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Registered number: 09493910 GLOBAL MARKETS GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
GLOBAL MARKETS GROUP LIMITED COMPANY INFORMATION
Directors | R Donoghue
| C Vasiadou
| K K Pourgalis
Registered number | 09493910
Registered office | Green Park House
| 15 Stratton Street
| London
| W1J 8LQ
Independent auditors | Calders (1883) LLP
| Chartered Accountants & and Statutory Auditors
| 30 Orange Street
| London
| WC2H 7HF
GLOBAL MARKETS GROUP LIMITED CONTENTS
| Page
Strategic report | 1 - 5
Directors' report | 6 - 7
Independent auditors' report | 8 - 12
Statement of income and retained earnings | 13
Statement of financial position | 14
Statement of changes in equity | 15 - 16
Statement of cash flows | 17
Notes to the financial statements | 18 - 24
GLOBAL MARKETS GROUP LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2026
Introduction
The directors present their strategic report for the year ended 31 March 2026.
Business review
Global Markets Group Limited ("the Company") is a private limited Company incorporated in England and Wales with Company Registration Number 09493910. It is authorised and regulated by the Financial Conduct Authority ("FCA") as a UK Investment Firm for the conduct of investment and ancillary services and activities under the provisions of the Financial Services and Markets Act 2000 and the Financial Services Act 2021, as subsequently amended or replaced from time to time, and the FCA Rules (Firm Reference Number 744501). The Company’s clients have direct access to and control over the trading platform, which is made available through the web page of the Company (https://gmgmarkets.co .uk/), and use the trading platform to submit their orders to the Company as well as to monitor their open positions. The Company acts as the execution venue for client orders, utilising pricing from FCA-regulated Liquidity Providers, chosen for best execution on an arm’s-length basis, where the terms coincide with standard industry practices and provisions. It maintains direct feed connections to liquidity aggregators, offering competitive bid/ask spreads. Following the approval of the Variation of Permission application by the FCA in July 2025, the Company commenced operating as a full Principal broker, accepting and executing clients’ orders in CFDs and Spread Betting instruments based on Forex, Commodities, and Indices, placed on the MetaTrader 5 trading platform. The new permission allows the Company to internalise a proportion of client orders rather than hedging all positions with its liquidity providers. Nevertheless, during the financial year under review, the Company adopted a prudent approach to exposure risk, mainly hedging client positions and facing minimal market risk throughout execution. In most cases, both sides of a transaction are executed simultaneously at a price where the Company makes no profit or loss other than a previously disclosed commission, fee, or charge. In November 2025, the Company launched GMG Prime, its institutional division operating as a liquidity provider for financial institutions and brokerages. GMG Prime’s target client base includes brokerages, family offices, and hedge fund managers seeking direct access to liquidity across FX spot and forwards, precious and base metals, commodities, global indices and shares. The Company registered the trading name gmgprime.com on the FCA Register alongside its existing trading name gmgmarkets.co.uk. As part of its commitment to delivering the highest quality of service under the GMG Prime arm, the Company established additional institutional service collaboration agreements with several liquidity providers during the same period. Through these arrangements, the Company aggregates pricing sourced from Tier 1 banks, brokers, and hedge funds, delivering liquidity across more than 100 currency pairs, indices, and commodities, with the objective of offering clients the best available pricing and execution conditions. In December 2025, GMG Prime integrated MetaQuotes’ Ultency Matching Engine, enabling brokers to access institutional-grade liquidity directly within the MetaTrader 5 environment. Ultency operates as a high-performance matching and aggregation layer, supporting low-latency price aggregation, order matching, and real-time risk management via FIX 4.4 connectivity. In March 2026, the Company entered into a Prime of Prime collaboration agreement with Hidden Road Partners CIV UK Ltd ("HRP") (FCA FRN 828692). This arrangement is expected to expand the capabilities of GMG Prime’s institutional offering. HRP sits on the Company’s prime broker panel and provides credit-intermediated access to hedging liquidity across FX, metals, exchange-traded derivatives, fixed income and digital assets. The HRP relationship gives the Company capital-efficient, credit-intermediated, multi-asset hedging that would be materially more expensive and operationally heavier to replicate bilaterally. Page 1
GLOBAL MARKETS GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 As the Company’s operations continue to grow, supported by a strengthening capital and liquidity position and the establishment of an experienced trading desk and risk management function, the Company has commenced dealing on its own account in a conservative and controlled manner, maintaining and actively monitoring a relatively low percentage of client-related exposures. The Board has thoroughly considered the impact of the Company’s current business model, future strategy, and changes in regulated permissions on its clients, and acknowledges its regulatory responsibilities, including the obligation to act in consumers’ best interests and to manage risks in line with the FCA’s objectives. During the financial year under review, the Company’s efforts to expand its operations continued to produce tangible results, evidenced by steady operational growth in client numbers and trading volumes. Targeted marketing initiatives to promote the GMG Prime brand contributed to increased visibility and client engagement, and the transition to the full principal model from July 2025 broadened the Company’s revenue base. The Company’s own funds and liquid assets as at 31 March 2026 stood at £2.714 million and £1.248 million, respectively — both exceeding the applicable regulatory capital and liquid asset requirements.
Principal risks and uncertainties
The Company’s activities give rise to a variety of risks, threats and uncertainties. Senior Management maintains an established risk management framework through which these risks are identified, evaluated, controlled and kept under continuous review. This framework is supported by a range of tools, including incident logging, key risk indicators, business continuity arrangements, and regular staff training and awareness programmes. The principal risks considered most relevant to the Company’s business are set out below: Regulatory Compliance Risk The Company operates in a highly regulated environment and could suffer financial loss or damage to its reputation should it fail to meet the rules and expectations applicable to FCA-authorised Firms. The regulatory landscape continues to evolve — most notably under the Consumer Duty, as demonstrated by the FCA’s November 2025 multi-Company review of Price and Value in the CFD sector — and such developments may have a material effect on the Company’s business. This risk is mitigated through a dedicated in-house Compliance Function, supplemented by external legal and regulatory advice where required, together with continuous compliance monitoring and a robust internal control environment. Economic Sanctions and Financial Crime Compliance Risk The Company applies a zero-tolerance approach to breaches of sanctions and anti-financial crime legislation. All prospective clients are screened against international sanctions lists at onboarding, and periodic re-screening is performed to identify any change in a client’s status. These controls are designed to ensure that the Company does not establish or maintain relationships with sanctioned or otherwise high-risk parties. Litigation Risk Disputes of a legal or contractual nature could give rise to financial loss or disrupt the Company’s operations. The Company mitigates this exposure through disciplined operational procedures, comprehensive documentation and internal controls designed to ensure adherence to its contractual obligations. Page 2
GLOBAL MARKETS GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Liquidity Risk Liquidity risk is the risk that the Company is unable to meet its financial obligations as they fall due. This risk is heightened in stressed or abnormal market conditions, when access to funding and capital markets may become constrained. A liquidity shortfall could leave the Company unable to discharge its obligations to creditors and debtors, and could give rise to regulatory sanctions, loss of business and reputational damage. The Company manages this risk through regular liquidity analysis and stress testing, forward-looking assessment of funding requirements and exposures, and disciplined cash flow and treasury management. Reputational Risk The Company’s standing in the market could be harmed by adverse publicity concerning its operations, whether such publicity is justified. Damage of this kind could result in client attrition, reduced revenues or claims against the Company. The Company protects its reputation by upholding high standards of governance and compliance and by actively monitoring potential sources of reputational exposure. Political Risk Political developments — including regulatory shifts and wider geopolitical events — could adversely affect the Company’s operations or financial position. The Company monitors client activity and market conditions on an ongoing basis to ensure continued alignment with clients’ profiles and its compliance obligations. In addition, the Directors track regulatory developments across UK, EU and international bodies so that the Company can adapt promptly to change and manage political risk effectively. Credit and Counterparty Risk The Company transacts with reputable, FCA-regulated liquidity providers and counterparties for the execution and hedging of client orders. Counterparties undergo thorough due diligence before appointment and remain subject to ongoing risk reviews performed on both a monthly and an annual basis. Order flow is monitored continuously to detect anomalies such as elevated rejection rates, price slippage or other execution irregularities; any such matters are escalated promptly to the counterparty concerned for investigation and resolution. This oversight provides assurance that counterparties continue to satisfy the Company’s execution and risk standards. Client money is deposited in segregated accounts with highly rated UK credit institutions, selected by reference to credit ratings issued by recognised agencies including Moody’s, S&P and Fitch. Market Risk Market risk is the risk of loss arising from unfavourable movements in market prices affecting the value of the Company’s assets or exposures over a given period, typically as a consequence of economic developments or market-wide events. It comprises the following principal components: • Interest Rate Risk: the risk that the fair value or future cash flows of financial instruments fluctuate as a result of changes in market interest rates. • Commodities Risk: the risk of volatility in market values and future income streams caused by movements in the prices of commodities such as oil, metals, natural gas. • Foreign Exchange Risk: the risk of loss on financial transactions denominated in currencies other than the Company’s base currency as a result of exchange rate movements. Page 3
GLOBAL MARKETS GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Until 02 July 2025, when the Company operated under the matched principal model, its market risk exposure was confined largely to foreign exchange risk arising on foreign currency deposits and trading balances. That exposure remained low, given that the majority of the Company’s funds are held in pounds sterling. Following the move to the full principal model in July 2025, the Company carries a certain degree of market risk, as client trades are no longer fully hedged in every case; this exposure nevertheless remains very limited, reflecting the prudent approach adopted by the Company. Exposures are managed within Board-approved conservative risk limits by a dedicated dealing and risk management team, operating under the Company’s enhanced Risk Management framework. The additional risk has been incorporated into the Company’s Operational Risk Scenarios and Stress Testing analysis, where it is quantitatively assessed and adequately capitalised within the Company’s overall risk management strategy. Money Laundering and Terrorist Financing Risk The Company maintains comprehensive policies, procedures and controls to counter money laundering and terrorist financing, keeping these under review to reflect new legislation and guidance as published. All personnel receive relevant training at least annually to ensure continued awareness of their obligations. Operational Systems/IT Failure Risk The trading platforms and operational systems used for clients’ trades are supplied by well-established, reputable providers, with back-up arrangements in place should the primary systems fail. Client data is held securely and remains readily accessible remotely in the event of a systems outage. Cyber Resilience Risk Consistent with FCA guidance and recommendations, the Company continues to strengthen its cyber resilience through staff awareness programmes and by maintaining up-to-date incident management arrangements and business continuity plans.
Other key performance indicators
The Company tracks a suite of key performance indicators to evaluate its business performance and financial health, covering new client acquisition, average client deposits, trading volumes, the composition of revenue by stream, and overall profitability. Following the transition to the full principal model, the Company also monitors market risk exposures against Board-approved limits as part of its ongoing performance oversight. Consistent with the FCA’s Consumer Duty standards, the Company monitors customer outcome data on a systematic basis to the Company so that its clients consistently receive good outcomes. This enables any shortfall in service or performance to be identified early and corrective action to be taken promptly where required. During the year, this framework was further strengthened following the Company’s review of the FCA’s multi-Company CFD Price and Value findings, including enhancements to vulnerable client monitoring and to the evidencing of fair value within the Company’s governance documentation. As its operations continue to scale, the Company intends to deepen its data collection and analytical capabilities, supporting more robust performance benchmarking and more precise KPI measurement. These initiatives will reinforce the Company’s ability to evaluate client engagement, service quality and overall business effectiveness against regulatory expectations and internal performance targets. Page 4
GLOBAL MARKETS GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Future Developments
The Company’s Senior Management and Board of Directors are confident that the business strategy adopted following the embedding of the full principal model and a strengthened Risk Management framework, together with the launch of its institutional arm GMG Prime, has strategically positioned the Company to enhance client outreach and accelerate growth in trading volumes. The Company expects to consolidate the operational growth achieved during the year and to continue building revenue across its trading, commission, financing and market making streams. The Company will continue to invest in its Consumer Duty framework, including the annual Fair Value Assessment cycle and outcome monitoring, which remain subject to annual review in light of regulatory developments and peer market practice.
Post Balance Sheet Events
As noted in the Business Review section, in March 2026 the Company entered into a Prime of Prime collaboration agreement with Hidden Road Partners CIV UK Ltd ("HRP"), which went live in June 2026. HRP operates a "conflict-free credit network" rather than a bank-style prime brokerage: it runs no proprietary trading desk and does not internalise client flow. The Company faces HRP as its single legal and credit counterparty; HRP in turn faces the liquidity providers, exchanges and ECNs on the other side. Trades executed with multiple liquidity providers are novated to HRP, leaving the Company with one net position, one margin call and one settlement relationship in place of many bilateral ones. This arrangement is expected to significantly expand the capabilities of GMG Prime’s institutional offering and to materially enhance the efficiency and resilience of the Company’s hedging operations. This report was approved by the board on 21 July 2026 and signed on its behalf.
C Vasiadou Chief Executive
Page 5
GLOBAL MARKETS GROUP LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2026 The directors present their report and the financial statements for the year ended 31 March 2026.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to 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.
Principal activity
The Company's principal activity during the year was dealing in investments as principal. Until 2 July 2025, the Company operated under a matched principal limitation, which was removed following the FCA's approval of the variation of permission.
Results and dividends
The loss for the year, after taxation, amounted to £161,206 (2025 - loss £717,748).
Directors
The directors who served during the year were:
R Donoghue
C Vasiadou
K K Pourgalis
Page 6
GLOBAL MARKETS GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 21 July 2026 and signed on its behalf.
C Vasiadou Chief Executive
Page 7
GLOBAL MARKETS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED
Opinion
We have audited the financial statements of Global Markets Group Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 Company's affairs as at 31 March 2026 and of its loss 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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. Page 8
GLOBAL MARKETS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the 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.
Matters on which we are required to report by exception
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 or 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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 6, 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. Page 9
GLOBAL MARKETS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED (CONTINUED)
Auditors' 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 Auditors' 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: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting frameworks (United Kingdom accounting standards and Companies Act 2006); • We obtained an understanding of the nature of the industry and sector, control environment and business performance; • The outcome of discussions with management and those charged with governance and any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures related to: - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance or any actual or potential litigation or claims; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • The matters discussed during the audit engagement team briefing regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. All engagement team members were advised to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • Reading minutes of meetings of those charged with governance and reviewing correspondence with ; HMRC and inspection of relevant legal correspondence; • In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments by testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions; • Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; Page 10
GLOBAL MARKETS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED (CONTINUED) • Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: - understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; - knowledge of the industry in which the client operates; - understanding of the legal and regulatory requirements specific to the company including: • the provisions of the applicable legislation • the applicable statutory provisions; As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations, competition and anti-bribery laws, environment regulations. With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 11
GLOBAL MARKETS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED (CONTINUED)
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 Auditors' 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. D J Gallagher (Senior statutory auditor) for and on behalf of Calders (1883) LLP Chartered Accountants and Statutory Auditors 30 Orange Street London WC2H 7HF 21 July 2026 Page 12
GLOBAL MARKETS GROUP LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
Note | £ | £
Turnover |  | 1,640,326 | 107,122
Cost of sales |  | (685,360) | (57,916)
Gross profit |  | 954,966 | 49,206
Administrative expenses |  | (1,157,201) | (779,622)
Operating loss | 4 | (202,235) | (730,416)
Interest receivable and similar income |  | 41,029 | 12,668
Loss before tax |  | (161,206) | (717,748)
Loss after tax |  | (161,206) | (717,748)
Retained earnings at the beginning of the year |  | (2,496,277) | (1,778,529)
|  | (2,496,277) | (1,778,529)
Loss for the year |  | (161,206) | (717,748)
Retained earnings at the end of the year |  | (2,657,483) | (2,496,277)
The notes on pages 18 to 24 form part of these financial statements.
Page 13
GLOBAL MARKETS GROUP LIMITED REGISTERED NUMBER: 09493910 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 7 |  | 1,807 |  | 1,652
|  |  | 1,807 |  | 1,652
Current assets |  |  |  |  |
Debtors | 8 | 65,281 |  | 19,256 |
Cash at bank and in hand | 9 | 2,713,722 |  | 2,479,449 |
|  | 2,779,003 |  | 2,498,705 |
Creditors: amounts falling due within one year | 10 | (65,515) |  | (291,428) |
Net current assets |  |  | 2,713,488 |  | 2,207,277
Total assets less current liabilities |  |  | 2,715,295 |  | 2,208,929
Net assets |  |  | 2,715,295 |  | 2,208,929
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 4,705,206 |  | 721,500
Other reserves | 12 |  | 667,572 |  | 3,983,706
Profit and loss account | 12 |  | (2,657,483) |  | (2,496,277)
|  |  | 2,715,295 |  | 2,208,929
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 July 2026.
C Vasiadou
Director
The notes on pages 18 to 24 form part of these financial statements. Page 14
GLOBAL MARKETS GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2025 | 721,500 | 3,983,706 | (2,496,277) | 2,208,929
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (161,206) | (161,206)
Capital contribution | - | 667,572 | - | 667,572
Reserves capitalised with issue of new shares | - | (3,983,706) | - | (3,983,706)
Total comprehensive income for the year | - | (3,316,134) | (161,206) | (3,477,340)
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 3,983,706 | - | - | 3,983,706
At 31 March 2026 | 4,705,206 | 667,572 | (2,657,483) | 2,715,295
| The notes on pages 18 to 24 form part of these financial statements.
Page 15
GLOBAL MARKETS GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2024 | 721,500 | 1,438,688 | (1,778,529) | 381,659
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (717,748) | (717,748)
Capital contribution | - | 2,545,018 | - | 2,545,018
Total comprehensive income for the year | - | 2,545,018 | (717,748) | 1,827,270
At 31 March 2025 | 721,500 | 3,983,706 | (2,496,277) | 2,208,929
| The notes on pages 18 to 24 form part of these financial statements.
Page 16
GLOBAL MARKETS GROUP LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026
|  |  | 2026 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (161,206) | (717,748)
Adjustments for: |  |
Depreciation of tangible assets | 438 | 71
Interest received | (41,029) | (12,668)
(Increase)/decrease in debtors | (46,027) | 270
(Decrease)/increase in creditors | (225,912) | 277,700
Net cash generated from operating activities | (473,736) | (452,375)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (593) | (1,723)
Interest received | 41,030 | 12,668
Net cash from investing activities | 40,437 | 10,945
Cash flows from financing activities |  |
Equity contribution from shareholders | 667,572 | 2,545,018
Net cash used in financing activities | 667,572 | 2,545,018
Net increase in cash and cash equivalents | 234,273 | 2,103,588
Cash and cash equivalents at beginning of year | 2,479,449 | 375,861
Cash and cash equivalents at the end of year | 2,713,722 | 2,479,449
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,713,722 | 2,479,449
| 2,713,722 | 2,479,449
The notes on pages 18 to 24 form part of these financial statements.
Page 17
GLOBAL MARKETS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Global Markets Group Limited is a private limited company incorporated in England and Wales, registration number 09493910. The registered office is Green Park House, 15 Stratton Street, London, W1J 8LQ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 18
GLOBAL MARKETS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Interest income
Interest income is recognised in profit or loss on a received basis.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 19
GLOBAL MARKETS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 20% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or 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 in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.10 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates. The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. There were no key judgments or estimation uncertainties in the application of the company's accounting policies during the year. Page 20
GLOBAL MARKETS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Exchange differences | (14,228) | 611
| Other operating lease rentals | 91,039 | 26,613
5. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 612,412 | 390,358
| Social security costs | 69,233 | 26,696
| Cost of defined pension contribution scheme | 4,697 | 1,321
|  | 686,342 | 418,375
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Employees | 6 | 3
6. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 41,029 | 12,668
|  | 41,029 | 12,668
Page 21
GLOBAL MARKETS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
7. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 April 2025 | 2,843
| Additions | 593
| At 31 March 2026 | 3,436
| Depreciation |
| At 1 April 2025 | 1,191
| Charge for the year on owned assets | 438
| At 31 March 2026 | 1,629
| Net book value |
| At 31 March 2026 | 1,807
| At 31 March 2025 | 1,651
Page 22
GLOBAL MARKETS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
8. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 11,640 | 8,820
|  | 11,640 | 8,820
| Due within one year |  |
| Other debtors | 53,641 | 3,123
| Prepayments and accrued income | - | 7,313
|  | 65,281 | 19,256
9. | Cash
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,713,722 | 2,479,449
|  | 2,713,722 | 2,479,449
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other taxation and social security | 17,481 | 2,295
| Other creditors | 43,346 | 269,083
| Accruals | 4,688 | 20,050
|  | 65,515 | 291,428
Page 23
GLOBAL MARKETS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
11. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 4,705,206 (2025 - 721,500) Ordinary shares shares of £1.00 each | 4,705,206 | 721,500
During the year, the company issued 3,983,706 new £1 ordinary shares by capitalising previous capital contributions posted to Other Reserves. The % shareholding between the shareholders remained the same.
12. | Reserves
Other reserves The company received a number of cash injections from its shareholders during the year which totaled £667,572 (2025 - £2,545,018). These funds were to provide additional working capital and should be treated as a capital contribution.
13. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,697 (2025 - £1,321) . Contributions totalling £687 (2025 - £nil) were payable to the fund at the reporting date and are included in creditors.
14. | Controlling party
Citypark Investments Limited, a company incorporated in the UK is the immediate and ultimate parent company owning 90.01% of the share capital. The ultimate controlling party is Mr Shi Lu.
Page 24