |  |

| (Decrease)/increase in trade and other creditors | (8,972 | ) | 6,647 |  |

| Cash generated from operations | (40,728 | ) | (686 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 100,519 |  | 138,934 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 138,934 |  | 142,646 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 138,934 |  | (38,415 | ) | 100,519 |  |

138,934 |  | (38,415 | ) | 100,519 |  |

| Total | 138,934 |  | (38,415 | ) | 100,519 |  |

| Shikuma Capital Limited (Registered number: 12986781) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Shikuma Capital Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The financial statements have been prepared on a going concern basis. Given the known challenges faced by startup investment managers raising external assets leading towards a self-sustaining business, the directors have allocated sufficient resources to finance the Company. Based on the assessment of the directors, there is reasonable expectation that the Company has access to adequate financial resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to apply the going concern basis.

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Computer equipment | - | 50% on cost

| Investments

| Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the fair value can otherwise be measured reliably.

| Taxation

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

| Foreign currencies

| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Debtors and creditors receivable/ payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the company.

4. | EMPLOYEES AND DIRECTORS

| There were no staff costs for the year ended 31 December 2025 nor for the year ended 31 December 2024.

| Shikuma Capital Limited (Registered number: 12986781) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Directors | 6 |  | 6 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | OPERATING LOSS

| The operating loss is stated after charging:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Depreciation of tangible fixed assets |  | 45 |  | 536 |  |

| Exchange differences |  | 1,864 |  | 535 |  |

| Auditors' remuneration |  | 4,250 |  | 4,250 |  |

6. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 4,250 |  | 4,250 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 49 |  | - |  |

8. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

9. | EXCEPTIONAL ITEMS

| Included within administrative expenses is £72,680 in relation to fund closure costs.

10. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 3,673 |  |

| DEPRECIATION

| At 1 January 2025 | 3,628 |  |

| Charge for year | 45 |  |

| At 31 December 2025 | 3,673 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 45 |  |

| Shikuma Capital Limited (Registered number: 12986781) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 13,131 |  | 8,248 |  |

| Other debtors | 476 |  | 100 |  |

| VAT | 2,907 |  | - |  |

| Prepayments and accrued income | 11,425 |  | 4,175 |  |

27,939 |  | 12,523 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 1,113 |  | 7,311 |  |

| VAT | - |  | 2,076 |  |

| Other creditors | 4 |  | 702 |  |

| Accrued expenses | 4,250 |  | 4,250 |  |

5,367 |  | 14,339 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |  |

| Number: |  | Class: |  |  | Nominal value: |  |  | 2025 |  |  | 2024 |

| £ |  |  | £ |  |

| 6,000 |  | Ordinary A |  |  | £0.01 |  |  | 60 |  |  | 60 |

| 680,400 |  | Ordinary B |  |  | £0.01 |  |  | 6,804 |  |  | 6,804 |

|  | 6,864 |  |  | 6,864 |

| The Ordinary A shares entitle the holder to vote on shareholder resolutions, but do not entitle the holder to share in dividends or capital returns, save for the return of original subscription price.

| The Ordinary B shares do not entitle the holder to vote on shareholder resolutions, but do entitle the holder to share in dividends and capital returns, on winding up or otherwise.

14. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2025 | (1,029,717 | ) | 1,160,016 |  | 130,299 |  |

| Deficit for the year | (14,072 | ) | (14,072 | ) |

| At 31 December 2025 | (1,043,789 | ) | 1,160,016 |  | 116,227 |  |

| Retained earnings

| Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

| Share premium

| The share premium account represents the difference between the par value of the shares issued and the subscription price.

15. | PENSION COMMITMENTS

| The company operates a small self-administered pension scheme for its directors. The scheme is a trust based occupational pension plan that allows members to direct investments. At 31 December 2025 and 2024 the company did not have any payment obligations.

| Shikuma Capital Limited (Registered number: 12986781) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

16. | RELATED PARTY DISCLOSURES

| During the year the directors and shareholders of the company contributed £1,035 (2024 - £Nil) to the company and withdrew £1,035 (2024 - £23,774) leaving a balance due to the directors of £Nil (2024 - £Nil). Amounts are unsecured, interest free and repayable on 90 days' notice.

| Key management personnel is considered to be the directors. Details of remuneration can be found in note 4 to the financial statements.

| Other related parties - common control

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Management and performance fees receivable |  | 2,942 |  | 19,127 |  |

| Debtors |  | - |  | 1,118 |  |

| Fund expenses |  | 72,680 |  | - |  |

| Balances included in the above are interest free, payable under normal credit terms and are unsecured.

| Other related parties - common key management personnel

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Sales |  | 52,190 |  | 12,000 |  |

| Debtors |  | 13,200 |  | 2,400 |  |

| Balances included in the above are interest free, payable under normal credit terms and are unsecured.

17. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is T Mancuso.