Capital Markets Trading UK LLP
Annual Report and Financial Statements
For the year ended 31 December 2025
Limited Liability Partnership Registration No. OC300617 (England and Wales)
Capital Markets Trading UK LLP
Limited Liability Partnership Information
Designated members
P Thon
Accent Partners LLC
Limited liability partnership number
OC300617
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
175 Piccadilly
London
UK
W1J 9EN
Bankers
Lloyds TSB Commercial
39 Threadneedle Street
London
EC2R 8AU
Capital Markets Trading UK LLP
Contents
Page
Members' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 21
Capital Markets Trading UK LLP
Members' Report
For the year ended 31 December 2025
Page 1

The members present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the limited liability partnership continued to be that of providing investment management services and advisory services to group entities.

The members are pleased with the results of the LLP. The current trading team is coping well with the current market environment.

The members continue to maintain a healthy balance sheet able to support its current and future trading, giving careful attention to remaining within agreed risk parameters. T he limited liability partnership is committed to timely and appropriate action to mitigate risk and follow defined procedures. While there are always uncertainties which could impact the performance of the LLP, the designated members believe they have taken necessary and appropriate steps to monitor and cure any potential business disruptions.

As with all industry sectors, general market conditions, as well as the traders' ability to react to those opportunities will have the greatest impact on our future performance. The designated members feel the firm is well positioned for growth and continued positive performance.

Branches outside the United Kingdom

The LLP has a branch in Germany.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of profit and the financing requirement of the l imited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

P Thon
Accent Partners LLC
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Capital Markets Trading UK LLP
Members' Report (Continued)
For the year ended 31 December 2025
Page 2
Statement of members' responsibilities

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

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor
So far as each person who was a member at the date of approving this report is aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware. Additionally, the members individually have taken all the necessary steps that they ought to have taken as members in order to make themselves aware of all relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.
Approved by the members on 30 June 2026 and signed on behalf by:
30 June 2026
P Thon
Designated Member
Capital Markets Trading UK LLP
Independent Auditor's Report
To the Members of Capital Markets Trading UK LLP
Page 3
Opinion

We have audited the financial statements of Capital Markets Trading UK LLP (the 'limited liability partnership') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cashflows and notes to the financial statements, 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 FRS 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 limited liability partnership's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' 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 limited liability partnership’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 members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Capital Markets Trading UK LLP
Independent Auditor's Report (Continued)
To the Members of Capital Markets Trading UK LLP
Page 4
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships 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

- we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Members' R esponsibilities S tatement, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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.

Capital Markets Trading UK LLP
Independent Auditor's Report (Continued)
To the Members of Capital Markets Trading UK LLP
Page 5

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the limited liability partnership.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the limited liability partnership and considered that the most significant are the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Limited Liability Partnerships SORP and UK financial reporting standards as issued by the Financial Reporting Council.

- We obtained an understanding of how the limited liability partnership complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the limited liability partnership’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.

- Conclude on the appropriateness of the members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the limited liability partnership’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the limited liability partnership to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Capital Markets Trading UK LLP
Independent Auditor's Report (Continued)
To the Members of Capital Markets Trading UK LLP
Page 6

Use of our report

This report is made solely to the Limited Liability Partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). Our audit work has been undertaken so that we might state to the Limited Liability Partnership’s members those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the Limited Liability Partnership and the Limited Liability Partnership’s members as a body, for our work, for this report, or for the opinions we have formed

Andrew Grieve (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
30 June 2026
Chartered Accountants
6th Floor
Statutory Auditor
9 Appold Street
London
EC2A 2AP
Capital Markets Trading UK LLP
Statement of Comprehensive Income
For the year ended 31 December 2025
Page 7
2025
2024
Notes
£
£
Turnover
3
28,693,958
24,784,903
Cost of sales
(9,389,854)
(7,859,522)
Gross profit
19,304,104
16,925,381
Administrative expenses
(4,389,233)
(3,222,150)
Operating profit
4
14,914,871
13,703,231
Interest receivable and similar income
74
1,241
Interest payable and similar expenses
-
(607)
Profit for the financial year before taxation
14,914,945
13,703,865
Foreign taxes paid
(336,404)
(272,815)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
14,578,541
13,431,050
Capital Markets Trading UK LLP
Balance Sheet
As at 31 December 2025
Page 8
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
96,467
60,780
Investments
9
-
22,088
96,467
82,868
Current assets
Debtors
11
25,220,443
21,021,138
Cash and cash equivalents
257,764
571,086
25,478,207
21,592,224
Creditors: amounts falling due within one year
12
(9,345,912)
(8,636,603)
Net current assets
16,132,295
12,955,621
Total assets less current liabilities and net assets attributable to members
16,228,762
13,038,489
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
15,977,512
12,787,239
Members' other interests
Members' capital classified as equity
251,250
251,250
16,228,762
13,038,489
Total members' interests
Loans and other debts due to members
15,977,512
12,787,239
Members' other interests
251,250
251,250
16,228,762
13,038,489
The financial statements were approved by the members and authorised for issue on 30 June 2026 and are signed on their behalf by:
30 June 2026
P Thon
Designated member
Limited Liability Partnership registration number OC300617 (England and Wales)
Capital Markets Trading UK LLP
Reconciliation of Members' Interests
For the year ended 31 December 2025
Page 9
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Members' interests at 1 January 2025
251,250
-
251,250
12,787,239
12,787,239
13,038,489
Profit for the financial year available for discretionary division among members
-
14,578,541
14,578,541
-
-
14,578,541
Members' interests after profit for the year
251,250
14,578,541
14,829,791
12,787,239
12,787,239
27,617,030
Allocation of profit for the financial year
-
-
-
14,578,541
14,578,541
14,578,541
Other divisions of profits
-
(14,578,541)
(14,578,541)
-
-
(14,578,541)
Drawings on account and distributions of profit
-
-
-
(10,935,236)
(10,935,236)
(10,935,236)
Other movements
-
-
-
(453,032)
(453,032)
(453,032)
Members' interests at 31 December 2025
251,250
-
251,250
15,977,512
15,977,512
16,228,762
Capital Markets Trading UK LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 December 2025
Page 10
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 January 2024
256,250
-
256,250
3,644,514
3,644,514
3,900,764
Profit for the financial year available for discretionary division among members
-
13,431,050
13,431,050
-
-
13,431,050
Members' interests after profit for the year
256,250
13,431,050
13,687,300
3,644,514
3,644,514
17,331,814
Allocation of profit for the financial year
-
-
-
13,431,050
13,431,050
13,431,050
Other divisions of profits
-
(13,431,050)
(13,431,050)
-
-
(13,431,050)
Repayments of capital
(5,000)
-
(5,000)
-
-
(5,000)
Drawings on account and distributions of profit
-
-
-
(3,888,825)
(3,888,825)
(3,888,825)
Other movements
-
-
-
(399,500)
(399,500)
(399,500)
Members' interests at 31 December 2024
251,250
-
251,250
12,787,239
12,787,239
13,038,489
Capital Markets Trading UK LLP
Statement of Cash Flows
For the year ended 31 December 2025
Page 11
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
11,457,612
3,864,189
Payments to members
(11,388,268)
(4,288,325)
Interest paid
-
(607)
Income taxes paid
(283,939)
(107,374)
Net cash outflow from operating activities
(214,595)
(532,117)
Investing activities
Purchase of tangible fixed assets
(120,889)
(37,182)
Proceeds from disposal of subsidiaries
22,088
-
Interest received
74
1,241
Net cash used in investing activities
(98,727)
(35,941)
Financing activities
Repayment of capital or debt to members
(5,000)
Net cash used in financing activities
-
(5,000)
Net decrease in cash and cash equivalents
(313,322)
(573,058)
Cash and cash equivalents at beginning of year
571,086
1,144,144
Cash and cash equivalents at end of year
257,764
571,086
Capital Markets Trading UK LLP
Notes to the Financial Statements
For the year ended 31 December 2025
Page 12
1
Accounting policies
Limited liability partnership information

Capital Markets Trading UK LLP (“the limited liability partnership”) is a private limited liability partnership domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, United Kingdom, EC2A 2AP. The principal place of business is 175 Piccadilly, London, W1J 9EN.

1.1
Basis of preparation

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The limited liability partnership has taken advantage of the exemption under section 40 5(2) of the Companies Act 2006 not to prepare consolidated accounts on the basis that inclusion of the subsidiary is not material for the purposes of giving a true and fair view. The financial statements present information about the limited liability partnership as an individual entity and not about its group.

1.2
Going concern

The members have assessed the LLP's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The LLP's operations are dependent on management contracts with investment funds, and on those funds having sufficient resources to pay management fees.

The members have reviewed the financial position and performance of the funds and note that they hold significant assets and are operating profitably. At the date of approval of these financial statements the designated members have no reason to believe its management contracts will not continue for a period of at least 12 months. Based on this assessment, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover represents the fair value of services provided during the period to related entities. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from the related entities and is based on services provided and expenses incurred, but excludes VAT.

Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 13
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the term of the lease
Fixtures, fittings and equipment
Over 3 years at 33.3% per annum on a straight line basis
Computer Equipment
Over 3 years at 33.3% per annum on a straight line basis
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and a ny impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 14
1.7
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying value. If the estimated recoverable amount is lower, the carrying value is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors 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.

Creditors

Short term trade creditors and other current creditors payable on demand 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.

1.10
Taxation

Foreign tax arises where the LLP has an overseas establishment and is charged at locally prevailing rates on the profits earned in the jurisdiction.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 15
1.14

Members remuneration and equity

A member's share in the profit or loss for the year is accounted for when profits or losses are allocated. Unallocated profits and losses are included within other reserves. The treatment of members' remuneration in the profit and loss account is determined by reference to the nature of the participation rights that give rise to the remuneration. If the members' remuneration gives rise to a liability it is charged as an expense. Amounts subscribed or otherwise contributed by members are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity capital. Equity capital is any capital that is repayable to the member only at the discretion of the limited liability partnership.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The members do not consider there to be any key estimates or judgements applicable to the limited liability partnership.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Income from the rendering of services
28,693,958
24,784,903
2025
2024
£
£
Turnover analysed by geographical market
Cayman Islands
18,770,177
15,916,984
Europe
9,923,781
8,867,919
28,693,958
24,784,903
Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 16
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(11,956)
4,887
Depreciation of owned tangible fixed assets
85,202
73,970
Operating lease charges
403,149
315,881
5
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
35,000
34,000
For other services
All other non-audit services
3,251
3,373
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Direct
12
4
Administrative
15
18
Total
27
22

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
10,832,466
9,060,465
Social security costs
419,709
246,489
Pension costs
59,151
48,738
11,311,326
9,355,692
Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 17
7
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
3
3
2025
2024
£
£
Profit attributable to the member with the highest entitlement
13,651,355
12,691,050
8
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Computer Equipment
Total
£
£
£
£
Cost
At 1 January 2025
36,725
5,151
575,862
617,738
Additions
18,782
46,682
55,425
120,889
At 31 December 2025
55,507
51,833
631,287
738,627
Depreciation and impairment
At 1 January 2025
16,242
3,659
537,057
556,958
Depreciation charged in the year
11,153
11,016
63,033
85,202
At 31 December 2025
27,395
14,675
600,090
642,160
Carrying amount
At 31 December 2025
28,112
37,158
31,197
96,467
At 31 December 2024
20,483
1,492
38,805
60,780
9
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
10
-
22,088
Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
9
Fixed asset investments
(Continued)
Page 18
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
22,088
Disposals
(22,088)
At 31 December 2025
-
Carrying amount
At 31 December 2025
-
At 31 December 2024
22,088
10
Subsidiaries
During the year, CMT Advisors GmbH was liquidated.
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
71,638
71,638
Amounts owed by group undertakings
24,752,914
20,647,883
Other debtors
156,545
108,687
Prepayments and accrued income
233,666
170,844
25,214,763
20,999,052
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
5,680
22,086
Total debtors
25,220,443
21,021,138
Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 19
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
124,874
107,159
Amounts owed to group undertakings
-
399,022
Corporation tax
217,906
165,441
Accruals and deferred income
9,003,132
7,964,981
9,345,912
8,636,603
13
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,151
48,738

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

14
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts falling due within one year
15,977,512
12,787,239

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

15
Financial commitments, guarantees and contingent liabilities

The LLP has a registered charge in favour of ABN AMRO Clearing Bank N.V. in support of a clearing agreement. The clearing agreement is supported by collateral assets from group undertakings and accordingly the designated members do not consider there to be any liability to the LLP arising from this charge.

Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 20
16
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
322,928
164,928
Between two and five years
445,120
385,281
768,048
550,209
17
Related party transactions

The LLP has taken advantage of the exemption from disclosing transactions with members within a wholly owned group.

The LLP received investment services in the year from entities which are under common ownership as the Managing Member of the limited liability partnership of £28,693,958 (2024: £24,784,903).

At the balance sheet date £24,752,914 (2024: £20,647,883) was owed to the LLP from entities which are under common ownership as the Managing Member of the limited liability partnership.

18
Ultimate controlling party

The controlling party is Accent Partners LLC (2024: Accent Partners LLC), a company incorporated in the United States of America. Accent Partners LLC has control by virtue of its status as Managing Member.

The ultimate controlling party is CMT Global Holdings LLC (2024: CMT Global Holdings LLC), a company incorporated in the United States of America. CMT Global Holdings LLC has control by way of its ownership of Accent Partners LLC.

Capital Markets Trading UK LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 21
19
Cash generated from operations
2025
2024
£
£
Profit after taxation
14,578,541
13,431,050
Adjustments for:
Income tax expense recognised in profit or loss
336,404
272,815
Finance costs recognised in profit or loss
-
607
Investment income recognised in profit or loss
(74)
(1,241)
Depreciation and impairment of tangible fixed assets
85,202
73,970
Movements in working capital:
Increase in debtors
(4,199,305)
(17,042,084)
Increase in creditors
656,844
7,129,072
Cash generated from operations
11,457,612
3,864,189
20
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
571,086
(313,322)
257,764
Loans and other debts due to members:
- Other amounts due to members
(12,787,239)
(3,190,273)
(15,977,512)
Balances including members' debt
(12,216,153)
(3,503,595)
(15,719,748)
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