The directors present the strategic report for AgFe Group Limited (the "Company") and of its subsidiary undertakings (together the "Group") for the year ended 31 March 2026.

The results for the financial year are set out on page 9. The financial year to 31 March 2026 was characterised by the continuation and maintenance of a diverse mix of discretionary asset management, in-place asset management and advisory business. On a consolidated basis the Group generated turnover of £11,102,411 (2025: £12,785,474) and profit before taxation of £1,575,581 (2025: £2,841,607). Highlights included:

i. Continued lending for multiple Commercial Real Estate ("CRE") debt segregated accounts;

ii. Expanded CRE lending product range including loans in a new jurisdiction;

iii. Management of a multi-billion pound portfolio of loan-backed financings;

iv. Advisory mandates involving management, restructuring and valuation of loans for

third- parties.

As at 31 March 2026, the Group had net assets of £5,300,631 (2025: £4,729,837).

The Group will continue to focus on asset management, advisory and capital markets activities, particularly in relation to European private debt. 

The key business risks facing the Group are generating sufficient revenue from advisory and asset management mandates and ensuring that the appropriate services are provided to its clients.

These risks are addressed via the active management of the Group's efforts to win new mandates, a formal approval process for new mandates, and on-going oversight of work undertaken on mandates, to ensure that the Group is able to provide appropriate services in accordance with each mandate.

Financial risk management

The main financial risks the Group is exposed to are credit risk, liquidity risk and market risk.

Credit risk

The Group is exposed to the risk that its clients do not pay their invoices on time. This risk is managed through the approval process for new mandates which considers the credit worthiness of all new clients. Furthermore all trade receivables are monitored regularly for late payments and remedial action is taken where necessary.

The Group is also exposed to the risk that the financial institutions, where it holds its cash, become insolvent and are unable to repay these deposits. The Group’s liquidity policy specifies minimum credit ratings for any bank where cash is held.

Liquidity risk

The Group is exposed to the risk that it is unable to meet its obligations when due because it does not have sufficient liquid resources to meet them. This risk is mitigated through the Group’s liquidity policy which ensures that the Group holds a sufficient amount of cash and liquid instruments to meet all obligations for at least a three month period.

Market risk

The Group’s activities expose it to changes in foreign exchange rates. When relevant, the Group uses financial instruments in order to reduce the risk of loss resulting from movement in foreign currencies. No forward foreign exchange contracts were entered into in the financial year and there were no forward contracts in place as at the year end date.

The directors of the Group and the Company always endeavour, individually and collectively, to act in the way to promote the success of the Group and the Company for its members. In doing so, they consider the likely consequence of any decisions in the long-term, having regard to an approach that is fair and equitable to all members of the Group and the Company.

Underlying their decision making process, the directors consider the impact on the Group's and the Company’s employees and are mindful of how the Group's and the Company’s business operations impact its stakeholders. The directors’ overarching responsibility is to maintain a reputation for high standards of business conduct and seek to build strong business relationships with suppliers, customers and other key counterparties.

The shareholders of the Company and its wider Group are its key stakeholders. As is common with businesses of the size and scale of the Company, key shareholders are represented on the Board of the Company and Group, ensuring that shareholders are integral to all strategic decisions that are made.

During the year under review, the Group’s business strategy remained unchanged. There were no key decisions made that could impact its shareholders or other potential interested parties.

Approved by the Board and signed on its behalf by

The directors present their annual report and audited consolidated financial statements of AgFe Group Limited (the "Company") and of its subsidiary undertakings (together the "Group") for the year ended 31 March 2026.

The Company is a holding company for the companies in the Group. The principal activities of the operating entities in the Group are to provide financial advisory and asset management services.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £600,000. The directors do not recommend payment of a further dividend.

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

In accordance with the company's articles, a resolution proposing that BDO LLP be reappointed as auditor of the group will be put at a General Meeting.

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 group and company, and of the profit or loss of the group 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;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trueGroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of financial risk management.

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 auditor of the company 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 auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

In our opinion:

• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 March 2026 and of the Group’s profit and the Group’s cash flows for the year then ended;

• the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements of AgFe Group Limited (“the Parent Company”) and its subsidiaries (“the Group”) for the year ended 31 March 2026 which comprise of the following:

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).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group and the Parent 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.

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 Group or Parent 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Group and the Parent Company's ability to continue as a going concern.

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 Strategic report, Director’s report and annual report and audited financial statements, 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.

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.

Other Companies Act 2006 reporting

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

• the information given in the Strategic report and the Directors’ report 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.

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors’ report.

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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

• the Parent Company 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.

As explained more fully in the Statement of Directors’ Responsibilities, 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 Group’s and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Parent Company and management.

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:

Non-compliance with laws and regulations

Based on:

• Our understanding of the Group and the industry in which it operates;

• Discussion with management and those charged with governance; and

• Obtaining an understanding of the Group’s policies and procedures regarding compliance with laws and regulations;

we considered the significant laws and regulations to be the applicable accounting framework, UK tax legislation, and the Companies Act 2006.

The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the regulations set out by the Financial Conduct Authority for regulated firms.

Our procedures in respect of the above included:

• Enquires of management whether there were any litigations and claims;

• Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and regulations;

• Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations;

• Review of financial statement disclosures and agreeing to supporting documentation; and

• Involvement of tax specialists in the audit.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

• Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

• Obtaining an understanding of the Group’s policies and procedures relating to:

  • Detecting and responding to the risks of fraud; and

  • Internal controls established to mitigate risks related to fraud.

• Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;

• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;

• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

• Performing unpredictable procedures as part of our substantive audit testing to assess if transactions are within the normal course of business.

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and revenue recognition.

Our procedures in respect of the above included:

• For management override of controls, which is pervasive to the financial statements:

  • We obtained an understanding of the financial reporting process and evaluated the design and implementation of controls in place;

  • We included procedures designed to identify and test journal entries based on specific risk criteria to assess whether there was evidence of management bias by agreeing these journal entries to supporting documentation and evaluating the business rationale behind these journal entries.

• The risk of fraud in revenue recognition:

  • We obtained an understanding of the revenue recognition process and evaluated the design and implementation of controls in place.

  • In addition to a test of details over revenue transactions by obtaining supporting documentation behind the revenue calculation inputs, we performed a reconciliation of all revenue journals, which are manually posted by management to cash at bank and accrued income.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

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.

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 15 to 28 form part of these financial statements.

The notes on pages 15 to 28 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The notes on pages 15 to 28 form part of these financial statements.

As permitted by s408 Companies Act 2006, the Company has not presented its own income statement and related notes. The Company’s profit for the year was £2,288,955 (2025 - £785,376 profit).

The notes on pages 15 to 28 form part of these financial statements.

The notes on pages 15 to 28 form part of these financial statements.

The notes on pages 15 to 28 form part of these financial statements.

AgFe Group Limited (“the Company”) is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.

The Company is a holding company for the companies in the Group. The principal activities of the operating entities in the Group were providing financial advisory and asset management services.

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 Group has early adopted the Periodic Review 2024 amendments to FRS 102.

The financial statements are prepared in Pound Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value through profit or loss. The principal accounting policies adopted are set out below.

The consolidated financial statements incorporate those of AgFe Group Limited and entities controlled by the Company for the year ended 31 March 2026. Control is achieved through its power to govern the financial and operating policies so as to obtain economic benefits.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

After examining the Group operating entities forecasts and projections, which include the 12 month period following the signing of the financial statements, the shareholders are confident that AgFe Group Limited possesses sufficient resources to remain operational for the foreseeable future. These forecasts and projections have taken into account potential downside scenarios regarding revenue levels, and since there are no borrowing needs for the Group, the forecast has been further evaluated on the premise that the firm will not have access to any external funding, whether from current shareholders, third-party bank financing, or the UK Government. Liquidity is preserved across all modelled scenarios.

Turnover represents invoiced sales of services excluding value added tax; provided under contracts to the extent that there is a right to consideration, and is recorded at the value of the consideration due. The Group accrues income not yet invoiced where the Group has demonstrably delivered services during the reporting year that would entitle the Group to invoice the accrued income even if the mandate had been terminated on the financial position date. No accrued income is recognised for mandates where the income is contingent on the Group achieving performance measures that have not yet been attained as at the financial position date.

Interest income and dividend income is recognised when the right to receive payment is established.

Property, plant and equipment are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the cost attributable to bringing the asset to its working condition for its intended use.

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:

In the parent Company financial statements, investments in subsidiaries and other unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

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.

The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

Basic financial assets, which include fixed asset investments (note 1.7) trade and other receivables 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.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group 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.

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 Group after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables and loans from fellow Group companies 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 payments 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the Group 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 Group.

The 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 net profit as reported in the income statement 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 Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

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.

The Group provides a range of benefits to its employees, including paid holiday arrangements, defined contribution pension plans and annual bonus. An expense is recognised in the statement of comprehensive income when the Group has a legal or constructive obligation to make payments. Amounts not paid are shown in creditors falling due within a year on the consolidated financial position.

At inception, the Group assesses whether a contract is, or contains, a lease within the scope of FRS 102 Section 20. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the Group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the Group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the Group's estimate of the amount expected to be payable under a residual value guarantee; or the Group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

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 reflected within administrative expenses.

Reserves

The Group and Company's reserves are as follows:

• Called up share capital reserve represents the nominal value of the shares issued.

• The share premium account includes the premium on issue of equity shares, net of any issue costs.

• Retained earnings represents cumulative profits or losses, net of dividends paid and other adjustments.

The Group early adopted the amendments to FRS 102, issued in September 2024, in preparing the financial statements.

Leases previously classified as operating leases are generally recognised on the balance sheet as a right‑of‑use asset with a corresponding lease liability, except for leases of low‑value assets and short‑term leases where recognition exemptions apply.

The Group's leases commenced after the date of initial application of the amendments to FRS 102, and therefore do not give rise to any adjustments to opening balances or opening reserves. Accordingly, no transition adjustment is required.

The Group did not hold any leases during the prior year. Instead, it occupied office premises under a licence-to-occupy arrangement, accordingly, the arrangement was accounted for as a service contract.

The Group’s revenue recognition policy was reviewed in light of the amendments to FRS 102. The LLP’s existing recognition policy was found to be consistent with the updated requirements; therefore, no transition adjustment is required.

In the application of the group’s accounting policies, the directors 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The Group has accounted for its lease as a right of use asset as described in Note 1.12 of the financial statements. In determing the present value of future lease payments, management have used a 7% discount factor. This rate is management's best estimate of the Group's incremental borrowing rate based on the Group's financing profile.

Their aggregate remuneration comprised:

Other gains represent movements in the fair value of the deferred consideration receivable arising from the Group's disposal of a portion of its business in 2023.

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:

Details of the company's subsidiaries at 31 March 2026 are as follows:

AgFe Management Limited is a direct subsidiary of AgFe Group Limited.

AgFe Management Limited is the Corporate Member of AgFe LLP.

Cobalt Rhenium GP Limited and Cobalt Rhenium Two LLP were wholly owned subsidiaries of Agfe LLP and were dissolved during the year.

Amounts owed by Group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Non-current other receivables consists of a rent deposit on the LLP's premises that is not due to be repaid until more than 12 months after the year end.

At the reporting date, the undiscounted cash flows payable in respect of the Group’s lease liabilities is £214,317 (2025: £Nil), including interest of £6,800 (2025: £Nil), which is due to be paid within one year. The Group's lease liabilities have been calculated using a 7% discount factor.

Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

Amounts owed to AgFe LLP members relate to profit share of the LLP from the year ended 31 March 2026 due to the non corporate members. The balance is interest free due to be paid within 1 year of the current year end.

Ordinary A shares carry one vote per share on a poll and one vote per share on a show of hands and entitled to Dividends/distributions pro rata to the number of shares held.

Ordinary B shares carry 0.7777778 per share on a poll and one vote per share on a show of hands and entitled to Dividends/distributions pro rata to the number of shares held.

The ultimate controlling party is P D Rolles, by virtue of his controlling interest in the Company. There is no higher parent undertaking preparing publicly available financial statements that include the results of the Company.

Remuneration of key management personnel is disclosed in note 6.

During the year, the Group paid expenses totalling £37,163 (2025: £22,500) on behalf of entities under common control.

In the prior year, the Group recognised an accrual of £29,800 in respect of liquidation costs to be incurred on behalf of an entity under common control. As the entity was liquidated during the year, no amounts remained accrued at the reporting date.

During the year, the Group advanced a loan of £1,400,000 to a company in which a Group director also holds a directorship. The loan is unsecured, bears interest at 12% per annum, and is repayable in full (together with accrued interest) on 15 January 2027. At 31 March 2026, £1,400,000 remained outstanding.

The Group has taken advantage of the exemption available under FRS 102 from disclosing transactions entered into between wholly owned members of the Group where applicable.

The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under paragraph 1.12(b) of FRS 102 not to present the Company Statement of Cash Flows.