Company No: 10431800 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	F J Adsera Gebelli
	J Adsera Martinez (Appointed 22 September 2025)

REGISTERED OFFICE	123 New Bond Street
	2nd Floor
	Via 15 Lancashire Court
	London
	W1S 1EJ
	United Kingdom

COMPANY NUMBER

10431800 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	Onslow House
	Onslow Street
	Guildford
	GU1 4TL

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	11,547		16,905
Investments	4	1,142,607		903,221
		1,154,154		920,126
Current assets
Debtors	5	1,694,287		858,956
Cash at bank and in hand	6	458,156		490,757
		2,152,443		1,349,713
Creditors: amounts falling due within one year	7	( 598,490)		( 238,117)
Net current assets		1,553,953		1,111,596
Total assets less current liabilities		2,708,107		2,031,722
Creditors: amounts falling due after more than one year	8	0		( 9,801)
Net assets		2,708,107		2,021,921
Capital and reserves
Called-up share capital		250,000		250,000
Fair value reserve		214,187		76,258
Profit and loss account		2,243,920		1,695,663
Total shareholder's funds		2,708,107		2,021,921

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Adequita Capital Limited (registered number: 10431800) were approved and authorised for issue by the Board of Directors on 31 July 2026. They were signed on its behalf by:

F J Adsera Gebelli Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Adequita Capital Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 123 New Bond Street, 2nd Floor, Via 15 Lancashire Court, London, W1S 1EJ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Adequita Capital Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		6

3. Tangible assets

	Leasehold improve- ments		Office equipment		Total
	£		£		£
Cost
At 01 November 2024	40,277		14,977		55,254
Additions	0		6,552		6,552
At 31 October 2025	40,277		21,529		61,806
Accumulated depreciation
At 01 November 2024	23,997		14,352		38,349
Charge for the financial year	10,049		1,861		11,910
At 31 October 2025	34,046		16,213		50,259
Net book value
At 31 October 2025	6,231		5,316		11,547
At 31 October 2024	16,280		625		16,905

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 November 2024	32,756
At 31 October 2025	32,756
Carrying value at 31 October 2025	32,756
Carrying value at 31 October 2024	32,756

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 November 2024	849,761		20,704		870,465
Additions	432,348		102,642		534,990
Disposals	( 433,533)		0		( 433,533)
Movement in fair value	137,929		0		137,929
At 31 October 2025	986,505		123,346		1,109,851
Carrying value at 31 October 2025	986,505		123,346		1,109,851
Carrying value at 31 October 2024	849,761		20,704		870,465

5. Debtors

	2025		2024
	£		£
Trade debtors	579,873		288,177
Amounts owed by Group undertakings	916,107		502,810
S455	7,077		0
Other debtors	191,230		67,969
	1,694,287		858,956

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	458,156		490,757

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	0		11,129
Trade creditors	193,655		138,174
Amounts owed to directors	63,294		0
Other loans	20,395		0
Accruals	23,847		6,880
Deferred tax liability	94,432		16,955
Taxation and social security	201,120		48,345
Other creditors	1,747		16,634
	598,490		238,117

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	0		9,801

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 16,955)		0
Charged to the Profit and Loss Account	( 77,477)		( 16,955)
At the end of financial year	( 94,432)		( 16,955)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	3,223		1,883
Other timing differences	( 97,655)		( 18,838)
	0		0
	( 94,432)		( 16,955)

10. Financial instruments

Financial assets measured at fair value through profit or loss comprise cash and listed investments amounting to £1,444,661 (2024: £1,340,518).

11. Financial commitments

Commitments

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

	2025		2024
	£		£
Within one year	152,468		152,468
Between one and five years	82,587		234,759
Total future minimum lease payments under non-cancellable operating leases	235,055		387,227

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,747		0

12. Related party transactions

At the balance sheet date and included in creditors, the company owed the directors £63,294 (2024: Nil).

At the balance sheet date and included in other debtors, the directors owed the company £20,970 (2024: Nil).