Alicorn Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Alicorn Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14414039 . The registered office is Block D, Part First Floor Morelands, 5-27 Old Street, London, EC1V 9HL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are website development costs. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	Straight Line 3 years
Plant & Machinery	Straight Line 5 years
Fixtures & Fittings	Stright Line 7 years
Computer Equipment	Straight Line 3 years

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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Alicorn Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Comparative Information

The comparative figures relate to the fourteen month period ended 31 December 2024, whereas the current financial year covers the twelve month period ended 31 December 2025. Accordingly, the comparative figures are not directly comparable with those for the current year. The extended comparative period arose following a change in the company's accounting reference date.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2024: 7)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2025	8,000

As at 31 December 2025	8,000

Amortisation
As at 1 January 2025	1,092
Provided during the period	800

As at 31 December 2025	1,892

Net Book Value
As at 31 December 2025	6,108

As at 1 January 2025	6,908

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	28,559	15,704	4,526	13,803	62,592
Additions	365,778	459	699	1,166	368,102
Disposals	-	(1,497 )	-	-	(1,497 )

As at 31 December 2025	394,337	14,666	5,225	14,969	429,197

...CONTINUED

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Alicorn Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Depreciation
As at 1 January 2025	6,520	3,445	442	4,644	15,051
Provided during the period	172,327	2,972	741	4,220	180,260
Disposals	-	(282 )	-	-	(282 )

As at 31 December 2025	178,847	6,135	1,183	8,864	195,029

Net Book Value
As at 31 December 2025	215,490	8,531	4,042	6,105	234,168

As at 1 January 2025	22,039	12,259	4,084	9,159	47,541

The Company has elected to early adopt the amendments to FRS 102 introduced by the Periodic Review 2024 for the year ended 31 December 2025.

In accordance with the transitional provisions, the Company recognised a right-of-use asset and corresponding lease liability in relation to its property lease. The lease liability was measured at the present value of the remaining lease payments, discounted using the Company's incremental borrowing rate at the date of initial application.

The related right-of-use asset is included within Tangible Assets under Land & Property Leasehold and is depreciated on a straight-line basis over the remaining lease term.

6. Investments

	Unlisted
	£
Cost or Valuation
As at 1 January 2025	-
Additions	16

As at 31 December 2025	16

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	16

As at 1 January 2025	-

Additions relate to management shares in affiliated entities.

7. Debtors

	31 December 2025	31 December 2024 as restated
	£	£
Due within one year
Trade debtors	1,117,464	1,284,797
Prepayments and accrued income	7,341	23,006
Other debtors	59,926	58,781
Deferred tax current asset	12,375	46,073
VAT	8,598	13,560

	1,205,704	1,426,217

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Alicorn Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Included within Trade debtors is £285,343 (2024 £314,558) due from SPV/PCC advisory customers under investment advisory agreements. These entities are not related parties as defined by FRS 102 Section 33.

8. Creditors: Amounts Falling Due Within One Year

	31 December 2025	31 December 2024 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	165,404	-
Trade creditors	169,902	175,249
Other loans	150,000	150,000
Other taxes and social security	32,555	21,416
Net wages	-	20,028
Other creditors	55,920	3,894
Accruals and deferred income	1,060,045	1,389,627

	1,633,826	1,760,214

9. Creditors: Amounts Falling Due After More Than One Year

	31 December 2025	31 December 2024 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	28,332	-

10. Obligations Under Finance Leases and Hire Purchase

	31 December 2025	31 December 2024 as restated
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	159,807	-
Later than one year and not later than five years	28,165	-

	187,972	-
Less: Finance charges allocated to future periods	(5,764 )	-

	193,736	-

11. Share Capital

	31 December 2025	31 December 2024 as restated
Allotted, called up and fully paid	£	£
900 Ordinary Shares of £ 0.01 each	9	9

12. Related Party Transactions

Included in Other loans is the amount £150,000 (2024: £150,000) due to Canepa Al Holdings Ltd, an associated company. During the year the company was charged interest on the loan of £8,396 (2024 £11,513).

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Alicorn Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Prior Period Adjustment

A prior period adjustment has been made in relation to the classification of accrual reversals between profit and loss account headings.

The comparative figures presented in the financial statements for the year ended 31 December 2024 have been restated, resulting in a net reclassification out of turnover of £61,588, with corresponding adjustments to foreign exchange charges (£37,744) and consultancy fees (£23,844). In addition, interest expense of £14,689 was reclassified to rent expense.

The adjustment relates soley to a reclassification between profit and loss account headings, there is no impact on the accumulated losses at 1 January 2025.

The adjustment also has no impact on the profit for the current financial year.

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		31 December 2025		31 December 2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		6,108		6,908
Tangible Assets	5		234,168		47,541
Investments	6		16		-

			240,292		54,449
CURRENT ASSETS
Debtors	7	1,205,704		1,426,217
Cash at bank and in hand		146,061		124,720

		1,351,765		1,550,937
Creditors: Amounts Falling Due Within One Year	8	(1,633,826 )		(1,760,214 )

NET CURRENT ASSETS (LIABILITIES)			(282,061 )		(209,277 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(41,769 )		(154,828 )

Creditors: Amounts Falling Due After More Than One Year	9		(28,332 )		-

NET LIABILITIES			(70,101 )		(154,828 )

CAPITAL AND RESERVES
Called up share capital	11		9		9
Profit and Loss Account			(70,110 )		(154,837 )

SHAREHOLDERS' FUNDS			(70,101)		(154,828)