Company registration number 13296663 (England and Wales)
PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
6
763,122
-
0
Current assets
Debtors
7
487,291
165,728
Cash at bank and in hand
1,227,375
860,275
1,714,666
1,026,003
Creditors: amounts falling due within one year
8
(1,179,324)
(432,657)
Net current assets
535,342
593,346
Total assets less current liabilities
1,298,464
593,346
Creditors: amounts falling due after more than one year
9
(354,197)
-
0
Net assets
944,267
593,346
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
944,266
593,345
Total equity
944,267
593,346

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 April 2026 and are signed on its behalf by:
Mr J D Fox
Director
Company registration number 13296663 (England and Wales)
PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Palmer Square Capital Management UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Coleman Street, 6th Floor, London, EC2R 5AR.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Palmer Square Holdings LLC. These consolidated financial statements are available from its registered office, Palmer Square Capital Management LLC, 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205.

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. The Directors consider that the company will be able to maintain a sufficient income level and receive sufficient financial support from its parent company to cover its costs and pay its liabilities for next 12 months from the date of approval of these financial statements. The parent company has confirmed such support. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

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

Turnover is derived from services provided to its immediate parent and is measured on an arms length basis by applying a cost-plus percentage mark-up model.

1.4
Tangible fixed assets

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

PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

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

Right-of-use assets
Effective interest method over the life of lease

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

T he management has elected the c ost m odel under Section 20 of FRS 102. In lieu of applying the depreciation requirements of Section 17 Property, Plant and Equipment, the management believes the effective interest method provides more accurate and market-based finance cost calculation. This is completed by applying a constant rate to a changing lease carrying value. Conversely, the straight-line method spreads the amortization evenly over the lease’s life, offering simplicity but less precision. While the entity anticipates it will consume the right of use asset equally over the lease term, for reporting purposes, management believes the effective interest method to be more representative of the benefit pattern.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

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.

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.

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.

PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
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.

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

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

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.

1.10
Retirement benefits

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

PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease. A lease arises where the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control of the use of an asset occurs where the company has both the right to direct the use of the asset, and the right to obtain substantially all the economic benefits from that use.

Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within the same line items on the Balance sheet as owned assets.

The right-of-use asset is initially measured at cost, which comprises the initial measurement of the lease liability adjusted for lease payments made at or before the commencement date less any lease incentives or grants received, plus initial direct costs and an estimate of the cost of obligations to dismantle, remove or restore the underlying asset and the site on which it is located.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the company’s obtainable borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments less any lease incentives receivable, and any penalties for early termination of a lease.

At each financial period end, the lease liability is adjusted to reflect payments made and interest accrued. Also, the lease liability is remeasured to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

In the comparative period, the company only has operating leases. Rentals payable under operating leases, less any lease incentives received, were charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis was more representative of the time pattern in which economic benefits from the leased asset were consumed.

2
Change in accounting policy

In the current year, the company has early adopted FRS 102 Periodic Review 2024 and it affects the financial statements as follows.

PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Change in accounting policy
(Continued)
- 6 -
Leases

The company has applied the FRS 102 Periodic Review 2024 amendments to Section 20 Leases as an adjustment during the year as the new lease was entered during the year. The impact on the opening balance of retained earnings remained £nil. C omparative information is not restated.

The company’s revised accounting policies for leases are set out in note 1.

The company has entered into a new lease agreement in March 2025 for 3 years. The previous lease was terminated in April 2025 as the company exercised its break clause. As the lease has been changed during the year, there is no impact of early adoption of FRS 102 Periodic Review 2024, and thus, no like comparison for lease expenses for the 2024 period.

3
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.

4
Employees

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

2025
2024
Number
Number
Total
13
11
5
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
124,628
85,615
Adjustments in respect of prior periods
-
0
51
Total current tax
124,628
85,666
PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
6
Tangible fixed assets
Right-of-use assets
£
Cost
At 1 January 2025
-
0
Additions
1,026,285
At 31 December 2025
1,026,285
Depreciation and impairment
At 1 January 2025
-
0
Depreciation charged in the year
263,163
At 31 December 2025
263,163
Carrying amount
At 31 December 2025
763,122
At 31 December 2024
-
0
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
68,175
46,655
Other debtors
209,342
11,238
Prepayments and accrued income
209,774
107,835
487,291
165,728
8
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
10
333,206
-
0
Trade creditors
21,420
1,142
Corporation tax
124,615
85,615
Other creditors
2,487
1,798
Accruals
697,596
344,102
1,179,324
432,657
9
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
10
354,197
-
0
PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
10
Lease liabilities
2025
2024
Amounts due:
£
£
Within one year
333,206
-
0
After more than one year
354,197
-
0
687,403
-

Lease payments represent rentals payable by the company for an office building. A new lease has been entered into during the year from 3 March 2025 for 3 years. The lease liability is discounted using the company's obtainable interest rate of 3.875%.

The lease is on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The lease is not permitted to be sublet or assigned.

During the year, the total cash outflow in respect of the new lease totalled £362,631. Interest charged and included in profit or loss account, on the lease liability, amounted to £29,099.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

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

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

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

Senior Statutory Auditor:
Jayson Lawson
Statutory Auditor:
Ensors
Date of audit report:
28 April 2026
12
Events after the reporting date

On 28 January 2026, subsequent to the reporting date, the Company approved and paid an equity distribution of £778,820 to its parent undertaking.

As the distribution was approved after the reporting date and no obligation existed at 31 December 2025, the transaction represents a non‑adjusting event in accordance with FRS 102 Section 32. Accordingly, no adjustment has been made to the financial statements for the year ended 31 December 2025.

13
Related party transactions

The company has taken advantage of the exemption under paragraph 1.12 of FRS 102 not to disclose transactions with other group entities.

PALMER SQUARE CAPITAL MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
14
Parent company

The Company's immediate controlling party is Palmer Square Capital Management LLC, a company registered in United States of America, which owns 100% of the issued share capital of the Company.

The Company's ultimate controlling party is Angie Knighton Long.

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