Alanda Capital Management Limited Company accounts

COMPANY REGISTRATION NUMBER: 10294934

Alanda Capital Management Limited

Financial Statements

31 March 2026

Alanda Capital Management Limited

Financial Statements

Year ended 31 March 2026

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	7

Independent auditor's report to the member	9

Statement of income and retained earnings	13

Statement of financial position	14

Statement of cash flows	15

Notes to the financial statements	16

Alanda Capital Management Limited

Officers and Professional Advisers

Director	C Vogel-Claussen

Registered office	Foxglove House
	5th Floor
	166 Piccadilly
	London
	England
	W1J 9EF

Auditor	Moore Kingston Smith LLP
	Chartered accountants & statutory auditor
	10 Orange Street
	London
	United Kingdom
	WC2H 7DQ

Alanda Capital Management Limited

Strategic Report

Year ended 31 March 2026

The director presents his report for the year ended 31 March 2026.

Principal activity

The company's principal activity during the year continued to be that of support services for fund management.

Business review

The company continues to provide administrative and sales support to operating companies in the wider Alanda group, which are under common control but separate from this company. The company's objective is to be broadly break even over the medium term as a support entity, and accordingly the key operating indicators are sufficient cash resources to enable core functions to be exercised.

The principal risks the company faces are economic circumstances which would prevent customers from generating sufficient profits to pay for the company's services, and general economic conditions which deter investors from placing funds out for investment. The risks are mitigated by having a small, highly focused team, with minimal overhead costs. Further information on risks facing the company are detailed below.

Key financial performance indicators (KPIs)

The company closely monitors key performance indicators (KPIs) such as profit before tax, net asset position and capital adequacy requirements. These metrics are regularly reviewed and reported on.

	2026	2025
	£	£
Profit/ (loss) before tax	64,393	368,710
Net assets	2,001,220	1,946,884

Key non-financial performance indicators (KPIs)

A key non-financial performance aim of the company is to provide a consistently high level of service to our customers.

Going concern

The director has undertaken an assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of 12 months from the date of approval of the accounts. Based on this assessment, the director considers that the company is a going concern and accordingly considers it appropriate to adopt the going concern basis in preparing the financial statements of the company.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are set out below:

Operational risk

There is a risk of loss from inadequate or failed internal processes and systems or from external events. The key operation risks are information security, IT infrastructure and robust processes that maintain operational resilience. The company aims to minimise operational risk at all times through a strong and well-resourced control and operational structure, combined with continuous investment in both systems and people.

Liquidity risk

There is a risk the company does not have available sufficient financial resources to enable it to meet its obligations as they fall due and to meet its capital adequacy requirements as required by FCA regulations. The director regularly reviews and monitors the cashflow requirements of the company to ensure it has sufficient working capital to pay it liabilities as they fall due and to meet its capital adequacy requirements.

Credit risk

Given the nature of the company's business and revenue model the director considers credit risk to be low.

Interest rate risk

The company has no external funding or financing and the director considers interest rate risk to be low.

Regulatory risk

There is a risk of new regulatory requirements having an adverse impact on the business model or failing to comply with existing or new regulations resulting in fines or regulatory censure. Regulatory risk is mitigated through regular monitoring of regulatory developments and maintaining open and transparent dialogue with regulators. On-going compliance with existing or emerging new rules is monitored by the compliance function and notified to the business.

Competition risk

The risk of competitor activity resulting in loss of existing and new business.

Competitor risk is mitigated by focusing on providing high level of service.

Reputational risk

There is a risk that current and potential clients desire to do business with the company reduces due to perception of Alanda's services in the marketplace.

The company seeks to mitigate reputational risk through operational risk controls.

Future developments

The company does not currently envisage any significant developments or changes affecting the operations of the company.

Section 172(1) statement

Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006.

Under section 172(1) of the Companies Act 2006 ("Section 172"), the Directors must act in the way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:

- the likely consequences of any decisions in the long-term;

- the interests of the company's employees;

- the need to foster the company's business relationships with suppliers, customers and others;

- the impact of the company's operations on the community and environment;

- the desirability of the company maintaining a reputation for high standards of business conduct

- the need to act fairly between members of the company.

The board of directors consider that the decisions made during the financial year and the way they have acted have promoted the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1). The Board considers the company's key stakeholders to include employees, shareholders, clients, suppliers and administrators.

Long-term decisions

The Board discussed proposals for new business initiatives. Whilst financial benefit and shareholder return is one of the key decision criteria, the long-term effect on the company's going concern, the environment, job security for our employees, service for our clients and healthy terms with our suppliers were all considered.

Customers and suppliers

The Board acknowledged the development of customer relationships was of paramount importance for the company and its ability to increase its client base during the period was positive. The Board recognises that developing new relationships while maintaining existing relationships are critical to the success of the company. The company continues to enhance its relationships with service providers and administrators to ensure service deliverables are maintained for its clients.

Employees

The Board noted that in conjunction with the increase in client base the company has expanded its team over the period and that the company aimed to be a responsible employer ensuring remuneration levels were balanced to attract new staff and retain existing staff in the longer term. The development and retention of the company's employees is an important consideration for the board.

		2026	2025

	Average number of employees	5	5

Trading updates

The Board reviewed the development of operations to determine that high standards of operations are maintained while the increased demands of clients were implemented.

Strategic Plan

The Board has discussed the strategic direction of the company and supports management's continued objective to partner with category defining companies. The Board was satisfied that the new investments were aligned with the private growth equity strategies and were well positioned for long-term growth generation.

Financial updates

The Board discussed the financial drivers of the Company against prior year metrics and were satisfied with liquidity levels and investment appreciation relative to previous years.

The Board is acutely aware of its responsibility to safeguard the environment and endeavour where possible to ensure that all supplies are sourced locally and waste material is recycled.

This report was approved by the board of directors on 24 July 2026 and signed on behalf of the board by:

C Vogel-Claussen
Director

Registered office:

Foxglove House

5th Floor

166 Piccadilly

London

England

W1J 9EF

Alanda Capital Management Limited

Director's Report

Year ended 31 March 2026

The director presents his report and the financial statements of the company for the year ended 31 March 2026 .

Director

The director who served the company during the year was as follows:

C Vogel-Claussen

Dividends

The director does not recommend the payment of a dividend.

Disclosure of information in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required in the directors' report to include future developments and principal risks and uncertainties. Director and officers Indemnity Directors and officers insurance is in place to indemnify the director in his capacity as an officer of the company.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 director is 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. He is 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 24 July 2026 and signed on behalf of the board by:

C Vogel-Claussen
Director

Registered office:

Foxglove House

5th Floor

166 Piccadilly

London

England

W1J 9EF

Alanda Capital Management Limited

Independent Auditor's Report to the Member of Alanda Capital Management Limited

Year ended 31 March 2026

Opinion

We have audited the financial statements of Alanda Capital Management Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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; - 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 director's 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 director 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 director is 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 the audit:

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

- the strategic report and the director's 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 director's 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation. We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Conneely

(Senior Statutory Auditor)

For and on behalf of

Moore Kingston Smith LLP

Chartered accountants & statutory auditor

10 Orange Street

London

United Kingdom

WC2H 7DQ

24 July 2026

Alanda Capital Management Limited

Statement of Income and Retained Earnings

Year ended 31 March 2026

		2026	2025
Note		£	£
Turnover	4	1,704,170	1,348,580

	------------	------------
Gross profit	1,704,170	1,348,580

Administrative expenses		1,664,911	1,112,941
Other operating income	5	–	109,292
		------------	------------
Operating profit	6	39,259	344,931

Other interest receivable and similar income	8	25,134	23,779
		------------	------------
Profit before taxation		64,393	368,710

Tax on profit	9	10,057	90,143
		--------	---------
Profit for the financial year and total comprehensive income		54,336	278,567
		--------	---------

Retained losses at the start of the year	( 127,316)	( 405,883)
	---------	---------
Retained losses at the end of the year	( 72,980)	( 127,316)
	---------	---------

All the activities of the company are from continuing operations.

Alanda Capital Management Limited

Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Tangible assets	10	14,634	1,932

Current assets

Debtors	11	2,522,050	2,005,369
Cash at bank and in hand		680,494	394,413
		------------	------------
		3,202,544	2,399,782

Creditors: amounts falling due within one year	12	1,215,958	454,830
		------------	------------
Net current assets		1,986,586	1,944,952
		------------	------------
Total assets less current liabilities		2,001,220	1,946,884
		------------	------------
Net assets		2,001,220	1,946,884
		------------	------------

Capital and reserves

Called up share capital	15	2,074,200	2,074,200
Profit and loss account	16	( 72,980)	( 127,316)
		------------	------------
Shareholder funds		2,001,220	1,946,884
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 24 July 2026 , and are signed on behalf of the board by:

C Vogel-Claussen
Director

Company registration number: 10294934

Alanda Capital Management Limited

Statement of Cash Flows

Year ended 31 March 2026

	2026	2025
	£	£

Cash flows from operating activities

Profit for the financial year	54,336	278,567

Adjustments for:
Depreciation of tangible assets	910	–
Other interest receivable and similar income	( 25,134)	( 23,779)
Tax on profit	10,057	24,755
Accrued expenses/(income)	654,820	( 450,198)
Deferred tax	–	65,388

Changes in:
Trade and other debtors	( 1,171,501)	172,479
Trade and other creditors	751,071	197,277
	------------	---------
Cash generated from operations	274,559	264,489

Interest received	25,134	23,779
Tax paid	–	( 15,512)
	---------	---------
Net cash from operating activities	299,693	272,756
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 13,612)	( 1,932)
	---------	---------
Net cash used in investing activities	( 13,612)	( 1,932)
	---------	---------

Net increase in cash and cash equivalents	286,081	270,824
Cash and cash equivalents at beginning of year	394,413	123,589
	---------	---------
Cash and cash equivalents at end of year	680,494	394,413
	---------	---------

Alanda Capital Management Limited

Notes to the Financial Statements

Year ended 31 March 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the principal place of business is Foxglove House, 5th Floor, 166 Piccadilly, London, England, W1J 9EF.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in GBP, which is the functional currency of the entity.

Going concern

In preparing these financial statements, the director is required to prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue business. In order to satisfy this responsibility, the director has prepared the forecasts to enable him to determine if the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of signing the financial statements. In preparing these forecasts, the director has obtained written confirmation from Alanda Capital Management (Malta) Limited that it will continue to use this company's investment management services for at least 12 months from the date of signing the accounts. Additionally, Alanda Capital Management (Malta) Limited, which is controlled by this company's director C Vogel-Claussen, has confirmed that it will provide ongoing financial support to this company as needed for the 12 month period. The forecasts also takes into account the regulatory capital limits imposed by the Financial Conduct Authority. The forecasts support that the company will be able to operate within these.

Judgements and key sources of estimation uncertainty

The director has considered whether there are any significant judgements or key sources of estimation uncertainty requiring disclosure and has concluded that there are none that have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover includes revenue from the rendering of services, including investment services agreements. Revenue from the management of funds is recognised quarterly in arrears based on an agreed percentage of the funds under management in accordance with the underlying agreements. Turnover from the recharging of costs is recognised in arrears once the underlying expenses have been assessed. Revenue is recognised over the life of an investment service agreement on the basis of effort expended as a proportion of the estimated total effort which will be required over the life of the contract.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 statement of financial position 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 asset 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. 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 trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2026	2025
	£	£
Rendering of services	1,704,170	1,348,580
	------------	------------

The whole of the turnover is attributable to the principal activity of the company with analysis of turnover by geographical analysis as follows:

	2026	2025
	£	£
UK	540,508	542,489
Europe	1,163,662	806,091
	------------	------------
	1,704,170	1,348,580
	------------	------------

5. Other operating income

	2026	2025
	£	£
Other operating income	–	109,292
	----	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2026	2025
	£	£
Depreciation of tangible assets	910	–
Foreign exchange differences	2,677	( 427)
Operating lease rentals	143,500	109,625
Auditors remuneration for audit services	12,875	12,500
Auditors remuneration for non-audit services	9,625	5,000
	---------	---------

7. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2026	2025
	No.	No.
Administrative staff	5	5
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2026	2025
	£	£
Wages and salaries	703,556	577,066
Social security costs	102,763	64,822
Other pension costs	6,712	6,391
	---------	---------
	813,031	648,279
	---------	---------

No remuneration was paid to the director in the year (2025: £nil). The director is regarded as the key management personnel.

8. Other interest receivable and similar income

	2026	2025
	£	£
Other interest receivable and similar income	25,134	23,779
	--------	--------

9. Tax on profit

Major components of tax expense

	2026	2025
	£	£

Current tax:

UK current tax expense	10,057	24,755

Deferred tax:

Origination and reversal of timing differences	–	65,388
	--------	--------
Tax on profit	10,057	90,143
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2025: lower than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

	2026	2025
	£	£
Profit on ordinary activities before taxation	64,393	368,710
	--------	---------
Profit on ordinary activities by rate of tax	16,098	92,178
Effect of expenses not deductible for tax purposes	103	1,427
Effect of capital allowances and depreciation	( 3,176)	( 483)
Utilisation of tax losses	–	( 66,230)
Deferred tax movement	–	65,388
Marginal relief	(2,968)	(2,137)
	--------	---------
Tax on profit	10,057	90,143
	--------	---------

10. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2025	14,186	1,482	15,668
Additions	–	13,612	13,612
	--------	--------	--------
At 31 March 2026	14,186	15,094	29,280
	--------	--------	--------
Depreciation
At 1 April 2025	13,736	–	13,736
Charge for the year	250	660	910
	--------	--------	--------
At 31 March 2026	13,986	660	14,646
	--------	--------	--------
Carrying amount
At 31 March 2026	200	14,434	14,634
	--------	--------	--------
At 31 March 2025	450	1,482	1,932
	--------	--------	--------

11. Debtors

	2026	2025
	£	£
Trade debtors	130,811	142,952
Prepayments and accrued income	299,432	711,663
Director's loan account	1,510,307	951,243
Other debtors	581,500	199,511
	------------	------------
	2,522,050	2,005,369
	------------	------------

12. Creditors: amounts falling due within one year

	2026	2025
	£	£
Trade creditors	58,583	43,287
Accruals and deferred income	269,309	15,583
Corporation tax	518,516	171,963
Social security and other taxes	200,487	97,421
Other creditors	169,063	126,576
	------------	---------
	1,215,958	454,830
	------------	---------

13. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 6,712 (2025: £ 6,391 ).

14. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2026	2025
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	2,647,215	2,176,543
	------------	------------

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost	496,955	185,446
	---------	---------

15. Called up share capital

Issued, called up and fully paid

	2026		2025
	No.	£	No.	£
Ordinary shares of £ 1 each	2,074,200	2,074,200	2,074,200	2,074,200
	------------	------------	------------	------------

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

16. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

17. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
	£	£
Not later than 1 year	147,000	140,000
Later than 1 year and not later than 5 years	74,507	210,959
	---------	---------
	221,507	350,959
	---------	---------

18. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2026
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
C Vogel-Claussen	951,243	559,064	1,510,307
	---------	---------	------------

	2025
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
C Vogel-Claussen	999,395	( 48,152)	951,243
	---------	--------	---------

19. Related party transactions

The company provides services to entities which are under common control. All turnover is derived from such related parties. At the balance sheet date, the company was owed £188,687 (2025 - £162,066) by related parties and owed £21,248 (2025 - £21,248) to related parties.

20. Controlling party

The company is under the control of the director, Mr C Vogel-Claussen who owns 100% of the issued share capital of the company.