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Registered number: 09624725 ROBOCAP ASSET MANAGEMENT LIMITED STRATEGIC REPORT, REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ROBOCAP ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors | Mr J C Cohen
| Ms S K Hjortstig
Registered number | 09624725
Registered office | 59-60 Grosvenor Street
| London
| W1K 3HZ
Independent auditors | Grant Thornton
| Chartered Accountants and Statutory Auditors
| Dublin
| Ireland
Solicitors | Arnold & Porter Kaye Scholer (UK) LLP
| Tower 42
| 25 Old Broad Street
| London
| EC2N 1HQ
ROBOCAP ASSET MANAGEMENT LIMITED
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10 - 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13
Notes to the Financial Statements | 14 - 26
ROBOCAP ASSET MANAGEMENT LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their strategic report for the year ended 31 December 2025.
Principal activities and business review
Robocap Asset Management Ltd (the "Company") was incorporated in 2015 as Robocap (Services) Ltd and remained dormant until 2022. From 2015 to 2022, the team was operating as RoboCap LLP, an Investment Adviser and Appointed Representative of Sturgeon Ventures LLP, then the business was transferred to the Company on 1 January 2023. The Company is an FCA regulated investment manager focusing on robotics, automation and AI listed stocks globally. The Company has managed the RoboCap UCITS Fund since 2016, the Robocap Partners Funds since 2018 and the Robocap AI Cyber Security AMC since 2022. The Company undertakes fundamental analysis with the support of its advisory board of five leading experts, including academics, business leaders and research experts in robotics and Artificial Intelligence. Robocap Asset Management Ltd believes that Environmental, Social and Governance ("ESG") issues are important parameters to consider when investing into disruptive technologies. The Company is cognisant of the UN's Principles for Responsible Investment ("PRI"), a voluntary framework which promotes the integration of ESG considerations into the investment management process to better manage risk and generate long-term returns. The Company is a signatory to the UN PRI and maintains a comprehensive ESG policy. This policy is reviewed regularly by the ESG Committee which includes an external and independent ESG expert. The RoboCap UCITS Fund reclassified from Art 6 to Art 8 fund SFDR in 2024. The firm is considering a few amendments to its ESG policy as the post-WWII world order, mainly regarding its exclusions. The profit after tax for the year under review is £1,349,861 and the vehicles managed by the Company returned between +10% and +12% over the same period, so all products were above their previous High-Water Marks. The team continues to perform well, supported by a strong upward trend in the theme, but with high market volatility and geopolitical uncertainties. The Directors are confident the business is scalable and are targeting to increase its assets under management in the next two years. The Company retains the liquid resources to focus on growth underpinned by the strength and length of its track record in what is generally considered a promising investment theme. The Directors are exploring the possibility of establishing the group's principal operations in Switzerland. The timing of any such move has not yet been determined. Irrespective of any relocation, a UK presence with employees will be maintained. It has not yet been decided whether this entity or a new UK entity would fulfil that role. The Company will engage with the FCA at the appropriate time to ensure any restructuring is carried out in full compliance with its regulatory obligations.
Principal risks and uncertainties
FOREIGN CURRENCY RISK The Company earns revenue in a variety of currencies, historically, mainly USD, EUR, CHF, SGD and GBP. As a result, it is exposed to exchange rate fluctuations between those currencies and its principal operating currencies of GBP and USD. CREDIT RISK The Company's exposure to credit risk is minimal as it does not borrow money, so its only risk is in relation to debtors. Credit risk on the funds is limited because they do not use leverage and the underlying companies have sound balance sheets and generally a low debt-to-equity ratio. The Company has adopted a policy of only dealing with creditworthy counterparties and undertaking due diligence where necessary to mitigate the risk of financial loss. Page 1
ROBOCAP ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 LIQUIDITY AND CASH FLOW RISK The Company's policy on liquidity risk is to ensure that significant cash is available to fund on-going operations. The Company has no external borrowing facilities but has historically been reliant on shareholder support. The Company manages its liquidity and cash flow risk by reviewing cash flow forecasts on a regular basis to identify any liquidity or capital shortfalls. MACROECONOMIC RISK We believe that AI and robotics are having a meaningful impact on the world’s economy, impacting the growth, inflation and the job market. The world order that followed WWII is ending and geopolitical tensions are growing with trade wars, military conflicts and supply chain disruptions. We particularly monitor the tensions between the West and China’s area of influence, including Russia and Iran.
Matters covered in this Strategic Report
As permitted by Section 414(c)(11) of the Companies Act 2006, the Directors have elected to disclose information required to be in the Director’s report by Schedule 7 of the “Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008” in the Strategic report.
Directors' statement of compliance with duty to promote the success of the Company
This section describes how the Directors have had regard to the matters set out in Section 172(1)(a) to (f), and forms the director's statement under the Companies (Miscellaneous Reporting) Regulations 2018. As part of the Directors' role, they seek to ensure that they are cognisant of the long-term impact of any decisions. To that end, the Directors periodically review the Company's strategy and regularly seek updates on strategic issues which may impact the business. Additionally, the Directors require management to prepare annually a Business Plan for the following year, including full year projections and funding requirements, as well as completing a review of business risks, both principal and emerging. In that context, any matters presented to the Directors for approval need to align with the Company's strategy and Business Plan. This report was approved by the Board of Directors and signed on its behalf by:
Mr J C Cohen Director | Ms S K Hjortstig Director
Date: 22 April 2026 |
Page 2
ROBOCAP ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the Company in the year under review was that of investment management services.
Dividends
Dividends are paid at the discretion of the directors. During the year, the Company paid dividends of £500,000 (2024: £Nil).
Directors
The directors who served during the year were:
Mr J C Cohen
Ms S K Hjortstig
Political contributions
The Company made no political donations during the year under review (2024: £Nil).
Financial risk management
The Company's risk management objectives, policies and exposures to risks are included in the Strategic Report.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 (1A) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
ROBOCAP ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Statement as to disclosure of information to the Auditor
So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditor is unaware, and they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditors
The auditors, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the Board of Directors on 22 April 2026 and signed on its behalf.
Mr J C Cohen Director | Ms S K Hjortstig Director
Page 4
ROBOCAP ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED
Opinion
We have audited the financial statements of Robocap Asset Management Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, Statement of Changes in Equity, and the Statement of Cash Flows, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and 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 Company’s financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the financial year then ended; and ∙have been properly 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 ‘Responsibilities of the auditor 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 FRC’s Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. 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
In forming our opinion, which is not modified, we draw attention to disclosures made in Note 2 in the financial statements concerning the Company’s potential future plans. Management is currently considering a potential relocation of the operations to Switzerland. It is intended that a presence within United Kingdom will be maintained, however, they have not determined the structure as of yet as the relocation still remains in planning stage and therefore, the impact on the Company’s existence remains known. These events and conditions, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern as the Company may liquidate in the future depending on the evolvement of the plan. In auditing the financial statements, we have concluded that the directors’ use of going concern basis of accounting in the preparation of the financial statements is appropriate. The validity of this assumption as stated in Note 2 depends on potential actions taken by the management in terms of the potential relocation of the Company or any other structural changes. The directors have assessed going concern and believe that there are sufficient funds to meet all liabilities and commitments for the foreseeable future. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Company be unable to continue in existence. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
ROBOCAP ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)
Other information
Other information comprises information included in the annual report other than the financial statements and our Auditors' Report thereon, including the Strategic Report and the Directors’ Report. The directors are responsible for the other information. 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 in the financial statements, 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 any 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; ∙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. Page 6
ROBOCAP ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)
Responsibilities of management and those charged with governance for financial statements
As explained more fully in the Directors' Responsibilities Statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, and for such internal control as directors determine necessary to enable the preparation of financial statements are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management 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 management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes their 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. Explanation as to what extent 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection regulation and Financial Conduct Authority regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such the Companies Act 2006 and UK tax legislation. The Audit engagement responsible individual considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. Page 7
ROBOCAP ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED) In response to these principal risks, our audit procedures included but were not limited to: −enquiries of management board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; −inspection of the Company's regulatory and legal correspondence and review of minutes of board of directors' meetings during the financial year to corroborate inquiries made; −gaining an understanding of the internal controls established to mitigate risk related to fraud; −discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; −identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; −designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; −challenging assumptions and judgements made by management in their significant accounting estimates, including provisions; and −review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls. 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.
The purpose of our audit work and to whom we owe our responsibilities
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. Sarah Bradley (Partner) for and on behalf of Grant Thornton Chartered Accountants and Statutory Auditors Dublin Ireland 22 April 2026 Page 8
ROBOCAP ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 3,061,407 | 2,271,848
Cost of sales |  | (137,479) | (131,802)
Gross profit |  | 2,923,928 | 2,140,046
Administrative expenses |  | (1,151,490) | (1,476,275)
Operating profit | 6 | 1,772,438 | 663,771
Interest receivable and similar income |  | 29,876 | 10,868
Profit before tax |  | 1,802,314 | 674,639
Tax on profit | 7 | (452,453) | (170,196)
Profit for the financial year |  | 1,349,861 | 504,443
Other comprehensive income |  | - | -
Other comprehensive income for the year |  | - | -
Total comprehensive income for the year |  | 1,349,861 | 504,443
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income. In arriving at the results of the financial year, all amounts above relate to continuing operations.
The notes on pages 14 to 26 form part of these financial statements.
Page 9
ROBOCAP ASSET MANAGEMENT LIMITED REGISTERED NUMBER:09624725
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 8 |  | 25,019 |  | 34,219
|  |  | 25,019 |  | 34,219
Current assets |  |  |  |  |
Debtors | 9 | 1,231,793 |  | 1,128,249 |
Cash and cash equivalents |  | 1,892,212 |  | 1,377,605 |
|  | 3,124,005 |  | 2,505,854 |
Creditors |  |  |  |  |
Creditors: amounts falling due within one year | 10 | (1,222,652) |  | (763,182) |
Net current assets |  |  | 1,901,353 |  | 1,742,672
Total assets less current liabilities |  |  | 1,926,372 |  | 1,776,891
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | - |  | (380) |
Provisions | 12 | - |  | (700,000) |
|  |  | - |  | (700,380)
Net assets |  |  | 1,926,372 |  | 1,076,511
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 1,000 |  | 1,000
Share premium | 14 |  | 399,096 |  | 399,096
Retained earnings | 15 |  | 1,526,276 |  | 676,415
|  |  | 1,926,372 |  | 1,076,511
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. Page 10
ROBOCAP ASSET MANAGEMENT LIMITED REGISTERED NUMBER:09624725
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 22 April 2026 by:
Mr J C Cohen | Ms S K Hjortstig
Director | Director
The notes on pages 14 to 26 form part of these financial statements. Page 11
ROBOCAP ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium | Retained earnings | Total equity
| £ | £ | £ | £
At 1 January 2024 | 1,000 | 399,096 | 171,972 | 572,068
Changes in equity |  |  |  |
Total comprehensive income | - | - | 504,443 | 504,443
At 1 January 2025 | 1,000 | 399,096 | 676,415 | 1,076,511
Changes in equity |  |  |  |
Total comprehensive income | - | - | 1,349,861 | 1,349,861
Dividends | - | - | (500,000) | (500,000)
At 31 December 2025 | 1,000 | 399,096 | 1,526,276 | 1,926,372
| The notes on pages 14 to 26 form part of these financial statements.
Page 12
ROBOCAP ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,349,861 | 504,443
Adjustments for: |  |
Depreciation of tangible assets | 12,491 | 13,429
Interest received | (29,876) | (10,868)
Taxation charge | 452,453 | 170,196
Increase in trade and other debtors | (103,120) | (35,364)
(Decrease)/increase in creditors | (693,786) | 281,065
Net cash generated from operating activities | 988,023 | 922,901
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (3,292) | (4,613)
Interest received | 29,876 | 10,868
Net cash generated from/(used in) investing activities | 26,584 | 6,255
Cash flows from financing activities |  |
Dividends paid | (500,000) | -
Net cash used in financing activities | (500,000) | -
Net increase in cash and cash equivalents | 514,607 | 929,156
Cash and cash equivalents at beginning of year | 1,377,605 | 448,449
Cash and cash equivalents at the end of year | 1,892,212 | 1,377,605
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank | 1,892,212 | 1,377,605
| 1,892,212 | 1,377,605
The notes on pages 14 to 26 form part of these financial statements.
Page 13
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | Statutory information
Robocap Asset Management Limited (or the "Company") is a private company, limited by shares, registered in England and Wales. The Company's registered number is 09624725 and its registered office address is 59-60 Grosvenor Street, London, W1K 3HZ. The principal activity of the Company in the year under review was that of investment manager focusing on robotics, automation and AI listed stocks globally. The Company is FCA registered. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 (1A) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
| 2.2 | Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
| 2.3 | Key sources of estimation uncertainty
USEFUL LIVES OF DEPRECIABLE ASSETS Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and physical obsolescence that may change the utility of certain plant and equipment. Depreciation for the year is disclosed in the notes. IMPAIRMENT OF TRADE AND OTHER DEBTORS Allowance is made for specific and groups of accounts, where objective evidence of impairment exists. The Company evaluates the amount of allowance for impairment based on available facts and circumstances affecting the collectability of the accounts, including but not limited to, the length of the Company's relationship with the customers' current credit status, average age of account, collections experience and historical loss experience. Trade debtors in note 9 are shown net of any impairment losses provision of £Nil (2024: £Nil).
| 2.4 | Going concern
As part of its strategic planning, management is currently considering a potential relocation of the Group’s primary operations to Switzerland within the next 4 to 18 months. It is intended that a UK presence will be maintained; however, it has not yet been determined whether this will be through the existing UK entity or a newly established entity. This initiative remains at the early planning stage. Not withstanding this plan, the Directors have assessed going concern and concluded that the potential restructure does not impact the Company’s ability to continue as a going concern over the foreseeable future and that the entity has adequate resources to continue for at least 12 months. Page 14
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax (or "VAT"). Revenue from management fees for the provision of services to investment funds is measured by reference to the contracts in place and is based on a percentage of the Net Asset Value or Partner’s Capital of the investment funds under management payable monthly, or quarterly, in arrears.
| 2.6 | Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life
|  |  |  | Bike | - | 20% | on cost
|  |  |  | Motor vehicles | - | 20% | on cost
|  |  |  | Office equipment | - | 33% | on cost
|  |  |  | Computer equipment | - | 33% | on cost
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
| 2.7 | Financial instruments
A financial asset or a financial liability (see note 11) is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
| 2.8 | Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Page 15
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
| 2.10 | Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
| 2.11 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.12 | 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.13 | Functional and presentation currency
The Company’s functional and presentational currency is Sterling.
| 2.14 | Dividends
Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the directors at an annual general meeting.
| 2.15 | Called up share capital and reserves
Called-up share capital represents the nominal value of ordinary shares that have been issued. The share premium account includes any premiums received on issue of share capital. Page 16
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, if any, are shown within creditors in current liabilities. There is no restricted cash.
| 2.17 | Debtors
Debtors include trade debtors and certain other financial instruments, prepayments, accrued income and deferred tax assets. Prepayments are payments made for goods or services that will be received in the future. These are initially recorded as assets and amortised over time as the benefit of the prepaid expense is realised. Accrued income corresponds to the revenue earned during the period but not yet billed to or collected from the customer.
| 2.18 | Creditors
Creditors include trade creditors and certain other short and long-term financial instruments. Deferred income corresponds to advance payments from customers for goods or services that have not yet been delivered or recognised as revenue.
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 17
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Turnover
| The turnover and profit before taxation are attributable to the one principal activity of the Company.
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management and related fees | 3,061,407 | 2,271,848
|  | 3,061,407 | 2,271,848
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Switzerland | 103,766 | 163,128
| Ireland | 2,506,359 | 1,904,735
| Cayman Islands | 451,282 | 203,985
|  | 3,061,407 | 2,271,848
4. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Salaries and bonus | 1,128,960 | 878,931
| Social security costs | 152,568 | 120,092
| Other pension costs | 13,168 | 10,627
|  | 1,294,696 | 1,009,650
| The average monthly number of employees, including directors, during the year was 6 (2024 - 5).
5. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' remuneration | 513,333 | 320,348
|  | 513,333 | 320,348
Page 18
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 34,814 | 7,727
| Operating leases | 95,000 | 95,362
| Direct costs | 137,479 | 131,802
| Directors' salaries | 513,333 | 320,348
| Staff salaries | 615,627 | 558,583
| Computer costs | 79,325 | 92,197
| Auditors' remuneration | 9,606 | 8,486
| Depreciation - owned assets | 12,491 | 13,429
|  | 1,428,047 | 1,212,480
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 453,256 | 170,527
|  | 453,256 | 170,527
| Total current tax | 453,256 | 170,527
| Deferred tax |  |
| Origination and reversal of timing differences | (803) | (331)
| Total deferred tax | (803) | (331)
| Tax on profit | 452,453 | 170,196
| UK corporation tax has been charged at 25% (2024: 25%).
Page 19
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 7.Taxation (continued)
| Factors affecting tax charge for the year
| The standard rate of corporation tax in the UK is25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,802,314 | 674,639
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 450,579 | 168,660
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,997 | 1,488
| Capital allowances for year in excess of depreciation | (2,319) | 379
| Short-term timing difference leading to a (decrease)/increase in taxation | (804) | (331)
| Total tax charge for the year | 452,453 | 170,196
Page 20
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Tangible fixed assets
|  | Bike | Motor vehicles | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | - | 49,458 | 9,799 | 2,688 | 61,945
| Additions | 1,791 | - | 1,501 | - | 3,292
| At 31 December 2025 | 1,791 | 49,458 | 11,300 | 2,688 | 65,237
| Depreciation |  |  |  |  |
| At 1 January 2025 | - | 19,783 | 7,587 | 356 | 27,726
| Charge for the year on owned assets | 120 | 9,892 | 1,584 | 896 | 12,492
| At 31 December 2025 | 120 | 29,675 | 9,171 | 1,252 | 40,218
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,671 | 19,783 | 2,129 | 1,436 | 25,019
| At 31 December 2024 | - | 29,675 | 2,212 | 2,332 | 34,219
Page 21
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Trade debtors | 56,283 | -
| Director's loan account | 136 | 136
| VAT | 13,242 | 10,003
| Prepayments | 20,168 | 21,377
| Other debtors | 28,557 | 28,500
| Accrued income | 1,112,983 | 1,068,233
|  | 1,231,369 | 1,128,249
| Amounts falling due after one year |  |
| Deferred tax | 424 | -
|  | 424 | -
|  | 1,231,793 | 1,128,249
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 68,771 | 36,171
| Corporation tax payable | 453,256 | 170,527
| PAYE payable | 24,526 | 18,125
| Salaries payable | - | 1,036
| Credit card | 6,025 | 3,210
| Other creditors | 2,176 | 1,867
| Accruals and deferred income | 667,898 | 532,246
|  | 1,222,652 | 763,182
Page 22
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at amortised cost | 84,976 | 28,636
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 74,796 | 740,416
| Financial assets measured at amortised cost, total of £84,976 (2024: £28,636) as follows: trade debtors of £56,283 (2024: £Nil), other debtors £28,693 (2024: £28,636).
| Financial liabilities measured at amortised cost, total of £74,796 (2024: £740,416) as follows: trade creditors £68,771 (2024: £36,171), other creditors £6,025 (2024: £704,245).
12. | Provisions for liabilities
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deferred tax | (424) | 380
| Other provisions | - | 700,000
|  | (424) | 700,380
| The other provisions of £700,000 related to a trade name litigation which transferred to the Company following the business combination entered into with Robocap LLP on 1 January 2023. The provision was calculated based on best estimates of the legal costs to be incurred should the case go ahead. For the year ended 2025, the provision has been written off following confirmation from legal advisers that the risk of litigation had lapsed, as five years had passed since receipt of the trademark infringement notice.
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024: 1,000) Ordinary Share Capital shares of £1.00 each | 1,000 | 1,000
| Ordinary shares rank equally for voting purposes, each member shall have one vote per share held. Each share ranks equally for any dividend declared distribution rights on winding up.
Page 23
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Share premium
|  |  |  |  | 2025
|  |  |  |  | £
| At 1 January 2025 | 399,096
| At 31 December 2025 | 399,096
15. | Retained earnings
|  |  |  |  | 2025
|  |  |  |  | £
| At 1 January 2025 | 676,415
| Profit for the year | 1,349,861
| Dividends | (500,000)
| At 31 December 2025 | 1,526,276
16. | Related party transactions
| The Company receives management fees from investment funds within the group structure, namely Robocap Partners DE I LP and Robocap Partners Offshore Fund Ltd, for management services provided. Robocap DE I LP and Robocap Partners Offshore Fund Ltd are feeder funds of Robocap CIM LP, a company incorporated in the Cayman Islands in which Mr J C Cohen is a partner. The general partner to the funds is Robocap Partners GP Ltd, a company also incorporated in Cayman Islands and owned 100% by Robocap Asset Management Limited. Furthermore, the Company holds 100 management shares in Robocap Partners Offshore Fund Ltd, where Mr J C Cohen is a common director. During the year, the Company received management fees from Robocap Partners CIM LP through its feeder funds as follows: £294,369 (2024: £137,368) from RoboCap Partners DE I LP and £156,913 (2024: £66,617) from RoboCap Partners Offshore Fund Ltd with a total amount outstanding at year end of £Nil (2024: £Nil). During the year, Mr J C Cohen received remuneration (including bonus) in the amount of £295,833 (2024: £150,000).
17. | Controlling party
The controlling party is Mr J C Cohen who owns 88% of the ordinary shares. Page 24
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Financial risk
CREDIT RISK The Company's exposure to credit risk is minimal as it does not borrow money, so its only risk is in relation to debtors. Credit risk on the funds is limited because they do not use leverage and the underlying companies have sound balance sheets and generally a low debt-to-equity ratio. The Company has adopted a policy of only dealing with creditworthy counterparties and undertaking due diligence where necessary to mitigate the risk of financial loss. LIQUIDITY AND CASH FLOW RISK The Company's policy on liquidity risk is to ensure that significant cash is available to fund on-going operations. The Company has no external borrowing facilities but has historically been reliant on shareholder support. The Company manages its liquidity and cash flow risk by reviewing cash flow forecasts on a regular basis to identify any liquidity or capital shortfalls.
19. | Events during the year
During the year ended 2025, the litigation provision amounting to £700,000 has been written off following confirmation from legal advisers that the risk of litigation had lapsed, as five years had passed since receipt of the trademark infringement notice from Robo Global LLC.
20. | Commitments under operating leases
| At 31 December 2025 the Company had existing minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 22,167 | 95,000
| Later than 1 year and not later than 5 years | - | 22,167
|  | 22,167 | 117,167
| As at 31 December 2025, the Company had minimum lease payments due within one year of £22,167 (2024: £95,000). Future lease obligation (from 25 March 2026 to 25 September 2026) is £49,875 due within one year.
Page 25
ROBOCAP ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Foreign currency
| The rates of exchange ruling at the statement of financial position date on which the assets and liabilities are translated are:
|  | 2025 | 2024
| USD | 1.34721 | 1.25152
| EUR | 1.14678 | 1.20887
| CHF | 1.06776 | 1.13556
| SGD | 1.73242 | -
22. | Subsequent events
No events have occurred between the reporting date and the date of approval of these financial statements which require disclosure.
23. | Approval of the financial statements
The financial statements were approved by the Board of Directors on 22 April 2026.
Page 26