Company registration number 08840257 (England and Wales)
WORKING CAPITAL ADVISORS (UK) LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
WORKING CAPITAL ADVISORS (UK) LTD.
COMPANY INFORMATION
Directors
K H Chan
W K Kwok
Company number
08840257
Registered office
Queripel House
Unit 2
1 Duke of York Square
London
SW3 4LY
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
WORKING CAPITAL ADVISORS (UK) LTD.
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 23
WORKING CAPITAL ADVISORS (UK) LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Business Review

The company provides research and portfolio management services to its fund clients while delegating compliance, operations and risk management to the Singapore parent company.

During the tenth year of trading, the company achieved revenue of $18,417,083 (2024: $7,494,249) which resulted in profit before tax of $9,073,779 (2024: $3,392,902). As at the balance sheet date net assets were $7,059,887 (2024: $4,554,387). The Board monitors the company's performance and in particular focuses on the company's levels of profitability and financial strength. The company is committed to following an operating expense budget that is established in line with management fee income levels.

The Board considers the principal risks and uncertainties for the company and seeks to mitigate these risks through continual and regular reviews. The company finances its operations through retained profits. Management’s objectives are to retain sufficient liquid funds to enable the company to meet its day-to-day obligations as they fall due. The company is aware of their capital adequacy requirements as set out by the FCA.

Principal Risks and Uncertainties

The principal risk to the company is a lack of investor appetite resulting in a reduction in management fee income. Another risk is the funds’ underperformance resulting in a minimal or zero performance fee income.

The company’s activities also expose it to a variety of financial risks including foreign exchange risk and credit risk. In 2019, the company changed its functional currency from GBP to US Dollar. This helped to minimize foreign exchange risk, although risk still arises primarily from exposure to GBP denominated transactions and balances. With respect to credit risk, the company considers on a regular basis the credit ratings of its banking counterparties to reduce exposure to credit risk.

Markets have seen a sharp increase in volatility and the company is actively monitoring its investments and continues to manage is clients’ assets within established investment and risk parameters. Such volatility partially contributed to the funds’ underperformance in recent years resulting in minimal performance fee income. The company expects continued heightened volatility in the global markets in the coming year as a result of geopolitical tensions. The company will continue to carefully monitor market volatility and the effect on its portfolio companies. Such market conditions may require the use of pro-active hedging instruments such as foreign exchange futures. The company continues to prioritize financial and operational risk management while recognizing that market volatility may also create investment opportunities. The company recognizes that underperformance may reduce management fee income given a reduction in assets under management The company will continue to utilize cash flow projections and operating budget management to ensure an operating cash buffer to mitigate any potential liquidity or cash flow risks.

The company is not exposed to any significant price or credit risks.

The company’s overall risk management program seeks to minimise any potentially adverse effects on the company’s financial performance.

Financial Key Performance Indicators

The company does not measure any key performance indicators as these indicators are more applicable at the fund client level rather than at the portfolio management level. Given the straightforward nature of the company’s operations, the company’s director believes that any further analysis of key performance indicators is not necessary to understand the development, performance and position of the business.

WORKING CAPITAL ADVISORS (UK) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Section 172 statement

The Board of Directors of the Company recognizes its responsibility to maintain high standards of business conduction and to recognize the impact on all stakeholders when making business decisions including the long-term impact of these decisions. The Company is a wholly owned UK subsidiary of a non-UK parent company (collectively, the “Group”). The Directors recognize their duties under section 172 are to the Company and not the parent. However, the Directors further acknowledge that the interests of the Company and the parent are closely aligned and any decisions taken will be in line with the strategy and standards of the parent company and be made in the best interest of all stakeholders.

The Company’s parent is consulted routinely on a wide range of matters including funding decisions, delivery of the Group’s strategy, compliance with Group policies, corporate governance matters and operational matters, to ensure that the Company operates at high standards of business conduct and governance in line with the Group.

The Board’s analysis of how it has exercised its duty to promote the long-term success of the company is set out below.

Duty | Analysis
Consequences of decisions in the long term | When making key business decisions, the Board consider the longer-term impact of these decisions on all stakeholders and makes decisions in consultation with the parent company.
Interests of the company's employees | The Directors have implemented a suite of training programs to ensure all employees have the skills required to perform their duties. The Company operates an annual 360° review process to give and solicit feedback.
Business relationships with suppliers, customers and others | The Company operates a bi-weekly payment run process to maximise the number of supplier invoices that are paid on time. The Company believes in open communication with its customers and regularly solicits feedback, which the Company incorporates into future action plans. The Company regularly assesses its suppliers and vendors for performance and cost efficiency. The Company has developed operational risk management and business continuity procedures to ensure no material risk of supplier or vendor default.

Impact on the community and the environment | The Company may engage its employees in selecting a charitable cause to donate to.
Maintaining a reputation for high standards of business conduct | The Directors sponsor a culture of compliance and ensure there are policies, procures and training in all key areas of compliance. Cybersecurity is a key area of focus for the Company. All employees engage in annual cybersecurity training. A cybersecurity monitoring and enforcement program is in place. The Directors recognize that failure to do so may result in reputational risk and damage in addition to financial damage. The Directors are committed to exercising reasonable care, skill and diligence to mitigating risk.
Acting fairly between members of the company | Parent company is sole shareholder. Any decisions taken will be in line with the strategy and standards of the parent company and be made in the best interest of all stakeholders.

WORKING CAPITAL ADVISORS (UK) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
W K Kwok
Director
16 April 2026
WORKING CAPITAL ADVISORS (UK) LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Principal activities

The principal activity of the firm during the year was to provide investment management services. It is authorised and regulated by the Financial Conduct Authority (“FCA”). The firm does not anticipate any change to the nature of these activities going forward.

Results and dividends

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

Ordinary dividends were paid amounting to $4,250,000 (2024: $2,000,000). 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:

K H Chan
W K Kwok
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.

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.

WORKING CAPITAL ADVISORS (UK) LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
On behalf of the board
W K Kwok
Director
16 April 2026
WORKING CAPITAL ADVISORS (UK) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WORKING CAPITAL ADVISORS (UK) LTD.
- 6 -
Opinion

We have audited the financial statements of Working Capital Advisors (UK) Ltd. (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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.

WORKING CAPITAL ADVISORS (UK) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WORKING CAPITAL ADVISORS (UK) LTD. (CONTINUED)
- 7 -
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.

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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

WORKING CAPITAL ADVISORS (UK) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WORKING CAPITAL ADVISORS (UK) LTD. (CONTINUED)
- 8 -

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- 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, but not limited to, the Companies Act 2006, FCA legislation and taxation legislation.

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

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

- understanding the business model as part of the control and business environment;

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

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

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 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;

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

- reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations.

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 by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

WORKING CAPITAL ADVISORS (UK) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WORKING CAPITAL ADVISORS (UK) LTD. (CONTINUED)
- 9 -

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.

Sarah Wilson FCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
17 April 2026
WORKING CAPITAL ADVISORS (UK) LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
$
$
Turnover
2
18,417,083
7,494,249
Cost of sales
(7,972,888)
(2,867,708)
Gross profit
10,444,195
4,626,541
Administrative expenses
(1,830,068)
(1,842,968)
Other operating income
417,069
557,010
Operating profit
3
9,031,196
3,340,583
Interest receivable and similar income
42,583
52,319
Profit before taxation
9,073,779
3,392,902
Tax on profit
7
(2,318,279)
(855,588)
Profit for the financial year
6,755,500
2,537,314
WORKING CAPITAL ADVISORS (UK) LTD.
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
$
$
$
$
Fixed assets
Tangible assets
9
82,878
98,762
Investments
10
3
3
82,881
98,765
Current assets
Debtors
11
8,940,788
1,790,549
Cash at bank and in hand
2,223,576
4,093,612
11,164,364
5,884,161
Creditors: amounts falling due within one year
12
(4,162,667)
(1,403,848)
Net current assets
7,001,697
4,480,313
Total assets less current liabilities
7,084,578
4,579,078
Provisions for liabilities
Deferred tax liability
13
24,691
24,691
(24,691)
(24,691)
Net assets
7,059,887
4,554,387
Capital and reserves
Called up share capital
15
114,624
114,624
Profit and loss reserves
16
6,945,263
4,439,763
Total equity
7,059,887
4,554,387
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:
W K Kwok
Director
Company registration number 08840257 (England and Wales)
WORKING CAPITAL ADVISORS (UK) LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 January 2024
114,624
3,902,449
4,017,073
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,537,314
2,537,314
Dividends
8
-
(2,000,000)
(2,000,000)
Balance at 31 December 2024
114,624
4,439,763
4,554,387
Year ended 31 December 2025:
Profit and total comprehensive income
-
6,755,500
6,755,500
Dividends
8
-
(4,250,000)
(4,250,000)
Balance at 31 December 2025
114,624
6,945,263
7,059,887
WORKING CAPITAL ADVISORS (UK) LTD.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
19
4,163,289
3,787,852
Income taxes paid
(1,859,296)
(890,060)
Net cash inflow from operating activities
2,303,993
2,897,792
Investing activities
Purchase of tangible fixed assets
(7,195)
(3,493)
Interest received
42,583
52,319
Net cash generated from investing activities
35,388
48,826
Financing activities
Dividends paid
(4,250,000)
(2,000,000)
Net cash used in financing activities
(4,250,000)
(2,000,000)
Net (decrease)/increase in cash and cash equivalents
(1,910,619)
946,618
Cash and cash equivalents at beginning of year
4,093,612
3,167,014
Effect of foreign exchange rates
40,583
(20,020)
Cash and cash equivalents at end of year
2,223,576
4,093,612
WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Working Capital Advisors (UK) Ltd. is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Queripel House, Unit 2, 1 Duke of York Square, London, SW3 4LY.

1.1
Accounting convention

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 US dollars, 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.

1.3
Turnover

Investment management fees are earned for the provision of ongoing portfolio management services. These fees are calculated as a percentage of the Assets Under Management (“AUM”) of the underlying funds in accordance with the relevant investment management agreements. Revenue is recognised on an accruals basis as the services are provided, with the amount measured reliably based on the AUM at each valuation point. As the fee structure is directly linked to observable AUM figures, there is typically no significant estimation uncertainty.

Performance fees represent variable consideration and are earned when a fund’s investment performance exceeds the benchmark or hurdle specified in the management contract. Performance is assessed with reference to the returns of the underlying fund over the applicable measurement period.

Performance fee income is recognised only when it is probable that no significant reversal of the accrued amount will occur, in accordance with FRS 102. Once crystallised under the terms of the contract, one portion of the performance fees are subject to a three year deferral period. The crystallised fee is recognised as a receivable when determined and is released to revenue on a straight line basis over the three year contractual vesting period, unless another pattern better reflects the transfer of economic benefits. Amounts remain subject to reduction if subsequent performance conditions or clawback mechanisms apply. The remaining portion of the performance fees is not subject to the deferral and is recognised and released to revenue at the point of crystallisation.

1.4
Tangible fixed assets

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

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

Leasehold improvements
Over the term of the lease
Office equipment
5 years straight line
Motor vehicles
20% reducing balance
Computer equipment
3 years straight line
WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

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.

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

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

Financial instruments are recognised in the company's statement of financial position 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.

WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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 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.

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.

Derecognition of financial liabilities

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

1.8
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.

WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.9
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 income statement 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.

1.10
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.

1.11
Retirement benefits

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

1.12
Foreign exchange

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

1.13

Other operating income

Other operating income comprises of Recoverable Research Expenses. Recoverable Research Expenses are recognised when the research budget is agreed and the expenses are committed.

2
Turnover and other revenue
2025
2024
$
$
Turnover analysed by class of business
Performance and management fees
18,417,083
7,494,249
WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Turnover and other revenue
(Continued)
- 18 -
2025
2024
$
$
Other revenue
Interest income
42,583
52,319
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
$
$
Exchange (gains)/losses
(40,583)
20,020
Research and development costs
451,951
645,562
Depreciation of tangible fixed assets
23,079
29,886
4
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
34,723
32,987
For other services
All other non-audit services
21,662
15,142
5
Employees

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

2025
2024
Number
Number
Admin
2
2
Research
2
2
Total
4
4

Their aggregate remuneration comprised:

2025
2024
$
$
Wages and salaries
432,932
503,810
Social security costs
46,962
58,814
Pension costs
1,717
1,828
481,611
564,452
WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
6
Directors' remuneration
2025
2024
$
$
Remuneration for qualifying services
44,148
180,139
7
Taxation
2025
2024
$
$
Current tax
UK corporation tax on profits for the current period
2,318,279
862,186
Deferred tax
Origination and reversal of timing differences
-
0
(6,598)
Total tax charge
2,318,279
855,588

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

2025
2024
$
$
Profit before taxation
9,073,779
3,392,902
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
2,268,445
848,226
Tax effect of expenses that are not deductible in determining taxable profit
5,791
6,337
Foreign exchange differences
40,072
1,024
Depreciation add back
5,770
7,472
Capital allowances
(1,799)
(873)
Deferred tax
-
0
(6,598)
Taxation charge for the year
2,318,279
855,588
8
Dividends
2025
2024
$
$
Interim paid
4,250,000
2,000,000
WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
9
Tangible fixed assets
Leasehold improvements
Office equipment
Motor vehicles
Computer equipment
Total
$
$
$
$
$
Cost
At 1 January 2025
77,634
69,336
133,863
19,616
300,449
Additions
-
0
808
-
0
6,387
7,195
At 31 December 2025
77,634
70,144
133,863
26,003
307,644
Depreciation and impairment
At 1 January 2025
77,634
61,863
46,406
15,784
201,687
Depreciation charged in the year
-
0
2,700
17,491
2,888
23,079
At 31 December 2025
77,634
64,563
63,897
18,672
224,766
Carrying amount
At 31 December 2025
-
0
5,581
69,966
7,331
82,878
At 31 December 2024
-
0
7,473
87,457
3,832
98,762
10
Fixed asset investments
2025
2024
$
$
Unlisted investments
3
3
11
Debtors
2025
2024
Amounts falling due within one year:
$
$
Amounts owed by undertakings in which the company has a participating interest
8,654,300
1,493,462
Other debtors
107,577
84,962
Prepayments and accrued income
178,911
212,125
8,940,788
1,790,549

Included within amounts owed by undertakings in which the company has a participating interests are trade debtor balances that are unsecured and interest free.

WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
12
Creditors: amounts falling due within one year
2025
2024
$
$
Trade creditors
23,978
11,321
Amounts owed to group undertakings
3,460,146
1,170,824
Corporation tax
604,754
145,771
Other taxation and social security
17,859
17,864
Other creditors
5,794
4,550
Accruals and deferred income
50,136
53,518
4,162,667
1,403,848

Included within Amounts owed to group undertakings are trade creditor balances that are unsecured and interest free.

13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
$
$
Accelerated capital allowances
24,691
24,691
There were no deferred tax movements in the year.
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
1,717
1,828

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

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of $1 each
90,000
90,000
114,624
114,624

The company changed its functional currency on 1 January 2019 from sterling to US dollars. The issued share capital of 90,000 ordinary shares of £1 each has been translated into US dollars.

There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
16
Profit and loss reserves

Retained earnings represent accumulated comprehensive income for the year and prior periods less dividends paid.

17
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
$
$
Entities with control, joint control or significant influence over the company
7,972,888
2,867,708

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
$
$
Entities with control, joint control or significant influence over the company
3,460,146
1,170,824
18
Ultimate controlling party

The parent company is Working Capital Management Pte. Limited, a company incorporated and registered in Singapore.

The ultimate controlling party is K Chan by virtue of his shareholding.

19
Cash generated from operations
2025
2024
$
$
Profit after taxation
6,755,500
2,537,314
Adjustments for:
Taxation charged
2,318,279
855,588
Investment income
(42,583)
(52,319)
Depreciation and impairment of tangible fixed assets
23,079
29,886
Foreign exchange gains on cash equivalents
(40,583)
20,020
Movements in working capital:
Increase in debtors
(7,150,239)
(484,695)
Increase in creditors
2,299,836
882,058
Cash generated from operations
4,163,289
3,787,852
WORKING CAPITAL ADVISORS (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
20
Analysis of changes in net funds
1 January 2025
Cash flows
Exchange rate movements
31 December 2025
$
$
$
$
Cash at bank and in hand
4,093,612
(1,910,619)
40,583
2,223,576
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