The directors present the strategic report for the year ended 31 December 2025.

The principal activities of the company continued to be that of the provision of discretionary investment management services in the wealth management sector.

The company is classified as a large company due to its status as a MiFID investment firm authorised and regulated by the Financial Conduct Authority (FCA).

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect growth to continue in the foreseeable future.

The directors are satisfied with the results for the year ended 31 December 2025, which shows turnover of £5,581,354, a 2.36% decrease in turnover compared to the prior year. The company has made a profit of £433,988 after taxation. Key performance indicators are set out below on page 3.

There are various committees across the business that form informal advisory bodies. These informal bodies have advisory capabilities and act as an ideas tank that provides support and input to all the boards globally (group and distribution), including for this company.

The boards are responsible and accountable for ratifying budgets and delegate a certain amount of authority to executives to make financial decisions.

The board made a decision to continue to invest ethically which is detailed further under 'Community and Environment'.

A Delegation of Authority has been drawn up to delegate clear authority in decision making across our global federation. This document assigns the relevant authority to the Managing Director of this company, with the Managing Director of PortfolioMetrix UK Ltd designated as the alternate.

The asset management teams are required to select and invest in funds and instruments as part of the company. The Managing Directors of the asset management companies have the authority to delegate investment, trading and rebalancing authority to PortfolioMetrix group staff and companies in accordance with a robust internal control environment.

Research and development

In 2025, research and development activity focused on the launch of the Explore module within the PMX Edge platform. The objective is to enhance the way advisers and their clients understand and engage with multi-asset investment solutions.

The year’s work centred on developing an advanced portfolio visualisation capability designed to provide clear insight into asset allocation, diversification and historical portfolio behaviour across different market conditions. This supports improving transparency, more consistent client reporting and stronger governance around investment propositions.

The platform incorporates external market data to ensure analytics are current and robust. The outcome is a scalable digital capability that complements the group’s investment expertise and strengthens its value proposition to adviser partners.

The group remains committed to ongoing research and development to ensure its investment solutions and supporting technology remain aligned with evolving regulatory standards and adviser requirements. While elements of development are outsourced, the intellectual property and worldwide rights, excluding Southern Africa, are owned by the parent company.

Future developments

In the next reporting period, development efforts will focus on expanding the PMX Edge platform, including the planned introduction of the Compare module. This module is intended to enhance advisers’ ability to assess and document portfolio alternatives within a structured framework.

The group will also continue to invest in its broader technology environment to ensure that systems remain secure, scalable and aligned with evolving industry standards. Ongoing upgrades will support operational resilience and the continued enhancement of adviser-facing digital capabilities.

These initiatives are aimed at strengthening the group’s overall value proposition while maintaining high standards of governance and efficiency.

The company is exposed to various risks in relation to financial instruments. The principal risks and uncertainties facing PortfolioMetrix Asset Management Ltd are liquidity risk and foreign currency exposure.

Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. Company management regularly monitors company liquidity to ensure, as far as possible, that there will always be sufficient liquidity to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation.

Foreign currency exposure

The company is subject to foreign exchange risks as it purchases from overseas companies. Company management regularly monitors its foreign exchange risk and attempts to limit such risks by managing its cash and credit positions.

Other risks and uncertainties include the following:

Partner risk

Partner IFA firms potentially deciding to no longer work with the company remains the biggest risk to the business and has negatively affected the business in the past. The boards and executives remain well attuned to this particular risk.

Investment market risk

Investment market risk is the potential for losses due to fluctuations in market prices. This can affect the performance of our portfolios, the assets under management (AUM), and ultimately the outcomes for our investors. Such risks are inherent in any investment management business and are influenced by a myriad of factors including economic indicators, political events, and changes in interest rates. It is paramount for an investment management firm to have robust processes in place to navigate these uncertainties. Since 2010, our tried and tested procedures have aimed to mitigate the relative volatility risks, ensuring that while market fluctuations are inevitable, their impact on our portfolios and investor outcomes is minimised.

The company is in a strong financial position at the balance sheet date. Both cash and the net asset position are positive. The directors look to further improve on the financial position of the company, in order to increase growth and enhance reported results in future years.

The Key Performance Indicators of PortfolioMetrix Asset Management Ltd over the last two years are detailed below:

                     2025     2024

Turnover (GBP £'000)                 5,581            5,716

Gross profit %                     41.88            35.88

Net profit after tax %                   7.78             4.96

Assets Under Management (£’bn)             2.06             1.78

Turnover has decreased by 2.36% primarily as a result of there being no assets held under management from the Prescient product. The current financial year saw a significant uptick in assets managed under the Insourcing product which although carries a lower fee margin, has higher volumes of inflows than the customised product.

Despite lower turnover, the gross profit margin has increased from 35.88% to 41.88%, driven by a change in the mix of fee income, with a higher proportion of assets attracting lower distribution fees. This improved overall margins despite the decline in turnover, which was a result of the transfer of the UCITs assets to the South African asset management company.

The net profit after tax margin increased from 5.92% to 7.77%, primarily due to lower distribution fee margins as well as the introduction of the executive office recharge.

In the opinion of the directors there are no non-financial key performance indicators which require specific disclosure.

Board decisions during the year

Dividends of £180,000 were declared during the year.

During the year, the directors have continued to maintain the company's position in the market and despite increased volatility in the global markets, the company remains profitable. It is expected that the company will continue to be profitable for the foreseeable future as a result of strong net inflows during 2025 with an increasing new business pipeline as we enter 2026.

No other major board decisions were made during the year.

The board has put in place a structured governance model, with scheduled board meetings and clear documentation and authority levels to control its decision-making process. The company's governance model supports the company in ensuring that decisions are considered, documented and reported upon, and in alignment with our strategic plans. Detailed budgets and forecasts are prepared to enable the board to track performance and ensure that it is as expected, or that mitigation steps are taken to deliver performance in line with, or close to, expectations. The board and individual directors operate within this structure, with the aim of promoting the success of the company and delivering long-term shareholder value whilst also taking into account our commitments to ethical, environmental, and social responsibility and the impact on all stakeholders. Business proposals are documented in line with, and performance tracked against, levels of authority.

Interests of members of the company

The company is a private company and a wholly owned subsidiary of PortfolioMetrix Holdings Ltd. The company has five directors, including four executive directors, who each have representation on the Board. The day-to-day operations of the company are managed by the executive directors who are closely involved in the activities of the company with day-to-day support being provided as and when required.

In common with many private companies the interests of the Board and the ultimate shareholders are broadly aligned in that the company should create value by generating strong and sustainable results.

Our people are key to our business, and an important part of our strategy is to retain our talented employees. Generally, asset management is a scarce and skilled resource.

We ensure that our staff remain invested in the business by listening to them and including their ideas in our decision-making process. We also continue to invest in the development of staff, both internally and through funding external qualifications such as the Chartered Financial Analyst (CFA) exams.

Employee engagement

Our staff are key assets, and the board invests in the staff by encouraging continued development via both formal and informal training, coaching and improving of all relevant skills. People are a key part of our passion and the key role players in the long-term success of the company. Our people strategy focuses on driving learning, growth, accountability and integrity for each person at the company placing them at the centre of everything we do.

In order to give back to society, staff are encouraged to engage in charitable initiatives. The Corporate Social Responsibility Working Group (part of the Global Best Practice Committee) assists management in harnessing the enthusiasm of staff, as well as financial resources of the business, in the furtherance of good causes (focused currently on education). As part of these initiatives, the company has also agreed to allow one day of volunteer leave for each staff member to pursue their own charitable endeavours.

Policies

The company wide Best Practices Committee will recommend policies. Policies recommended by the Best Practice Committee are deemed to be approved by the Boards of Directors, unless the Board of Directors specifically minutes an exception to the recommended policies.

Specifically, the company employees are authorised to spend on travel, accommodation, meals and client entertainment in accordance with the relevant policy.

Business relationships

It is important that the company builds, develops and maintains robust relationships with our financial advisers, being our key customers, as well as our suppliers, which include external as well as internal relationships. By fostering these connections, we not only ensure the smooth operation of our business but also endorse our commitment to ethical and sustainable practices. Through transparent communication, fair dealings and mutual respect, we aim to build enduring partnerships that contribute to the growth and prosperity of all involved. Emphasising the importance of these relationships underscores our dedication to long-term success and responsible corporate citizenship. In addition, we have an intricate relationship with the Financial Conduct Authority (FCA), our regulator. Upholding these connections is integral to our commitment to regulatory compliance, integrity, and transparency in all aspects of our operations. Through open dialogue, timely reporting, and adherence to regulatory requirements, we strive to engender trust and confidence with the FCA, thereby safeguarding the interests of our stakeholders and ensuring the long-term sustainability of our business.

These relationships are key to ensure that all decisions are balanced and are based on being fully informed and incorporating all viewpoints, and so the Board oversees that they are properly maintained. In all cases, the board strategy is kept in mind.

The company recognises the importance of climate change to society and has considered how to preserve the planet by aiming to minimise our carbon footprint. Part of this strategy is to work toward a paperless office, by reducing all printing internally as well as requesting that any documentation from outside the organisation be electronic only.

As part of its commitment to responsible investment, during 2020 PortfolioMetrix investigated signing up to the UN supported PRI (Principles for Responsible Investment). PortfolioMetrix has become a signatory of the PRI.

Cultures and values

Our values are Excellence, Integrity, Precision, Innovation and Partnerships.

These values are the drivers that enable the success of the company. With people at the centre of our culture, a significant focus is placed on the well-being of our people and maintaining the unique culture of the company; by nurturing this unique and enabling culture, and fostering a sense of purpose as well as giving our employees the opportunity to grow, develop and maintain a healthy life-balance.

On behalf of the board

The directors present their annual report and audited financial statements for the year ended 31 December 2025.

The results for the year are set out on page 11.

Ordinary dividends were declared during the year amounting to £180,000. The directors do not recommend payment of a final dividend.

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

The financial risk management objectives and policies of the company, including liquidity risk and foreign currency exposure are provided in the strategic report on page 2.

Details of research and development are provided in the strategic report on page 1.

Details of future developments are provided in the strategic report on page 2.

The auditor, RDP Newmans LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

We have audited the financial statements of PortfolioMetrix Asset Management Ltd (the 'company') for the year ended 31 December 2025 which comprise 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 December 2025 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' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, 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.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, FCA regulation, taxation legislation and data protection, anti-bribery, and employment, environmental and healthy and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• reviewed and tested journal entries to identify unusual transactions and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• reviewing and agreeing financial statement disclosures and testing to underlying supporting documentation;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence with HMRC and bankers.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 member 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 the member 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, for our audit work, for this report, or for the opinions we have formed.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

PortfolioMetrix Asset Management Ltd is a private company limited by shares incorporated in England and Wales (company registration number 07434014). The registered office is 25 Eccleston Place, London, SW1W 9NF.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Fee income from discretionary investment management services is recognised at the fair value of the consideration received or receivable from the management of portfolios on behalf of investors during the normal course of business, and is shown net of VAT. The fair value of consideration takes into account rebates.

Other operating income

Management fees and recharge of wages receivable are recognised in the period to which they relate and are based on the recovery of certain expenses and wages incurred. Management fees are shown net of VAT.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount

of the leased asset and recognised on a straight line basis over the lease term.

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

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

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.

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.

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, 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, including current asset investments and 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.

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.

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.

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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

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 through 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.

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

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.

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

The costs of short-term employee benefits are recognised as a liability and an expense.

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

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

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.

In the opinion of the directors, there are no other significant judgements or estimates which require specific disclosure.

An analysis of the company's turnover is as follows:

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 3). The key management are the directors on the payroll and their costs are included within directors remuneration.

.

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:

Other investments consists amounts invested in Collective Investment Schemes.

In addition to amounts due to the parent company included above in amounts owed to group undertakings are additional amounts included in trade creditors of £nil (2024: £33,573) owed to the parent company.

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. The outstanding contributions at the reporting date are £4,621 (2024: £3,243).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The remuneration of key management personnel are detailed in note 7.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

Other related parties is made up of companies in which there are common directors and/or shareholders with significant influence over the entities.

The company has taken advantage of the exemption available in FRS 102 Section 33 whereby it has not disclosed transactions entered into between members of the group, as the company is a wholly owned subsidiary undertaking of the group.

All balances due to and from related parties are non-interest bearing, unsecured and repayable on demand.

No guarantees have been given or received.

The company is a 100% subsidiary of PortfolioMetrix Holdings Ltd, a company incorporated in England and Wales and whose registered office is 25 Eccleston Place, London, SW1W 9NF.

The smallest and largest group in which this company is consolidated is PortfolioMetrix Holdings Ltd. The consolidated financial statements of PortfolioMetrix Holdings Ltd are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

There is no ultimate controlling party in PortfolioMetrix Holdings Ltd.