Milltrust International LLP
Annual Report and Financial Statements
For the year ended 31 March 2026
Limited Liability Partnership Registration No. OC344800 (England and Wales)
Milltrust International LLP
Limited Liability Partnership Information
Designated members
Milltrust International Group (Singapore) Pte Ltd
Gary Thornton
Limited liability partnership number
OC344800
Registered office
5 Market Yard Mews
194-204 Bermondsey Street
London
SE1 3TQ
Auditor
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Milltrust International LLP
Contents
Page
Members' report
1 - 2
Independent auditor's report
3 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
Milltrust International LLP
Members' Report
For the year ended 31 March 2026
Page 1

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

Principal activities

The LLP is an investment management, research and advisory firm providing independent consultancy services on investment funds primarily focusing on emerging markets as well as venture capital. The LLP is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

Going concern
The limited liability partnership continues to adopt the going concern basis in preparing its financial statements. The members have concluded that there is a reasonable expectation that the company has adequate resources to continue its operational existance at least 12 months from the date of the audit report of their financial statements. The members therefore continue to adopt the going concern basis in preparing these financial statements.
Members' drawings, contributions and repayments

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is determined from time to time, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a level of capital in line with the partnership agreement. In subsequent years, members may be invited to contribute further capital which the members may from time to time unanimously determine is required for the purposes of the business. On retirement, capital is repaid to members, in accordance with the partnership agreement.

IFPR Disclosure
The company is regulated by the Financial Conduct Authority ("FCA") in the UK and is subjected to minimum capital requirements imposed by the Regulator and the Investment Firms Prudential Regime ("IFPR"). The IFPR is the FCA's prudential regime for MiFID investment firms. Details of the company's unaudited IFPR disclosures as required under MiFIDPRU 8 can be found at the following website: www.milltrust.com.
Designated members

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

Milltrust International Group (Singapore) Pte Ltd
Gary Thornton
Milltrust International LLP
Members' Report (Continued)
For the year ended 31 March 2026
Page 2
Statement of members' responsibilities

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

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 20 0 8) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

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

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

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as the each of the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware. Additionally, the members have individually have taken all the necessary steps that they ought to have taken as members in order to make themselves aware of all relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

Gary Thornton
Designated Member
Milltrust International LLP
Independent Auditor's Report
To the Members of Milltrust International LLP
Page 3
Opinion

We have audited the financial statements of Milltrust International LLP (the 'limited liability partnership') for the year ended 31 March 2026 which comprise the Profit and loss account, the Balance Sheet, the Statement of Changes in Equity, the 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 FRS 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 limited liability partnership'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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 limited liability partnership 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 members' 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 limited liability partnership’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 members 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 members 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.

Milltrust International LLP
Independent Auditor's Report (Continued)
To the Members of Milltrust International LLP
Page 4
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships 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

- we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement, the members 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 members 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 members are responsible for assessing the limited liability partnership’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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Milltrust International LLP
Independent Auditor's Report (Continued)
To the Members of Milltrust International LLP
Page 5
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- 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. 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.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the limited liability partnership’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.

- Conclude on the appropriateness of the members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the limited liability partnership’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the limited liability partnership to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Milltrust International LLP
Independent Auditor's Report (Continued)
To the Members of Milltrust International LLP
Page 6

Explanation as to what extent 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, 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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the limited liability partnership.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the limited liability partnership and considered that the most significant are the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Limited Liability Partnerships SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

- We obtained an understanding of how the limited liability partnership complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.

Milltrust International LLP
Independent Auditor's Report (Continued)
To the Members of Milltrust International LLP
Page 7

Use of our report

This report is made solely to the Limited Liability Partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters which 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 any party other than the limited liability partnership and the limited liability partnership’s members as a body, for our work, for this report, or for the opinions we have formed.

Darren Jordan (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
22 July 2026
Chartered Accountants
4 Victoria Square
Statutory Auditor
St Albans
Hertfordshire
AL1 3TF
Milltrust International LLP
Statement of Comprehensive Income
For the year ended 31 March 2026
Page 8
2026
2025
Notes
£
£
Turnover
3
1,835,723
1,549,393
Cost of sales
(1,364,113)
(1,080,511)
Gross profit
471,610
468,882
Administrative expenses
(391,757)
(277,490)
Operating profit
4
79,853
191,392
Interest receivable and similar income
8
94
1
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
79,947
191,393

The Profit and Loss account has been prepared on the basis that all operations are continuing operations.

Milltrust International LLP
Balance Sheet
As at 31 March 2026
Page 9
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
9
418
1,764
Current assets
Debtors
11
816,418
685,922
Cash and cash equivalents
91,306
99,606
907,724
785,528
Creditors: amounts falling due within one year
12
(360,557)
(239,707)
Net current assets
547,167
545,821
Total assets less current liabilities and net assets attributable to members
547,585
547,585
Total members' interests
13
Amounts due to / (from) members
16,124
-
Loans and other debts due to members
162,159
145,447
Members' other interests
547,585
547,585
725,868
693,032
The financial statements were approved by the members and authorised for issue on 22 July 2026 and are signed on their behalf by:
2026-07-22
22 July 2026
Gary Thornton
Designated member
Limited Liability Partnership registration number OC344800 (England and Wales)
MILLTRUST INTERNATIONAL LLP
Milltrust International LLP
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2026
Page 10
Members' capital
Notes
£
Balance at 1 April 2024
512,585
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
Members' capital introduced
13
35,000
Balance at 31 March 2025
547,585
Year ended 31 March 2026:
Profit and total comprehensive income for the year
-
Balance at 31 March 2026
547,585
Milltrust International LLP
Statement of Cash Flows
For the year ended 31 March 2026
Page 11
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
58,105
(118,047)
Investing activities
Proceeds from disposal of tangible fixed assets
-
(1)
Interest received
94
1
Net cash generated from investing activities
94
-
Financing activities
Capital introduced by members (classified as debt or equity)
-
35,000
Payments to members that represent a return on amounts subscribed or otherwise contributed
(66,500)
66,119
Net cash (used in)/generated from financing activities
(66,500)
101,119
Net decrease in cash and cash equivalents
(8,301)
(16,928)
Cash and cash equivalents at beginning of year
99,606
116,534
Cash and cash equivalents at end of year
91,305
99,606
Milltrust International LLP
Notes to the Financial Statements
For the year ended 31 March 2026
Page 12
1
Accounting policies
Limited liability partnership information

Milltrust International LLP is a limited liability partnership domiciled and incorporated in England and Wales. The registered office is 5 Market Yard Mews, 194-204 Bermondsey Street, London, SE1 3TQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 20 21, together 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 limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future, in particular for a period of at least 12 months from the date of signing these financial statements. Therefore, the limited liability partnership continues to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover represents amounts receivable for services provided. It is stated at the fair value of the consideration receivable, net of value added tax, rebates and discounts.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
1
Accounting policies
(Continued)
Page 13

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Fixtures, fittings & equipment
straight line over four years
Computer equipment
straight line over four years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and a ny impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
1
Accounting policies
(Continued)
Page 14

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

1.9
Financial instruments

The limited liability partnership 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 limited liability partnership's statement of financial position when the limited liability partnership 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

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.

Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
1
Accounting policies
(Continued)
Page 15
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 adversely 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 limited liability partnership 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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payments discounted at a market rate of interest.

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.

Financial liabilities classified as payable within one year are not amortised.

Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
1
Accounting policies
(Continued)
Page 16
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 subsequently 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 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 management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
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 limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

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

1.12
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.

1.13

Group financial statements

The limited liability partnership has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the limited liability partnership as an individual entity and not about its group.

Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 17
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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.

Where the income and cost of sales of the limited liability partnership is calculated by reference to the net asset value (“NAV”) of the funds for which it provides management or advisory services, and the NAV is not calculated as at the balance sheet date, the limited liability partnership estimates the income receivable and cost of sales incurred, for the period between the date of the last NAV and the date of the limited liability partnership’s balance sheet date based on information available at the last NAV date.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2026
2025
£
£
Turnover analysed by class of business
Turnover from principal activity
1,835,723
1,549,393
2026
2025
£
£
Other significant revenue
Interest income
94
1
4
Operating profit
2026
2025
Operating profit for the year is stated after charging:
£
£
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
17,225
16,555
Depreciation of owned tangible fixed assets
1,346
2,441
(Profit)/loss on disposal of tangible fixed assets
-
813
Sales commission payable to partners
89,782
75,241
5
Auditor's remuneration
2026
2025
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
17,225
16,555
Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 18
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was as follows:

2026
2025
Number
Number
Staff
1
1

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
60,000
34,516
Social security costs
102
585
Pension costs
1,800
527
61,902
35,628
7
Information in relation to members
2026
2025
Number
Number
Average number of members during the year
2
3
Profit attributable to the member with the highest entitlement
66,500
125,000
8
Interest receivable and similar income
2026
2025
£
£
Interest income
Other interest income
94
1
Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 19
9
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2025 and 31 March 2026
1,720
9,219
10,939
Depreciation and impairment
At 1 April 2025
1,457
7,718
9,175
Depreciation charged in the year
250
1,096
1,346
At 31 March 2026
1,707
8,814
10,521
Carrying amount
At 31 March 2026
13
405
418
At 31 March 2025
263
1,501
1,764
10
Financial instruments
2026
2025
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
777,449
613,592
Carrying amount of financial liabilities
Measured at amortised cost
(312,811)
(195,050)

In 2024, the Limited Liability Partnership entered into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency receivables. During the year, the company recognised no gain or losses (2025: Nil) in the profit & loss within administrative expenses. At 31 March 202 6, the company had no forward contract commitments (202 5: £Nil) and receive a fixed sterling amount.

11
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
124,266
81,192
Amounts owed by group undertakings
643,443
528,410
Other debtors
9,741
4,793
Prepayments and accrued income
38,968
71,527
816,418
685,922
Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 20
12
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
108,530
48,808
Other taxation and social security
8,007
5,535
Other creditors
204,547
146,592
Accruals and deferred income
39,473
38,772
360,557
239,707
Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 21
13
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2026
£
£
£
£
£
£
Members' interests at 1 April 2025
547,585
-
547,585
145,447
145,447
693,032
Profit for the financial year available for discretionary division among members
-
79,947
79,947
-
-
79,947
Members' interests after profit for the year
547,585
79,947
627,532
145,447
145,447
772,979
Other divisions of profits
-
(79,947)
(79,947)
79,947
79,947
-
Repayment of debt
-
-
-
19,389
19,389
19,389
Drawings
-
-
-
(66,500)
(66,500)
(66,500)
Members' interests at 31 March 2026
547,585
-
547,585
178,283
178,283
725,868
In accordance with the Limited Liability Partnerships Act 2000 and FRS 102, the profit for the financial year is available for appropriation to members.
The profit for the year ended 31 March 2026 of £79,947 is proposed to be retained within members' interests.
Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 22
14
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,800
527

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

15
Related party transactions

Turnover includes research service fees charged to Milltrust International Group (Singapore) Pte. Ltd., the ultimate parent company, of £(10,000) (2025: £30,000), representing a reversal in the current year. Cost of sales included distribution and service fees of £576,298 (2025: £550,560) to Milltrust International Group (Singapore) Pte Ltd.

At the year end, the Limited Liability Partnership has a balance of £436,589 (2025: £477,464) owed from Milltrust International Group (Singapore) Pte Ltd.

Administrative expenses included consultancy fees to the ultimate controlling party of £109.398 (2025: £65,000).

At the year end, the Limited Liability Partnership has a balance of £205,536 (2025:£50,946) owed from East West Private Wealth Pte Ltd, a fellow subsidiary.

At the year end, the Limited Liability Partnership has a balance of £1,317 (2025:£nil) owed from Milltrust Ventures Pte. Ltd, a fellow subsidiary.

16
Subsidiaries

Details of the limited liability partnership's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
East India Capital Management Pte. Ltd
Singapore
Non-trading
Ordinary
87.36
17
Immediate and ultimate controlling party

The LLP’s immediate and ultimate parent company is Milltrust International Group (Singapore) Pte. Ltd. The ultimate controlling party is Simon Hopkins.

Milltrust International LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 23
18
Cash generated from/(absorbed by) operations
2026
2025
£
£
Profit for the year
79,948
191,393
Adjustments for:
Investment income recognised in profit or loss
(94)
(1)
(Gain)/loss on disposal of tangible fixed assets
-
812
Depreciation and impairment of tangible fixed assets
1,346
2,441
Movements in working capital:
Increase in debtors
(143,944)
(241,499)
Increase/(decrease) in creditors
120,849
(71,193)
Cash generated from/(absorbed by) operations
58,105
(118,047)
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