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Registered number: 05131113 ELM CAPITAL ASSOCIATES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ELM CAPITAL ASSOCIATES LIMITED
COMPANY INFORMATION
Director | E Deshormes
Registered number | 05131113
Registered office | Southwest House
| 11a Regent Street
| London
| SW1Y 4LR
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
ELM CAPITAL ASSOCIATES LIMITED
CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 23
ELM CAPITAL ASSOCIATES LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Company specialises in advising private equity funds and private equity investors. Its principal activities are to assist General Partners in their fundraising activities and to provide advisory services in relation to secondary transactions involving private equity funds, companies, portfolios of funds and portfolios of companies.
Business review
In the current year, the Company reported operating profit of £199,315 (2024 – operating loss £536,586) and profit before tax of £72,067 (2024 - loss before tax of £701,387). Intermediation, advisory and placement fees of £3,293,424 (2024 - £2,793,705) have been generated in the year to 31 December 2025. The prior year was characterised by more challenging market conditions, including reduced liquidity and a slowdown in fundraising activity across the private markets environment. These conditions affected the timing and execution of transactions and contributed to a reduction in activity levels during that period. While such conditions may support increased demand for liquidity solutions, including secondary transactions, there is typically a delay before this is reflected in completed mandates. As a result, the Company experienced a period of lower revenue in 2024. During the current year, there has been an improvement in activity levels, supported by the Company’s broader advisory capabilities and a gradual stabilisation in market conditions. The results for the year and the financial position at the year-end were considered satisfactory by the directors who expect growth in the foreseeable future.
Principal risks and uncertainties
The principal risks facing the Company are market risk, operational risk and regulatory risk. Market risk remains the most significant, as adverse market conditions may impact investor appetite for new funds and related advisory activity. The directors consider that the Company has the capability to respond to changing market conditions through diversification of its activities. The principal operational risk relates to the potential incapacity of key personnel. The Company seeks to mitigate this risk through the employment of appropriately skilled professionals. Regulatory risk is managed through the engagement of external regulatory consultants who periodically review compliance and provide advice where necessary.
Financial key performance indicators
Given the nature and size of the business, the directors consider that additional key performance indicators are not necessary for an understanding of the Company’s development, performance or position. Page 1
ELM CAPITAL ASSOCIATES LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Director's statement of compliance with duty to promote the success of the Company
The director considers that he has acted, in good faith, in a manner most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) (a) to (f) of the Companies Act 2006, in the decisions taken during the financial year ended 31 December 2025. Consideration of the long-term consequences of decisions is embedded within the Company’s decision-making processes. As a privately-owned company, the director considers that the interests of the Company and its shareholder are aligned in seeking sustainable long-term value creation. This supports a focus on maintaining relationships with stakeholders, including clients and suppliers. The Company is regulated by the Financial Conduct Authority in respect of its advisory activities and is required to act with due skill, care and diligence. The Company operates in a sector where maintaining a strong reputation for high standards of business conduct is important. The Company expects its employees and counterparties to act with integrity, honesty and professionalism. The Company has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies covering areas including bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, supported by appropriate oversight processes. This report was approved by the board on 27 April 2026 and signed on its behalf.
E Deshormes Director
Page 2
ELM CAPITAL ASSOCIATES LIMITED
DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Director presents his report and the financial statements for the year ended 31 December 2025.
Director
The Director who served during the year was:
E Deshormes
Director's responsibilities statement
The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with 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 Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Director is 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 Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £74,097 (2024 - loss £713,895). Dividends of £24,000 (2024 - £Nil) were proposed during the year.
Future developments
There are no plans which will significanty change the activities and risks of the Company.
Engagement with employees
The Company has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Company's performance and of any significant organisational changes. Page 3
ELM CAPITAL ASSOCIATES LIMITED
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Engagement with suppliers, customers and others
The Company does not conform to any code or standard regarding payment practice. However, it is the Company's policy to settle the terms of payment with suppliers when business is agreed, to ensure that suppliers are made aware of them and to pay invoices in accordance with these terms.
Disclosure of information to auditors
The Director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙he 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
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Sopher + Co LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 27 April 2026 and signed on its behalf.
E Deshormes Director
Page 4
ELM CAPITAL ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELM CAPITAL ASSOCIATES LIMITED
Opinion
We have audited the financial statements of Elm Capital Associates Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 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 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 Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report. Page 5
ELM CAPITAL ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELM CAPITAL ASSOCIATES LIMITED (CONTINUED)
Other information
The Director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Director's Responsibilities Statement set out on page 3, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
ELM CAPITAL ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELM CAPITAL ASSOCIATES 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: 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 similar businesses; ∙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, taxation legislation and data protection, rules and regulations set out by the Financial Conduct Authority, anti-bribery, employment, environmental and health 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; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates 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: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and Page 7
ELM CAPITAL ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELM CAPITAL ASSOCIATES LIMITED (CONTINUED) ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 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 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.
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. Martyn Atkinson FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 27 April 2026 Page 8
ELM CAPITAL ASSOCIATES LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 3,293,424 | 2,793,705
Cost of sales |  | (159,928) | (190,862)
Gross profit |  | 3,133,496 | 2,602,843
Administrative expenses |  | (2,934,181) | (3,139,229)
Operating profit/(loss) | 5 | 199,315 | (536,386)
Interest receivable and similar income | 10 | 5 | 21
Interest payable and similar expenses | 11 | (127,253) | (165,022)
Profit/(loss) before tax |  | 72,067 | (701,387)
Tax on profit/(loss) | 12 | 2,030 | (12,508)
Profit/(loss) for the financial year |  | 74,097 | (713,895)
The notes on pages 12 to 23 form part of these financial statements.
Page 9
ELM CAPITAL ASSOCIATES LIMITED REGISTERED NUMBER:05131113
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 64,736 |  | 83,280
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 15 | 442,055 |  | 149,819 |
Debtors: amounts falling due within one year | 15 | 1,510,716 |  | 2,057,651 |
Bank and cash balances |  | 291,562 |  | 126,058 |
|  | 2,244,333 |  | 2,333,528 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 16 | (1,876,132) |  | (2,031,938) |
Net current assets |  |  | 368,201 |  | 301,590
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 |  | (5,500) |  | (7,530)
Net assets |  |  | 427,437 |  | 377,340
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 701,000 |  | 701,000
Profit and loss account | 19 |  | (273,563) |  | (323,660)
|  |  | 427,437 |  | 377,340
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 April 2026.
E Deshormes
Director
The notes on pages 12 to 23 form part of these financial statements. Page 10
ELM CAPITAL ASSOCIATES LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 701,000 | (323,660) | 377,340
Profit for the year | - | 74,097 | 74,097
Dividends: Equity capital | - | (24,000) | (24,000)
At 31 December 2025 | 701,000 | (273,563) | 427,437
STATEMENT OF CHANGES IN EQUITY AS RESTATED FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 201,000 | 390,235 | 591,235
Loss for the year | - | (713,895) | (713,895)
Shares issued during the year | 500,000 | - | 500,000
At 31 December 2024 | 701,000 | (323,660) | 377,340
| The notes on pages 12 to 23 form part of these financial statements.
Page 11
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Elm Capital Associates Limited is a Limited Company incorporated and domiciled in England and Wales, with its registered office address at 7th Floor, Southwest House 11a Regent Street, London, SW1Y 4LR. The principal activity of the Company was that of investment advisory services. 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 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Elm Capital Holding Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 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 12
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Turnover comprises revenue recognised by the Company in respect of services provided during the year, exclusive of Value Added Tax. The Company provides investment placement and advisory services, primarily assisting clients in sourcing and securing investors for primary fundraisings and secondary transactions. Revenue is recognised when performance obligations under the service agreement are substantially complete. This is generally considered to be the point at which the Company has secured a letter of intent (LOI) or formal investor commitment to invest in a fund, as the substantive work under the engagement is then complete and any remaining steps to fund close are administrative in nature. For other advisory services, revenue is recognised upon completion of the specific service provided.
| 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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 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
The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 13
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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 reporting 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 reporting 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 reporting date.
| 2.10 | 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. 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. Page 14
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, 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 the Statement of comprehensive income. Depreciation is provided on the following basis
|  |  |  | Short-term leasehold property | - | Over the term of the lease
|  |  |  | Fixtures and fittings | - | 20% - 33% straight line basis
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.
| 2.11 | Financial instruments
Basic financial instruments include trade and other debtors, trade and other creditors, cash and bank balances. Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. Cash and cash equivalents comprise cash balances and call deposits.
| 2.12 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 15
ELM CAPITAL ASSOCIATES 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
Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include: Property, plant and equipment - are depreciated over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually, taking into account factors such as economic viability and expected future financial performance of the asset. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Intermediation fees | 1,890,813 | 1,685,258
| Placement fees | 1,402,611 | 1,108,447
|  | 3,293,424 | 2,793,705
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 223,190 | 403,069
| Rest of Europe | 2,553,030 | 2,096,463
| Rest of the world | 517,204 | 294,173
|  | 3,293,424 | 2,793,705
5. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 21,703 | (53,810)
| Exchange differences | (17,660) | 11,635
| Other operating lease rentals | 406,238 | 384,121
| Defined contribution pension cost | 101,732 | 86,642
Page 16
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 13,240 | 10,100
| Fees paid to the auditor for non-audit services for the Company amount to £15,700 (2024: £6,150). Fees paid to the auditor by the Company for the audit of other entities in the group amount to £17,364 (2024: £14,400) and amounts paid for their non-audit services amount to £1,500 (2024:£1,275)
7. | Employees
| Staff costs, including Director's remuneration, were as follows:
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 1,363,234 | 1,573,388
| Social security costs | 204,252 | 217,587
| Cost of defined contribution scheme | 101,732 | 86,642
|  | 1,669,218 | 1,877,617
| The average monthly number of employees, including the Director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 11 | 13
|  | Director | 1 | 1
|  |  | 12 | 14
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 184,177 | 192,232
Page 17
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Key management compensation
Key management is made up solely of the Director and compensation paid to him during the year totalled £184,177 (2024 - £192,232).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 5 | 21
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 127,253 | 165,022
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deferred tax |  |
| Origination and reversal of timing differences | (2,030) | 12,508
Page 18
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 19% (2024 - 19%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 72,067 | (701,387)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2024 - 19%) | 13,693 | (133,264)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 5,641 | 5,135
| Capital allowances for year in excess of depreciation | 2,031 | (12,644)
| Utilisation of tax losses | (12,576) | -
| Unrelieved tax losses carried forward | - | 124,917
| Deferred tax | (2,030) | 12,508
| Group relief | (8,789) | 15,856
| Total tax charge for the year | (2,030) | 12,508
Page 19
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors that may affect future tax charges
The Company has tax losses carried forward of £901,033 (2024: £967,220). A deferred tax asset has not been recognised in these financial statements, as there is not yet certainty as to when there will be sufficient taxable profits to offset the losses. As of 1st April 2023, the main rate of corporation tax increased to 25% from the previous rate of 19% for companies with taxable profits in excess of £250,000. Until the company has taxable profits of this level, the rate of tax considered will remain at 19% or the applicable marginal rate.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Preference |  |
| Preference dividends | 24,000 | -
14. | Tangible fixed assets
|  | Short-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 170,735 | 135,651 | 306,386
| Additions | - | 3,159 | 3,159
| At 31 December 2025 | 170,735 | 138,810 | 309,545
| Depreciation |  |  |
| At 1 January 2025 | 110,331 | 112,776 | 223,107
| Charge for the year | 17,275 | 4,427 | 21,702
| At 31 December 2025 | 127,606 | 117,203 | 244,809
| Net book value |  |  |
| At 31 December 2025 | 43,129 | 21,607 | 64,736
| At 31 December 2024 | 60,404 | 22,875 | 83,279
Page 20
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Trade debtors | 43,245 | 149,819
| Prepayments and accrued income | 398,810 | -
|  | 442,055 | 149,819
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 82,548 | 1,355,847
| Amounts owed by group undertakings | 16,785 | -
| Other debtors | 287,380 | 285,618
| Prepayments and accrued income | 1,124,003 | 416,186
|  | 1,510,716 | 2,057,651
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 22,703 | 181,841
| Amounts owed to group undertakings | 1,121,337 | 1,522,288
| Other taxation and social security | 46,141 | 50,506
| Other creditors | 528,910 | 70,582
| Accruals and deferred income | 157,041 | 206,721
|  | 1,876,132 | 2,031,938
| Included within other creditors is a loan from a Director. The balance subsisting at the year end is £511,418 (2024: £60,577) and is repayable on demand. Interest of £33,123 (2024: £133,787) has been charged in the period. Interest payments to the director in the period amounted to £22,282 (2024: £190,168) which include payments for unpaid interest brought forward. Included within amounts owed to group undertakings is £24,000 (2024: £nil) of unpaid preference dividends. The balance is unsecured, non-interest bearing, and payable when distributable reserves permit. This balance is also included withn other creditors.
Page 21
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 7,530
| Charged to profit or loss | (2,030)
| At end of year | 5,500
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 5,500 | 7,530
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 200,000 (2024 - 200,000) Preference shares of £1 each | 200,000 | 200,000
|  | 501,000 (2024 - 501,000) Ordinary shares of £1 each | 501,000 | 501,000
|  |  | 701,000 | 701,000
19. | Reserves
Profit and loss account The profit and loss reserve contains the cumulative balance of retained profit and losses since the Company started trading. It is a distributable reserve.
20. | Contingent liabilities
The Company has provided a guarantee in respect of a £1,500,000 loan advanced by the director to its Parent undertaking. No provision has been recognised as the director considers that it is not probable that any payment will be required under the guarantee. Page 22
ELM CAPITAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Pension commitments
The Company contributes to a defined contributions 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 £101,732 (2024 - £86,642).
22. | 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
|  |  |  |  | £ | £
| Not later than 1 year | 284,472 | 284,472
| Later than 1 year and not later than 5 years | 412,790 | 697,262
|  | 697,262 | 981,734
23. | Controlling party
The Company's immediate parent undertaking is Elm Capital Holding Limited, incorporated in England and Wales, company number 10081148. The ultimate controlling party is the director E Deshormes, by virtue of his shareholding in the parent company, Elm Capital Holding Limited. The consolidated financial statements of Elm Capital Holding Limited are publicly available from Companies House.
24. | Related parties
The Company forms part of a wholly-owned group for which consolidated financial statements are publicly available and accordingly has taken advantage of the exemption allowed under Section 33.1A of FRS 102 not to disclose transactions with other wholly owned group entities. During the year, the company paid and expensed costs of £4,500 (2024: £5,872) on behalf of entities subject to common significant influence. No reimbursement was sought or received in respect of these amounts. There are no key management personnel other than the Director. Transactions with the director are disclosed in Note 9 and Note 15.
Page 23