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Registration number: 12118555

Picton Asset Management Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 July 2025

Picton Asset Management Limited

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 8

Picton Asset Management Limited

(Registration number: 12118555)
Balance Sheet as at 31 July 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 6,572 | 9,291
Other financial assets | 6 | 50,000 | 854,500
|  | 56,572 | 863,791
Current assets |  |  |
Debtors | 7 | 348,521 | 2,987,916
Cash at bank and in hand |  | 2 | 1,629
|  | 348,523 | 2,989,545
Creditors: Amounts falling due within one year | 8 | (252,462) | (250,363)
Net current assets |  | 96,061 | 2,739,182
Total assets less current liabilities |  | 152,633 | 3,602,973
Provisions for liabilities |  | (1,249) | (119,573)
Net assets |  | 151,384 | 3,483,400
Capital and reserves |  |  |
Called up share capital |  | 1 | 1
Retained earnings |  | 151,383 | 3,483,399
Shareholders' funds |  | 151,384 | 3,483,400

Picton Asset Management Limited

(Registration number: 12118555)
Balance Sheet as at 31 July 2025

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 July 2026

......................................... A G D Esse Director

Picton Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

1 | General information

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

The address of its registered office is:
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of fund management activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

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 respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Picton Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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.

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 | 5 Years Straight Line
Other tangible assets | 10 Years Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Picton Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

3 | Taxation

| 2025 |  | 2024
| £ |  | £
Corporation tax | 16,955 |  | 219,517
Deferred tax | (118,324) |  | -
| (101,369) |  | 219,517

4 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

Picton Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

5 | Tangible assets

| Office equipment £ | Total £
Cost or valuation
At 1 August 2024 | 13,596 | 13,596
At 31 July 2025 | 13,596 | 13,596
Depreciation
At 1 August 2024 | 4,305 | 4,305
Charge for the year | 2,719 | 2,719
At 31 July 2025 | 7,024 | 7,024
Carrying amount
At 31 July 2025 | 6,572 | 6,572
At 31 July 2024 | 9,291 | 9,291

6 | Other financial assets (current and non-current)

| Financial assets at fair value through profit and loss £ | Total £
Non-current financial assets
Cost or valuation
At 1 August 2024 | 854,500 | 854,500
At 31 July 2025 | 854,500 | 854,500
Impairment
Impairment | 804,500 | 804,500
At 31 July 2025 | 804,500 | 804,500
Carrying amount
At 31 July 2025 | 50,000 | 50,000

Picton Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

7 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | - | 28,885
Other debtors | 348,521 | 2,959,031
| 348,521 | 2,987,916

8 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 7,320 | -
Taxation and social security | 241,842 | 247,063
Other creditors | 3,300 | 3,300
| 252,462 | 250,363

9 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

HMRC have raised a query regarding the UK taxation of the foreign dividends received. At this stage there is no agreement as to whether there is any outstanding UK tax liability.

Picton Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

10 | Related party transactions

Summary of transactions with other related parties

Darwin Alternative Investment Management Limited, (a company with a shared interest by the director A Esse) made purchases during the year totalling 139,650 (2024: £335,625) from Picton Asset Management Limited. The total due reflected in trade debtors at the year end was £Nil (2024: £28,885). Darwin Alternative Investment Management Limited also paid rent to Picton Asset Management Limited in the year totalling £2,000.
In November 2024 the director Mr Esse acquired from Picton Asset Management Limited the debt (asset) owing to the company by Meydan Asset Management Limited’s wholly owned subsidiary Unconditional Holdings Limited. The debt was £2,690,731. The acquisition price for this asset was owing by Mr Esse to Picton Asset Management Limited for a short period of time. Thereafter Picton Asset Management Limited paid a distribution to Mr Esse of £2,690,731 and that dividend payable to Mr Esse was set against the receivable due to Picton from Mr Esse of £2,690,731.
In the period, the carrying value of the holding of shares in Darwin Property Investment Management (Guernsey) Limited was reduced from £854,500 to £50,000. This impairment was in line with the eventual proceeds achieved when selling these shares in August 2025 for £50,000.
In the year advances of £31,970 (2024: £92,599) were made by Picton Asset Management Limited to a subsidiary of Meydan Asset Management Limited, a company in which Mr A Esse has a >75% ownership interest.
Mr A Esse repaid his loan with the company in the year. At the balance sheet date the amount due to/(from) Mr A Esse was £(219,224) (2024: £(90,241)).