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Registered number: 11283688 WHITMAN ASSET MANAGEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
WHITMAN ASSET MANAGEMENT LIMITED COMPANY INFORMATION
Directors | A Le Flufy
| J E F Northrop
| A Rosengren
| W D Searle (appointed 13 June 2025)
Company secretary | Michelmores Secretaries Limited
Registered number | 11283688
Registered office | 1 Manchester Square
| London
| W1U 3AB
Independent auditors | Adler Shine LLP
| Chartered Accountants & Statutory Auditor
| Aston House
| Cornwall Avenue
| London
| N3 1LF
WHITMAN ASSET MANAGEMENT LIMITED CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditors' report | 6 - 9
Statement of comprehensive income | 10
Balance sheet | 11
Statement of changes in equity | 12 - 13
Statement of cash flows | 14 - 15
Notes to the financial statements | 16 - 35
WHITMAN ASSET MANAGEMENT LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their strategic report on Whitman Asset Management Limited ("the Company") for the year ended 31 December 2025.
Introduction
The principal activities of the Company are the provision of investment management services to a wide range of clients through two separate divisions. The Private Client Investment Management Division offers a tailored service to individual client needs which include discretionary and execution only services. The Fund Management division manages UK equity funds. The Company is authorised and regulated by the Financial Conduct Authority ("FCA").
Business review
2025 represented another year of progress with a rise in Assets Under Management ("AUM") and revenues and a material reduction in operating losses. Global equity markets had a strong year, fuelled by increasing AI infrastructure investment, rising defence spending, a re-shoring of key industrial supply chains, and lower interest rates. Markets were volatile in H1, with the liberation day tariff announcements prompting a sharp selloff in global equity markets, before they staged a strong recovery. AUM grew by £86m which represents year-on-year organic growth of 45% to £278m as of 31 December 2025 (December 2024 AUM - £192m). Net inflows to the business over 2025 were £72m, and the balance of the AUM growth came from positive investment performance, which generated an increase in AUM of £14m. The Company generated revenues of £1,896,238 (2024 - £1,745,579) which was an increase of 9% on 2024. The Company made an operating loss of £431,163 (2024 - £533,390). Including non-operating expenses and income, the Company made a loss before tax of £385,617 (2024 - £568,675). The reduction in losses largely reflect a very high drop through rate on incremental revenue. AUM is expected to continue to grow over the course of 2026 as our Investment Managers in the Private Client Investment Management division continue to win new business and the Fund Management division continues to drive distribution across its UK smaller companies' equity strategy. Pleasingly relative performance remains strong which is helping drive investor interest. It is expected that the business will see a further material reduction in losses for the full year of 2026. Page 1
WHITMAN ASSET MANAGEMENT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The Company's activities expose it to several risks associated with financial markets. These risks include exposure to the movement in the underlying asset classes, particularly equities, and changes in interest rates as well as the potential impact of changes in general investor sentiment. Financial risk management The board has completed a risk register and assessed the principal risks within the following categories: • Risks to clients • Risks to market • Risks to firm • Risks to liquidity Where necessary, provisions have been made against each identified risk. Risk to clients • Investment performance • Cyber security risk and data loss risk • GDPR risk • Model B provider performs poorly Risk to Market This represents risks that the business could have on the marketplace. Given that Whitman is a small investment management company and doesn't trade on behalf of its own Balance Sheet, it is considered that the risks to the marketplace are minimal. Risk to Firm • Investment performance • Cyber security risk and data loss risk • Failure to maintain regulatory capital risk • Model B provider performs poorly • Key person risk Risk to Liquidity This is not in itself a capital resource risk but reflects the key risk that is posed by running out of capital and breaching tier one capital adequacy. This is effectively a scenario that could trigger the wind down of the firm as not enough revenue or cash on the balance sheet would be available to fund the ongoing expenses. As such the cost of an orderly wind down reflects the minimum liquidity above the basic requirement and this should be used as a starting point for the wind down. Page 2
WHITMAN ASSET MANAGEMENT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The financial KPIs include assets under management and the performance of the underlying portfolios which will ultimately drive growth in future revenues.
Other key performance indicators
The key non-financial performance indicators are client and staff retention rates and satisfaction.
Directors' statement of compliance with duty to promote the success of the Company
This section serves as our section 172 statement and should be read in conjunction with the Strategic Report. Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making. The directors continue to have regard to the interests of the Company's employees and other stakeholders, including the impact of its activities on the community, suppliers, customers, the environment and the Company's reputation, when making decisions. Acting in good faith and fairly between members, the directors consider what is most likely to promote the success of the Company for its members in the long term, including: • As a relatively new business the Company is currently focussed on growth through increasing AUM and extending our market reach. When making decisions, the impact of them in the long term is considered by the directors as well as the short and medium term. • The directors consider the interests of employees and deems employees a primary factor in the success of the Company. We aim to be a responsible employer and that includes temporary employees and consultants. Matters including pay and health & safety are primary considerations when making decisions. • As a Company regulated by the FCA, investor interests and the interests of others, such as suppliers, are also important to the success of the Company. • When making decisions on the Company's strategy and operations, the directors also consider the impact of those decisions on the local community and environment. • As the Company grows, the directors are aware of the importance of our reputation and ensure that management operates the Company in a responsible manner with integrity. The directors seek to ensure that this culture is understood and shared across the entire Company. • As the Company grows and continues to allocate shareholder capital, the directors’ intention is to maintain a tight control on expenditure and costs to ensure scrutiny of capital allocation. • The directors' intention is to behave responsibly and with regards of all shareholders, treating them fairly and equally so that they may all benefit from the growth of the Company. This report was approved by the board and signed on its behalf.
A Le Flufy Director
Date: 23 April 2026
Page 3
WHITMAN ASSET MANAGEMENT LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £361,788 (2024 - loss £568,675). No dividends have been paid or proposed in the year (2024: £Nil).
Directors
The directors who served during the year were:
A Le Flufy
J E F Northrop
A Rosengren
W D Searle (appointed 13 June 2025)
Future developments
The Company will look to continue to grow its assets under management through scaling the existing strategies while also looking to expand its product offering. In addition, the Company will also aim to grow by adding new strategies and additional portfolio managers. Page 4
WHITMAN ASSET MANAGEMENT LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Matters covered in the Strategic Report
Where necessary, disclosures relating to principal risks & uncertainties and results & dividends have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
Since the year end, the Company has carried out a fundraise from existing shareholders and employees in order to fund the acquisition of Activus Wealth Limited.
Auditors
The auditors, Adler Shine LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
A Le Flufy Director
Date: 23 April 2026
Page 5
WHITMAN ASSET MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITMAN ASSET MANAGEMENT LIMITED
Opinion
We have audited the financial statements of Whitman Asset Management Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 6
WHITMAN ASSET MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITMAN ASSET MANAGEMENT LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
WHITMAN ASSET MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITMAN ASSET MANAGEMENT LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have: • considered the nature of the industry and sectors, control environment and business performance; • made enquires of management about their own identification and assessment of the risk of irregularities; • performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; • reviewed minutes of meetings; • undertaken appropriate sample based testing of bank transactions; • identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance. The key laws and regulations we considered in this context included UK Companies Act, data protection, anti-bribery, employment law, health and safety, Money Laundering Act and FCA regulations; • discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 8
WHITMAN ASSET MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITMAN ASSET MANAGEMENT LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Christopher Taylor FCA (Senior Statutory Auditor) for and on behalf of Adler Shine LLP Chartered Accountants Statutory Auditor Aston House Cornwall Avenue London N3 1LF 23 April 2026 Page 9
WHITMAN ASSET MANAGEMENT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 1,896,238 | 1,745,579
Cost of sales |  | (275,156) | (239,815)
Gross profit |  | 1,621,082 | 1,505,764
Administrative expenses |  | (2,052,245) | (2,039,154)
Operating loss | 5 | (431,163) | (533,390)
Loss on disposal of investments |  | (106) | -
Interest receivable and similar income | 9 | 16,078 | 22,747
Other non-operating expense | 10 | (14,830) | (100,382)
Other non-operating income |  | 44,404 | 42,350
Loss before tax |  | (385,617) | (568,675)
Deferred tax | 11 | 23,829 | -
Loss for the financial year |  | (361,788) | (568,675)
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | (361,788) | (568,675)
The notes on pages 16 to 35 form part of these financial statements.
Page 10
WHITMAN ASSET MANAGEMENT LIMITED REGISTERED NUMBER: 11283688 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 245,235 |  | 559,375
Tangible assets | 13 |  | 25,625 |  | 38,338
|  |  | 270,860 |  | 597,713
Current assets |  |  |  |  |
Debtors | 14 | 407,328 |  | 323,408 |
Current asset investments | 15 | 379,694 |  | 367,320 |
Cash at bank and in hand | 16 | 165,844 |  | 435,053 |
|  | 952,866 |  | 1,125,781 |
Creditors: amounts falling due within one year | 17 | (305,576) |  | (538,872) |
Net current assets |  |  | 647,290 |  | 586,909
Total assets less current liabilities |  |  | 918,150 |  | 1,184,622
Net assets |  |  | 918,150 |  | 1,184,622
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 201,844 |  | 201,844
Share premium account | 21 |  | 5,103,371 |  | 5,103,371
Other reserves | 21 |  | 129,352 |  | 34,036
Profit and loss account | 21 |  | (4,516,417) |  | (4,154,629)
|  |  | 918,150 |  | 1,184,622
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2026.
A Le Flufy
Director
The notes on pages 16 to 35 form part of these financial statements. Page 11
WHITMAN ASSET MANAGEMENT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Share option reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2025 | 201,844 | 5,103,371 | 34,036 | (4,154,629) | 1,184,622
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (361,788) | (361,788)
Share option reserve movement | - | - | 95,316 | - | 95,316
Total comprehensive income for the year | - | - | 95,316 | (361,788) | (266,472)
Total transactions with owners | - | - | - | - | -
At 31 December 2025 | 201,844 | 5,103,371 | 129,352 | (4,516,417) | 918,150
| The notes on pages 16 to 35 form part of these financial statements.
Page 12
WHITMAN ASSET MANAGEMENT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Share options reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 188,719 | 4,696,496 | 23,884 | (3,585,954) | 1,323,145
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (568,675) | (568,675)
Share option reserve movement | - | - | 10,152 | - | 10,152
Total comprehensive income for the year | - | - | 10,152 | (568,675) | (558,523)
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 13,125 | 406,875 | - | - | 420,000
Total transactions with owners | 13,125 | 406,875 | - | - | 420,000
At 31 December 2024 | 201,844 | 5,103,371 | 34,036 | (4,154,629) | 1,184,622
| The notes on pages 16 to 35 form part of these financial statements.
Page 13
WHITMAN ASSET MANAGEMENT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (361,788) | (568,675)
Adjustments for: |  |
Amortisation of intangible assets | 110,041 | 172,145
Depreciation of tangible assets | 24,557 | 32,619
Impairments of intangible assets | 204,099 | -
Loss on disposal of investments | 106 | 162
Other non-operating expenses | 14,830 | 100,338
Interest received | (16,078) | (22,747)
Deferred tax credit | (23,829) | -
(Increase) in debtors | (65,093) | (7,024)
Increase/(decrease) in creditors | 30,422 | (34,180)
Share based payments | 95,316 | 10,152
Net cash generated from operating activities | 12,583 | (317,210)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (278,548) | -
Purchase of tangible fixed assets | (11,842) | (7,182)
Sale of tangible fixed assets | - | 101
Interest received | 16,078 | 22,747
Sale of listed investments | 4,894 | -
Net cash from investing activities | (269,418) | 15,666
Page 14
WHITMAN ASSET MANAGEMENT LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Issue of ordinary shares | - | 420,000
Net cash used in financing activities | - | 420,000
Net (decrease)/increase in cash and cash equivalents | (256,835) | 118,456
Cash and cash equivalents at beginning of year | 435,053 | 683,917
Cash held in deposits | (12,374) | (367,320)
Cash and cash equivalents at the end of year | 165,844 | 435,053
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 165,844 | 435,053
| 165,844 | 435,053
Page 15
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Whitman Asset Management Limited is a private company, limited by shares, incorporated in England and Wales, with registration number 11283688. The company's registered address is 1 Manchester Square, London, W1U 3AB. The financial statements are presented in Sterling (£) and rounded to the nearest £1. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 16
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 17
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 18
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 5 years
|  |  |  | Fixtures and fittings | - | 3 years
|  |  |  | Office equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. Page 19
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are Page 20
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary Page 21
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 22
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and asociated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The judgements, estimates and assumptions are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Management makes estimates and assumptions concerning the future in preparing the financial statements and the actual results will not always reflect the accounting estimates made. Expectation of deferred consideration relating to client book: In considering the deferred consideration to be recognised in respect of the client book assets, the directors assess the contractual and performance obligations extant. In doing so they consider whether there are any impediments to, and the liklihood of, the obligations being met and how that affects the amount of recognised deferred consideration. Deferred consideration of £NIL (2024: £272,075) was recognised in the financial statements and any payments made for this recognised deferred consideration were met as in previous years out of the ongoing fee revenue generated by the client assets now under management by the Company. Impairment assessment for intangible assets: FRS102 requires the Directors to undertake an annual test for impairment of intangible assets, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment testing is an area involving judgement in determining estimates, requiring assessment as to whether the carrying value of assets can be supported by the net present value of future cash flows derived from such assets using cash flow projections which have been discounted at an appropriate rate. In calculating the net present value of the future cash flows, certain assumptions are required to be made in respect of highly uncertain matters including management’s expectations of Assets Under Management and the selection of discount rates to reflect the risks involved. At the year end, the Directors assess that the “client books” intangible asset had been impaired by £204,099 (2024: £nil). Share-based payments: The estimates of share-based payments costs require that management selects an appropriate valuation model and make decisions on various inputs into the model, including the volatility of its own share price, the probable life of the options before exercise, and behavioural consideration of employees. A significant element of judgement is therefore involved in the calculation of the charge. The share based payment charge for the year was calculated as £95,316 (2024: £10,152). Page 23
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Asset management charges, dealing commission and interest income | 1,896,238 | 1,745,579
|  | 1,896,238 | 1,745,579
| All turnover arose within the United Kingdom.
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 24,557 | 32,619
| Exchange differences | 1,076 | 947
| Other operating lease rentals | 106,088 | 106,088
| Amortisation of intangible fixed assets | 110,041 | 172,145
| Impairment of intangible fixed assets | 204,099 | -
| Share based payments | 95,316 | 10,152
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 18,350 | 17,500
| Fees payable to the Company's auditors in respect of: |  |
| Taxation compliance services | 1,000 | 1,000
| All other assurance services | 1,650 | 1,550
| All other services | 2,000 | 1,950
Page 24
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 753,708 | 758,313
| Social security costs | 106,535 | 103,015
| Cost of defined contribution scheme | 9,246 | 9,686
|  | 869,489 | 871,014
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Front office and operations | 7 | 8
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors salaries | 303,756 | 219,647
| Directors fees | 20,000 | 20,000
| Company contributions to defined contribution pension schemes | 3,364 | 2,646
|  | 327,120 | 242,293
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £139,485 (2024 - £119,647).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).
Page 25
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 16,078 | 22,747
|  | 16,078 | 22,747
10. | Other non-operating expense
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unwinding of discount on deferred consideration | 14,830 | 100,344
| Other interest payable | - | 38
|  | 14,830 | 100,382
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Charge for the year | (23,829) | -
| Total deferred tax | (23,829) | -
| Deferred tax | (23,829) | -
Page 26
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (385,617) | (568,675)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (96,404) | (144,030)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 87,708 | 15,080
| Depreciation | 6,139 | 8,155
| Utilisation of tax losses | (21,992) | -
| Pensions | - | 26,662
| Charitable donations | - | 203
| Trade intangible fixed asset adjustment | 27,510 | 43,036
| Capital allowances | (2,961) | (1,771)
| Short-term timing difference leading to an increase (decrease) in taxation | (23,829) | -
| Non-trade loan relationships | - | (5,666)
| Unrelieved tax losses carried forward | - | 58,331
| Total tax charge for the year | (23,829) | -
| Factors that may affect future tax charges
The company has tax losses of £2,854,517 (2024: £2,942,485) available to offset against taxable profits in the future. A deferred tax asset has not been recognised due to uncertainty over the ability to utilise the losses. Page 27
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Intangible assets
|  | Client books
|  | £
| Cost |
| At 1 January 2025 | 840,307
| At 31 December 2025 | 840,307
| Amortisation |
| At 1 January 2025 | 280,932
| Charge for the year on owned assets | 110,041
| Impairment charge | 204,099
| At 31 December 2025 | 595,072
| Net book value |
| At 31 December 2025 | 245,235
| At 31 December 2024 | 559,375
Page 28
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Short-term leasehold improvements | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 91,438 | 24,366 | 50,435 | 166,239
| Additions | - | - | 11,842 | 11,842
| At 31 December 2025 | 91,438 | 24,366 | 62,277 | 178,081
| Depreciation |  |  |  |
| At 1 January 2025 | 62,902 | 22,544 | 42,455 | 127,901
| Charge for the year on owned assets | 18,287 | 801 | 5,467 | 24,555
| At 31 December 2025 | 81,189 | 23,345 | 47,922 | 152,456
| Net book value |  |  |  |
| At 31 December 2025 | 10,249 | 1,021 | 14,355 | 25,625
| At 31 December 2024 | 28,536 | 1,822 | 7,980 | 38,338
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short leasehold | 10,249 | 28,536
|  | 10,249 | 28,536
Page 29
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 71,400 | 71,400
|  | 71,400 | 71,400
| Due within one year |  |
| Trade debtors | 186,516 | 177,510
| Other debtors | - | 5,000
| Prepayments and accrued income | 85,291 | 69,498
| Tax recoverable | 40,292 | -
| Deferred taxation | 23,829 | -
|  | 407,328 | 323,408
15. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short term investments | 379,694 | 367,320
|  | 379,694 | 367,320
| Short term investments include cash held on deposit which are repayable with a notice period of more than three months. The comparatives have been restated to reclassify £367,320 from cash at bank and in hand to short term investments.
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 165,844 | 435,053
|  | 165,844 | 435,053
Page 30
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 102,517 | 42,372
| Other taxation and social security | 92,189 | 121,961
| Accruals and deferred income | 110,870 | 110,820
| Deferred consideration | - | 263,719
|  | 305,576 | 538,872
18. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 165,844 | 802,373
| Financial assets measured at fair value through profit or loss comprise of cash in bank and at hand. The Company's operations expose it to a variety of financial risks. Market and concentration risk A significant proportion of the Company's revenue is linked to the value of the AUM in the investment portfolios which it manages. The Company seeks to manage the risk on behalf of its clients and, inherently, its own business by diversifying risks across a range of long-term investments in different portfolios and as such will have no significant risk to any one portfolio. Liquidity risk and capital risk management The Company seeks to manage liquidity risk to ensure that sufficient liquidity is available to meet foreseeable needs. The Company monitors its levels of working capital to ensure that it can meet its liabilities as they fall due. As a MiFID investment firm, the firm is subject to regulatory capital requirements imposed by the Financial Conduct Authority. The Company deems there is sufficient capital and liquidity for the foreseeable future.
Page 31
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | 23,829
| At end of year | 23,829
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Share based payment expense | 23,829
|  | 23,829
Page 32
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 403,688 (2024 - 403,688) Ordinary shares of £0.50 each | 201,844 | 201,844
21. | Reserves
Share premium account The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value. Share options reserve This reserve relates to the fair value of options granted which has been charged to profit or loss over the vesting period of the options. Profit and loss account This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.
| 22. | Analysis of net debt
|  |  | At 1 January 2025 | Cash flows | At 31 December 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 435,053 | (256,835) | 178,218
| Liquid investments | - | (12,374) | (12,374)
|  | 435,053 | (269,209) | 165,844
Page 33
WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Share-based payments
| The Company has a share option scheme in place for employees of the Company. The scheme was adopted by resolution of the board of directors and granted on 15 February 2021. The scheme qualifies as an equity-settled share-based payment scheme and is measured at fair value at the date of grant. This fair value is then recognised in the statement of comprehensive income over the period the options vest. The vesting period of the share options granted in 2021, 2023 and 2025 are formalised at 33.3% at the end of the first vesting commencement date and 33.3% every additional 12 months until reaching the threshold of 100%. "Performance indicators" are 'non-market performance conditions' which meet specified performance targets. Non-market performance conditions are conditions under which vesting, or excercisability of an equity instrument is related to specific performance targets associated with an entity's own operations or activities, or the operations or activities of another entity in the same group - e.g. a specified increase in EBITDA. Details of the share-based payments are as follows:
|  | Weighted average exercise price (pence) 2025 | Number 2025 | Weighted average exercise price (pence) 2024 | Number 2024
| Outstanding at the beginning of the year | 420 | 54,076 | 467 | 60,076
| Granted during the year | 1300 | 8,500 | 0 | -
| Forfeited during the year | 0 | - | 910 | (6,000)
| Exercised during the year | 0 | - | 0 | -
| Amendment to number of options | 0 | - | 0 | -
| Outstanding at the end of the year | 375 | 62,576 | 420 | 54,076
| The fair value of options were calculated at the grant dates using the Black Scholes models with inputs ranging between the following:
|  |  |  |  | 2025 | 2024
| Share price at grant date | 14.50 - 16.00 | 14.50
| Exercise price | 5.20 | 5.20 - 13.00
| Volatility | 20% | 20%
| Expected life | 3 - 5 years | 3 - 5 years
| Risk free rate | 5% | 5%
| Expected dividend yield | 0% | 0%
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WHITMAN ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 23.Share-based payments (continued)
| Expected volatility was determined by calculating the standard deviation for UK equity indices over the previous five years and has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. The Company recognised an expense of £95,316 (2024: £10,152) in relation to the 2023 & 2025 options.
24. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,246 (2024: £9,686). Contributions totalling £NIL (2024: £1,614) were payable to the fund at the reporting date.
25. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024 as restated
|  |  |  |  | £ | £
| Not later than 1 year | 120,938 | 112,500
| Later than 1 year and not later than 5 years | 582,188 | 56,250
|  | 703,126 | 168,750
26. | Related party transactions
| Key management personnel are those persons having authority and responsibility for planning, controlling and directing the activities of the Company. In the opinion of the board, the Company's key management personnel are the directors of Whitman Asset Management Limited. During the year, the costs of short-term employee benefits paid to key management personnel totalled £307,120 (2024: £222,292) and directors' fees were £20,000 (2024: £20,000).
27. | Post balance sheet events
Since the year end, the Company has carried out a fundraise from existing shareholders and employees in order to fund the acquisition of Activus Wealth Limited.
28. | Controlling party
The directors do not consider there to be an ultimate controlling party.
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