Company registration number 12347261 (England and Wales)
STAG SECURITIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
STAG SECURITIES LIMITED
COMPANY INFORMATION
Directors
Mr E A De Amador
Mr M J Schultz
Company number
12347261
Registered office
93 Gloucester Place
London
W1U 6JQ
Auditor
Fisher, Sassoon & Marks
93 Gloucester Place
London
W1U 6JQ
STAG SECURITIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
STAG SECURITIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The principal activity of the company remained that of a commodities brokerage firm specialising in futures and options. The company is authorised by the Financial Conduct Authority (FCA) and is also regulated by the National Futures Association (NFA) as an Introducing Broker. During the year ended 31st December 2025, the company experienced a decline in revenue compared to the prior year, reflecting market conditions that affected trading activity and client volumes. In response, the Board focused on maintaining financial. Despite the decline in revenue, the company remained profitable at the gross profit level and continued to strengthen its balance sheet. Subsequent to the year end, the Board has taken measured steps to support future growth. A junior broker was recruited in the first quarter of 2026. The Board also expects to recruit a senior broker during the second quarter of 2026. This appointment is intended to rebuild lost revenue and drive expansion into both existing and new client relationships, with a disciplined focus on profitability.

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 regulatory capital requirements and working capital needs. The company does not take trade positions which expose it to material price risk nor 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 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.

Key performance indicators

The company's performance was considered satisfactory by the directors. The gross profit was £431,242 (20 24:£609,317). At 31st December 20 2 5 the Company has net assets of £236,024 (20 24: £212,178).

STAG SECURITIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Directors' statement of compliance with duty to promote the success of the Company

The directors of the company have acted in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its shareholders, employees and customers.

The likely consequences of any decisions in the long term:

The Board takes a long-term view when making strategic decisions, with particular emphasis on

maintaining regulatory compliance, safeguarding capital adequacy, and ensuring the sustainability of the firm. Post-year-end investment in brokerage capacity is intended to support sustainable growth rather than short-term gains.

The interests of the Company's employees:

As a small organisation, the Company recognises that all employees are key to its success. The Board seeks to maintain an inclusive and supportive working environment, offering professional development opportunities and open communication. Staffing decisions during and after the year were taken with careful consideration of both the needs of the business and the impact on employees.

The need to foster the Company's business relationships with supplier and others:

The Company operates closely with many key suppliers in a way that they are aligned with its strategic objectives. The Board operates a risk management framework including Anti-Bribery and Corruption policies and is made aware of any significant supplier issues. Suppliers provide expertise that is not readily available in-house.

The Board retains a transparent dialogue with its regulators ensuring that they are updated as required on key strategic decisions. The Board receives regular updates on developments in financial services regulation. The regulators require compliance with their rules to ensure the integrity of the financial markets in which the Company operates.

The desirability of the Company maintaining a reputation for high standards of business conduct:

This is demonstrated through the 'tone from the top' in how the Directors drive and support the right culture for a client facing regulated business and the how this cascades to all employees. In making board level decisions the impact on culture and the right behaviors are considered.

The need to act fairly as between shareholders of the Company:

The Board seeks to act fairly and transparently in its dealings with all shareholders. Shareholders are kept appropriately informed of the Company’s performance and strategy, and material decisions are taken with regard to the interests of shareholders as a whole.

Community & Environment:

The Company recognises its broader responsibilities to the community and environment. As a small firm, its environmental footprint is limited; however, the Board supports responsible business practices and continues to explore opportunities such as internships and training placements to contribute positively to the wider community.

On behalf of the board

Mr M J Schultz
Director
16 April 2026
STAG SECURITIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company is that of financial intermediation.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr E A De Amador
Mr M J Schultz
Future developments

The Company continues to view it’s UK presence as a vital beachhead to servicing clients during European hours. As such, it has invested heavily in infrastructure ensuring that the Company will have the proper support for future expansion. The Company seeks to expand its product offering beyond agricultural derivatives and into other commodities to meet the widening demands of existing clients.

Auditor

Fisher, Sassoon & Marks were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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.

STAG SECURITIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
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.

On behalf of the board
Mr M J Schultz
Director
16 April 2026
STAG SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAG SECURITIES LIMITED
- 5 -
Opinion

We have audited the financial statements of Stag Securities 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 loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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

We draw attention to note 1.2 in the financial statements, which indicates that the company incurred a net loss of £200,319 during the year ended 31st December 20 2 4. Th is condition, along with other matters as set forth in note 1.2 indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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.

STAG SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAG SECURITIES LIMITED (CONTINUED)
- 6 -
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 or 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.

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.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Financial Conduct Authority (FCA), Companies Act 2006, taxation legislation, anti-money laundering, and employment law;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

STAG SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAG SECURITIES LIMITED (CONTINUED)
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the design of the company’s remuneration policies.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates as set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the FCA and reviewing the company’s compliance monitoring procedures and findings.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Jonathan Marks (Senior Statutory Auditor)
For and on behalf of Fisher, Sassoon & Marks, Statutory Auditor
Chartered Accountants
93 Gloucester Place
London
W1U 6JQ
16 April 2026
STAG SECURITIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
591,445
717,469
Cost of sales
(160,203)
(108,152)
Gross profit
431,242
609,317
Administrative expenses
(614,633)
(809,636)
Operating loss
4
(183,391)
(200,319)
Interest receivable and similar income
8
1,233
-
0
Loss before taxation
(182,158)
(200,319)
Tax on loss
9
-
0
-
0
Loss for the financial year
(182,158)
(200,319)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

STAG SECURITIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
10
255,280
272,415
Cash at bank and in hand
9,993
14,770
265,273
287,185
Creditors: amounts falling due within one year
11
(29,249)
(75,007)
Net current assets
236,024
212,178
Capital and reserves
Called up share capital
14
905,721
699,717
Profit and loss reserves
(669,697)
(487,539)
Total equity
236,024
212,178
The financial statements were approved by the board of directors and authorised for issue on 16 April 2026 and are signed on its behalf by:
Mr M J Schultz
Director
Company registration number 12347261 (England and Wales)
STAG SECURITIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
402,683
(287,220)
115,463
Year ended 31 December 2024:
Loss and total comprehensive income
-
(200,319)
(200,319)
Issue of share capital
14
297,034
-
297,034
Balance at 31 December 2024
699,717
(487,539)
212,178
Year ended 31 December 2025:
Loss and total comprehensive income
-
(182,158)
(182,158)
Issue of share capital
14
206,004
-
206,004
Balance at 31 December 2025
905,721
(669,697)
236,024
STAG SECURITIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
18
(212,014)
(311,890)
Investing activities
Interest received
1,233
-
0
Net cash generated from investing activities
1,233
-
Financing activities
Proceeds from issue of shares
206,004
297,034
Net cash generated from financing activities
206,004
297,034
Net decrease in cash and cash equivalents
(4,777)
(14,856)
Cash and cash equivalents at beginning of year
14,770
29,626
Cash and cash equivalents at end of year
9,993
14,770
STAG SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Stag Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 93 Gloucester Place, London, W1U 6JQ.

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 incurred a net loss of £182,158 (202 4: £200,319) during the year ended 3 1st December 2025, Accordingly, the parent company has given the assurance that he will continue to financially support the company to ensure its operational existence for the foreseeable future. The directors, having considered the above continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. Were the Company no longer a going concern, adjustments may be required to the carrying value of assets, provisions would be required for the future liabilities arising as a consequence of the Company ceasing business and assets currently classified as non-current would be reclassified as current.

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for broking s ervices provided in the normal course of business, and is shown net of VAT and other sales related taxes.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.4
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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

STAG SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

STAG SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

1.8
Retirement benefits

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

1.9
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.

STAG SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
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 consider there to be any critical judgements or key sources of estimation uncertainty involved in the preparation of the company's financial statements.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Brokerage fees
591,445
717,469
2025
2024
£
£
Turnover analysed by geographical market
Outside United Kingdom
591,445
717,469
2025
2024
£
£
Other revenue
Interest income
1,233
-
4
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
4,050
(3,872)
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
8,500
8,500
STAG SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
6
Employees

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

2025
2024
Number
Number
Management and operations team
3
4

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
380,991
585,042
Social security costs
78,638
70,985
Pension costs
14,650
19,716
474,279
675,743
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
141,473
168,950
Company pension contributions to defined contribution schemes
4,119
5,467
145,592
174,417
STAG SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,233
-
0
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,233
-
0
9
Taxation

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

2025
2024
£
£
Loss before taxation
(182,158)
(200,319)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(45,540)
(50,080)
Unutilised tax losses carried forward
45,540
50,080
Taxation charge for the year
-
-

The company has tax losses carried forward as at 31st December 2025 of £669,697 (2024: £487,539). A deferred tax asset has not been recognised in respect of the losses due to the uncertainty as to the timing of future taxable profits.

10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
131,618
204,766
Amounts owed by group undertakings
105,435
16,146
Other debtors
-
0
23,944
Prepayments and accrued income
18,227
27,559
255,280
272,415
STAG SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
11
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,426
5,552
Other creditors
4,861
56,172
Accruals and deferred income
21,962
13,283
29,249
75,007
12
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
237,053
244,856
Carrying amount of financial liabilities
Measured at amortised cost
29,249
75,007
13
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
14,650
19,716

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.

14
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
905,721
402,683
905,721
699,717

During the year £206,004 Ordinary Shares of £1 each were allotted and fully paid at par for cash consideration to provide additional working capital.

Full right to receive notice of attend and vote at general meetings. Once shares carries one vote and full rights to dividends and capital distributions (including upon winding up).

15
Financial commitments, guarantees and contingent liabilities

At the reporting end date, the company had outstanding commitments for future minimum rental licence payments under the contact. The amount due within one year £14,952(202 4: £13,500).

STAG SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
16
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
141,473
168,950
Other information

The company has taken the advantage of exemption,under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with Wholly owned subsidiaries with in the group.

17
Ultimate controlling party

The parent company is S TAG International Group a company incorporated in the United States of America.

The ultimate controller of the company is Michael Schultz by virtue of his shareholding in S TAG International Group.

18
Cash absorbed by operations
2025
2024
£
£
Loss after taxation
(182,158)
(200,319)
Adjustments for:
Investment income
(1,233)
-
0
Movements in working capital:
Decrease in debtors
17,135
9,274
Decrease in creditors
(45,758)
(120,845)
Cash absorbed by operations
(212,014)
(311,890)
19
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
14,770
(4,777)
9,993
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