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Registered number: 04134088 OXEYE CAPITAL MANAGEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
OXEYE CAPITAL MANAGEMENT LIMITED COMPANY INFORMATION
Director | Martin Petherick
Company secretary | Martin Petherick
Registered number | 04134088
Registered office | 36 Endless Street
| Salisbury
| Wiltshire
| SP1 3UH
Independent auditors | Clifford Fry & Co LLP
| St Mary's House
| Netherhampton
| Salisbury
| Wiltshire
| SP2 8PU
OXEYE CAPITAL MANAGEMENT LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Director's report | 3 - 4
Independent auditors' report | 5 - 8
Statement of income and retained earnings | 9
Balance sheet | 10
Statement of cash flows | 11
Analysis of net debt | 12
Notes to the financial statements | 13 - 23
OXEYE CAPITAL MANAGEMENT LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
Business Environment Internal Environment The staffing and location for the business has been generally stable over the last fifteen years, with a fully-trained and highly skilled team in both front and back offices. The director is also the original founder. The Company location is based in Salisbury, close to the cathedral and city centre, and offers an attractive working environment for Oxeye staff. Transportation facilities are good and most employees live within a short commute from the office. External Environment Oxeye business performance tends to be strongest when the market trend stabilises after a period of market volatility. It can also be positive when the market is range trading in a low volatility environment. Its riskiest environment is when markets become strongly bearish and move from low volatility to extremely high volatility. This will tend to occur when economic uncertainties arise in an unexpected manner, such as recessions, geopolitical conflict, environmental disasters, health pandemics and an unstable monetary environment. However, this latter scenario can sow the seeds of a fertile period of performance for Oxeye’s self-healing strategies.
Business review
Business Performance Oxeye strategies had a mixed year with all clients showing break-even to small losses on their portfolios. Over the year the market traded higher with falling volatility. In such an environment Oxeye strategies have to defend short call positions and the premium written is negated by the cost of risk management. In terms of employee gender diversity, Oxeye has a ratio of two male to one female employees.
Principal risks and uncertainties
The principal risks are twofold: loss of funds under management and falling fee income. If funds under management see poor performance then clients may redeem leading to lower fee income. The principal uncertainty surrounds the market performance affecting Oxeye client returns negatively. However, the 24 year track record shows only five negative years in the flagship strategy, providing a reasonable level of predictability for Oxeye fee income in the future.
Financial key performance indicators
Oxeye measures its performance against three main indicators: the UK Leading Equity index, cash on deposit and an index made up of the performance of other similar hedge fund operators. The aim is to produce consistent absolute returns which first and foremost beat deposit interest rates and secondly outperform the total return from an investment in the UK Leading Equity index. Beating the opposition is a bonus, but not so important owing to the small size of the Company compared to its peers.
Other key performance indicators
Oxeye’s overall record of maintaining clients due to excellent customer service is an important support for maintaining the client base, especially during times of poor returns. In this respect Oxeye has a good record. Page 1
OXEYE CAPITAL MANAGEMENT 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, in line with his duties under s172 of the Companies Act 2006, acts in the way he considers, in good faith, to promote the success of the Company, and in doing so has regard, amongst other matters, to the: · likely consequences of any decision in the long term; · interests of the Company's employees; · need to foster the Company's business relationships with suppliers, customers and others; · impact of the Company's operations on the community and the environment; · desirability of the Company maintaining a reputation for high standards of business conduct. The Director regards these matters as embedded in the decision-making process, through the Company’s business strategy, culture, governance framework, management information flows and stakeholder engagement processes. The Company’s business strategy is focused on achieving success for the Company in the long-term. In setting this strategy, the Director takes into account the impact of relevant factors and stakeholder interests on the Company’s performance. The Director identifies principal risks facing the business and sets risk management objectives whilst promoting a culture of upholding the highest standards of business conduct and regulatory conduct. The Director ensures that these core values are communicated to the Company’s employees and embedded in the Company’s policies and procedures, employee induction and training programmes. The Director recognises that building strong and lasting relationships with stakeholders will help the Company to deliver its strategy in line with long-term values. This report was approved by the board on 24 April 2026 and signed on its behalf.
................................................ Martin Petherick Director
Page 2
OXEYE CAPITAL MANAGEMENT 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'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 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; ∙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.
Results and dividends
The profit for the year, after taxation, amounted to £15,561 (2024 - loss £4,141).
Director
The Director who served during the year was:
Martin Petherick
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower. Page 3
OXEYE CAPITAL MANAGEMENT LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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.
Auditors
The auditors, Clifford Fry & Co LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 24 April 2026 and signed on its behalf.
................................................ Martin Petherick Director
Page 4
OXEYE CAPITAL MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXEYE CAPITAL MANAGEMENT LIMITED
Opinion
We have audited the financial statements of Oxeye Capital Management Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of income and retained earnings, the Analysis of net debt, the Balance sheet, the Statement of cash flows 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.
Material uncertainty related to going concern
We consider that the Company is reliant upon the support of the Director to ensure that there is sufficient cash available for the Company's needs and to ensure the Company has sufficient capital to meet the capital adequacy requirements of the Financial Conduct Authority. As with any Company placing reliance on a Director, there can be no guarantee that this support will be provided.These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 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. Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report. Page 5
OXEYE CAPITAL MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXEYE CAPITAL MANAGEMENT LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Director is 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.
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 has no realistic alternative but to do so. Page 6
OXEYE CAPITAL MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXEYE CAPITAL MANAGEMENT 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: We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of the Company not complying with the applicable laws and regulations including fraud, in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits. Furthermore, this included a review of the key laws and regulations in respect the Company's registration with the Financial Conduct Authority. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows: - agreeing the financial statement disclosures to underlying supporting documentation; - enquiring of management including those responsible for the key regulations; - reviewing the key accounting policies and estimates; - reviewing Company compliance with FCA regulation, including capital adequacy. To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and evaluated the business rationale of significant transactions outside the normal course of business. Due to 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 Auditors' report. Page 7
OXEYE CAPITAL MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXEYE CAPITAL MANAGEMENT LIMITED (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 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. Erica Parker FCCA (Senior statutory auditor) for and on behalf of Clifford Fry & Co LLP (Statutory auditors) St Mary's House Netherhampton Salisbury Wiltshire SP2 8PU 24 April 2026 Page 8
OXEYE CAPITAL MANAGEMENT LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 11,319 | 27,441
Gross profit |  | 11,319 | 27,441
Administrative expenses |  | (85,374) | (85,870)
Other operating income | 5 | 79,000 | 65,000
Operating profit | 6 | 4,945 | 6,571
Interest receivable and similar income | 9 | 1 | 2
Interest payable and similar expenses | 10 | 10,615 | (10,714)
Profit/(loss) before tax |  | 15,561 | (4,141)
Profit/(loss) after tax |  | 15,561 | (4,141)
Retained earnings at the beginning of the year |  | (139,608) | (135,467)
Profit/(loss) for the year |  | 15,561 | (4,141)
Retained earnings at the end of the year |  | (124,047) | (139,608)
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 13 to 23 form part of these financial statements.
Page 9
OXEYE CAPITAL MANAGEMENT LIMITED REGISTERED NUMBER: 04134088 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 1,423 |  | 3,151
|  |  | 1,423 |  | 3,151
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 344,129 |  | 262,997 |
Cash at bank and in hand | 14 | 381 |  | 38 |
|  | 344,510 |  | 263,035 |
Creditors: amounts falling due within one year | 15 | (253,980) |  | (185,859) |
Net current assets |  |  | 90,530 |  | 77,176
Total assets less current liabilities |  |  | 91,953 |  | 80,327
Creditors: amounts falling due after more than one year | 16 |  | - |  | (3,935)
Net assets |  |  | 91,953 |  | 76,392
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 216,000 |  | 216,000
Profit and loss account | 20 |  | (124,047) |  | (139,608)
|  |  | 91,953 |  | 76,392
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2026.
................................................ Martin Petherick
Director
The notes on pages 13 to 23 form part of these financial statements. Page 10
OXEYE CAPITAL MANAGEMENT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 15,561 | (4,141)
Adjustments for: |  |
Depreciation of tangible assets | 1,728 | 1,728
Interest paid | (10,615) | 10,714
Interest received | (1) | (2)
(Increase) in debtors | (81,132) | (85,876)
Increase in creditors | 57,533 | 82,580
Net cash generated from operating activities | (16,926) | 5,003
Cash flows from investing activities |  |
Purchase of tangible fixed assets | - | (4,269)
Interest received | 1 | 2
Net cash from investing activities | 1 | (4,267)
Cash flows from financing activities |  |
New secured loans | 22,066 | 10,329
Interest paid | 10,615 | (10,714)
Net cash used in financing activities | 32,681 | (385)
Net increase in cash and cash equivalents | 15,756 | 351
Cash and cash equivalents at beginning of year | (15,375) | (15,726)
Cash and cash equivalents at the end of year | 381 | (15,375)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 381 | 38
Bank overdrafts | - | (15,413)
| 381 | (15,375)
The notes on pages 13 to 23 form part of these financial statements.
Page 11
OXEYE CAPITAL MANAGEMENT LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 38 | 140 | 178
Bank overdrafts | (15,413) | (384) | (15,797)
Debt due after 1 year | (3,935) | 3,935 | -
Debt due within 1 year | (118,630) | (50,159) | (168,789)
| (137,940) | (46,468) | (184,408)
The notes on pages 13 to 23 form part of these financial statements.
Page 12
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Oxeye Capital Management Limited is a private company limited by shares and incorporated in England and Wales, United Kingdom. The address of the registered office is 36 Endless Street, Salisbury, Wiltshire, SP1 3UH. The nature of the Company's operations and principal activities are that 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 accounts are presented in GBP. 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 | Going concern
The accounts are prepared on a going concern basis. The Company is dependent on the continuing support of the Director, which he has pledged for the forseeable future.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Rendering of services Revenue 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 revenue 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.
| 2.4 | 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. Page 13
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 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. 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:
|  |  |  | Fixtures and fittings | - | 3 years straight line
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.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 14
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | 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. 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The Director makes estimates and assumptions concerning the future based on his knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results, but the Director believes the estimates to be accurate based on available information at the point the estimate is made. Page 15
OXEYE CAPITAL MANAGEMENT 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
|  |  |  |  | £ | £
| Rendering of services | 11,319 | 27,441
|  | 11,319 | 27,441
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Commissions receivable | 79,000 | 65,000
|  | 79,000 | 65,000
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 5,927 | 6,009
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 8,000 | 7,600
Page 16
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 42,847 | 42,847
| Cost of defined contribution scheme | 1,285 | 1,393
|  | 44,132 | 44,240
| The average monthly number of employees, including the Director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 1 | 1
|  | Employees | 2 | 2
|  |  | 3 | 3
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 1 | 2
|  | 1 | 2
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | (10,636) | 10,636
| Other interest payable | 21 | 78
|  | (10,615) | 10,714
Page 17
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax on profits for the year | - | -
| Deferred tax | - | -
|  | - | -
| Factors affecting tax charge for the year
| The tax assessed for the year is lower 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/(loss) on ordinary activities before tax | 15,561 | (4,141)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 3,890 | (1,035)
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 432 | (636)
| Unrelieved tax losses carried forward | (4,322) | 1,671
| Total tax charge for the year | - | -
Page 18
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 January 2025 | 8,561
| At 31 December 2025 | 8,561
| Depreciation |
| At 1 January 2025 | 5,410
| Charge for the year on owned assets | 1,728
| At 31 December 2025 | 7,138
| Net book value |
| At 31 December 2025 | 1,423
| At 31 December 2024 | 3,151
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 595 | 1,673
| Other debtors | 341,402 | 247,264
| Prepayments and accrued income | 2,132 | 14,060
|  | 344,129 | 262,997
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 381 | 38
| Less: bank overdrafts | - | (15,413)
|  | 381 | (15,375)
Page 19
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 15,413
| Bank loans | 46,373 | 20,372
| Trade creditors | 12,427 | 1,804
| Other taxation and social security | 9,355 | 2,376
| Other creditors | 177,875 | 138,294
| Accruals and deferred income | 7,950 | 7,600
|  | 253,980 | 185,859
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdraft | - | 15,413
| Bank loans | 46,373 | 20,372
|  | 46,373 | 35,785
| Details of security provided:
The bank overdraft and loans are secured. Page 20
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 3,935
|  | - | 3,935
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 3,935
|  | - | 3,935
| Details of security provided:
The bank loan is secured.
17. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 46,373 | 20,372
| Amounts falling due 2-5 years |  |
| Bank loans | - | 3,935
|  | 46,373 | 24,307
Page 21
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 381 | 38
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 216,000 (2024 - 216,000) Ordinary shares of £1 each | 216,000 | 216,000
20. | Reserves
Profit and loss account The Profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
21. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,285 (2024 - £1,393). Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
22. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 5,040 | 3,780
| Later than 1 year and not later than 5 years | 8,820 | -
|  | 13,860 | 3,780
Page 22
OXEYE CAPITAL MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Controlling party
The Company is controlled by the Director, Martin Petherick, by virtue of his shareholding.
Page 23