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Company No: 12707413 (England and Wales)

# AXM ALTERNATIVE INVESTMENTS LTD

### Annual Report and Financial Statements
For the financial year ended 31 December 2025

AXM ALTERNATIVE INVESTMENTS LTD

## Annual Report and Financial Statements

For the financial year ended 31 December 2025

Contents

AXM ALTERNATIVE INVESTMENTS LTD

## COMPANY INFORMATION

For the financial year ended 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2025

DIRECTORS | D Benamou
| M Bernard (Appointed 27 March 2025)
| P Haik

REGISTERED OFFICE | 11 Albemarle Street
| London
| W1S 4HH
| United Kingdom

COMPANY NUMBER | 12707413 (England and Wales)

AUDITOR | BKL Audit LLP
| Chartered Accountants
| Statutory Auditor
| 35 Ballards Lane
| London
| N3 1XW

AXM ALTERNATIVE INVESTMENTS LTD

## STRATEGIC REPORT

For the financial year ended 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## STRATEGIC REPORT (continued)

For the financial year ended 31 December 2025

The directors present their Strategic Report for the financial year ended 31 December 2025.
Introduction:
The Company operates as a wholly owned subsidiary of Axiom Alternative Investments Sarl and is fully dependent on Axiom AI for its activity. The Company provides portfolio management and distribution services within the Axiom group.
AXM’s activity is exclusively performed for Axiom AI, which represents its sole client. The Company operates through two main business lines:
- Portfolio management services, which represent the core activity of the Company;
- Distribution activity, relating to a single sub-distribution arrangement, where revenues are fully offset by retrocessions and therefore do not generate net profit for the Company.
There is no standalone commercial activity at the level of AXM.

REVIEW OF THE BUSINESS

The Company’s performance improved significantly during the year, primarily driven by the growth in assets under management. Turnover remained relatively stable at £5.6m (2024: £5.4m), while profit before tax increased significantly to £1.4m (2024: £346k). This improvement is mainly explained by:
- Strong growth in UCITS assets under management, increasing from an average of £600m to £1,164m during the year, driven by strong net inflows generated by the French teams;
- Expansion of the alternative activity, with the launch of a new mandate and the doubling of an existing one, resulting in assets under management of approximately £430m at year-end.
The alternative activity is significantly more profitable for the Company, with approximately 85% of revenues retained by AXM, compared to around 20% for UCITS activity. Although performance fees were lower than in the prior year, the growth in assets under management more than offset this effect, resulting in higher overall profitability. In addition, the reduction in performance fees led to lower variable compensation (bonus) costs.
A further contributing factor was a reduction in UK-based remuneration, following the relocation of Mr Benamou (director and Group CIO) to France during 2025, which reduced both his UK salary and the share of UCITS revenues attributed to AXM. Assets under management reached approximately £2.16bn at year-end.

KEY PERFORMANCE INDICATORS ('KPIS')

The Company’s key financial performance indicators include turnover, profit before tax and assets under management. During the year, profit before tax increased significantly, reflecting the strong growth in assets under management and improved cost efficiency. While turnover remained broadly stable, the profitability of the Company improved due to a more favourable business mix, with increased contribution from higher-margin alternative activities. Assets under management are a key driver of revenue and are closely monitored by management.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company’s activity is highly dependent on Axiom AI, its sole client, which represents a key concentration risk. For the alternative activity, the Company is exposed to a limited number of clients. There is a risk that mandates could be terminated in the event of sustained underperformance. More generally, the Company is exposed to market risk, as revenues are directly linked to assets under management and fund performance. Liquidity risk is considered limited given the nature of the Company’s operations, although intercompany balances are monitored closely. These risks are managed through close collaboration with Axiom AI, ongoing monitoring of fund performance and internal risk and compliance processes at group level.

OTHER KEY PERFORMANCE INDICATORS

The directors monitor a range of non-financial indicators, including operational efficiency, client relationships and compliance metrics. While these are important to the business, none are considered individually key to assessing overall performance.

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY

In fulfilling their duties under Section 172 of the Companies Act 2006, the directors have had regard to the interests of key stakeholders, including employees, clients and group entities. During the year, key decisions included:
- Supporting the growth of assets under management through coordination with group teams;
- Managing cost levels, including adapting remuneration structures to align with performance;
- Ensuring continued compliance with regulatory requirements.
The directors aim to balance short-term financial performance with the long-term sustainability of the Company, within the broader strategy of the Axiom group.

FUTURE DEVELOPMENTS

The UCITS activity is expected to wind down in the UK during 2026 following the return of the portfolio manager. The Company will continue to focus on its alternative activity, although this remains dependent on a limited number of mandates. In relation to the alternative activity, the Company is currently in discussions with additional investors with a view to replicating existing mandates and further developing this business line. The directors also expect that improved fund performance could enhance the profitability of this activity, which currently generates limited performance fees. Over time, stronger performance would be expected to contribute more significantly to the Company’s results No material changes to the overall nature of the Company’s activities are expected in the short term.

Approved by the Board of Directors and signed on its behalf by:

D Benamou Director |

15 May 2026

AXM ALTERNATIVE INVESTMENTS LTD

## DIRECTORS' REPORT

For the financial year ended 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2025

The directors present their annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activity for the company during the financial year was that of investment management services firm.

REVIEW OF THE BUSINESS

Turnover for the financial year amounted to £5,566,061 (2024: £5,398,812). The company earned a profit after taxation totalling £1,187,827 (2024: £16,800).
The net current asset position of the company as at the financial year end amounted to £2,105,031 (2024: net current asset £1,825,434).
The net asset position of the company as at the financial year end amounted to £1,789,068 (2024: net asset £601,241).

DIVIDENDS

No dividend was paid for the current financial year (2024: £134,297).

FUTURE DEVELOPMENTS

There are no plans to materially change the company's activities in the future.

EVENTS AFTER THE BALANCE SHEET DATE

There have been no significant events affecting the company since the year end.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

D Benamou |
M Bernard | (Appointed 27 March 2025)
P Haik |

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms 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 they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
BKL Audit LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

D Benamou Director |

15 May 2026

AXM ALTERNATIVE INVESTMENTS LTD

## DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 December 2025

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 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 financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors 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.

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AXM ALTERNATIVE INVESTMENTS LTD

For the financial year ended 31 December 2025

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AXM ALTERNATIVE INVESTMENTS LTD (continued)

For the financial year ended 31 December 2025

Opinion
We have audited the financial statements of AXM Alternative Investments Ltd for the financial year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 21, including 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 of AXM Alternative Investments Ltd (the ‘company’):
* 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 financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; 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)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has 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 and 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Extent to which the audit was considered capable of detecting irregularities, including fraud
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:
- Enquiring of management around actual and potential litigation and claims;
- Reviewing minutes of meeting of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Perform audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

Michael Wedge (Senior Statutory Auditor)
For and on behalf of BKL Audit LLP
Chartered Accountants
Statutory Auditor

35 Ballards Lane
London
N3 1XW

20 May 2026

AXM ALTERNATIVE INVESTMENTS LTD

## STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## STATEMENT OF COMPREHENSIVE INCOME (continued)

For the financial year ended 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 3
Turnover | 4 | 5,566,061 |  | 5,398,812
Administrative expenses |  | ( 4,222,986) |  | ( 5,052,209)
Operating profit |  | 1,343,075 |  | 346,603
Interest receivable and similar income |  | 27,331 |  | 0
Interest payable and similar expenses |  | ( 37) |  | ( 305)
Profit before taxation | 5 | 1,370,369 |  | 346,298
Tax on profit | 8 | ( 182,542) |  | ( 329,498)
Profit for the financial year |  | 1,187,827 |  | 16,800
Other comprehensive income |  | 0 |  | 0
Total comprehensive income |  | 1,187,827 |  | 16,800

There were no items of other comprehensive income or losses for the current or prior year other than those included in the Statement of Comprehensive Income.

AXM ALTERNATIVE INVESTMENTS LTD

## STATEMENT OF FINANCIAL POSITION

As at 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 3
Fixed assets |  |  |  |
Intangible assets | 9 | 116,567 |  | 134,500
Tangible assets | 10 | 108,067 |  | 163,042
|  | 224,634 |  | 297,542
Current assets |  |  |  |
Debtors |  |  |  |
- due within one year | 11 | 3,079,832 |  | 3,280,125
- due after more than one year | 11 | 73,260 |  | 73,260
Cash at bank and in hand | 12 | 1,792,016 |  | 638,465
|  | 4,945,108 |  | 3,991,850
Creditors: amounts falling due within one year | 13, 19 | ( 2,840,077) |  | ( 2,166,416)
Net current assets |  | 2,105,031 |  | 1,825,434
Total assets less current liabilities |  | 2,329,665 |  | 2,122,976
Creditors: amounts falling due after more than one year | 14 | ( 540,597) |  | ( 1,521,735)
Net assets |  | 1,789,068 |  | 601,241
Capital and reserves | 15 |  |  |
Called-up share capital |  | 583,900 |  | 583,900
Profit and loss account |  | 1,205,168 |  | 17,341
Total shareholder's funds |  | 1,789,068 |  | 601,241

The financial statements of AXM Alternative Investments Ltd (registered number: 12707413) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Benamou Director |

15 May 2026

AXM ALTERNATIVE INVESTMENTS LTD

## STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 December 2025

| Called-up share capital |  | Profit and loss account |  | Total
| £ |  | £ |  | £
At 01 January 2024 | 583,900 |  | 134,838 |  | 718,738
Profit for the financial year | 0 |  | 16,800 |  | 16,800
Total comprehensive income | 0 |  | 16,800 |  | 16,800
Dividends paid on equity shares | 0 |  | ( 134,297) |  | ( 134,297)
At 31 December 2024 | 583,900 |  | 17,341 |  | 601,241
At 01 January 2025 | 583,900 |  | 17,341 |  | 601,241
Profit for the financial year | 0 |  | 1,187,827 |  | 1,187,827
Total comprehensive income | 0 |  | 1,187,827 |  | 1,187,827
At 31 December 2025 | 583,900 |  | 1,205,168 |  | 1,789,068

AXM ALTERNATIVE INVESTMENTS LTD

## STATEMENT OF CASH FLOWS

For the financial year ended 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## STATEMENT OF CASH FLOWS (continued)

For the financial year ended 31 December 2025

| 2025 |  | 2024
| £ |  | £
Net cash flows from operating activities (note 17) | 2,265,601 |  | 114,890
Cash flows from investing activities |  |  |
Purchase of plant and machinery | ( 1,597) |  | ( 18,742)
Net cash flows from investing activities | ( 1,597) |  | ( 18,742)
Cash flows from financing activities |  |  |
Dividends paid | 0 |  | (134,297)
Loan advances to related parties | (1,103,170) |  | 0
Intercompany loan paid | (49,782) |  | 0
Directors loan paid | (2,687) |  | 0
Interest paid | (37) |  | 0
Net cash flows from financing activities | ( 1,155,676) |  | ( 134,297)
Net increase/(decrease) in cash and cash equivalents | 1,108,328 |  | ( 38,149)
Cash and cash equivalents at beginning of year | 638,465 |  | 676,614
Effect of foreign exchange rate changes | 45,223 |  | 0
Cash and cash equivalents at end of year | 1,792,016 |  | 638,465
Reconciliation to cash at bank and in hand: |  |  |
Cash at bank and in hand at end of year | 1,792,016 |  | 638,465
Cash and cash equivalents at end of year | 1,792,016 |  | 638,465

AXM ALTERNATIVE INVESTMENTS LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
AXM ALTERNATIVE INVESTMENTS LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

AXM Alternative Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 11 Albemarle Street, London, W1S 4HH, United Kingdom.
The principal activity for the company during the financial year was the provision of investment advisory and distribution services within the Axiom group.
The financial statements have been prepared under the historical cost convention, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is measured at the fair value of the consideration receivable, net of VAT and trade discounts.
Revenue from services is recognised in the period in which the services are provided, to the extent that the Company has an enforceable right to consideration.
Turnover consists of management fees and performance fees. Management fees are recognised monthly as they accrue and performance fees are recognised when they become payable to the company.

###### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

##### Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Statement of Financial Position date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the company and the company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which signiﬁcant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

##### Intangible assets

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill | 10 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | depreciated over the life of the lease
Fixtures and fittings | 5 years straight line
Office equipment | 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

##### Cash and cash equivalents

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

##### Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to and from related parties..

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

##### Defined contribution pension plan

The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors do not consider that any critical judgements have been made in the application of the company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.

#### 3. Prior year adjustment

These financial statements have been restated to reclassify long term debtors of £73,260 to debtors due in more than one year from debtors due within one year. This has reduced net current assets as previously stated by the same amount. This has no impact on net current assets or profit for the year as previously reported.

These financial statements have been restated to reclassify recharged expenses of £62,851 from sales to administration expenses. This has reduced turnover and increased expenses as previously stated by the same amount. This has no impact on net current assets or profit for the year as previously reported.

These financial statements have been restated to reclassify long term creditors of £1,521,735 to creditors due in more than one year from creditors due within one year. This has reduced net current liabilities as previously stated by the same amount. This has no impact on net current assets or profit for the year as previously reported.

##### 4. Turnover

Breakdown by business class

An analysis of the company's turnover by class of business is set out below.

| 2025 |  | 2024
| £ |  | £
Investment Management Fees | 4,896,443 |  | 3,049,406
Performance Fees | 373,610 |  | 2,286,556
Miscellaneous Income | 60,000 |  | 0
Expense Recharges | 236,008 |  | 62,850
| 5,566,061 |  | 5,398,812

The whole of turnover is attributable to the companies principal activity and are within Europe.

#### 5. Profit before taxation

Profit before taxation is stated after charging/(crediting):

| 2025 |  | 2024
| £ |  | £
Depreciation of tangible fixed assets (note 10) | 56,572 |  | 54,875
Amortisation of intangible assets (note 9) | 17,933 |  | 17,933
Foreign exchange (gains)/losses | ( 30,566) |  | 17,337
Market data | 142,320 |  | 109,378
Operating lease rentals | 122,100 |  | 122,100

#### 6. Staff number and costs

| 2025 |  | 2024
| Number |  | Number
The average monthly number of employees (including directors) was: | 6 |  | 7

Their aggregate remuneration comprised:

| 2025 |  | 2024
| £ |  | £
Wages and salaries | 2,394,915 |  | 3,111,812
Social security costs | 164,513 |  | 550,790
Other retirement benefit costs | 117,540 |  | 92,119
| 2,676,968 |  | 3,754,721

#### 7. Directors' remuneration

| 2025 |  | 2024
| £ |  | £
Directors' emoluments | 583,592 |  | 843,889

| 2025 |  | 2024
| Number |  | Number
Members of a defined benefit pension scheme | 28,415 |  | 35,500

Remuneration of the highest paid director

| 2025 |  | 2024
| £ |  | £
Director's emoluments | 272,750 |  | 466,133

The highest paid director is a member of the Company's defined benefit pension scheme and had accrued entitlements of £12,396 (2024: £18,000) under the scheme at the end of the year. There is no accrued lump sum.

#### 8. Tax on profit

| 2025 |  | 2024
| £ |  | £
Current tax on profit |  |  |
UK corporation tax | 182,542 |  | 329,498
Total current tax | 182,542 |  | 329,498
Total tax on profit | 182,542 |  | 329,498

Tax reconciliation

The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK:

| 2025 |  | 2024
| £ |  | £
Profit before taxation | 1,370,369 |  | 346,298
Tax on profit at standard UK corporation tax rate of 25% (2024: 25%) | 342,592 |  | 86,575
Effects of: |  |  |
Expenses not deductible for tax purposes | 3,441 |  | 235,615
Depreciation/capital allowance for period/year in excess of capital allowance/depreciation | 18,626 |  | 7,308
Capital allowances | (1,911) |  | 0
Remuneration adjustment | (180,206) |  | 0
Total tax charge for year | 182,542 |  | 329,498

There were no factors that may affect future tax charges.

#### 9. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2025 | 179,333 |  | 179,333
At 31 December 2025 | 179,333 |  | 179,333
Accumulated amortisation |  |  |
At 01 January 2025 | 44,833 |  | 44,833
Charge for the financial year | 17,933 |  | 17,933
At 31 December 2025 | 62,766 |  | 62,766
Net book value |  |  |
At 31 December 2025 | 116,567 |  | 116,567
At 31 December 2024 | 134,500 |  | 134,500

Amortisation of intangible fixed assets is included in administrative expenses.

#### 10. Tangible assets

| Leasehold improve- ments |  | Fixtures and fittings |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 January 2025 | 74,800 |  | 148,444 |  | 59,204 |  | 282,448
Additions | 0 |  | 298 |  | 1,299 |  | 1,597
At 31 December 2025 | 74,800 |  | 148,742 |  | 60,503 |  | 284,045
Accumulated depreciation |  |  |  |  |  |  |
At 01 January 2025 | 35,137 |  | 64,679 |  | 19,590 |  | 119,406
Charge for the financial year | 14,960 |  | 29,706 |  | 11,906 |  | 56,572
At 31 December 2025 | 50,097 |  | 94,385 |  | 31,496 |  | 175,978
Net book value |  |  |  |  |  |  |
At 31 December 2025 | 24,703 |  | 54,357 |  | 29,007 |  | 108,067
At 31 December 2024 | 39,663 |  | 83,765 |  | 39,614 |  | 163,042

#### 11. Debtors

| 2025 |  | 2024
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Trade debtors | 40,000 |  | 0
Amounts owed by group undertakings (note 18) | 1,130,501 |  | 0
VAT recoverable | 36,734 |  | 30,949
Other debtors | 5,668 |  | 6,296
Prepayments and accrued income | 1,866,929 |  | 3,242,880
| 3,079,832 |  | 3,280,125
Debtors: amounts falling due after more than one year |  |  |
Other debtors | 73,260 |  | 73,260

Amounts owed by group undertakings are repayable upon demand, interesting baring at arms length, interest rate linked to Sonia.

#### 12. Cash and cash equivalents

| 2025 |  | 2024
| £ |  | £
Cash at bank and in hand | 1,792,016 |  | 638,465

#### 13. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Directors loans (note 18) | 419 |  | 3,106
Trade creditors | 21,243 |  | 7,556
Amounts owed to group undertakings (note 18) | 0 |  | 49,782
Payroll taxes payable | 570 |  | 2,653
Taxation and social security | 182,542 |  | 329,498
Accruals | 2,622,260 |  | 1,760,689
Other creditors | 13,043 |  | 13,132
| 2,840,077 |  | 2,166,416

Amounts owed by group undertakings are repayable upon demand, interesting baring at arms length, interest rate linked to Sonia.

#### 14. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Accruals | 540,597 |  | 1,521,735

Directors loans |  |  |
| 2025 |  | 2024
| £ |  | £
Between one and two years | 0 |  | 0
Between two and five years | 0 |  | 0
After five years | 0 |  | 0
| 0 |  | 0
On demand or within one year | 419 |  | 3,106
| 419 |  | 3,106

#### 15. Called-up share capital and reserves

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
583,900 Ordinary shares of £ 1.00 each | 583,900 |  | 583,900
Presented as follows: |  |  |
Called-up share capital presented as equity | 583,900 |  | 583,900

The company's other reserves are as follows:
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

#### 16. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
within one year | 122,100 |  | 122,100
between one and five years | 49,146 |  | 171,246
Total future minimum lease payments under non-cancellable operating leases | 171,246 |  | 293,346

#### 17. Statement of Cash Flows

| 2025 |  | 2024
| £ |  | £
Operating profit | 1,343,075 |  | 346,603
Adjustment for: |  |  |
Depreciation and amortisation | 74,505 |  | 72,808
Finance costs | 37 |  | 0
Foreign exchange gains | ( 30,556) |  | 0
Increase in amount owed to group undertaking | 0 |  | 9,002
Operating cash flows before movement in working capital | 1,387,061 |  | 428,413
Decrease/(increase) in debtors | 1,317,893 |  | ( 2,117,578)
(Decrease)/increase in creditors | ( 109,818) |  | 1,898,267
Cash generated by operations | 2,595,136 |  | 209,102
Income taxes paid | ( 329,498) |  | ( 93,909)
Interest paid | ( 37) |  | ( 303)
Net cash flows from operating activities | 2,265,601 |  | 114,890

#### 18. Related party transactions

The company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the company is a wholly owned member.

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

| 2025 |  | 2024
| £ |  | £
Directors Loan Account | 419 |  | 3,106

#### 19. Pension

| 2025 |  | 2024
| £ |  | £
Total contributions payable by the company to the fund in the year | 117,540 |  | 92,119
Unpaid contributions due to the fund (inc. in other creditors) | 12,972 |  | 12,928

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

#### 20. Key management personnel

The remuneration paid to key management personnel is equal to the directors' remuneration disclosed in note 7.

#### 21. Controlling party

Parent Company:

Paris Bruxelles Capital Partners
5 rue du Colisée 75008 Paris France

The immediate parent undertaking is Axiom Alternative Investments SARL, a company incorporated in France, and the ultimate controlling party is Paris Bruxelles Capital Partners, an entity registered in France.