Registration number:
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Expedition Growth Capital Ltd
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Brebners
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Expedition Growth Capital Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Income Statement |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Expedition Growth Capital Ltd
Company Information
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Directors |
O G Thomas K K Nazo |
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Registered office |
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Auditors |
Brebners |
Expedition Growth Capital Ltd
Strategic Report for the Year Ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026.
Principal activity
The principal activity of the Group is that of the provision of investment advisory services. Expedition Growth Capital Ltd ("EGCL"), is authorised and regulated by the Financial Conduct Authority (“FCA”).
Fair review of the business
The directors are pleased with the Group's results for the year. The Group’s turnover for the year was £9,228,554 (2025: £7,750,893) and the Group made a profit after tax of £1,507,234 (2025: £917,827). These strong results resulted in an increase in net assets at 31 March 2026 which amounted to £7,175,512 (2025: £5,970,490).
The Group’s subsidiary undertakings, Expedition Growth Capital GP Limited, Expedition Growth Capital GP II Limited and Expedition Growth Capital GP III Limited act as general partners to Expedition Growth Capital LP (“Fund I”) and Expedition Growth Capital II LP (“Fund II”), Expedition Growth Capital III LP (“Fund III”) respectively, and other associated partnerships, from which the Group earns management fees. Expedition Operations Ltd continues to drive value creation for portfolio companies. Expedition Growth Capital Inc. remains actively engaged in supporting the Group’s North American deal sourcing activities and in advising portfolio companies considering expansion into the United States.
The Group advises three main funds - Fund I, Fund II and Fund III - each investing in founder-led European software and AI companies, with combined committed capital of c.€756 million. Across Fund I and Fund II, the Group supports 18 active portfolio companies. Fund III completed a successful fundraise during the year with total commitments of c.€331 million and has since commenced its investment programme.
Financial KPI's
The Group's key financial and other performance indicators during the year were as follows:
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Unit |
2026 |
2025 |
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Turnover |
£ |
9,228,554 |
7,750,893 |
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Profit before tax |
£ |
2,086,341 |
1,077,540 |
There are other non-financial performance indicators used by the directors but none are considered key.
Principal risks and uncertainties
The key financial risk affecting the Group would be the discontinuation of investment advisory fees and management fees. In the longer term, the fees are in part related to the structure and performance of funds for which the subsidiary undertakings are a general partner. A further principal risk is the loss of a key person. Risks are managed by engaging a wide team of employees and service providers to provide high quality services.
As a regulated entity, compliance with the FCA’s regulations is essential. There is a dedicated Compliance Officer, and the Company uses the services of external consultants when required to ensure that the Group complies with the regulations.
The Group continues to monitor the macroeconomic environment, including any impact on operational expenses.
Expedition Growth Capital Ltd
Strategic Report for the Year Ended 31 March 2026
Future developments
The Group's revenue streams have continued to diversify as Fund III moves into its investment phase, with its first investment committed at year end. As the portfolios of Fund I and Fund II continue to mature, the Group anticipates realisation activity across its funds in the medium term. The Group has established continuation vehicles to extend its advisory role in high-conviction portfolio companies beyond the life of the main funds, enabling value to be realised over an appropriate time horizon; further vehicles are expected to be established post year-end.
Looking ahead, the Group is focused on sustaining the quality of its investment advisory platform, continuing to develop its North American presence, and building the operational capabilities that underpin long-term performance for the funds it advises. The Group is well positioned to support its portfolio through the current period of technological change and to build on the strong foundations established across its fund management platform.
Objectives and policies
The Group’s financial risk management objectives and policies address its exposure to key financial risks, including price risk, credit risk, liquidity risk and cash flow risk. Where material to the assessment of the Group’s assets, liabilities, financial position, or performance, the specific policies and exposures applicable during the reporting period are set out below.
Price risk, credit risk, liquidity risk and cash flow risk
The Group actively manages its cash and funding requirements with a focus on optimising returns from liquid investments, while maintaining adequate liquidity for its ongoing operations.
The Group uses basic financial instruments, primarily comprising bank balances, liquidity funds, trade debtors and trade creditors, in the normal course of business. These instruments are used to manage working capital and support the Group’s operational activities. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
The Group does not engage in the trading of complex financial instruments and does not use derivatives for speculative purposes. However, formal hedging arrangements may be entered into to manage foreign exchange risk where appropriate.
Approved and authorised by the
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Expedition Growth Capital Ltd
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the for the year ended 31 March 2026.
Directors of the group
The directors who held office during the year were as follows:
Dividends
Interim dividends paid during the year amounted to £412,351 (2025: £500). No final dividend is proposed.
Information included in the Strategic Report
The Group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the Group's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of financial risk management and future developments.
Directors' indemnities
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Expedition Growth Capital Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Expedition Growth Capital Ltd
Independent Auditor's Report to the Members of Expedition Growth Capital Ltd
Opinion
We have audited the financial statements of Expedition Growth Capital Ltd (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated 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 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 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 responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Expedition Growth Capital Ltd
Independent Auditor's Report to the Members of Expedition Growth Capital Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 where 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 Statement of Directors' Responsibilities (set out on page 5), 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.
Auditor 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.
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:
Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws and FCA regulations. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
Expedition Growth Capital Ltd
Independent Auditor's Report to the Members of Expedition Growth Capital Ltd
We understood how the Group is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, discussion of any regulatory and legal matters with management, and inspection of any regulatory or legal costs; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
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, collusion, omission, misrepresentation or forgery.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
London
W1D 5AR
Expedition Growth Capital Ltd
Consolidated Income Statement for the Year Ended 31 March 2026
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Note |
2026 |
2025 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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6,658 |
6,107 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Profit attributable to: |
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Owners of the company |
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Expedition Growth Capital Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2026
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2026 |
2025 |
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Profit for the year |
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Foreign currency translation gains/(losses) |
|
( |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Expedition Growth Capital Ltd
Consolidated Statement of Financial Position as at 31 March 2026
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Note |
2026 |
2025 |
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Fixed assets |
|||
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Tangible assets |
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Current assets |
|||
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Debtors |
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Cash and cash equivalents |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions |
( |
( |
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Net assets |
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Capital and reserves |
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Share capital |
125,000 |
125,000 |
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Retained earnings |
7,050,512 |
5,845,490 |
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Equity attributable to owners of the company |
7,175,512 |
5,970,490 |
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Shareholder funds |
7,175,512 |
5,970,490 |
Approved and authorised by the
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Company registration number: 12564080
Expedition Growth Capital Ltd
Statement of Financial Position as at 31 March 2026
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Note |
2026 |
2025 |
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Fixed assets |
|||
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash and cash equivalents |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions |
( |
( |
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Net assets |
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Capital and reserves |
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Share capital |
125,000 |
125,000 |
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Retained earnings |
5,620,452 |
4,271,522 |
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Shareholder funds |
5,745,452 |
4,396,522 |
The company made a profit after tax for the financial year of £1,761,281 (2025 - profit of £339,910).
Approved and authorised by the
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Company registration number: 12564080
Expedition Growth Capital Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2026
Equity attributable to the parent company
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Share capital |
Retained earnings |
Total |
Total equity |
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At 1 April 2025 |
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Profit for the year |
- |
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Other comprehensive income |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
( |
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At 31 March 2026 |
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Share capital |
Retained earnings |
Total |
Total equity |
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At 1 April 2024 |
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Profit for the year |
- |
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Other comprehensive income |
- |
( |
( |
( |
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Total comprehensive income |
- |
|
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Dividends |
- |
( |
( |
( |
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At 31 March 2025 |
125,000 |
5,845,490 |
5,970,490 |
5,970,490 |
Expedition Growth Capital Ltd
Statement of Changes in Equity for the Year Ended 31 March 2026
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Share capital |
Retained earnings |
Total |
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At 1 April 2025 |
|
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Profit for the year |
- |
|
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Dividends |
- |
( |
( |
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At 31 March 2026 |
|
|
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Share capital |
Retained earnings |
Total |
|
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At 1 April 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 March 2025 |
125,000 |
4,271,522 |
4,396,522 |
Expedition Growth Capital Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 March 2026
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Note |
2026 |
2025 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
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Finance income |
( |
( |
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Finance costs |
|
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Income tax expense |
|
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||
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Working capital adjustments |
|||
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(Increase)/decrease in trade debtors |
( |
|
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Increase in trade creditors |
|
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Cash generated from operations |
( |
|
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
( |
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
- |
|
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Purchase of subsidiaries |
( |
- |
|
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Net cash flows from investing activities |
( |
( |
|
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
|
( |
|
|
Cash and cash equivalents at 31 March |
3,509,182 |
4,501,094 |
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Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company and group is the provision of investment advisory services.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial period of £1,761,281 (2025: £339,910).
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosure exemptions available under FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments of the company have not been prepared.
(c) Disclosures in respect of key management personnel compensation in total for the company have not been presented.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March each year.
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Going concern
The Group made a profit for the year ended 31 March 2026 and had net assets at that date amounting to £7,175,512. The Group maintains a strong cash and liquidity position, with cash at bank and in hand of £3,509,182 as at 31 March 2026, including holdings in HSBC Global Liquidity Funds. Current assets of £8,946,926 comfortably exceed current liabilities of £1,816,271, resulting in net current assets of £7,130,025, demonstrating the Group's ability to meet its financial obligations as they fall due.
The directors have prepared financial forecasts which demonstrate that the Group has adequate working capital to operate for a period of at least twelve months from the date of approval of the financial statements.
Accordingly, the directors have a reasonable expectation that the Group has the resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis in preparing the financial statements.
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for services provided in the ordinary course of the Group's activities. Revenue from fees is recognised over the period in which discretionary investment advisory services have been provided to clients and the amount of revenue can be measured reliably.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Furniture, fittings and equipment |
25% straight line |
|
Short leasehold property |
Over the period of the lease |
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Provisions
Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
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.
|
Turnover |
The analysis of the Group's turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Rendering of services |
|
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
The analysis of the Group's turnover for the year by geographic market is as follows:
|
2026 |
2025 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
- |
|
|
|
|
|
Operating profit |
Arrived at after charging
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Operating lease expense - property |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Pension contributions |
|
|
|
1,042,419 |
1,073,664 |
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration |
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2026 |
2025 |
|
|
Accruing benefits under defined contribution pension scheme |
|
|
|
Auditor's remuneration |
|
2026 |
2025 |
|
|
Audit of these financial statements |
22,150 |
19,000 |
|
Audit of subsidiary undertakings financial statements |
7,900 |
7,500 |
|
Other services |
46,927 |
37,352 |
|
|
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Taxation |
Tax charged/(credited) in the consolidated income statement
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Foreign tax |
- |
|
|
Total current income tax |
591,234 |
166,110 |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
|
Effect of tax losses |
( |
- |
|
Differences due to foreign tax rates |
|
( |
|
Tax increase from effect of loss on disposal of fixed assets |
- |
|
|
Total tax charge |
|
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
Deferred tax
Group
Deferred tax assets and liabilities
|
2026 |
(Asset) / Liability |
|
Accelerated tax depreciation |
|
|
Provisions |
( |
|
|
|
2025 |
(Asset) / Liability |
|
Accelerated tax depreciation |
|
|
Provisions |
( |
|
|
Company
Deferred tax assets and liabilities
|
2026 |
(Asset) / Liability |
|
Accelerated tax depreciation |
|
|
Provisions |
( |
|
|
|
2025 |
(Asset) / Liability |
|
Accelerated tax depreciation |
|
|
Provisions |
( |
|
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Tangible assets |
Group
|
Short leasehold property |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2025 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2026 |
|
|
|
|
At 31 March 2025 |
|
|
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
Company
|
Short leasehold property |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2025 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2026 |
|
|
|
|
At 31 March 2025 |
|
|
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Investments |
Company
|
2026 |
2025 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2025 |
|
|
Additions |
|
|
At 31 March 2026 |
|
|
Carrying amount |
|
|
At 31 March 2026 |
|
|
At 31 March 2025 |
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
Details of subsidiary undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2026 |
2025 |
||||||
|
|
2nd Floor Gaspé House, 66-72 Esplanade, St Helier, Jersey |
|
|
|
|||
|
|
2nd Floor Gaspé House, 66-72 Esplanade, St Helier, Jersey |
|
|
|
|||
|
|
2nd Floor Gaspé House, 66-72 Esplanade, St Helier, Jersey |
|
|
|
|||
|
|
Fourth Floor, 14 Golden Square, London, W1F 9JG |
|
|
|
|||
|
|
8 The Green, Suite R, Dover, Kent County, Delaware 19901 |
|
|
|
|||
All of the subsidiary undertakings above are included in the consolidated results.
The principal activities of each subsidiary undertaking are as follows:
Expedition Growth Capital GP Limited - Acting as a general partner to limited partnerships
Expedition Growth Capital GP II Limited - Acting as a general partner to limited partnerships
Expedition Growth Capital GP III Limited - Acting as a general partner to limited partnerships
Expedition Operations Ltd - Portfolio support
Expedition Growth Capital Inc - Portfolio support
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Debtors |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Accrued income |
|
- |
|
- |
|
|
|
|
|
|
Other debtors includes an amount of £10,045 (2025: £65,892) recoverable in greater than one year and secured in favour of the landlord in respect of the property obligations.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
||||
|
Trade creditors |
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
Other payables |
|
|
|
|
|
Accruals |
|
|
|
|
|
Corporation tax liability |
354,785 |
140,607 |
342,443 |
106,338 |
|
Deferred income |
- |
- |
- |
|
|
|
|
|
|
|
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Provisions |
Group
|
Deferred tax |
Dilapidations provision |
Total |
|
|
At 1 April 2025 |
|
|
|
|
Decrease in existing provisions |
( |
- |
( |
|
At 31 March 2026 |
|
|
|
|
|
|||
Company
|
Deferred tax |
Dilapidations provision |
Total |
|
|
At 1 April 2025 |
|
|
|
|
Decrease in existing provisions |
( |
- |
( |
|
At 31 March 2026 |
|
|
|
|
|
|||
|
Pension and other schemes |
Defined contribution pension scheme
The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to £22,333 (2025: £20,971).
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
125,000 |
|
125,000 |
There are no restrictions on the repayment of capital or the distribution of dividends.
|
Reserves |
Profit and loss account - this reserve records retained earnings and accumulated losses.
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Commitments, guarantees and contingencies |
Group and company
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £115,556 (2025 - £118,216).
|
Analysis of changes in net debt |
Group
|
Non cash changes |
||||||||
|
At 1 April 2025 |
Cash Flows |
Foreign exchange movements |
At 31 March 2026 |
|||||
|
Cash and cash equivalents |
||||||||
|
Cash |
4,501,063 |
(1,040,450) |
48,569 |
3,509,182 |
||||
|
Total of Net Cash / (Borrowings) |
4,501,063 |
(1,040,450) |
48,569 |
3,509,182 |
||||
Expedition Growth Capital Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Dividends |
|
2026 |
2025 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
412,351 |
500 |
||
|
Related Party Transactions |
Summary of transactions with other related parties
At 31 March 2026 an amount of £1,368,101 was due from the directors (2025: £412,351). Advances of £1,368,101 and repayments of £412,351 were made during the year. The loans are interest free and repayable on demand. There are no other set terms.
During the year the Group received income of £9,080,997 (2025: £7,618,328) and incurred administrative expenses of £434,252 (2025: £262,471) from companies and entities under the significant influence of a director.
At 31 March 2026 an amount of £3,400,729 (2025: £1,973,155) was due from these companies and entities, and an amount of £100,256 (2025: £49,626) was due to these companies and entities.
Summary of transactions with subsidiaries
In accordance with FRS102 paragraph 33.1A, exemption is taken not to disclose transactions in the period or amounts falling due between undertakings where 100% of the voting rights are controlled within the Group.
Key management compensation
Key management personnel comprises the directors whose remuneration is disclosed in note 6.
|
Ultimate Control |
Ultimate control of the Group is with O G Thomas
|
Non adjusting events after the financial period |
|
|