Company registration number 4921914 (England and Wales)
CAMPION CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
CAMPION CAPITAL LIMITED
COMPANY INFORMATION
Directors
W Campion
W Maydon
E Bradley-Norman
M Graham
T Strange
N Rawdon-Jones
T Richards
L Parages Revertera
Company number
4921914
Registered office
48 George Street
London
W1U 7DY
Auditor
Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
CAMPION CAPITAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
CAMPION CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 31 March 2026.

Fair review of the business

The Group delivered a resilient performance during the year ended 31 March 2026, generating total operating income of £5.0m (2025: £4.9m). Despite a more challenging market backdrop for our asset managers during the year, the Group continued to benefit from its diversified portfolio of fund manager relationships and its international operating platform across the UK, US and Spain. The business remains well positioned with a robust and diversified stable of fund managers whom we represent.

Profit before taxation was £365k (2025: £492k). The Group nevertheless remained cash generative, ending the year with cash balances of £1.1m and net assets of £1.9m, providing a solid financial platform from which to pursue future growth opportunities. We continue to invest in strengthening relationships with both managers and institutional investors while remaining disciplined in our approach to new partnerships. The Board remains confident that the Group's international footprint and long-term relationship-led approach position it well for sustainable future growth.

The group’s key financial performance indicators during the year were as follows:

Unit
2026
2025
Turnover
£000
4,933
4,829
Profit Before Tax
£000
365
492
Principal risks and uncertainties

The group operates across multiple geographies, with both funds and investors spread internationally. Our managers run diverse strategies by design, which provides some risk mitigation. However, group revenues remain inherently linked to global financial markets and the performance of fund managers that we represent – both factors outside of our control and which can significantly impact our own performance financially. While revenue remains concentrated in a small number of funds, we continue to work towards further diversification across strategies and clients.

Our UK business retains exposure to USDGBP exchange rate movements. This is actively managed through a structured transfer pricing policy and regular FX conversions across the year, helping to smooth fluctuations in reported revenue.

Transfer Pricing

We maintain the transfer pricing policy established in line with US Treasury rules and OECD guidelines, developed in partnership with Baker Tilly. The policy is reviewed regularly to ensure ongoing compliance and relevance. We changed from a Profit Split to a Services Cost Method (SCM) for 2025-26 on beyond. For the year, the Transfer Pricing Adjustment totalled $149,118.

CAMPION CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Section 172 statement & commentary

The Board remains committed to promoting the long-term success of the Group for the benefit of all stakeholders. In doing so, we recognise the importance of maintaining strong relationships with our employees, clients, suppliers and wider business partners, while conducting our activities with integrity, transparency and professionalism.

Beyond our employees, our principal stakeholders are our clients, comprising:

1. The fund managers for whom we provide institutional capital raising services; and

2. The institutional investors whose allocations into those funds generate the Group's revenues.

Our business continues to be founded on long-term relationships built on trust, openness and consistent delivery. We seek to communicate clearly and transparently with institutional investors regarding the fund managers we represent, the services we provide and the basis upon which Campion earns its revenues. We believe this approach is fundamental to maintaining our reputation and supporting the long-term growth of the business.

We remain committed to providing a flexible and supportive working environment for our employees, balancing hybrid working with an office-centric culture that encourages collaboration, mentoring and the sharing of ideas. Regular performance reviews and open communication help ensure that employees remain engaged and aligned with the Group's objectives. We also seek to build constructive, long-term relationships with our suppliers, treating them fairly and with respect in all our dealings.

The Board continues to support the Group's environmental, social and governance objectives. Our B Corp certification remains an important reflection of our commitment to balancing commercial success with positive social and environmental impact, and we remain focused on embedding these principles throughout the business.

On behalf of the board

T Strange
Director
24 July 2026
CAMPION CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

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

Principal activities

The principal activity of the company is to provide specialist capital raising services to asset managers seeking long-term institutional investors.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £406,701. The directors do not recommend payment of a further dividend.

Directors

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

W Campion
W Maydon
E Bradley-Norman
M Graham
T Strange
N Rawdon-Jones
T Richards
L Parages Revertera
Statement of disclosure to auditor

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.

On behalf of the board
T Strange
Director
24 July 2026
CAMPION CAPITAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Campion Capital Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2026 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and 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. 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 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's and 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.

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport 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.

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group and company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing relevant correspondence.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Colin Mills (Senior Statutory Auditor)
For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor
Chartered Accountants
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
24 July 2026
CAMPION CAPITAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
2026
2025
Notes
£
£
Turnover
3
4,932,650
4,829,390
Administrative expenses
(4,652,302)
(4,441,421)
Other operating income
68,191
48,202
Operating profit
4
348,539
436,171
Interest receivable and similar income
8
16,555
14,680
Gain/(loss) on investment revaluation
9
-
41,184
Profit before taxation
365,094
492,035
Tax on profit
10
(63,199)
(86,909)
Profit for the financial year
301,895
405,126
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations

CAMPION CAPITAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
2026
2025
£
£
Profit for the year
301,895
405,126
Other comprehensive income
Currency translation loss taken to retained earnings
(1,811)
(13,420)
Total comprehensive income for the year
300,084
391,706
Total comprehensive income for the year is all attributable to the owners of the parent company.
CAMPION CAPITAL LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 10 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
12
912
1,504
Tangible assets
13
10,872
6,840
Investments
14
91,032
91,545
102,816
99,889
Current assets
Debtors
16
1,789,968
1,834,614
Investments
17
113,337
109,749
Cash at bank and in hand
1,132,040
697,886
3,035,345
2,642,249
Creditors: amounts falling due within one year
18
(1,241,651)
(730,181)
Net current assets
1,793,694
1,912,068
Total assets less current liabilities
1,896,510
2,011,957
Provisions for liabilities
Deferred tax liability
19
-
0
8,830
-
(8,830)
Net assets
1,896,510
2,003,127
Capital and reserves
Called up share capital
21
1,162
1,162
Share premium account
910,405
910,405
Profit and loss reserves
984,943
1,091,560
Total equity
1,896,510
2,003,127
The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
24 July 2026
T Strange
Director
Company Registration No. 4921914
CAMPION CAPITAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 11 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
13
10,872
6,840
Investments
14
2,589,793
2,762,806
2,600,665
2,769,646
Current assets
Debtors
16
990,812
1,150,484
Investments
17
66,904
66,904
Cash at bank and in hand
56,141
275,550
1,113,857
1,492,938
Creditors: amounts falling due within one year
18
(768,079)
(603,409)
Net current assets
345,778
889,529
Total assets less current liabilities
2,946,443
3,659,175
Provisions for liabilities
Deferred tax liability
19
-
0
8,830
-
(8,830)
Net assets
2,946,443
3,650,345
Capital and reserves
Called up share capital
21
1,162
1,162
Share premium account
910,405
910,405
Profit and loss reserves
2,034,876
2,738,778
Total equity
2,946,443
3,650,345

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £297,202 (2025 - £130,530 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
24 July 2026
T Strange
Director
Company registration number 4921914 (England and Wales)
CAMPION CAPITAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
1,162
910,405
1,106,554
2,018,121
Year ended 31 March 2025:
Profit for the year
-
-
405,126
405,126
Other comprehensive income:
Currency translation differences
-
-
(13,420)
(13,420)
Total comprehensive income
-
-
391,706
391,706
Dividends
11
-
-
(406,700)
(406,700)
Balance at 31 March 2025
1,162
910,405
1,091,560
2,003,127
Year ended 31 March 2026:
Profit for the year
-
-
301,895
301,895
Other comprehensive income:
Currency translation differences
-
-
(1,811)
(1,811)
Total comprehensive income
-
-
300,084
300,084
Dividends
11
-
-
(406,701)
(406,701)
Balance at 31 March 2026
1,162
910,405
984,943
1,896,510
CAMPION CAPITAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
1,162
910,405
3,014,948
3,926,515
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
130,530
130,530
Dividends
11
-
-
(406,700)
(406,700)
Balance at 31 March 2025
1,162
910,405
2,738,778
3,650,345
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
(297,201)
(297,201)
Dividends
11
-
-
(406,701)
(406,701)
Balance at 31 March 2026
1,162
910,405
2,034,876
2,946,443
CAMPION CAPITAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
964,323
111,229
Income taxes (paid)/refunded
(128,437)
24,226
Net cash inflow from operating activities
835,886
135,455
Investing activities
Purchase of tangible fixed assets
(6,700)
(7,200)
(Purchases)/proceeds on disposal of investments
(3,075)
(69,486)
Interest received
16,555
14,680
Net cash generated from/(used in) investing activities
6,780
(62,006)
Financing activities
Dividends paid to equity shareholders
(406,701)
(406,700)
Net cash used in financing activities
(406,701)
(406,700)
Net increase/(decrease) in cash and cash equivalents
435,965
(333,251)
Cash and cash equivalents at beginning of year
697,886
1,044,557
Effect of foreign exchange rates
(1,811)
(13,420)
Cash and cash equivalents at end of year
1,132,040
697,886
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
1
Accounting policies
Company information

Campion Capital Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 48 George Street, London, W1U 7DY.

The group consists of Campion Capital Limited and all of its subsidiaries.

1.1
Accounting convention

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include current asset investments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Campion Capital Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents commission receivable in the year.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
3 year straight line
1.6
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 and fittings
3 to 5 years straight line

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.

1.7
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 any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

Other investments are measured initially at cost, and then subsequently at fair value (if fair value can be estimated reliably).

1.8
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.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -
1.9
Financial instruments

The group 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 group's balance sheet 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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

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

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.

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 group after deducting all of its liabilities.

Basic financial liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

1.10
Equity instruments

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.

1.11
Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current 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 group operates and generates taxable income.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
Deferred tax

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.

1.12
Retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.13
Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

1.14
Foreign exchange

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.

Monetary assets in the balance sheet of overseas subsidiary undertakings are translated at the rate ruling at the balance sheet date. The profit and loss account of overseas subsidiary undertakings are also translated at the rate ruling at the balance sheet date. All translation differences are taken to other comprehensive income.

1.15

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.

2
Judgements and key sources of estimation uncertainty

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 main judgement made by the directors in preparing these financial statements is whether there has been any impairment in fixed asset investments within the company's own financial statements, and the level of that impairment.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Rendering of service
4,932,650
4,829,390
2026
2025
£
£
Turnover analysed by geographical market
UK office
2,192,029
2,597,839
Overseas offices
2,740,621
2,231,551
4,932,650
4,829,390
2026
2025
£
£
Other revenue
Interest income
16,555
14,680
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
37,488
(2,285)
Depreciation of owned tangible fixed assets
2,668
3,965
(Profit)/loss on disposal of tangible fixed assets
-
10,818
Amortisation of intangible assets
592
2,535
Operating lease charges
317,761
237,214
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,464
16,069
For other services
Taxation compliance services
6,366
3,012
All other non-audit services
7,896
12,984
14,262
15,996
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 20 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Sales, marketing and distribution
15
16
8
9

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
2,551,289
2,743,796
1,419,797
1,661,898
Social security costs
320,034
301,790
224,912
222,498
Pension costs
33,782
17,644
33,782
17,041
2,905,105
3,063,230
1,678,491
1,901,437
Redundancy payments made or committed
188,755
-
188,755
-
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
2,132,428
2,182,148
Company pension contributions to defined contribution schemes
31,086
14,133
Compensation for loss of office
188,755
-
2,352,269
2,196,281

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2025 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
510,271
476,029
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 21 -
8
Interest receivable and similar income
2026
2025
£
£
Interest income
Other interest income
16,555
14,680
9
Amounts written off investments
2026
2025
£
£
Fair value gains/(losses) on financial instruments
Amounts written back to fair value through profit or loss
-
0
41,184
10
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
(67,504)
68,739
Adjustments in respect of prior periods
(2,827)
-
0
Total UK current tax
(70,331)
68,739
Foreign current tax on profits for the current period
115,625
11,764
Total current tax
45,294
80,503
Deferred tax
Origination and reversal of timing differences
17,905
6,406
Total tax charge
63,199
86,909
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
10
Taxation
(Continued)
- 22 -

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:

2026
2025
£
£
Profit before taxation
365,094
492,035
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
91,274
123,009
Tax effect of expenses that are not deductible in determining taxable profit
9,867
25,305
Tax effect of tax losses not previously recognised
(37,052)
(61,405)
Effect of overseas tax rates
(42,630)
-
0
Under/(over) provided in prior years
(2,827)
-
0
Deferred tax not recognised
44,567
-
0
Taxation charge
63,199
86,909
11
Dividends
2026
2025
2026
2025
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
3.50
3.50
406,701
406,700
12
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2025 and 31 March 2026
7,944
Amortisation and impairment
At 1 April 2025
6,440
Amortisation charged for the year
592
At 31 March 2026
7,032
Carrying amount
At 31 March 2026
912
At 31 March 2025
1,504
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 23 -
13
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 April 2025
41,577
Additions
6,700
Disposals
(6,423)
At 31 March 2026
41,854
Depreciation and impairment
At 1 April 2025
34,737
Depreciation charged in the year
2,668
Eliminated in respect of disposals
(6,423)
At 31 March 2026
30,982
Carrying amount
At 31 March 2026
10,872
At 31 March 2025
6,840
Company
Fixtures and fittings
£
Cost
At 1 April 2025
41,577
Additions
6,700
Disposals
(6,423)
At 31 March 2026
41,854
Depreciation and impairment
At 1 April 2025
34,737
Depreciation charged in the year
2,668
Eliminated in respect of disposals
(6,423)
At 31 March 2026
30,982
Carrying amount
At 31 March 2026
10,872
At 31 March 2025
6,840
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 24 -
14
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,498,761
2,671,774
Unlisted investments
91,032
91,545
91,032
91,032
91,032
91,545
2,589,793
2,762,806
Movements in fixed asset investments
Group
Other investments
£
Cost or valuation
At 1 April 2025 and 31 March 2026
91,545
Impairment
At 1 April 2025
-
Disposals
513
At 31 March 2026
513
Carrying amount
At 31 March 2026
91,032
At 31 March 2025
91,545
Movements in fixed asset investments
Company
Investment in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2025
2,671,774
91,032
2,762,806
Disposals
(173,013)
-
(173,013)
At 31 March 2026
2,498,761
91,032
2,589,793
Carrying amount
At 31 March 2026
2,498,761
91,032
2,589,793
At 31 March 2025
2,671,774
91,032
2,762,806
15
Subsidiaries

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

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
15
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
W Campion Capital LLC
USA
broker-dealer
LLC investment
100.00
Campion Capital Iberia SA
Spain
broker-dealer
Ordinary
100.00
16
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,183,197
1,286,315
500,976
617,275
Corporation tax recoverable
67,504
-
0
67,504
-
0
Amounts owed by group undertakings
-
0
-
0
-
0
77,413
Other debtors
92,711
148,127
84,025
141,056
Prepayments and accrued income
115,623
65,291
59,887
59,107
1,459,035
1,499,733
712,392
894,851
Amounts falling due after more than one year:
S455 tax on loans
66,849
18,313
66,849
18,313
Other debtors
211,571
237,320
211,571
237,320
278,420
255,633
278,420
255,633
Deferred tax asset (note 19)
52,513
79,248
-
0
-
0
330,933
334,881
278,420
255,633
Total debtors
1,789,968
1,834,614
990,812
1,150,484
17
Current asset investments
Group
Company
2026
2025
2026
2025
£
£
£
£
Other investments
113,337
109,749
66,904
66,904
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
£
£
£
£
Corporation tax payable
103,062
70,165
-
0
70,165
Other taxation and social security
121,150
437,953
42,009
437,953
Other creditors
15,765
30,380
15,765
30,380
Accruals and deferred income
1,001,674
191,683
710,305
64,911
1,241,651
730,181
768,079
603,409
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
Assets
Assets
2026
2025
2026
2025
Group
£
£
£
£
Accelerated capital allowances
2,718
1,710
-
-
Tax losses
(5,676)
-
52,513
79,248
Investment gains
10,258
10,258
-
-
Other timing differences
(7,300)
(3,138)
-
-
-
8,830
52,513
79,248
Liabilities
Liabilities
Assets
Assets
2026
2025
2026
2025
Company
£
£
£
£
Accelerated capital allowances
2,718
1,710
-
-
Tax losses
(5,676)
-
-
-
Investment gains
10,258
10,258
-
-
Other timing differences
(7,300)
(3,138)
-
-
-
8,830
-
-
Group
Company
2026
2026
Movements in the year:
£
£
Liability/(Asset) at 1 April 2025
(70,418)
8,830
Charge/(credit) to profit or loss
17,905
(8,830)
Asset at 31 March 2026
(52,513)
-
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 27 -
20
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,782
17,644

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
116,200
116,200
1,162
1,162
22
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Within 1 year
241,244
235,686
232,792
232,792
Years 2-5
587,801
820,592
587,801
820,592
829,045
1,056,278
820,593
1,053,384
23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2026
2025
£
£
Group
Other related parties
4,841
23,390
Company
Other related parties
4,841
23,390
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
23
Related party transactions
(Continued)
- 28 -
Other operating income
2026
2025
£
£
Group
Other related parties
67,500
41,026
Company
Other related parties
67,500
41,026
24
Directors' transactions

Dividends totalling £384,050 (2025 - £386,431) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
T Richards - loan
1.50
17,165
-
17,165
L Parages Revertera - loan
2.25
94,842
(7,943)
86,899
T Strange - loan
1.50
35,640
-
35,640
N Rawdon-Jones - loan
1.50
69,550
(9,400)
60,150
217,197
(17,343)
199,854
All loans are repayable in instalments over 5 years.
25
Cash generated from group operations
2026
2025
£
£
Profit for the year after tax
301,895
405,126
Adjustments for:
Taxation charged
63,199
86,909
Investment income
(16,555)
(14,680)
(Gain)/loss on disposal of tangible fixed assets
-
10,818
Amortisation and impairment of intangible assets
592
2,535
Depreciation and impairment of tangible fixed assets
2,668
3,965
Other gains and losses
-
(41,184)
Movements in working capital:
Decrease/(increase) in debtors
133,951
(589,569)
Increase in creditors
478,573
247,309
Cash generated from operations
964,323
111,229
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 29 -
26
Analysis of changes in net funds - group
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
697,886
434,154
1,132,040
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