Registration number: 14443454

Expedition Operations Ltd

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 7

Expedition Operations Ltd

Company Information

Directors

O G Thomas H A Rintoul

Registered office

Fourth Floor 14 Golden Square London W1F 9JG

Auditor

Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Expedition Operations Ltd

Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	5	6,014	3,402
Current assets
Debtors	6	578,157	281,711
Cash at bank and in hand		17,917	164,803
		596,074	446,514
Creditors: Amounts falling due within one year	7	(576,204)	(397,953)
Net current assets		19,870	48,561
Total assets less current liabilities		25,884	51,963
Provisions for liabilities		(1,393)	(795)
Net assets		24,491	51,168
Capital and reserves
Called up share capital		1	1
Retained earnings		24,490	51,167
Shareholders' funds		24,491	51,168

spacing

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors of Expedition Operations Ltd have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the Board on 24 July 2026 and signed on its behalf by:
 

.........................................

O G Thomas

Director

Company registration number: 14443454

Expedition Operations Ltd

Notes to the Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Fourth Floor
14 Golden Square
London
W1F 9JG

The principal activity of the company is that of the support of the funds’ portfolios through operational enhancement and consulting activities.

2	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 July 2026 was Colin Li, who signed for and on behalf of Brebners.

3	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

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 significant accounting policies

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.

Expedition Operations Ltd

Notes to the Financial Statements for the Year Ended 31 March 2026

Going concern

The company made a loss for the period ended 31 March 2026 and had net assets at that date amounting to £24,491.

The Group, of which the company is a member, made a profit for the year ended 31 March 2026 and had net assets at that date amounting to £7,175,512. The group has confirmed that it will continue to support the working capital requirements of the company for the foreseeable future.

As such the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future and that it will be able to meet its obligations as they fall due. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for consulting and operational support services provided to the funds' portfolios in the ordinary course of the company's business. Revenue is recognised over the period in which the services are rendered, to the extent that it is probable the economic benefits will flow to the company and the amount of revenue can be measured reliably.

Foreign currency transactions and balances

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. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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 company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the 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.

Expedition Operations Ltd

Notes to the Financial Statements for the Year Ended 31 March 2026

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 & equipment	25% straight line

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

Expedition Operations Ltd

Notes to the Financial Statements for the Year Ended 31 March 2026

4	Staff numbers

The average number of persons employed by the company during the year, was 3 (2025 - 2).

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2025	4,059	4,059
Additions	4,511	4,511
Disposals	(1,012)	(1,012)
At 31 March 2026	7,558	7,558
Depreciation
At 1 April 2025	657	657
Charge for the year	1,522	1,522
Eliminated on disposal	(635)	(635)
At 31 March 2026	1,544	1,544
Carrying amount
At 31 March 2026	6,014	6,014
At 31 March 2025	3,402	3,402

6

Debtors

	2026 £	2025 £
Trade debtors	-	234,185
Other debtors	578,157	47,526
	578,157	281,711

Expedition Operations Ltd

Notes to the Financial Statements for the Year Ended 31 March 2026

7

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Trade creditors	32,760	55,623
Amounts owed to group undertakings	351,724	234,123
Taxation and social security	82,563	65,378
Accruals and deferred income	108,130	42,315
Other creditors	1,027	514
	576,204	397,953