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Registered number: 10506392 ELIDI ADVISERS LTD ANNUAL REPORT FOR THE 9-MONTH PERIOD ENDED 31 DECEMBER 2025
ELIDI ADVISERS LTD COMPANY INFORMATION
Directors | K Ayaguzov
| S Aimanova
| P D Mayes
Company secretary | K Ayaguzov
Registered number | 10506392
Registered office | 27 Old Gloucester Street
| London
| England
| WC1N 3AX
Independent auditor | Cooper Parry Group Limited
| Statutory Auditor
| 5th Floor
| 5 Appold Street
| Broadgate
| London
| EC2A 2AG
ELIDI ADVISERS LTD CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditor's report | 4 - 7
Profit and loss account | 8
Balance sheet | 9
Statement of changes in equity | 10
Statement of cash flows | 11
Analysis of net debt | 12
Notes to the financial statements | 13 - 23
ELIDI ADVISERS LTD STRATEGIC REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
Introduction
The directors present the strategic report for the 9-month period ended 31 December 2025. Comparative financial information is presented for the year ended 31 March 2025 following the change in the company’s accounting reference date from 31 March to 31 December.
Business review
2025 was a year of substantial change in terms of ownership of the company and rebranding. In late February 2025 an SPA was signed with Elidi Securities Ltd in Cyprus to acquire 60% of the firm subject to an FCA approved Change in Control. The Change in Control was granted by the FCA in late July and the company was recapitalized with an additional £2m Participating shares and Elidi Securities Ltd taking a 96% of the participating shares of the company. The company name was changed in September to Elidi Advisers Ltd. As part of a group, the plan for 2026 and onwards is to expand the securities trading business working with the Cyprus team. A Variation of Permission application is being submitted to the FCA to remove the Matched Principal Broker status which will allow Elidi Advisers to trade as Principal and build a wider and more profitable business.
Principal risks and uncertainties
Financial Performance & Going Concern The company has recorded net losses over the previous two financial years, primarily driven by the change in ownership and temporary stop in trading. While we forecast a continued net loss for the 2026 financial year as we complete our current scaling phase, these results are consistent with our strategic roadmap. As we aggressively ramp up trading activity, the Board expects a transition to positive net income in 2027. We continue to monitor our liquidity position closely to ensure the company remains resilient during this final period of intensive growth. Geopolitical Environment We continue to view the geopolitical landscape with trepidation. As new conflicts emerge and long-standing tensions persist, the resulting destabilization creates ongoing challenges for the global economy. However, for a firm of our nature, such volatility inherently presents strategic opportunities. We anticipate that our adaptive trading models will yield long-term benefits from these shifts in global market dynamics. Macroeconomic Trends The global interest rate tightening cycle appears to have reached its conclusion. This shift is already fostering a renewed investment appetite among both existing and new clients. We remain well-positioned to capitalize on this return to capital deployment as market participants seek more active growth strategies in a stabilizing rate environment.
Financial key performance indicators
Business revenues for the 9-month period ended 31 December 2025 were £30,902, compared with £385,806 for the year ended 31 March 2025. The company reported a net loss of £158,139 for the period (year ended 31 March 2025: loss of £387,431). Cash and cash equivalents at 31 December 2025 were £375,897 (31 March 2025: £965,013). As the current period is 9 months and the comparative period is 12 months, these amounts are not directly comparable. This report was approved by the board and signed on its behalf.
K Ayaguzov Director
Date: 27 April 2026
Page 1
ELIDI ADVISERS LTD DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the period ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; 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 to 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.
Results and dividends
The loss for the 9 month period, after taxation, amounted to £158,139 (year ended 31 March 2025: loss £387,431). No dividends have been proposed.
Directors
The directors who served during the period were:
K Ayaguzov
S Aimanova (appointed 6 August 2025)
P D Mayes
Disclosure of information to auditor
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information. Page 2
ELIDI ADVISERS LTD DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Post balance sheet events
There have been no significant events affecting the company since the period end.
Future developments
With the new investment obtained and change in control approved by the FCA, the company is now looking to restart trading activity with a view to returning to cash generation and profitability within the first full period of trade. The board notes that the current financial statements cover a 9-month transitional period following the change in accounting reference date.
Auditor
The auditor, Cooper Parry Group Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
K Ayaguzov Director
Date: 27 April 2026
Page 3
ELIDI ADVISERS LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELIDI ADVISERS LTD
Opinion
We have audited the financial statements of Elidi Advisers Ltd (the 'company') for the period ended 31 December 2025, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity, the analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the period 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The 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. Page 4
ELIDI ADVISERS LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELIDI ADVISERS LTD (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the strategic report and the directors' report for the financial period 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. 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' responsibilities statement set out on page 2, 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. Page 5
ELIDI ADVISERS LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELIDI ADVISERS LTD (CONTINUED)
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: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which they operate, and considered the risk of acts by the company that were that were contrary to applicable laws and regulations, including fraud. We discussed with the director the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. Our procedures in relation to fraud included but were not limited to: inquiries of management whether they have any knowledge of any actual, suspected or alleged fraud and discussions amongst the audit team regarding the risk of fraud such as opportunities for fraudulent manipulation of the financial statements. We determined that the principle risks related to posting manual journal entries to manipulate financial performance and management bias through judgement in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Page 6
ELIDI ADVISERS LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELIDI ADVISERS LTD (CONTINUED)
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. Robert Blundell (Senior Statutory Auditor) for and on behalf of Cooper Parry Group Limited Statutory Auditor 5th Floor 5 Appold Street Broadgate London EC2A 2AG 27 April 2026 Page 7
ELIDI ADVISERS LTD PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2025
| Period ended 31 December | Year ended 31 March
| 2025 | 2025
Note | £ | £
Turnover | 4 | 30,902 | 385,806
Cost of sales |  | (640) | (43,828)
Gross profit |  | 30,262 | 341,978
Administrative expenses |  | (178,830) | (484,725)
Fair value movements |  | - | (243,641)
Operating loss | 5 | (148,568) | (386,388)
Interest payable and similar expenses | 9 | (9,571) | (1,043)
Loss before tax |  | (158,139) | (387,431)
There were no recognised gains and losses for the 9 month period ended 31 December 2025 or the year ended 31 March 2025 other than those included in the profit and loss account.
The notes on pages 13 to 23 form part of these financial statements.
Page 8
ELIDI ADVISERS LTD REGISTERED NUMBER: 10506392 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 31 December 2025 |  | 31 March 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | - |  | 2,141
Investments | 11 |  | 400,000 |  | 400,000
|  |  | 400,000 |  | 402,141
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 377,413 |  | 193,690 |
Current asset investments | 13 | 2,018,476 |  | 20,364 |
Cash at bank and in hand |  | 375,897 |  | 965,013 |
|  | 2,771,786 |  | 1,179,067 |
Creditors: amounts falling due within one year | 14 | (1,473,845) |  | (1,723,531) |
Net current assets/(liabilities) |  |  | 1,297,941 |  | (544,464)
Total assets less current liabilities |  |  | 1,697,941 |  | (142,323)
Creditors: amounts falling due after more than one year | 15 |  | - |  | (1,597)
Net assets/(liabilities) |  |  | 1,697,941 |  | (143,920)
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 2,511,588 |  | 511,588
Share premium account | 19 |  | 965,212 |  | 965,212
Revaluation reserve | 19 |  | 230,983 |  | 284,983
Profit and loss account | 19 |  | (2,009,842) |  | (1,905,703)
Shareholders' funds |  |  | 1,697,941 |  | (143,920)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
K Ayaguzov
Director
Date: 27 April 2026
The notes on pages 13 to 23 form part of these financial statements. Page 9
ELIDI ADVISERS LTD STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2024 | 511,588 | 965,212 | 284,983 | (1,518,272) | 243,511
Loss for the year ended 31 March 2025 | - | - | - | (387,431) | (387,431)
At 31 March 2025 | 511,588 | 965,212 | 284,983 | (1,905,703) | (143,920)
Loss for the period ended 31 December 2025 | - | - | - | (158,139) | (158,139)
Shares issued during the period ended 31 December 2025 | 2,000,000 | - | - | - | 2,000,000
Transfer to/from profit and loss account | - | - | (54,000) | 54,000 | -
At 31 December 2025 | 2,511,588 | 965,212 | 230,983 | (2,009,842) | 1,697,941
| The notes on pages 13 to 23 form part of these financial statements.
Page 10
ELIDI ADVISERS LTD STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025
|  |  | Period ended 31 December | Year ended 31 March
|  |  | 2025 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial period | (158,139) | (387,431)
Adjustments for: |  |
Depreciation of tangible fixed assets | 2,141 | 714
Fixed asset investment write off | - | 54,000
Interest paid | 9,571 | 1,043
(Increase) in debtors | (183,723) | (109,437)
(Decrease) in creditors | (185,577) | (72,699)
Net fair value losses recognised in P&L | - | 243,641
Corporation tax received/(paid) | - | (37,125)
Net cash generated from operating activities | (515,727) | (307,294)
Cash flows from investing activities |  |
New loans to associates | - | (167,000)
Purchase of listed investments | (1,998,112) | (20,364)
Net cash from investing activities | (1,998,112) | (187,364)
Cash flows from financing activities |  |
Issue of ordinary shares | 2,000,000 | -
Repayment of loans | (7,614) | (11,702)
Other new loans | - | 1,406,754
Repayment of other loans | (58,092) | -
Interest paid | (9,571) | (1,043)
Net cash used in financing activities | 1,924,723 | 1,394,009
Net (decrease)/increase in cash and cash equivalents | (589,116) | 899,351
Cash and cash equivalents at beginning of period | 965,013 | 65,662
Cash and cash equivalents at the end of period | 375,897 | 965,013
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 375,897 | 965,013
| 375,897 | 965,013
The comparative cash flow statement is presented for the year ended 31 March 2025. The notes on pages 13 to 23 form part of these financial statements.
Page 11
ELIDI ADVISERS LTD ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 31 DECEMBER 2025
| At 1 April 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 965,013 | (589,116) | 375,897
Debt due after 1 year | (1,597) | 1,597 | -
Debt due within 1 year | (1,460,747) | 77,228 | (1,383,519)
Liquid investments | 20,364 | 1,998,112 | 2,018,476
| (476,967) | 1,487,821 | 1,010,854
The notes on pages 13 to 23 form part of these financial statements.
Page 12
ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
Elidi Advisers Ltd is a private company limited by shares and registered in England and Wales. Its registered office is 27 Old Gloucester Street, London, England WC1N 3AX. The financial statements are presented in pounds sterling (£), which is the functional and presentation currency of the company. They have been prepared for the 9-month period from 1 April 2025 to 31 December 2025. Comparative information is presented for the year from 1 April 2024 to 31 March 2025. During the period, the company changed its accounting reference date from 31 March to 31 December and, accordingly, the comparative amounts are not directly comparable. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Change in accounting reference date
During the period, the company changed its accounting reference date from 31 March to 31 December. As a result, the current financial statements are prepared for a 9-month period ended 31 December 2025. The comparative financial information relates to the 12-month year ended 31 March 2025 and is therefore not directly comparable.
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 13
ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Going Concern
The directors' use of the going concern basis relies upon the continued support of the controlling party, Elidi Securities Ltd. The company's activity paused during the period to allow the 'Change in Control Party' process to be approved by the FCA. This process has now completed as of July 2025 and the company is now looking to restart its trading activity. This support is required to allow the company to meet its operating costs and administrative expenses on an ongoing basis. This support to date has been evidenced via the use of a 'Client Brokerage Account' held in the name of the company with sufficient funds to allow the company to meet its financial obligations as and when they fall due for a period of at least twelve months from the signing of these financial statements. Further, the directors' forecast that the company will be cash generating within its first full financial period of trading activity and as such, given the support detailed above, believe the use of the going concern basis to be appropriate.
| 2.5 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
| 2.7 | Interest income
Interest income is recognised in the profit and loss account using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 14
ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
| 2.11 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current period value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the profit and loss account.
| 2.12 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. Page 15
ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.14 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
| 2.16 | 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. The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes Page 16
ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Page 17
ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
3. | Judgements in applying accounting policies 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 that estimate affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | Period ended 31 December | Year ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Commissions | - | 166,085
| Advisory fees | - | 219,721
| Investment income | 30,902 | -
|  |  |  |  | Period ended 31 December | Year ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| United Kingdom | 30,902 | 385,806
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ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
5. | Operating loss
| The operating loss is stated after charging/(crediting):
|  |  |  |  | Period ended 31 December | Year ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Exchange differences | (28,434) | (259)
| Other operating lease rentals | 24,475 | 41,482
6. | Auditor's remuneration
| During the current and prior reporting periods, the company obtained the following services from the company’s auditor and its associates:
|  |  |  |  | Period ended 31 December | Year ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Fees payable to the company's auditors for the audit of the company's financial statements | 26,100 | 27,500
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | Period ended 31 December | Year ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 8,559 | 46,505
| Social security costs | 1,037 | 539
|  | 9,596 | 47,044
| The average monthly number of employees, including the directors, during the relevant reporting periods was as follows:
|  |  | Period ended 31 December | Year ended 31 March
|  |  | 2025 | 2025
|  |  | No. | No.
|  | Directors | 3 | 2
|  | Employees | - | 1
|  |  | 3 | 3
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ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Directors' remuneration
|  |  |  |  | Period ended 31 December | Year ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Directors' emoluments | 8,559 | 11,370
9. | Interest payable and similar expenses
|  |  |  |  | Period ended 31 December | Year ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Bank interest payable | - | 948
| Other loan interest payable | 9,571 | 95
|  | 9,571 | 1,043
10. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost |
| At 1 April 2025 | 20,832
| At 31 December 2025 | 20,832
| Depreciation |
| At 1 April 2025 | 18,691
| Charge for the period on owned assets | 2,141
| At 31 December 2025 | 20,832
| Net book value |
| At 31 December 2025 | -
| At 31 March 2025 | 2,141
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ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
11. | Fixed asset investments
|  | Investments in associates | Loans to associates | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2025 | 233,000 | 167,000 | 400,000
| At 31 December 2025 | 233,000 | 167,000 | 400,000
12. | Debtors
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Other debtors | 368,365 | 193,690
| Prepayments and accrued income | 9,048 | -
|  | 377,413 | 193,690
13. | Current asset investments
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Listed investments | 2,018,476 | 20,364
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Bank loans | 3,992 | 10,009
| Other loans | 1,348,662 | 1,406,754
| Other taxation and social security | 1,015 | 10,665
| Other creditors | 97,796 | 252,685
| Accruals and deferred income | 22,380 | 43,418
|  | 1,473,845 | 1,723,531
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ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
15. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Bank loans | - | 1,597
16. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 3,992 | 10,009
| Other loans | 1,348,662 | 1,406,754
| Amounts falling due 1-2 years |  |
| Bank loans | - | 1,597
|  | 1,352,654 | 1,418,360
17. | Financial instruments
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through the profit and loss account | 2,394,373 | 1,204,173
| Financial liabilities |  |
| Financial liabilities measured at fair value through the profit and loss account | (120,176) | (296,103)
| Financial assets measured at fair value through the profit and loss account comprise cash, trade debtors, amounts owed by group undertakings, other debtors and accrued income.
| Financial liabilities measured at fair value through the profit and loss account comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.
Page 22
ELIDI ADVISERS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
18. | Share capital
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 211,588 (31 March 2025: 211,588) Participating shares of £1.00 each | 211,588 | 211,588
|  | 300,000 (31 March 2025: 300,000) Non-Participating shares of £1.00 each | 300,000 | 300,000
|  | 2,000,000 Participating shares of £1.00 each | 2,000,000 | -
|  |  | 2,511,588 | 511,588
During the period 2,000,000 Participating shares were issued at par.
19. | Reserves
Share premium account The share premium account represents amounts paid for shares above their nominal value, less any costs incurred on the execution of the share issue. Revaluation reserve Revaluation reserve relates to the revaluation of the company's unlisted investment. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
20. | Related party transactions
At the balance sheet date, one director owed the company £179,253 (31 March 2025: £174,065), while another director was owed £31,139 (31 March 2025: £43,984). No interest is charged on these balances. In addition, the company held subordinated loans with each director amounting to £500,000 (31 March 2025: £500,000) as at the balance sheet date. The company also held a loan with Elidi Capital Ltd amounting to £348,662 (31 March 2025: £355,762). These loans are bearing interest at a rate of 8% compounded annually.
Page 23