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Registration number: 12592006

Kryger Capital Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Kryger Capital Limited

Company Information

Directors | H Christian S P Hill

Registered office | 8th Floor, 35 Dover Street London W1S 4NQ

Auditors | EVMS Partners LLP Chartered Accountants45 Ludgate Hill London EC4M 7JU

Kryger Capital Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is the provision of investment management services.

Strategy

The Company offers open-end funds and managed accounts to a variety of Institutional and High Net Worth (HNW) individual investors both in UK and overseas. The investment objective is to seek to generate consistent absolute returns, regardless of market conditions, through the implementation of an event driven strategy across multiple geographical regions.

Business review

The Company has continued to operate profitably and there have been no significant changes in the Company's core operations during the year. The Company currently has 7 permanent employees.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Revenue | £ | 3,072,283 | 5,145,388
Net Assets | £ | 1,185,093 | 1,454,702

The decrease in revenue is due to changes in the Company's billing arrangements, whereby amounts that were previously charged to the Company from its parent undertaking and then billed by the Company on to clients are now being dealt with directly between those parties.

Principal risks and uncertainties

The principal risks to the revenues of the Company are redemptions from, and a period of poor investment performance of, the funds managed by the Kryger Capital group.

Kryger Capital Limited

Strategic Report for the Year Ended 31 December 2025

Directors' statement of compliance with duty to promote the success of the Company

The Directors must act in accordance with general set duties, which are detailed in section 172 of the Companies Act 2006 and, in doing so have regard (amongst other matters) to:
a. the likely consequence of any decision in the long term;
b. the interests of the Company's employees;
c. the need to foster the Company's business relationships with suppliers, customers and others;
d. the impact of the Company's operations on the community and the environment;
e. the desirability of the Company maintaining a reputation for high standards of business conduct; and
f. the need to act fairly as between shareholders of the Company.
The Directors are committed to running a responsible business to fulfil the above duties and to operating in line with the FCA's regulatory principles. The Company's behaviour is aligned with the expectations of its shareholders, employees, suppliers and customers.
The Directors recognise that the Company's employees are a key asset to the Company in driving future success. The remuneration policies of the Company are designed to ensure the successful retention, recruitment and appropriate motivation of employees.
The Directors also recognise the requirement to foster strong business relationships with its key suppliers and their interests are factored into the decision-making process. The Company has long term relationships with many of its key suppliers.

Approved and authorised by the Board on 27 April 2026 and signed on its behalf by:

......................................... S P Hill Director

Kryger Capital 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 of the company

The directors who held office during the year were as follows:

D J Kenneally (ceased 3 June 2025)

H Christian (appointed 3 June 2025)

S P Hill

Results and dividends

The profit for the year after taxation amounted to £230,391 (2024: £191,007). A dividend of £500,000 was declared and paid in the year.

Public disclosures

The firm has documented the disclosures required by the FCA under MIFIDPRU 8 and MIFIDPRU TP12. These are available from the Company's website.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Blick Rothenberg Audit LLP resigned as the Company's auditors and EVMS Partners LLP were appointed to fill the casual vacancy arising. EVMS Partners LLP has indicated its willingness to continue in office and the directors will propose a motion re-appointing them at a board meeting.

Approved and authorised by the Board on 27 April 2026 and signed on its behalf by:

......................................... S P Hill Director

Kryger Capital Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom 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.

Kryger Capital Limited

Independent Auditor's Report to the Members of Kryger Capital Limited

Opinion

We have audited the financial statements of Kryger Capital Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 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 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 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 director's 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 original financial statements were 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 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 auditor’s 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.

Kryger Capital Limited

Independent Auditor's Report to the Members of Kryger Capital Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 5], 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Kryger Capital Limited

Independent Auditor's Report to the Members of Kryger Capital Limited

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Company’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company.
The key laws and regulations we considered in this context included the UK Companies Act 2006, the Financial Services and Markets Act 2000 and applicable tax legislation.
A particular focus area included the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The Company was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the Company and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the Company.
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. 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Kryger Capital Limited

Independent Auditor's Report to the Members of Kryger Capital Limited

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.

......................................
Philip Vipond (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor
45 Ludgate Hill
London
EC4M 7JU

27 April 2026

Kryger Capital Limited

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover |  | 3,072,283 | 5,145,388
Administrative expenses |  | (2,795,637) | (4,984,685)
Operating profit | 3 | 276,646 | 160,703
Other interest receivable and similar income |  | 32,194 | 101,424
Profit before tax |  | 308,840 | 262,127
Tax on profit | 6 | (78,449) | (71,120)
Profit for the financial year |  | 230,391 | 191,007

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Kryger Capital Limited

(Registration number: 12592006)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 7 | 5,691 | 8,704
Current assets |  |  |
Debtors | 8 | 1,233,607 | 1,101,913
Cash at bank and in hand |  | 888,642 | 1,904,703
|  | 2,122,249 | 3,006,616
Creditors: Amounts falling due within one year | 9 | (942,847) | (1,560,618)
Net current assets |  | 1,179,402 | 1,445,998
Net assets |  | 1,185,093 | 1,454,702
Capital and reserves |  |  |
Called up share capital |  | 750,001 | 750,001
Retained earnings |  | 435,092 | 704,701
Shareholders' funds |  | 1,185,093 | 1,454,702

Approved and authorised by the Board on 27 April 2026 and signed on its behalf by:

......................................... S P Hill Director

Kryger Capital Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 750,001 | 704,701 | 1,454,702
Profit for the year | - | 230,391 | 230,391
Dividends | - | (500,000) | (500,000)
At 31 December 2025 | 750,001 | 435,092 | 1,185,093

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 750,001 | 513,694 | 1,263,695
Profit for the year | - | 191,007 | 191,007
At 31 December 2024 | 750,001 | 704,701 | 1,454,702

Kryger Capital Limited

Statement of Cash Flows for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 230,391 | 191,007
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 3 | 6,674 | 12,311
Finance costs |  | (32,194) | (101,424)
Income tax expense | 6 | 78,449 | 71,120
|  | 283,320 | 173,014
Working capital adjustments |  |  |
(Increase)/decrease in trade debtors | 8 | (131,694) | 8,002,733
Decrease in trade creditors | 9 | (625,099) | (7,882,868)
Cash generated from operations |  | (473,473) | 292,879
Income taxes paid | 6 | (71,121) | (72,275)
Net cash flow from operating activities |  | (544,594) | 220,604
Cash flows from investing activities |  |  |
Interest received |  | 32,194 | 101,424
Acquisitions of tangible assets |  | (3,661) | (2,258)
Net cash flows from investing activities |  | 28,533 | 99,166
Cash flows from financing activities |  |  |
Dividends paid | 13 | (500,000) | -
Net (decrease)/increase in cash and cash equivalents |  | (1,016,061) | 319,770
Cash and cash equivalents at 1 January |  | 1,904,703 | 1,584,933
Cash and cash equivalents at 31 December |  | 888,642 | 1,904,703

Kryger Capital Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8th Floor,
35 Dover Street
London
W1S 4NQ
United Kingdom

These financial statements were authorised for issue by the Board on 27 April 2026.

2 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises revenues recognised by the Company in respect of services supplied during the year, exclusive of value added tax. The Company's services are delivered over time and revenues are recognised as services are provided.

Foreign currency transactions and balances

The Company's functional and presentational currency is the pound sterling.
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the rates prevailing on the reporting period date. Non-monetary items are translated at the rate at the date of transaction (where held at historic cost) or the date when the fair value is determined (where held at fair value).

Tax

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Kryger Capital Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | straight line over two years
Computer equipment | straight line over one to three years

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 6,674 | 12,311
Foreign exchange losses/(gains) | 129,054 | (33,492)
Audit fees | 15,500 | 16,600
Auditors remuneration (non-audit) | 20,873 | 8,300

4 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 1,459,076 | 1,368,582
Social security costs | 176,539 | 173,214
Pension costs, defined contribution scheme | 67,507 | 76,467
| 1,703,122 | 1,618,263

Kryger Capital Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 9 | 10
| 9 | 10

5 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 591,274 | 416,480
Contributions paid to money purchase schemes | 13,564 | 14,054
| 604,838 | 430,534

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 446,430 | 250,000
Company contributions to money purchase pension schemes | 6,050 | 6,600

6 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 78,449 | 71,120

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 308,840 | 262,127
Corporation tax at standard rate | 77,210 | 65,532
Tax effect of sundry short-term timing differences | 753 | 2,513
Effect of expenses not deductible in determining taxable profit | 486 | 3,075
Total tax charge | 78,449 | 71,120

Kryger Capital Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

7 | Tangible assets

| Computer equipment £ | Office equipment £ | Total £
Cost or valuation
At 1 January 2025 | 33,988 | 11,714 | 45,702
Additions | 3,661 | - | 3,661
At 31 December 2025 | 37,649 | 11,714 | 49,363
Depreciation
At 1 January 2025 | 28,624 | 8,374 | 36,998
Charge for the year | 5,404 | 1,270 | 6,674
At 31 December 2025 | 34,028 | 9,644 | 43,672
Carrying amount
At 31 December 2025 | 3,621 | 2,070 | 5,691
At 31 December 2024 | 5,364 | 3,340 | 8,704

8 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 875,340 | 838,851
Other debtors | 253,555 | 141,495
Prepayments | 104,712 | 121,567
| 1,233,607 | 1,101,913

Included in "Other debtors" above are amounts of £196,107 (2024: £116,556) receivable after more than one year.

9 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 97,805 | 104,374
Other payables |  | 108 | 758,207
Accruals |  | 766,470 | 626,901
Corporation tax | 6 | 78,464 | 71,136
|  | 942,847 | 1,560,618

Kryger Capital Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

10 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £67,507 (2024 - £76,467).

11 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 750,001 | 750,001 | 750,001 | 750,001

12 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 226,888 | 194,260
Later than one year and not later than five years | 193,326 | 423,421
| 420,214 | 617,681

The amount of non-cancellable operating lease payments recognised as an expense during the year was £190,264 (2024 - £178,414).

13 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £0.67 (2024 - £Nil) per each Ordinary shares |  | 500,000 |  | -

14 | Parent and ultimate parent undertaking

The company is a subsidiary of Kryger Capital LLC, a company registered in Bermuda. Kryger Capital LLC is under the control of John Melsom.