REGISTERED NUMBER: 07794059 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 July 2025

for

KAI CAPITAL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

C LOI

M Salzano

REGISTERED OFFICE:

SPM House

Rear of No 2

Glenthorne Road, Friern Barnet

London

N11 3HT

REGISTERED NUMBER:

07794059 (England and Wales)

SENIOR STATUTORY AUDITOR:

V PATEL

AUDITORS:

VPC Accountants Ltd

Sanjita Bhavan

101 Brookdene Avenue

Watford

WD19 4LG

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

REVIEW OF BUSINESS

Kai Capital Limited has been registered with the Financial Conduct Authority (FCA) since 3 December 2018 and is authorised by the FCA to advise on and arrange investment business.

The company continues to look for opportunities both in the UK and overseas for expansion. Therefore the directors expect the company will grow its business both in its core market and new markets and this will lead to improvements in the company's financial results and significant growth in all the key performance indicators of client numbers, clients deposits and trade volumes.

Principal risks and uncertainties

As a service provider the directors consider that the key financial risk exposures faced by the company relate to credit risk and the need to maintain sufficient liquidity to satisfy regulated capital requirements and working capital needs. The company does not take trade positions which expose it to material price risk not does it have a material exposure to foreign exchange movements.

The company's financial risk management objectives are therefore to minimise the key financial risks through having clearly defined terms of the business with counter parties and stringent credit control over transactions with them and regular monitoring of cash flow and management accounts to ensure regulatory capital requirements are not breached and the company maintains adequate working capital. The company has robust AML and Compliance policies.

Development and performance

The company will continue to expand its activities and remains optimistic for the foreseeable future.

Key Performance Indicators

Key performance indicators are turnover £525,150 and a profit of £149,068. The firm's net asset value as at 31 July 2025 was £323,006

ON BEHALF OF THE BOARD:

C LOI - Director

29 April 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of arranging deals in securities and bonds, managing and advising on investment funds.

DIVIDENDS

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2024 to the date of this report.

C LOI

M Salzano

GOING CONCERN

Due to the market conditions, in previous year, the company made a loss . However, the directors with positive attitude, they managed to turn the loss into a profit in the during year as the market conditions are improving.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, VPC Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C LOI - Director

29 April 2026

Opinion

We have audited the financial statements of Kai Capital Limited (the 'company') for the year ended 31 July 2025 which comprise the Income Statement, Other 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 July 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 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.

Responsibilities of directors

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed 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.

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates. We considered those laws and regulations which have a direct effect on the financial statements, including the Companies Act 2006, UK tax legislation and financial reporting requirements under FRS 102. We also considered the company’s regulatory environment as an FCA-authorised firm, including the risk that non-compliance with FCA requirements could affect the company’s ability to continue trading.

We discussed with management and those charged with governance how the company complies with these requirements and whether they were aware of any actual or suspected non-compliance, fraud or regulatory breaches during the year or up to the date of approval of the financial statements.

Our audit procedures included, but were not limited to:

- reviewing board and management representations;

- reviewing correspondence with the FCA and other relevant regulatory bodies, where available;

- considering whether the financial statements and disclosures were consistent with our understanding of the

business;

- testing journal entries and other adjustments for indications of management override;

- reviewing accounting estimates and judgements for evidence of bias;

- performing analytical procedures to identify unusual or unexpected relationships;

- reviewing post year-end events and management information; and

- considering whether there were any indications of breaches of laws and regulations which could have a material impact on the financial statements.

Because of the inherent limitations of an audit, there is a risk that material misstatements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting one resulting from error, as fraud

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.

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. Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed 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.

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates. We considered those laws and regulations which have a direct effect on the financial statements, including the Companies Act 2006, UK tax legislation and financial reporting requirements under FRS 102. We also considered the company’s regulatory environment as an FCA-authorised firm, including the risk that non-compliance with FCA requirements could affect the company’s ability to continue trading.

We discussed with management and those charged with governance how the company complies with these requirements and whether they were aware of any actual or suspected non-compliance, fraud or regulatory breaches during the year or up to the date of approval of the financial statements.

Our audit procedures included, but were not limited to:

reviewing board and management representations;

reviewing correspondence with the FCA and other relevant regulatory bodies, where available;

considering whether the financial statements and disclosures were consistent with our understanding of the business;

testing journal entries and other adjustments for indications of management override;

reviewing accounting estimates and judgements for evidence of bias;

performing analytical procedures to identify unusual or unexpected relationships;

reviewing post year-end events and management information; and

considering whether there were any indications of breaches of laws and regulations which could have a material impact on the financial statements.

Because of the inherent limitations of an audit, there is a risk that material misstatements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, forgery, intentional omissions, misrepresentations or override of internal control.

V PATEL (Senior Statutory Auditor)

VPC Accountants VPC Accountants Ltd

Sanjita Bhavan

101 Brookdene Avenue

Watford

WD19 4LG

29 April 2026

TURNOVER

525,150

1,534,754

Cost of sales

174,339

1,260,276

GROSS PROFIT

350,811

274,478

Administrative expenses

202,061

199,029

148,750

75,449

Interest receivable and similar income

352

134

149,102

75,583

Interest payable and similar expenses

4

34

-

PROFIT BEFORE TAXATION

5

149,068

75,583

Tax on profit

6

35,738

8,211

PROFIT FOR THE FINANCIAL YEAR

113,330

67,372

PROFIT FOR THE YEAR

113,330

67,372

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

113,330

67,372

FIXED ASSETS

Tangible assets

7

1,024

1,204

CURRENT ASSETS

Debtors

8

118,863

124,265

Investments

9

204,889

107,093

Cash at bank

81,847

125,012

405,599

356,370

CREDITORS

Amounts falling due within one year

10

82,593

146,874

NET CURRENT ASSETS

323,006

209,496

TOTAL ASSETS LESS CURRENT LIABILITIES

324,030

210,700

CAPITAL AND RESERVES

Called up share capital

11

75,000

75,000

Retained earnings

249,030

135,700

SHAREHOLDERS' FUNDS

324,030

210,700

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2026 and were signed on its behalf by:

C LOI - Director

M Salzano - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

75,000

68,328

143,328

Changes in equity

Total comprehensive income

-

67,372

67,372

Balance at 31 July 2024

75,000

135,700

210,700

Changes in equity

Total comprehensive income

-

113,330

113,330

Balance at 31 July 2025

75,000

249,030

324,030

Cash flows from operating activities

Cash generated from operations

1

32,553

113,500

Interest paid

(34

)

-

Tax paid

19,182

(238

)

Net cash from operating activities

51,701

113,262

Cash flows from investing activities

Purchase of tangible fixed assets

-

(1,417

)

Interest received

352

134

Short term investment

(97,797

)

-

Net cash from investing activities

(97,445

)

(1,283

)

Cash flows from financing activities

Amount introduced by directors

2,579

10,837

Net cash from financing activities

2,579

10,837

(Decrease)/increase in cash and cash equivalents

(43,165

)

122,816

Cash and cash equivalents at beginning of year

2

125,012

2,196

Cash and cash equivalents at end of year

2

81,847

125,012

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.7.25

31.7.24

£

£

Profit before taxation

149,068

75,583

Depreciation charges

181

213

Finance costs

34

-

Finance income

(352

)

(134

)

148,931

75,662

Decrease in stocks

-

7,395

Increase in trade and other debtors

(21,753

)

(61,920

)

(Decrease)/increase in trade and other creditors

(94,625

)

92,363

Cash generated from operations

32,553

113,500

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 July 2025

31.7.25

1.8.24

£

£

Cash and cash equivalents

81,847

125,012

Year ended 31 July 2024

31.7.24

1.8.23

£

£

Cash and cash equivalents

125,012

2,196

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank

125,012

(43,165

)

81,847

125,012

(43,165

)

81,847

Liquid resources

Current asset investments

107,093

97,796

204,889

107,093

97,796

204,889

Total

232,105

54,631

286,736

1.	STATUTORY INFORMATION

Kai 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the company's accounting policies, the director is 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.

Turnover

Turnover represents net invoiced for arranging deals in securities, bonds,managing and advising on investment funds.

Tangible fixed assets

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

3.	EMPLOYEES AND DIRECTORS

31.7.25

31.7.24

£

£

Wages and salaries

120,000

120,000

Social security costs

9,397

14,059

129,397

134,059

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

31.7.25

31.7.24

Employees

2

2

31.7.25

31.7.24

£

£

Directors' remuneration

120,000

120,000

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.7.25

31.7.24

£

£

Bank interest

34

-

5.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31.7.25

31.7.24

£

£

Depreciation - owned assets

180

213

Audit fee

6,000

5,500

Foreign exchange differences

-

(14,992

)

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.7.25

31.7.24

£

£

Current tax:

UK corporation tax

35,738

8,211

Tax on profit

35,738

8,211

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2024

and 31 July 2025

1,417

500

1,917

DEPRECIATION

At 1 August 2024

213

500

713

Charge for year

180

-

180

At 31 July 2025

393

500

893

NET BOOK VALUE

At 31 July 2025

1,024

-

1,024

At 31 July 2024

1,204

-

1,204

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Trade debtors

91,825

7,358

Other debtors

-

87,436

Tax

-

27,155

VAT

20,277

2,316

Prepayments

6,761

-

118,863

124,265

9.	CURRENT ASSET INVESTMENTS

31.7.25

31.7.24

£

£

Short term investments

204,889

107,093

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Trade creditors

16,249

116,654

Tax

35,738

7,973

Directors' loan accounts

13,056

10,477

Accrued expenses

17,550

11,770

82,593

146,874

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.25

31.7.24

value:

£

£

75,000

ordinary share

1

75,000

75,000

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in Other Creditors is a balance of £1,638 (2024: £348 owed to C Loi, director of the company. A balance of £11,419 (2024: £10,128) is due to M Salzano, another director of the company.

13.	ULTIMATE CONTROLLING PARTY

There are no ultimate controlling parties since the shares are held equally between the shareholders.