ACCOUNTS - Final Accounts preparation

Registered number: 07259601

ELM CAPITAL USA LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


ELM CAPITAL USA LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 4


ELM CAPITAL USA LIMITED REGISTERED NUMBER:07259601

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

	2025	2024
Note	£	£


Current assets
Debtors: amounts falling due within one year	5	94,462	119,631
Cash at bank and in hand		30,842	34,253
		125,304	153,884
Current liabilities
Creditors: amounts falling due within one year	6	(20,506)	(20,376)

Net assets		104,798	133,508

Capital and reserves
Called up share capital	621	621
Capital redemption reserve	65,280	65,280
Profit and loss account	38,897	67,607
	104,798	133,508

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2026.

E Deshormes

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1


ELM CAPITAL USA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Elm Capital USA Limited is a Limited Company incorporated and domiciled in the USA, with its registered office address at 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of services provided during the year.

Revenue is recognised as per the terms defined in the service agreements.

2.3

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and bank balances.

Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest.

Cash and cash equivalents comprise cash balances and call deposits.

Page 2


ELM CAPITAL USA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional currency is USD. This differs from the presentational currency which is GBP. The reason for the difference is that the operations are based in the US while results are reported in the UK.

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.

2.5

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.

2.6

Taxation

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.

Employees

The average monthly number of employees, including directors, during the year was 5 (2024 - 5).

4.	Auditors' remuneration

The Company was audited as part of the group audit arrangements and no audit fee was charged to the Company during the year, with the cost borne by another group undertaking.

Page 3


ELM CAPITAL USA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Amounts owed by group undertakings	92,562	117,830
Other debtors	538	162
Prepayments and accrued income	1,362	1,639
	94,462	119,631

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	13,253	12,390
Accruals and deferred income	7,253	7,986
	20,506	20,376

7.	Related party transactions
	The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.

8.	Controlling party

The ultimate controlling party is the director E Deshormes by virtue of his shareholding in the parent company, Elm Capital Holding Limited.

9.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 24 July 2026 by Hazel Young FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

Page 4