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Registered number: 04026161 ORBIT INVESTMENT SECURITIES SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
COMPANY INFORMATION
Directors | Kevin Jingree
| Sudip Shah
Company secretary | Sakshi Shah
Registered number | 04026161
Registered office | 60 Tottenham Court Road
| Office 59
| London
| W1T 2EW
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 7
Independent Auditors' Report | 8 - 11
Statement of Comprehensive Income | 12
Statement of Financial Position | 13
Statement of Changes in Equity | 14
Statement of Cash Flows | 15
Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 30
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report of the Company for the year ended 31 December 2025.
Business review
The principal activities of the Company were that of investment advice, asset management, brokerage and proprietary trading.
Development and performance during the year
During the year, the Company generated brokerage turnover of US$585,844 (2024 - US$744,300) driven by decreased activity in its core business. The Company earned fees of US$405,246 (2024 - US$263,127) from investment advisory services. The Company's proprietary trading reflected losses of US$939,946 (2024 - gain of US$273,306) based on mark to market accounting policy that resulted in net turnover of US$51,144 (2024 - US$1,280,733) for the year ended 31 December 2025. The loss before tax for the year was US$1,136,031 (2024 - US$37,027). The loss has been largely driven by adverse movements in the fair value of investments held by the Company. Net assets at 31 December 2025 were US$9,403,144 (2024 - US$10,539,175) with the decrease due to losses made during the year. The Company has limited exposure to further mark to market write downs. The capital resources of the Company for the year are in excess of the financial resources requirement as prescribed by the Financial Conduct Authority (FCA). The Company's focus continues to be primary and secondary developing markets. Technology and operational efficiency remain critical within the business and our back office. The operations team continue to be supported by an efficient straight through processing system that meets the needs of the Company and our clients.
Principal risks and uncertainties
The financial risk management objective and policy is to maintain sufficient liquidity and capital so that it can always meet its liabilities and regulatory financial resources requirements. At the reporting date, the main risks to which the Company was exposed are as follows: Liquidity risk The Company is cash positive and aims to ensure sufficient funds are always available for its operating activities. While the need for borrowing facilities are not required at present, the directors will continue to monitor the Company's cash requirements. Insolvency risk for financial institutions The directors use all due skill, care and diligence in the selection and periodic review of third party institutions where the client and Company monies are held to mitigate this risk. Page 1
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The organisation's KPls currently are: Turnover growth: -96% (2024: -20%) Loss margin: -2,221% (2024: -3%) Assets under management: $16,467,856 (2024: $20,760,313) In 2025, assets under management decreased, reflecting a decline in client portfolios during the year. The reduction in revenue is primarily driven by mark-to-market movements rather than a weakening in underlying operational performance. The Company's focus will be to continue to grow all revenue streams and provide its clients with exceptional discretionary management and safe custody services, whilst limiting the Company's exposure to its own proprietary positions.
Directors' statement of compliance with duty to promote the success of the Company
The directors of the Company act in the way they consider, in good faith, that would be most likely to promote the success of the Company for the benefit of its members as a whole in accordance with S172(1) (a) - (f) of the Companies Act 2006, and in doing so have regard (amongst other matters) to: a) The likely consequences of any decision in the long term - The directors give careful consideration to any key decisions that may impact on the Company's stakeholders and will encourage open discussions with stakeholders if the directors believe that they will be materially impacted due to the decision making taken by the directors. b) The interests of the Company's employees - The directors recognise that the Company's employees are fundamental and core to the business and delivery of the Company's strategic ambitions. From ensuring that the Company remains a responsible employer, from pay and benefits to the health, safety and workplace environment, the directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible. c) The need to foster the Company's business relationships with suppliers, customers and others - The success of the Company requires that it maintains strong mutually beneficial relationships with suppliers, customers, regulators and other key partners. The Company continuously assesses the priorities related to customers and those with whom the Company does business, and the directors engage with the business on these topics. d) The impact of the Company's operations on the community and the environment - The directors recognise the importance of engaging positively with the community and environment within which the Company operates. As such, the Company continues to endorse charitable donations and other green initiatives wherever possible in order to maintain a positive impact with the community and environment. e) The desirability of the Company maintaining a reputation for high standards of business conduct – The Company strives to operate in a manner which ensures that business is conducted in accordance with the highest standards of governance. The directors periodically review the Company's Code of Ethics/ Compliance manuals to ensure they are maintained to reflect and promote these high standards throughout the Company. f) The need to act fairly as between members of the Company - The Company only has one member. Page 2
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
Sudip Shah Director
Date: 24 April 2026
Page 3
ORBIT INVESTMENT SECURITIES SERVICES 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.
Directors
The directors who served during the year were:
Kevin Jingree
Sudip Shah
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make 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.
Principal activity
The principal activities of the Company during the year were that of investment advice, asset management, brokerage and proprietary trading.
Results and dividends
The loss for the year, after taxation, amounted to $1,136,031 (2024 - loss $37,027). The directors paid a dividend of $nil (2024: $nil) in the year.
Future developments
The Company intends to continue developing its brokerage and Investment Advisory businesses. Page 4
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Engagement with suppliers, customers and others
Customers The most important stakeholder of the Company is the customers, the quality of our services is therefore of upmost importance. Suppliers We keep in close contact with our suppliers to maintain mutually beneficial relationships.
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Pillar 3 requirements
The European Union Capital Requirements Directive (CRD) seeks to create a direct correlation between a firm's capital requirement and the risks it faces through its operational activities by way of an approach in three stages which have become known as the three pillars. Pillar 1 (minimum capital requirement) sets minimum capital requirements for firms in respect of credit, market and operational risk. Pillar 2 (supervisory review) places an obligation on firms to hold internal capital that is consistent with their risk profile and strategy, and establishes a joint supervisory process to enable the regulator to review firms' capital adequacy assessments. Pillar 3 (market discipline) requires firms to make specific disclosures with the aim of strengthening the market's role in judging individual firms' capital adequacy. The disclosures the Company is required to make under Pillar 3 are set out below: The firm’s corporate governance framework enables the Board and the Executive leadership to structure and organise the business operations in a manner that promotes the prompt and effective implementation of the Company's Strategic objectives. The directors and senior leadership team are comprised of persons who have the necessary skill and experience and meet regularly to review all aspects of the firm’s business including business strategy, planning, financial results and risk and compliance matters. The firm operates a risk-focused governance structure which enables risk to be considered at every level. The directors set the firm’s risk profile and monitors the firm’s ongoing performance against its risk attitude and its desired risk appetite. The directors consider the Key Harms and Risks applicable to the firm to be; • Strategic & Business Risk – the firm is exposed to strategic and business risk through its business planning Page 5
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 and execution of its strategy. Changes to the business environment and the introduction of new market regulations will give rise to the need for further planning. • Market Risk – the firm is exposed to market risk in relation to investments that it holds in its own name. • Liquidity Risk – the firm is exposed to the risk that it does not have available sufficient financial resources to meet its obligations as they fall due. • Operational Risk – the firm is exposed to the risk of loss, both financial and reputational, as a result of inadequate processes, people or systems. The directors have adopted risk management policies and procedures which are proportionate to the nature, scale and complexity of the firm's business. The identification and mitigation of the identified risks are part of the day to day responsibilities of the firm's management, and these risks are reviewed on a regular basis by the directors. The Board of directors oversee and approve the remuneration policies, practices and procedures for the firm in a manner which ensures successful retention, recruitment and motivation of staff including senior management and material risk takers but without compromising on excessive risk taking and alignment of interests. The firm operates a fixed remuneration policy with a discretionary annual bonus scheme and there are no contractually variable components or claw-backs applicable to the remuneration for any material risk takers. The Board applies prudent judgement in evaluating performance, taking into consideration individual, team and company performance.
Regulatory capital and requirements
The FCA issued revised rules on capital adequacy following the implementation of the IFPR and the Internal Capital Adequacy and Risk Assessment (‘ICARA’) process which came into force on 1 January 2022. Under the IFPR regime, the firm is classified as a Non-SNI (Small Interconnected firm) as a result of the firm being authorised to hold Client Money and Assets. As an FCA authorised and regulated firm it is required to meet the FCA’s capital resource requirements set in MIFIDPRU including: • at all times hold own funds and liquid assets which are adequate, both as to their amount and their quality, to ensure it is able to remain financially viable throughout the economic cycle, with the ability to address any material potential harm that may result from its ongoing activities; and • ensure that the business can be wound down in an orderly manner, minimising harm to consumers or to other market participants. Throughout the year, the firm held surplus capital over its regulatory capital requirements. The firm is subject to the new MIFIDPRU regulations which prescribes the disclosure of information on the calculation of the Own Funds Requirement and the composition of capital held (‘Own Funds’).
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. Page 6
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board on 24 April 2026 and signed on its behalf.
Sudip Shah Director
Page 7
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORBIT INVESTMENT SECURITIES SERVICES LIMITED
Opinion
We have audited the financial statements of Orbit Investment Securities Services Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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. Page 8
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORBIT INVESTMENT SECURITIES SERVICES LIMITED (CONTINUED)
Other information
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the 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 material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 9
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORBIT INVESTMENT SECURITIES SERVICES LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the financial sector; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, health and safety legislation, money laundering regulations and the regulations of the Financial Conduct Authority; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and • understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and • investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; and • enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Page 10
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORBIT INVESTMENT SECURITIES SERVICES LIMITED (CONTINUED) Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Martyn Atkinson FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 24 April 2026 Page 11
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | $ | $
Turnover | 4 | 51,144 | 1,280,733
Gross profit |  | 51,144 | 1,280,733
Administrative expenses |  | (1,194,050) | (1,332,958)
Operating loss | 5 | (1,142,906) | (52,225)
Income from fixed assets investments |  | - | 13,153
Interest receivable and similar income | 10 | 6,985 | 2,358
Interest payable and similar expenses | 11 | (110) | (313)
Loss before tax |  | (1,136,031) | (37,027)
Loss for the financial year |  | (1,136,031) | (37,027)
There was no other comprehensive income for 2025 (2024:$NIL).
The notes on pages 17 to 30 form part of these financial statements.
Page 12
ORBIT INVESTMENT SECURITIES SERVICES LIMITED REGISTERED NUMBER:04026161
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | $ |  | $
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 103,661 |  | 122,883 |
Current asset investments | 15 | 6,339,990 |  | 7,900,092 |
Cash at bank and in hand | 16 | 2,992,422 |  | 2,615,630 |
Current liabilities |  | 9,436,073 |  | 10,638,605 |
Creditors: amounts falling due within one year | 17 | (32,929) |  | (99,430) |
Net current assets |  |  | 9,403,144 |  | 10,539,175
Total assets less current liabilities |  |  | 9,403,144 |  | 10,539,175
Net assets |  |  | 9,403,144 |  | 10,539,175
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 1,010,085 |  | 1,010,085
Profit and loss account | 20 |  | 8,393,059 |  | 9,529,090
|  |  | 9,403,144 |  | 10,539,175
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Sudip Shah
Director
Date: 24 April 2026
The notes on pages 17 to 30 form part of these financial statements. Page 13

|  | ORBIT INVESTMENT SECURITIES SERVICES LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
|  | Called up share capital | Profit and loss account | Total equity
|  | $ | $ | $
| At 1 January 2024 | 1,010,085 | 9,566,117 | 10,576,202
| Loss for the year | - | (37,027) | (37,027)
| At 1 January 2025 | 1,010,085 | 9,529,090 | 10,539,175
| Loss for the year | - | (1,136,031) | (1,136,031)
| At 31 December 2025 | 1,010,085 | 8,393,059 | 9,403,144
| The notes on pages 17 to 30 form part of these financial statements.
Page 14

ORBIT INVESTMENT SECURITIES SERVICES LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | $ | $
Cash flows from operating activities |  |
Loss for the financial year | (1,136,031) | (37,027)
Adjustments for: |  |
Interest paid | 110 | 313
Interest received | (6,985) | (15,511)
Decrease/(increase) in debtors | 19,222 | (217)
(Decrease) in creditors | (68,222) | (212,306)
Net fair value losses recognised in P&L | 1,107,143 | 155,758
Corporation tax received/(paid) | 1,720 | (41,773)
Net cash used in operating activities | (83,043) | (150,763)
Cash flows from investing activities |  |
Purchase of short-term listed investments | (550,000) | (4,350,000)
Sale of short-term listed investments | 1,002,960 | 4,458,568
Interest received | 6,985 | 12,840
Net cash generated from investing activities | 459,945 | 121,408
Cash flows from financing activities |  |
Interest paid | (110) | 2,358
Net cash generated from /(used in) financing activities | (110) | 2,358
Net increase/(decrease) in cash and cash equivalents | 376,792 | (26,997)
Cash and cash equivalents at beginning of year | 2,615,630 | 2,642,627
Cash and cash equivalents at the end of year | 2,992,422 | 2,615,630
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,992,422 | 2,615,630
| 2,992,422 | 2,615,630
The notes on pages 17 to 30 form part of these financial statements.
Page 15
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
|  | At 1 January 2025 | Cash flows | Acquisition and disposal of investments | Other non-cash changes | At 31 December 2025
|  | $ | $ | $ | $ | $
Cash at bank and in hand | 2,615,630 | 376,792 | - | - | 2,992,422
Liquid investments | 7,900,092 | - | (452,960) | (1,107,142) | 6,339,990
| 10,515,722 | 376,792 | (452,960) | (1,107,142) | 9,332,412
The notes on pages 17 to 30 form part of these financial statements.
Page 16
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Orbit Investment Securities Services Limited is a private company limited by shares, incorporated in England and Wales. Its registered office addresss and principal place of business is 60 Tottenham Court Road, Office 59, London, W1T 2EW. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: The Company’s income arises from its broking and investment management activities and is recognised as part of its ordinary activities. Income for the Company comprises: a) Brokerage and proprietary trading income Brokerage income is recognised when trades are executed on behalf of clients and the Company’s performance obligations are satisfied. Proprietary trading income comprises gains and losses arising from the Company’s own trading activities. Income is recognised when trades are executed and positions are closed, and also through fair value movements on open positions at the reporting date, with all gains and losses recognised in profit or loss as they arise. On disposal of proprietary assets, any resulting profit or loss is included within turnover, as these transactions form part of the Company’s ordinary trading activities. b) Investment advisory and other income Investment advisory and other income are recognised when the related services are performed.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 17
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 33% |
|  |  |  | Office equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Current asset investments
Current asset investments are measured at fair value at each reporting date. Listed investments are valued using quoted market prices, while investments in funds are valued based on net asset values provided by the fund managers. Gains and losses arising from changes in fair value are recognised in profit or loss as they arise. On disposal of investments, any realised gains or losses are recognised within turnover, as part of the Company’s ordinary trading activities.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 18
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Pensions
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.
| 2.10 | Client assets and deposits
The Company holds money on behalf of clients at Euroclear and third party brokers in accordance with the Client Money and Other Asset Rules of the Financial Conduct Authority. Such monies and the corresponding liability to clients are not shown on the face of the Balance Sheet as the Company is not beneficially entitled or obligated there to. The amounts held on the behalf of clients at the Balance Sheet date are stated in Note 23.
| 2.11 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 19
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is USD. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.13 | Financial instruments
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Page 20
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are Page 21
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
discharged or cancelled.
| 2.14 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are not considered to be any key judgemental and sources of estimation uncertainty which would have a significant impact on the amounts recognised in the financial statements.
4. | Analysis of turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Proprietary sales | 35,592,610 | 19,030,180
| Proprietary purchases | (35,425,414) | (18,601,116)
| Mark to market on proprietary holdings held at the year end | (1,107,142) | (155,758)
| Brokerage fees | 585,844 | 744,300
| Investment advisory fees | 405,246 | 263,127
|  | 51,144 | 1,280,733
| All turnover arose within the United Kingdom.
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Exchange differences | (42,092) | (7,220)
| Other operating lease rentals | 12,870 | 21,427
| Defined contribution pension cost | 7,138 | 118,417
Page 22
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Fees payable to the Company's auditors and its associates for the audit of the Company's financial statements | 15,450 | 20,450
| Fees payable to the Company's auditors and its associates in respect of: |  |
| Other services | 1,315 | 26,215
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Wages and salaries | 621,800 | 566,364
| Social security costs | 69,319 | 62,537
| Cost of defined contribution scheme | 7,138 | 118,417
|  | 698,257 | 747,318
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administrative staff | 5 | 5
|  | Director | 2 | 2
|  |  | 7 | 7
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Directors' emoluments | 197,816 | 147,137
| Company contributions to pension schemes | 7,138 | 118,417
|  | 204,954 | 265,554
| Remuneration was paid to only one director during the year, and therefore the total disclosed amount relates solely to that director.
Page 23
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Income from current asset investments | - | (13,153)
|  | - | (13,153)
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Other interest receivable | 6,985 | 2,358
|  | 6,985 | 2,358
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Other interest payable | 110 | 313
|  | 110 | 313
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Total current tax | - | -
Page 24
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 19% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Loss on ordinary activities before tax | (1,136,031) | (37,027)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2024 - 25%) | (215,846) | (9,257)
| Effects of: |  |
| Expenses not deductible for tax purposes | 36 | 9,501
| Capital allowances for year in excess of depreciation | - | (244)
| Utilisation of tax losses | (1,306) | -
| Losses carried forward | 217,116 | -
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
At the reporting date, the company had estimated tax losses of $1,135,843 (2024 - $Nil) available for use against future taxable profits. No deferred tax asset provision in respect of the losses has been made in the accounts, as in the director's opinion, there is insufficient evidence to ascertain its recoverability. Page 25
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | $ | $ | $
| Cost or valuation |  |  |
| At 1 January 2025 | 42,268 | 8,945 | 51,213
| Disposals | (42,268) | (8,945) | (51,213)
| At 31 December 2025 | - | - | -
| At 1 January 2025 | 42,268 | 8,945 | 51,213
| Disposals | (42,268) | (8,945) | (51,213)
| At 31 December 2025 | - | - | -
| Net book value |  |  |
| At 31 December 2025 | - | - | -
| At 31 December 2024 | - | - | -
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Other debtors | 9,432 | 23,147
| Prepayments and accrued income | 94,229 | 99,736
|  | 103,661 | 122,883
Page 26
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Listed investments | 6,339,990 | 7,900,092
|  | 6,339,990 | 7,900,092
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Opening fair value | 7,900,092 | 8,164,418
| Purchases | 550,000 | 4,350,000
| Disposals (carrying value) | (1,002,960) | (4,458,568)
| Losses on remeasurement to fair value | (1,107,142) | (155,758)
| Market value | 6,339,990 | 7,900,092
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Cash at bank and in hand | 2,992,422 | 2,615,630
|  | 2,992,422 | 2,615,630
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Trade creditors | 3,738 | 60,502
| Corporation tax | 4,015 | 2,295
| Other creditors | 4 | -
| Accruals and deferred income | 25,172 | 36,633
|  | 32,929 | 99,430
Page 27
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Financial assets |  |
| Cash and cash equivalents | 2,992,422 | 2,615,630
| Financial assets that are debt instruments measured at amortised cost | 77,907 | 69,177
| Financial assets measured at fair value through profit and loss | 6,339,990 | 7,900,092
|  | 9,410,319 | 10,584,899
| Financial liabilities |  |
| Financial liabilities at amortised cost | 28,914 | 97,135
| Financial assets measured at amortised cost comprise amounts included within trade and other receivables, including other debtors and accrued income, but excluding prepayments.
| Financial assets measured at fair value through profit or loss consist of listed current asset investments.
| Financial liabilities measured at amortised cost comprise amounts included within trade and other payables, including trade creditors and accruals, but excluding taxation.
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
|  | Allotted, called up and fully paid |  |
|  | 700,000 (2024 - 700,000) Ordinary shares shares of £1.00 each | 1,010,085 | 1,010,085
20. | Reserves
Profit and loss account Represents the retained profits of the Company including any marked to market adjustments made to current asset listed and unlisted investments. Called up share capital Represents the nominal value of shares that have been issued. Page 28
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Pension commitments
The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to $15,842 (2024 - $118,417). Contributions totalling $Nil (2024 - $Nil) were payable to the fund at the reporting date.
22. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Not later than 1 year | - | 10,892
23. | Client money and assets
At 31 December 2025 amounts held by the Company on behalf of clients in accordance with Client Money and Other Asset Rules of the Financial Conduct Authority amounted to the following: Client monies: $490,310 (2024 - $1,115,335) Custody assets: $15,977,546 (2025 - $19,644,978) The Company has no beneficial interest or obligation in these balances and accordingly they are not included in the Balance Sheet. 24.Other commitments The company has certain historic charges registered at Companies House. The directors confirm that these are no longer active and no amounts are outstanding at the reporting date. These charges remain on the register and will be satisfied or released in due course.
25. | Related party transactions
| During the year ended 31 December 2025, consultancy fees of $53,112 (2024 - $43,553) were charged by other related parties to the Company. Key management personnel Key management personnel includes those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including directors. Key management personnel received annual emoluments of $228,290 (2024 - $148,847).
Page 29
ORBIT INVESTMENT SECURITIES SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
26. | Ultimate parent undertaking and controlling party
The immediate parent company is Jermyn Investments & Holdings Ltd, a company incorporated in the British Virgin Islands. The registered office address is Belmont Chamber, P.O.Box 3443, Road Town, Tortola, British Virgin Islands. The ultimate parent company is Chagos Investments Limited, a company incorporated in the British Virgin Islands, and the ultimate controlling party is J Jingree by virtue of his shareholding in this company.
Page 30