Company registration number 06794782 (England and Wales)
EKHINOS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
EKHINOS LIMITED
COMPANY INFORMATION
Directors
Mr S A B Barratt
Mr M L Brettler
Mr B H Cook
Company number
06794782
Registered office
Blackwell House
Guildhall Yard
London
United Kingdom
EC2V 5AE
Auditor
Azets Audit Services
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
EKHINOS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 17
EKHINOS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 31 March 2026.

Review of the business

During the year the company earned fee income from existing transactions and from new advisory activities.

The administrative expenses of the company were kept under control and (other than the effects of foreign exchange movements) were broadly in line with the expenses for the prior year. Travel, subsistence and entertainment expenses were again substatially lower than prior to the COVID-19 pandemic, as a result of changed business practices following the pandemic.

Future developments

The company's projects have a significant lead time. The company had several projects in progress at the year end.

Principal risks and uncertainties

The risks facing the company are identified by the directors during the budget setting process and the FCA reporting process before being factored into the forecasted results for the following year. The key risk facing the company is the current ecenomic climate which has reduced the appetite of investors for the type of transactions arranged and advised upon by the company.

All activitles of the company are controlled carefully. The company's trading activities are monitored for profitability and cash flow generation. An annual budget is prepared for each financial year and the directors monitor performance against this budget through monthly management accounts. Cash generation is monitored on a weekly basis.

Geopolitical events and the resulting inflation have caused significant ecomomic shocks worldwide. It is not expected that this will have a significant impact on the business as revenue continues to be recognised from contracts in place. At the date of signing the financial statements, the company has sufficient cash resources to settle its obligations and fixed costs as they fall due for a period of at least 12 months from the date of signing the financial statements. Therefore, the directors conclude that these matters will not have an impact on the going concern assumption, however, the directors continue to monitor the situation.

Key performance indicators

The company has relatively low fixed asset and regulatory capital requirements. As such, the directors consider that the key performance indicators for the company are:

1. the control of administative expenses; and

2. absolute revenue levels.

S172 statement

The directors of the company discharge their duties under Section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole as set out in the Business Review of the Strategic Report.

The three directors of the company are the only employees and the only shareholders. As such, the directors implicitly consider how any decision might affect the employees of, and investors in, the company at all times.

As a regulated firm, Ekhinos Limited is required to always consider the best interests of its clients and to avoid conflicts of interest. Ekhinos Limited has a small group of clients and transaction counterparties, many of whom the company has worked with for more than 10 years. Repeat business is a key to the success of the business and as such the company seeks to ensure that the best interests of its clients and transaction counterparties are considered when making all decisions.

The directors are conscious of the impact the business has on the environment.

EKHINOS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

On behalf of the board

Mr S A B Barratt
Director
19 June 2026
EKHINOS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the company continued to be that of advising on and arranging deals in investments. Ekhinos Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority for the provision of corporate finance advisory services.

The business review, principal risks and uncertainties and other business reporting is detailed in the Strategic Report as required by the Companies Act 2006 S414C (11).

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £746,763. The directors do not recommend payment of a final dividend.

Directors

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

Mr S A B Barratt
Mr M L Brettler
Mr B H Cook
Auditor

Azets Audit Services were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr S A B Barratt
Director
19 June 2026
EKHINOS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

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

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

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

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

EKHINOS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EKHINOS LIMITED
- 5 -
Opinion

We have audited the financial statements of Ekhinos Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

EKHINOS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EKHINOS LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

EKHINOS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EKHINOS LIMITED (CONTINUED)
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk 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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Richard Hutchinson (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Carnac Place
Cams Hall Estate
Fareham
Hampshire
PO16 8UY
22 June 2026
EKHINOS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
2026
2025
Notes
£
£
Turnover
2
3,072,215
2,828,643
Administrative expenses
(315,979)
(303,909)
Operating profit
3
2,756,236
2,524,734
Interest receivable and similar income
7
77,727
53,028
Profit before taxation
2,833,963
2,577,762
Tax on profit
8
(709,125)
(644,683)
Profit for the financial year
2,124,838
1,933,079
Retained earnings brought forward
5,796,909
4,557,091
Dividends
(746,763)
(693,261)
Retained earnings carried forward
7,174,984
5,796,909

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EKHINOS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 9 -
2026
2025
Notes
£
£
£
£
Current assets
Debtors
10
4,869,010
3,701,425
Cash at bank and in hand
2,415,864
2,219,773
7,284,874
5,921,198
Creditors: amounts falling due within one year
11
(49,590)
(63,989)
Net current assets
7,235,284
5,857,209
Capital and reserves
Called up share capital
13
60,300
60,300
Profit and loss reserves
7,174,984
5,796,909
Total equity
7,235,284
5,857,209
The financial statements were approved by the board of directors and authorised for issue on 19 June 2026 and are signed on its behalf by:
Mr S A B Barratt
Director
Company registration number 06794782 (England and Wales)
EKHINOS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
15
2,757,485
2,526,006
Income taxes paid
(700,001)
(767,319)
Net cash inflow from operating activities
2,057,484
1,758,687
Investing activities
Advancement of loans
(1,125,000)
(1,400,000)
Interest received
10,370
9,535
Net cash used in investing activities
(1,114,630)
(1,390,465)
Financing activities
Dividends paid
(746,763)
(693,261)
Net cash used in financing activities
(746,763)
(693,261)
Net increase/(decrease) in cash and cash equivalents
196,091
(325,039)
Cash and cash equivalents at beginning of year
2,219,773
2,544,812
Cash and cash equivalents at end of year
2,415,864
2,219,773
EKHINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
1
Accounting policies
Company information

Ekhinos Limited is a private company limited by shares incorporated in England and Wales. The registered office is Blackwell House, Guildhall Yard, London, United Kingdom, EC2V 5AE.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements contain information about Ekhinos Limited as an individual company.

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

1.2
Going concern

The directors have confirmed geopolitical events and the resulting inflation have caused significant ecomomic shocks worldwide. It is not expected that this will have a significant impact on the business as revenue continues to be recognised from contracts in place. At the date of signing the financial statements, the company has sufficient cash resources to settle its obligations and fixed costs as they fall due for a period of at least 12 months from the date of signing the financial statements. Therefore, the directors conclude that these matters will not have an impact on the going concern assumption, however, the directors continue to monitor the situation.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Turnover comprises revenue recognised by the company in respect of corporate finance advisory services supplied during the year. Turnover is recognised as the contract progresses, and when all the risks and rewards have been transferred, and once the amounts due under the terms of the deal can be reliably estimated and recoverability is assured.

1.4
Cash and cash equivalents

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

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

EKHINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 12 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

EKHINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk manag ement or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

EKHINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 14 -
1.8
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
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.

2
Turnover and other revenue

The whole of turnover is attributable to the entity's prinicipal activity.

All turnover arose within the United Kingdom.

2026
2025
£
£
Other revenue
Interest income
77,727
53,028
3
Operating profit
2026
2025
Operating profit for the year is stated after charging:
£
£
Exchange losses
57,302
53,212
4
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,940
16,800
For other services
All other non-audit services
4,668
4,368
EKHINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
3
3

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
48,000
48,000
Social security costs
4,283
3,828
Pension costs
120,000
120,000
172,283
171,828
6
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
81,771
79,034
Company pension contributions to defined contribution schemes
120,000
120,000
201,771
199,034

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 2).

7
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
10,371
9,535
Other interest income
67,356
43,493
Total income
77,727
53,028
2026
2025
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
10,371
9,535
EKHINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
8
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
709,125
644,683

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
2,833,963
2,577,762
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
708,491
644,441
Tax effect of expenses that are not deductible in determining taxable profit
634
242
Taxation charge for the year
709,125
644,683
9
Financial instruments

There are no financial assets or financial liabilities at fair value through profit and loss.

10
Debtors
2026
2025
Amounts falling due within one year:
£
£
Other debtors
4,869,010
3,701,425
11
Creditors: amounts falling due within one year
2026
2025
£
£
Corporation tax
28,997
44,645
Accruals and deferred income
20,593
19,344
49,590
63,989
12
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,000
120,000

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

EKHINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
13
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
H ordinary shares of £100 each
201
201
20,100
20,100
M ordinary shares of £100 each
201
201
20,100
20,100
S ordinary shares of £100 each
201
201
20,100
20,100
603
603
60,300
60,300

Each class of share has attached to them full voting, dividend and capital distribution (including winding up) rights. They do not confer any rights of redemption.

14
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

There is a loan made to Taggart Transcontinental Limited, of which S A B Barratt is a director. £2,335,835 (2025 - £1,790,331) was due to the company as at the year end.

There is a loan to Coyote Capital Limited, of which M L Brettler is a director. £2,533,175 (2025 - £1,911,095) was due to the company as at the year end.

15
Cash generated from operations
2026
2025
£
£
Profit after taxation
2,124,838
1,933,079
Adjustments for:
Taxation charged
709,125
644,683
Investment income
(77,727)
(53,028)
Movements in working capital:
Increase in creditors
1,249
1,272
Cash generated from operations
2,757,485
2,526,006
16
Analysis of changes in net funds
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
2,219,773
196,091
2,415,864
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