Company registration number 11782438 (England and Wales)
ASTUTE INVESTMENT MANAGEMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
ASTUTE INVESTMENT MANAGEMENT LTD
COMPANY INFORMATION
Directors
Mr P Kelly
Mr R F Brocklehurst
Mr N Coleman
Mr J G Lee
Mr A J Neale
Mr N T Ransome
Company number
11782438
Registered office
2nd Floor Vista Building
St David's Park
Ewloe
Flintshire
CH5 3DT
Auditor
Xeinadin Audit Limited
First Floor, The Foundation
Herons Way
Chester Business Park
Chester
Cheshire
CH4 9GB
ASTUTE INVESTMENT MANAGEMENT LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
ASTUTE INVESTMENT MANAGEMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

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

Review of the business

The last twelve months has been dominated by geo-political uncertainty and underlying structural shifts in technology. Markets recovered strongly from the initial shock of the Trump administration’s tariff war. Economic fundamentals remained positive and inflation continued to trend towards central bank targets. Underlying this was also a huge capital spending spree as optimism about AI led to significant investment in data centre and related infrastructure. While the outbreak of the Iran war clearly dented these positive dynamics, markets remain positive on the eventual resolution of the conflict.

As markets push ahead valuations have become more stretched and this creates a high degree of volatility as any bad news can quickly lead to corrections. In this environment we have moved the fund range to be more defensively positions with a focus on fixed return from assets like bonds and structured products. Despite this we remain overall neutral on equities, albeit with a tilt away from the areas we perceive there to be the largest risk of bubble like behaviour.

Despite the volatility, revenue out performed budget by 1%, and operating profit by 1%. Assets under management at 31.03.2 6 were £613 m, resulting in a 18.2% growth across the year. New funds introduced accounted for 59.6% or 10.8% and growth in NAV 40.4% or 7.3%.

Principal risks and uncertainties

The company is exposed to a variety of financial and operational risks which could have a material impact on the company:

• Market Volatility and Macroeconomic Factors: Economic uncertainty, persistent inflation, and fluctuating interest rates remain significant concerns. Geopolitical tensions, including the imposition of trade tariffs by major economies, can create unpredictable market swings, impacting asset valuations and client returns. This in turn can feed through to client behaviour and risk appetite.

• Operational Risks: Firms are increasingly vulnerable to sophisticated cybersecurity threats and data breaches, necessitating robust IT infrastructure and continuous vigilance to protect sensitive client information. Beyond cyber risks, ensuring the resilience of operational processes is crucial. This includes managing third-party risks associated with outsourcing, maintaining adequate business continuity plans, and effectively managing human error. Failures in any of these areas can lead to significant financial losses, regulatory penalties, and severe reputational damage.

• Evolving Regulatory Landscape: The regulatory environment is continually adapting, creating compliance challenges. Key areas include the ongoing implementation and embedding of the Consumer Duty, and new rules on sustainability disclosure requirements.

Key performance indicators

• Launch fund performance

• Rolling 12 month fund performance

• Max drawdown within tolerance

• OCFs below target (0.75%)

On behalf of the board

Mr A J Neale
Director
22 July 2026
ASTUTE INVESTMENT MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

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

Principal activities

The principal activity of the company continued to be that of an investment management firm.

Directors

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

Mr P Kelly
Mr R F Brocklehurst
Mr N Coleman
Mr J G Lee
Mr A J Neale
Mr N T Ransome
Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

ASTUTE INVESTMENT MANAGEMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
On behalf of the board
Mr A J Neale
Mr N T Ransome
Director
Director
22 July 2026
ASTUTE INVESTMENT MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTUTE INVESTMENT MANAGEMENT LTD
- 4 -
Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

ASTUTE INVESTMENT MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTUTE INVESTMENT MANAGEMENT LTD (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, 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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

ASTUTE INVESTMENT MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTUTE INVESTMENT MANAGEMENT LTD (CONTINUED)
- 6 -

Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Use of our report

This report is made solely to the company's 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.

Robert Pearl BSc BEng ACA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
First Floor, The Foundation
Herons Way
Chester Business Park
Chester
Cheshire
CH4 9GB
22 July 2026
ASTUTE INVESTMENT MANAGEMENT LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
2026
2025
Notes
£
£
Turnover
3
2,098,696
1,696,066
Administrative expenses
(498,706)
(462,000)
Profit before taxation
1,599,990
1,234,066
Tax on profit
6
(397,362)
(308,293)
Profit for the financial year
1,202,628
925,773

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

ASTUTE INVESTMENT MANAGEMENT LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
2026
2025
£
£
Profit for the year
1,202,628
925,773
Other comprehensive income
-
-
Total comprehensive income for the year
1,202,628
925,773
ASTUTE INVESTMENT MANAGEMENT LTD
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 9 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
8
-
0
113
Current assets
Debtors
9
205,009
160,261
Cash at bank and in hand
549,835
558,459
754,844
718,720
Creditors: amounts falling due within one year
10
(300,480)
(367,890)
Net current assets
454,364
350,830
Total assets less current liabilities
454,364
350,943
Provisions for liabilities
Deferred tax liability
11
-
0
28
-
(28)
Net assets
454,364
350,915
Capital and reserves
Called up share capital
13
55,123
51,407
Profit and loss reserves
399,241
299,508
Total equity
454,364
350,915

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

The financial statements were approved by the board of directors and authorised for issue on 22 July 2026 and are signed on its behalf by:
Mr A J Neale
Mr N T Ransome
Director
Director
Company registration number 11782438 (England and Wales)
ASTUTE INVESTMENT MANAGEMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
51,407
241,010
292,417
Year ended 31 March 2025:
Profit and total comprehensive income
-
925,773
925,773
Dividends
7
-
(867,275)
(867,275)
Balance at 31 March 2025
51,407
299,508
350,915
Year ended 31 March 2026:
Profit and total comprehensive income
-
1,202,628
1,202,628
Issue of share capital
13
3,716
-
3,716
Dividends
7
-
(1,102,895)
(1,102,895)
Balance at 31 March 2026
55,123
399,241
454,364
ASTUTE INVESTMENT MANAGEMENT LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
15
1,625,589
1,250,101
Income taxes paid
(533,065)
(245,525)
Net cash inflow from operating activities
1,092,524
1,004,576
Financing activities
Proceeds from issue of shares
1,747
-
0
Dividends paid
(1,102,895)
(867,275)
Net cash used in financing activities
(1,101,148)
(867,275)
Net (decrease)/increase in cash and cash equivalents
(8,624)
137,301
Cash and cash equivalents at beginning of year
558,459
421,158
Cash and cash equivalents at end of year
549,835
558,459
ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -
1
Accounting policies
Company information

Astute Investment Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Vista Building, St David's Park, Ewloe, Flintshire, CH5 3DT.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

The company recognises revenue from the following major sources:

- Investment management

Investment management

Revenue from contracts for the provision of professional services for investment management in respect of each sub-fund is recognised as being 0.35% per annum of the net asset value of the assets of the relevant sub-fund at close of business (accruing on a daily basis in arrears by reference to the net asset value of the immediately p receding dealing day), less any expenses incurred by the ACD (and not reimbursable to the ACD by the company) and not previously offset against the management fee.

1.3
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

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

1.7
Equity instruments

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

1.8
Taxation

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

Current tax

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

Deferred tax

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

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

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover
2026
2025
£
£
Turnover analysed by class of business
Investment Management
2,098,696
1,696,066
4
Operating profit
2026
2025
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,850
5,500
Depreciation of tangible fixed assets
113
490
5
Employees

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

2026
2025
Number
Number
3
3

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
267,931
262,266
Social security costs
25,876
21,663
Pension costs
33,592
22,827
327,399
306,756
ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
6
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
400,026
308,639
Adjustments in respect of prior periods
(2,636)
-
0
Total current tax
397,390
308,639
Deferred tax
Origination and reversal of timing differences
(28)
(346)
Total tax charge
397,362
308,293

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
1,599,990
1,234,066
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
399,998
308,517
Tax effect of expenses that are not deductible in determining taxable profit
28
122
Adjustments in respect of prior years
(2,636)
-
0
Permanent capital allowances in excess of depreciation
(28)
(346)
Taxation charge for the year
397,362
308,293
7
Dividends
2026
2025
£
£
Final paid
1,102,895
867,275
ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 18 -
8
Tangible fixed assets
Computers
£
Cost
At 1 April 2025 and 31 March 2026
4,529
Depreciation and impairment
At 1 April 2025
4,416
Depreciation charged in the year
113
At 31 March 2026
4,529
Carrying amount
At 31 March 2026
-
0
At 31 March 2025
113
9
Debtors
2026
2025
Amounts falling due within one year:
£
£
Unpaid share capital
1,971
-
0
Prepayments and accrued income
203,038
160,261
205,009
160,261
10
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
-
0
9
Corporation tax
173,187
308,861
Other taxation and social security
9,515
9,100
Other creditors
110,758
43,920
Accruals and deferred income
7,020
6,000
300,480
367,890
ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
11
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
-
28
2026
Movements in the year:
£
Liability at 1 April 2025
28
Credit to profit or loss
(28)
Liability at 31 March 2026
-

12
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,592
22,827

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
55,105
51,393
55,105
51,393
Ordinary B shares of £1 each
9
7
9
7
Ordinary C shares of £1 each
9
7
9
7
55,123
51,407
55,123
51,407

Included within share capital are shares that have been issued but not fully paid. The unpaid element outstanding at the reporting date amounted to £3,378 (20 25: £1,407).

14
Related party transactions

Included within other creditors is a loan balance of £110,758 (202 5: £43,920) with Astute Private Wealth Limited, a company under common control through shared shareholders. The loan is interest-free and repayable on demand.

ASTUTE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 20 -
15
Cash generated from operations
2026
2025
£
£
Profit after taxation
1,202,628
925,773
Adjustments for:
Taxation charged
397,362
308,293
Depreciation and impairment of tangible fixed assets
113
490
Movements in working capital:
Increase in debtors
(42,778)
(28,811)
Increase in creditors
68,264
44,356
Cash generated from operations
1,625,589
1,250,101
16
Analysis of changes in net funds
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
558,459
(8,624)
549,835
2026-03-31 2025-04-01 false false false CCH Software CCH Accounts Production 2026.100 Mr P Kelly Mr R F Brocklehurst Mr N Coleman Mr J G Lee Mr A J Neale Mr N T Ransome 11782438 2025-04-01 2026-03-31 11782438 bus:Director1 2025-04-01 2026-03-31 11782438 bus:Director2 2025-04-01 2026-03-31 11782438 bus:Director3 2025-04-01 2026-03-31 11782438 bus:Director4 2025-04-01 2026-03-31 11782438 bus:Director5 2025-04-01 2026-03-31 11782438 bus:Director6 2025-04-01 2026-03-31 11782438 bus:RegisteredOffice 2025-04-01 2026-03-31 11782438 2026-03-31 11782438 2024-04-01 2025-03-31 11782438 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 11782438 core:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 11782438 2025-03-31 11782438 core:ComputerEquipment 2026-03-31 11782438 core:ComputerEquipment 2025-03-31 11782438 core:WithinOneYear 2026-03-31 11782438 core:WithinOneYear 2025-03-31 11782438 core:CurrentFinancialInstruments core:WithinOneYear 2026-03-31 11782438 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 11782438 core:ShareCapital 2026-03-31 11782438 core:ShareCapital 2025-03-31 11782438 core:RetainedEarningsAccumulatedLosses 2026-03-31 11782438 core:RetainedEarningsAccumulatedLosses 2025-03-31 11782438 core:ShareCapital 2024-03-31 11782438 core:RetainedEarningsAccumulatedLosses 2024-03-31 11782438 core:ShareCapitalOrdinaryShareClass1 2026-03-31 11782438 core:ShareCapitalOrdinaryShareClass1 2025-03-31 11782438 core:ShareCapitalOrdinaryShareClass2 2026-03-31 11782438 core:ShareCapitalOrdinaryShareClass2 2025-03-31 11782438 core:ShareCapitalOrdinaryShareClass3 2026-03-31 11782438 core:ShareCapitalOrdinaryShareClass3 2025-03-31 11782438 core:ShareCapitalOrdinaryShares 2026-03-31 11782438 core:ShareCapitalOrdinaryShares 2025-03-31 11782438 core:ShareCapital 2025-04-01 2026-03-31 11782438 2025-03-31 11782438 2024-03-31 11782438 core:ComputerEquipment 2025-04-01 2026-03-31 11782438 core:UKTax 2025-04-01 2026-03-31 11782438 core:UKTax 2024-04-01 2025-03-31 11782438 core:ComputerEquipment 2025-03-31 11782438 core:CurrentFinancialInstruments 2026-03-31 11782438 core:CurrentFinancialInstruments 2025-03-31 11782438 bus:OrdinaryShareClass1 2025-04-01 2026-03-31 11782438 bus:OrdinaryShareClass2 2025-04-01 2026-03-31 11782438 bus:OrdinaryShareClass3 2025-04-01 2026-03-31 11782438 bus:OrdinaryShareClass1 2026-03-31 11782438 bus:OrdinaryShareClass1 2025-03-31 11782438 bus:OrdinaryShareClass2 2026-03-31 11782438 bus:OrdinaryShareClass2 2025-03-31 11782438 bus:OrdinaryShareClass3 2026-03-31 11782438 bus:OrdinaryShareClass3 2025-03-31 11782438 bus:AllOrdinaryShares 2026-03-31 11782438 bus:AllOrdinaryShares 2025-03-31 11782438 bus:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 11782438 bus:FRS102 2025-04-01 2026-03-31 11782438 bus:Audited 2025-04-01 2026-03-31 11782438 bus:FullAccounts 2025-04-01 2026-03-31 xbrli:pure xbrli:shares iso4217:GBP