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

The company is authorised and regulated by the Financial Conduct Authority ("the FCA") and its principal activity during the year under review was the provision of investment management and advisory services.

The directors consider that the results of the company are satisfactory.

Given the straightforward nature of the business, the directors are of the opinion that there are limited KPIs necessary for an understanding of the development, performance or position of the business. The main metric measured is the revenue generated, as disclosed in note 3, which has reduced in the year due to a lower level of service provided as the funds mature. There has been no significant change in the nature of operations undertaken.

MIFIDPRU 8 Disclosure

The disclosures required to be made by the company in respect of the Financial Conduct Authority MIFIDPRU 8 regulations can be found on the company website https://www.cambria.uk.com/en/.

The directors seek to mitigate risks through the application of strict controls, a monitoring process at operational level and the use of insurance policies where applicable.

The company’s main risks are liquidity risk, credit risk and foreign currency risk.

Liquidity risk

The company seeks to manage liquidity risk by ensuring sufficient liquid resources are available to meet foreseeable needs through agreement with related parties under common control.

Credit risk

Credit risk is the risk of financial loss to the company if a debtor fails to meet its obligations. Due to all significant debtor and creditor balances being with entities under common control, credit risk is considered low. Credit risk also arises from cash deposits held with banks but it is not the company’s policy to hold large cash balances beyond the immediate cash flow requirements and therefore credit risk is considered low in respect of cash balances.

Foreign currency risk

The company is exposed to foreign currency risk in that most debtor and creditor balances with connected companies are denominated in Euros. The company maintains a Euro account and through its wider group is able to manage cash flow demands to minimise exposure to unfavourable rates of translation on transfers required to meet current obligations.

The company intends to continue to advise its clients in respect of successful disposal of existing investments.

There have been no events since the balance sheet date which materially affect the position of the company.

The directors are responsible for determining the level of risk acceptable to the company. This is subject to regular review.

Clients

We continue to engage with our existing investors. Our aim is to understand investor’s needs and how best we can fulfil them.

Suppliers

As a business, we work with a relatively small number of service providers. Our aim is to develop and enter into long term agreements with these providers as this enables us to constantly review and improve the service levels within the business. We seek to be fair and transparent in our dealing with suppliers.

Environment and community

The Directors take sustainability and environmental responsibility seriously. The company encourages diversity, flexible working to suit the individual and inclusion, and continue to engage with employees in this regard.

Governance and regulation

The Directors' intention is to behave responsibly and to ensure that the management operates the business in a responsible manner, acting with the high standards of business conduct and good governance expected of an FCA regulated business. In doing so, we believe we will achieve our long-term business strategy and also further develop our reputation in our sector.

The Directors consider that they have acted in good faith, which would be the most likely way to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 March 2026 and in so having regard, amongst other matters to:

1. the likely consequences of any decision in the long term,

2. the interests of the company's employees,

3. the need to foster the company's business relationships with suppliers, customers and others,

4. the impact of the company's operations on the community and the environment,

5. the desirability of the company maintaining a reputation for high standards of business conduct, and

6. the need to act fairly as between members of the company.

The Directors understand the importance of engaging with all stakeholders and regularly discuss issues concerning clients, suppliers, community and environment, regulators and shareholders which inform the decision-making process.

On behalf of the board

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

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

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

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of:

Review of business;

Future developments;

Principal risks and uncertainties.

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 company’s auditor 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 company’s auditor is aware of that information.

The financial statements have been prepared on a going concern basis. At 31 March 2026, the company had net assets of £405,100 (2025: £398,782), including amounts due from related parties of £897,698 and amounts due to related parties of £449,548. Whilst the company held cash balances of £602 (2025: £407) at the year end, the directors have received confirmation that related party balances owed by the company will not be demanded for repayment until amounts due to the company from related parties have been recovered and that financial support will continue to be available from the shareholder for at least 12 months from approval of these financial statements if required. For the avoidance of doubt, the shareholder has confirmed that any shortfall arising from the recovery of these balances will be funded personally, where necessary, to enable the company to meet its obligations as they fall due.

The directors have reviewed the recoverability of the related party debtor balances and are satisfied that they remain recoverable, being supported by investment assets held within entities under common control and the shareholder. Having considered the expected future cash requirements of the business, the recoverability of related party balances and the continuing support available from the wider group and shareholder, the directors have concluded that the company will have adequate resources to meet its obligations as they fall due for the foreseeable future. Accordingly, the going concern basis of preparation remains appropriate.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Cambria Limited (the 'company') for the year ended 31 March 2026 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company'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.

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 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 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:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

Based on our understanding of the company and industry, we identified that the principle risks of non-compliance with laws and regulations related to breaches in the Financial Conduct Authority, Health & Safety and General Data Protection Regulations, and we considered the extent to which non-compliance may have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate entries including journals to misstate revenue or expenditure, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

• discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;

• evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;

• identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

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

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

Cambria Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133 - 137 Alexandra Road, Wimbledon, London, SW19 7JY.

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 amounts 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.

The financial statements have been prepared on a going concern basis. At 31 March 2026, the company had net assets of £405,100 (2025: £398,782), including amounts due from related parties of £897,698 and amounts due to related parties of £449,548. Whilst the company held cash balances of £602 (2025: £407) at the year end, the directors have received confirmation that related party balances owed by the company will not be demanded for repayment until amounts due to the company from related parties have been recovered and that financial support will continue to be available from the shareholder for at least 12 months from approval of these financial statements if required. For the avoidance of doubt, the shareholder has confirmed that any shortfall arising from the recovery of these balances will be funded personally, where necessary, to enable the company to meet its obligations as they fall due.true

The directors have reviewed the recoverability of the related party debtor balances and are satisfied that they remain recoverable, being supported by investment assets held within entities under common control and the shareholder. Having considered the expected future cash requirements of the business, the recoverability of related party balances and the continuing support available from the wider group and shareholder, the directors have concluded that the company will have adequate resources to meet its obligations as they fall due for the foreseeable future. Accordingly, the going concern basis of preparation remains appropriate.

Fee income represents the invoiced value of services provided net of value added tax. Management fees are recognised as earned in accordance with the relevant investment management agreement.

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

Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income or losses' in the statement of comprehensive income.

At each reporting period end date, the company 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) 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 (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include 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.

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 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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determination of whether there are indicators that the debtors due from related parties are impaired. The directors have reviewed the available information and concluded that the debts owed by related parties remain recoverable based on the value of the key assets held under common control.

The average monthly number of persons employed by the company, including directors, during the year was:

Their aggregate remuneration comprised:

The total wages represents amounts payable to directors for qualifying services.

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:

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

The ordinary ‘A’ shares are entitled to full dividends and capital distribution (including on winding up) rights but do no confer any rights of redemption or voting. The ordinary ‘B’ shares have full voting and dividend rights but do not confer any rights of redemption or capital distribution.

Share options

During the year ended 31 March 2011, an option was granted to Cambria SA to subscribe for 2,949,000 unissued Class B ordinary shares at a price of 10p per ordinary share. There is no specified exercise period but the exercise is subject to and conditional upon FCA consent.

The ultimate controlling party is Mario Mauri, a director of the company and a shareholder of Cambria Limited.

Sales of £215,000 (2025 - £265,082) were made on normal trading terms to entities related by the virtue of being under common control during the year.

Purchases of £137,130 (2025 - £167,578) were made from entities related by the virtue of being under common control during the year.

At 31 March 2026 £897,698 was due from other entities under common control (2025 - £1,702,205). At 31 March 2026 £449,548 was due to other entities under common control (2025 - £845,510).

On 31 March 2026, M Mauri, a director transferred and assigned a balance due to himself from Cambria Limited to Cambria Fund LP. This reduced the balance due from Cambria Fund LP by £418,748 to £316,219 and reduced the balance due to the Director by the same amount consequently, at the balance sheet date no balance was outstanding with the director.

On 31 March 2026, an agreement was signed between Cambria Limited and Alios Investimenti Srl for the transfer and assignment of a balance due from Cambria Equity Partners to Alios Investimenti Srl. This reduced the balance due from Cambria Equity Partners by £508,933 to £523,155 and decreased the amount owed to Alios Investimenti Srl by the same amount to £114,599.

Included in other creditors is an interest free loan owed to the directors, which is payable on demand. This amount has been represented below:

On 31 March 2026, Mr M Mauri, a director of the company, transferred his entitlement to the director's loan account balance of £418,747 due from the company to Cambria Fund LP. Consequently, no balance was outstanding to Mr Mauri at the year end (2025: £394,448).

The company's ultimate controlling party is Mr M Mauri by virtue of his 100% shareholding of the company.