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Registered number: 12927541 MILE END CAPITAL LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
MILE END CAPITAL LIMITED
COMPANY INFORMATION
Director | N E G Tarwe
Registered number | 12927541
Registered office | 45 Circus Road
| London
| NW8 9JH
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
MILE END CAPITAL LIMITED
CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 22
MILE END CAPITAL LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their strategic report for the period ended 31 December 2025.
Business review
The principal activity of the Company during the year was that of the provision of investment management services. The Company is authorised and regulated by the FCA (Financial Conduct Authority). In the current year the Company reported a profit before taxation £751,476 (2024 - £1,894,268).
Principal risks and uncertainties
The Director is responsible for determining the level of risk acceptable to the Company. This is subject to a regular review. The Company seeks to mitigate its risk through the application of strict limits and controls, a monitoring process at operational level, and the use of insurance policies where appropriate. The Company has regular board meetings to manage all risks. The internal controls environment for financial reporting include policies and procedures for maintaining records that, in reasonable detail, accurately and fairly reflect transactions and the dispositions of assets; provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with FRS 102, and that receipts and expenditures are being made only in accordance with authorisations of delegated authorities of management; and provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Company's assets that could have a material effect on our financial statements. Operational risk Operational risk includes compliance, risk management and transaction risk. The Company has strict operational procedures in these areas. A third party compliance consultant is appointed to provide regulatory updates, advice and support. Regulatory risk The Company is registered and regulated by the FCA. The Company regularly updates its policies and procedures in order to ensure compliance with required regulations. Liquidity risk The Company is funded by the shareholders and operational cash generation. The liquidity risk is managed by the Director.
Financial key performance indicators
The Director considers the level of fee income to be the key performance indicator for the Company. Given the straightforward nature of the business, the Company's Director is of the opinion that analysis using any other KPIs is not necessary for an understanding of the development, performance or position of the business.
Remuneration code
In accordance with the rules of the Financial Conduct Authority, the Company has made available information on its Remuneration Code. This information is available on request of the Company. Page 1
MILE END CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Director's statement of compliance with duty to promote the success of the Company
The Director of Mile End Capital Limited considers that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial period ended 31 December 2025. Consideration of long-term consequences are an inherent part of the Company's decision-making processes. As a privately-owned company, the Director considers that the interests of the Company and its shareholder are aligned in seeking sustainable value creation over the longer term through it's operations, promoting long term strategic decision-making. These factors also drive a continuing focus on the maintenance of durable relationships with stakeholders, built on the Company's reputation with clients and suppliers. The Company is regulated by the Financial Conduct Authority in the conduct of it's advisory services and must do so in good faith and with due diligence. The Company operates in a sector characterised by long term relationships with stakeholders. Maintaining a reputation for high standards of business conduct is vital and the Company expects all members of the supply chain to always act with integrity, acting openly, honestly and ethically. The Company has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, each of which is reinforced through appropriate measures. This report was approved by the board on 27 April 2026 and signed on its behalf.
N E G Tarwe Director
Page 2
MILE END CAPITAL LIMITED
DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Director presents his report and the financial statements for the year ended 31 December 2025.
Director
The Director who served during the year was:
N E G Tarwe
Results and dividends
The profit for the year, after taxation, amounted to £562,994 (2024 - £1,431,018). Dividends amounting to £361,000 (2024 - £1,372,367) were issued during the year.
Director's responsibilities statement
The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has 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 Director must not approve the financial statements unless he is 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 Director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Future developments
The Director considers the Company to be well positioned to benefit from future opportunities. There are no plans which will significantly change the activities and risks of the Company.
Engagement with employees
The Company has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Company's performance and of any significant organisational changes. Page 3
MILE END CAPITAL LIMITED
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Engagement with suppliers, customers and others
The Company does not conform to any code or standard regarding payment practice. However, it is the Company's policy to settle the terms of payment with suppliers when business is agreed, to ensure that suppliers are made aware of them and to pay invoices in accordance with these terms.
Disclosure of information to auditors
The Director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙he 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 auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 27 April 2026 and signed on its behalf.
N E G Tarwe Director
Page 4
MILE END CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILE END CAPITAL LIMITED
Opinion
We have audited the financial statements of Mile End Capital Limited (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 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 profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Director's 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 Director with respect to going concern are described in the relevant sections of this report. Page 5
MILE END CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILE END CAPITAL LIMITED (CONTINUED)
Other information
The Director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's 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 Director's 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 Director's 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 Director's Responsibilities Statement set out on page 3, the Director is 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 Director determines 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 Director is 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 Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
MILE END CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILE END CAPITAL LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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: 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 similar businesses; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, Financial Conduct Authority regulations, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. Page 7
MILE END CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILE END CAPITAL LIMITED (CONTINUED) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. Martyn Atkinson FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 27 April 2026 Page 8
MILE END CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 1,473,361 | 2,229,906
Cost of sales |  | (433,183) | -
Gross profit |  | 1,040,178 | 2,229,906
Administrative expenses |  | (302,374) | (352,653)
Operating profit | 5 | 737,804 | 1,877,253
Interest receivable and similar income | 10 | 14,024 | 17,015
Interest payable and similar expenses |  | (352) | -
Profit before tax |  | 751,476 | 1,894,268
Tax on profit | 12 | (188,482) | (463,250)
Profit for the financial year |  | 562,994 | 1,431,018
The notes on pages 12 to 22 form part of these financial statements.
Page 9
MILE END CAPITAL LIMITED REGISTERED NUMBER:12927541
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  |  | 2025 |  | 2024
| Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 2,554 |  | 2,658
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 935,043 |  | 652,006 |
Bank and cash balances |  | 167,852 |  | 167,228 |
|  | 1,102,895 |  | 819,234 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 16 | (159,034) |  | (510,366) |
Net current assets |  |  | 943,861 |  | 308,868
Creditors: amounts falling due after more than one year |  |  | (432,895) |  | -
Net assets |  |  | 513,520 |  | 311,526
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 150,100 |  | 150,100
Profit and loss account | 19 |  | 363,420 |  | 161,426
|  |  | 513,520 |  | 311,526
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 April 2026.
N E G Tarwe
Director
The notes on pages 12 to 22 form part of these financial statements. Page 10
MILE END CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 150,100 | 161,426 | 311,526
Profit for the year | - | 562,994 | 562,994
Dividends: Equity capital | - | (361,000) | (361,000)
At 31 December 2025 | 150,100 | 363,420 | 513,520
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 150,100 | 102,775 | 252,875
Profit for the year | - | 1,431,018 | 1,431,018
Dividends: Equity capital | - | (1,372,367) | (1,372,367)
At 31 December 2024 | 150,100 | 161,426 | 311,526
| The notes on pages 12 to 22 form part of these financial statements.
Page 11
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Mile End Capital Limited is a private company limited by shares and incorporated in England & Wales. Its registered office address is at 45 Circus Road, London, NW8 9JH. The principal activity of the Company during the year continued to be that of the provision of investment management services. 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 judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Mile End Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 12
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax. Income is derived from three sources: Performance and participation fees are recognised in the period in which the benchmark being assessed relates to. Management fees are recognised in the period in which services are provided.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss 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.
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.9 | 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. Page 13
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 33% |
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 profit or loss. Page 14
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Basic financial instruments
The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties. Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. Cash and cash equivalents comprise cash balances and call deposits.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company’s accounting policies described above, management are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different. These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: Accruals The Director reviews the expected expenses based on his knowledge of the business and provides for these accordingly. Page 15
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Performance fees | 932,609 | 1,620,939
| Management fees | 171,291 | 470,627
| Participation fees | 369,461 | 138,340
|  | 1,473,361 | 2,229,906
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rest of the world | 1,473,361 | 2,229,906
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 18,317 | 8,575
| Other operating lease rentals | 14,710 | 14,410
| Depreciation | 1,789 | 1,163
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 13,350 | 9,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 16
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including Director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 141,833 | 221,218
| Social security costs | 5,871 | 20,029
|  | 147,704 | 241,247
| The average monthly number of employees, including the Director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Director | 1 | 1
|  | Employees | 1 | 1
|  |  | 2 | 2
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 20,833 | 82,896
9. | Key management compensation
Key management is made up of solely the Director and compensation paid to him during the year totalled £20,833 (2024 - £82,896).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 14,024 | 17,015
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MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 352 | -
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MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 188,482 | 473,365
| Adjustments in respect of previous periods | - | (10,115)
|  | 188,482 | 463,250
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 751,476 | 1,894,268
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 187,869 | 473,567
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 587 | -
| Capital allowances for year in excess of depreciation | 26 | (202)
| Adjustments to tax charge in respect of prior periods | - | (10,115)
| Total tax charge for the year | 188,482 | 463,250
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 361,000 | 1,372,367
Page 19
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 January 2025 | 12,378
| Additions | 1,685
| At 31 December 2025 | 14,063
| Depreciation |
| At 1 January 2025 | 9,720
| Charge for the year on owned assets | 1,789
| At 31 December 2025 | 11,509
| Net book value |
| At 31 December 2025 | 2,554
| At 31 December 2024 | 2,658
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | - | 208,203
| Amounts owed by group undertakings | 548,798 | 38,141
| Other debtors | 264,725 | 362,409
| Prepayments and accrued income | 121,520 | 43,253
|  | 935,043 | 652,006
| Included within other debtors is an amount of £258,871 owed by the Director. Interest was charged by the Company on this amount.
Page 20
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,866 | -
| Corporation tax | 113,832 | 473,365
| Other taxation and social security | 17,686 | 12,801
| Accruals and deferred income | 23,650 | 24,200
|  | 159,034 | 510,366
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 432,895 | -
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 150,100 (2024 - 150,100) Ordinary shares of £1 each | 150,100 | 150,100
19. | Reserves
Profit and loss account This includes all the current period retained profits and is a distributable reserve.
20. | Commitments under operating leases
| The Company had no commitments under non-cancellable operating leases at the reporting date.
21. | Related party transactions
| The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.
Page 21
MILE END CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Controlling party
The Company's ultimate parent undertaking is Mile End Holdings Limited, a company incorporated in England & Wales. The ultimate controlling party is deemed to be N E G Tarwe, by virtue of his 100% shareholding in Mile End Holdings Limited.
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