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Registration number: 13211116

Nekton Capital Limited
Annual Report and Financial Statements
for the Year Ended 31 March 2026

Nekton Capital Limited

Company Information

Directors | D P Wiener C Aurand

Registered office | 2 Portman Street London W1H 6DU

Auditors | EVMS Partners LLP Chartered Accountants45 Ludgate Hill London EC4M 7JU

Nekton Capital Limited

Strategic Report for the Year Ended 31 March 2026

The directors present their strategic report for the year ended 31 March 2026.

Review of the business and future developments

The directors are satisfied with the results and financial position for the period and do not anticipate any changes in the nature of the business going forward.

Principal risks and uncertainties

The Funds managed by the Company in 2026 are subject to various market, competition, counterparty, operational and regulatory risks that can ultimately have an impact on the Company's business. The Company derives its income from management fees and performance fees, hence poor investment performance that would lead to reduced assets under management represent the main financial risk of the business. The Company is not exposed to any significant credit risk.

Financial key performance indicators

The financial performance of the business is largely driven by total assets under management and investment performance (driving turnover) and the Company's cost base.

Going concern

The Company's business activities, together with the factors likely to affect its future development and position, are set out in the ‘Review of business and future developments’ and ‘Principal risks and uncertainties' sections of this Strategic Report. The directors expect, based on forecasts and the ongoing assets in the funds managed by the company, that going forward, expenses will be covered by fees and expenses recharged to the funds. As such the directors are confident that the Company has sufficient resources to settle its liabilities in the ordinary course of business and have no reason to believe that a material uncertainty exists, that may cast significant doubt about the ability of the Company to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

Nekton Capital Limited

Strategic Report for the Year Ended 31 March 2026

Other matters

The directors have had regard to the matters set out in section 172 (1) (a) to (f) when performing their duty under section 172 in the following ways:
• The likely consequences of any decision in the long term;
• The interest of the Company's employees;
• The need to foster the Company's business relationships with suppliers, customers and others;
• The impact of the Company's operations on the community and the environment;
• The desirability of the Company maintaining a reputation for high standards of business conduct; and
• The need to act fairly as between members of the Company.

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:

......................................... D P Wiener Director

Nekton Capital Limited

Directors' Report for the Year Ended 31 March 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Principal activity

The principal activity of the company is the provision of investment management services. The company is authorised and regulated by the Financial Conduct Authority ("the FCA") under firm reference number 949119.

Results and dividends

The loss for the year ended 31 March 2026, after taxation amounted to £608,558 (2025: loss of £710,984). No dividend was declared or made during either the current or prior year.

Directors of the company

The directors who held office during the year were as follows:

D P Wiener

C Aurand

Stewardship code disclosures

The UK stewardship code disclosures of the Company as required by the FCA Conduct of Business Sourcebook for BIPRU, under 2.2.3R - Disclosure of commitments to the Financial Reporting Council's Stewardship Code are included on the Company's website https://www.nektoncapital.com/stewardship

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Blick Rothenberg Audit LLP resigned as the company's auditors and EVMS Partners LLP were appointed to fill the casual vacancy arising. EVMS Partners LLP has indicated its willingness to continue in office and the directors will propose a motion re-appointing them in accordance with section 485 of the Companies Act 2006.

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:

......................................... D P Wiener Director

Nekton Capital Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

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

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Nekton Capital Limited

Independent Auditor's Report to the Members of Nekton Capital Limited

Opinion

We have audited the financial statements of Nekton Capital Limited (the 'company') for the year ended 31 March 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 March 2026 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 original financial statements were 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.

Nekton Capital Limited

Independent Auditor's Report to the Members of Nekton Capital Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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.

Nekton Capital Limited

Independent Auditor's Report to the Members of Nekton Capital Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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.

Auditor 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Nekton Capital Limited

Independent Auditor's Report to the Members of Nekton Capital Limited

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, our procedures included the following: enquiring of management concerning the company's policies with regard to identifying, evaluating and complying with laws and regulations and whether management are aware of any instances of non-compliance; enquiring of management concerning the company's policies for detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the company's policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the company operate in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company.
The key laws and regulations we considered in this context included the Companies Act 2006 as applied to companies, the applicable rules of the Financial Conduct Authority, United Kingdom taxation laws and anti-money laundering legislation. As a result of performing the above, we identified particular focus areas being: manipulation of revenues; non-compliance with the rules of the Financial Conduct Authority; and override of controls by management.
Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the company for evidence of any large or unusual activity which may be indicative of fraud or the inadvertent receipt of client monies; enquiring of management in relation to any potential litigation and claims; and, in addressing the risk of fraud through override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgements made in making accounting estimates are indicative of potential bias, although in the company&apos;s case there are no particularly significant accounting estimates.
Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The company was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the company and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the company.
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 management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Nekton Capital Limited

Independent Auditor's Report to the Members of Nekton Capital Limited

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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Philip Vipond (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor
45 Ludgate Hill
London
EC4M 7JU

22 July 2026

Nekton Capital Limited

Profit and Loss Account for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Turnover | 3 | 404,502 | 2,360,134
Gross profit |  | 404,502 | 2,360,134
Administrative expenses |  | (1,072,980) | (3,436,416)
Operating loss | 4 | (668,478) | (1,076,282)
Other interest receivable and similar income | 5 | 59,920 | 147,579
Loss before tax |  | (608,558) | (928,703)
Tax on loss | 9 | - | 217,719
Loss for the financial year |  | (608,558) | (710,984)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Nekton Capital Limited

(Registration number: 13211116)
Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 10 | 8,786 | 10,451
Current assets |  |  |
Debtors | 11 | 203,973 | 334,385
Cash at bank and in hand |  | 1,456,699 | 2,104,535
|  | 1,660,672 | 2,438,920
Creditors: Amounts falling due within one year | 13 | (85,308) | (256,663)
Net current assets |  | 1,575,364 | 2,182,257
Net assets |  | 1,584,150 | 2,192,708
Capital and reserves |  |  |
Called up share capital |  | 2,400,000 | 2,400,000
Retained earnings |  | (815,850) | (207,292)
Shareholders' funds |  | 1,584,150 | 2,192,708

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:

......................................... D P Wiener Director

Nekton Capital Limited

Statement of Changes in Equity for the Year Ended 31 March 2026

| Share capital £ | Retained earnings £ | Total £
At 1 April 2025 | 2,400,000 | (207,292) | 2,192,708
Loss for the year | - | (608,558) | (608,558)
At 31 March 2026 | 2,400,000 | (815,850) | 1,584,150

| Share capital £ | Retained earnings £ | Total £
At 1 April 2024 | 2,400,000 | 503,692 | 2,903,692
Loss for the year | - | (710,984) | (710,984)
At 31 March 2025 | 2,400,000 | (207,292) | 2,192,708

Nekton Capital Limited

Statement of Cash Flows for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Cash flows from operating activities
Loss for the year |  | (608,558) | (710,984)
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 1,665 | 44,142
Loss on disposal of intangible assets |  | - | 41,611
Finance income | 5 | (59,920) | (147,579)
Income tax expense | 9 | - | (217,719)
|  | (666,813) | (990,529)
Working capital adjustments |  |  |
Decrease in trade debtors | 11 | 75,465 | 2,178,789
Decrease in trade creditors | 13 | (171,355) | (777,173)
Cash generated from operations |  | (762,703) | 411,087
Income taxes received/(paid) | 9 | 54,947 | (54,717)
Net cash flow from operating activities |  | (707,756) | 356,370
Cash flows from investing activities |  |  |
Interest received | 5 | 59,920 | 113,622
Proceeds from sale of tangible assets |  | - | 20,000
Net cash flows from investing activities |  | 59,920 | 133,622
Net (decrease)/increase in cash and cash equivalents |  | (647,836) | 489,992
Cash and cash equivalents at 1 April |  | 2,104,535 | 1,614,543
Cash and cash equivalents at 31 March |  | 1,456,699 | 2,104,535

Nekton Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
2 Portman Street
London
W1H 6DU
United Kingdom

These financial statements were authorised for issue by the Board on 22 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Company's business activities, together with the factors likely to affect its future development and position, are set out in the 'Review of business and future developments' and 'Principal risks and uncertainties' sections of the Strategic Report. The directors expect, based on forecasts and the ongoing assets in the funds managed by the company, that going forward, expenses will be covered by fees and expenses recharged to the funds. As such the directors are confident that the Company has sufficient resources to settle its liabilities in the ordinary course of business and have no reason to believe that a material uncertainty exists, that may cast significant doubt about the ability of the Company to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

Judgements

In applying the Company's accounting policies, the directors may be required to make judgements and estimates that could impact the amounts reported for assets and liabilities as at the Statement of financial position date and the amounts reported for revenues and expenses during the period. The directors have not been required to use a significant degree of judgement in determining the timing and the value of amounts recognised in these financial statements. The directors are not aware of any significant sources of estimation uncertainty in the preparation of these financial statements.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of investment management and performance fees. Management fees are recognised over the period over which management services are provided. Performance fees are recognised on crystallisation.

Nekton Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Foreign currency 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 the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Tax

Provision is made for corporation tax at the current rates on the excess of taxable income over allowable expenses. Deferred taxation is provided on all timing differences that have originated but not reversed by the Balance Sheet date other than those differences regarded as permanent. An asset is not recognised to the extent that the transfer of economic benefits in the future is uncertain. Any deferred tax assets and liabilities recognised are provided at the average rate of tax expected to apply when the asset and liability crystallises and are not discounted. Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

Tangible assets

Tangible fixed assets under the cost model are stated at historic 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

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:
Leasehold improvements - over the lease term
Fixtures and fittings - 5 years straight line
Computer & Office equipment - 3 years straight line
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 within administrative expenses on the Profit and Loss account. Any impairment is also recognised in the Profit and Loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Nekton Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Operating leases

Rentals paid under operating leases are charged to the Profit and Loss account 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 period the date the rent is expected to be adjusted to the prevailing market rate.

Defined contribution pension obligation

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 the Profit and Loss account 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.

Financial assets

The Company's financial assets comprise basic financial assets, being trade and other receivables and cash and bank balances. Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on demand. Trade and other receivables are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss account. Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The Company's financial liabilities comprise basic financial liabilities, being trade and other payables. These are initially recognised at transaction price.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

Offsetting

Financial assets and liabilities are offset, and the net amount reported in the Balance Sheet when there is an 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 liability simultaneously.

3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2026 £ | 2025 £
Management and performance fees | 404,502 | 2,360,134

Nekton Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

4 | Operating loss

Arrived at after charging/(crediting)

| 2026 £ | 2025 £
Depreciation expense | 1,665 | 44,142
Profit on disposal of property, plant and equipment | - | (188,873)

5 | Other interest receivable and similar income

| 2026 £ | 2025 £
Interest income on bank deposits | 59,920 | 147,579

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2026 £ | 2025 £
Wages and salaries | 669,521 | 1,828,294
Social security costs | 95,098 | 251,539
Pension costs, defined contribution scheme | 770 | 37,182
| 765,389 | 2,117,015

The average number of persons employed by the company (including directors) during the year was 4 (2025 - 10)

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 186,000 | 551,804

In respect of the highest paid director:

| 2026 £ | 2025 £
Remuneration | 150,000 | 323,455

Nekton Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

8 | Auditors' remuneration

| 2026 £ | 2025 £
Audit of the financial statements | 13,500 | 15,650

9 | Taxation

Tax charged/(credited) in the profit and loss account

| 2026 £ | 2025 £
Current taxation |  |
UK corporation tax | - | (217,719)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2025 - the same as the standard rate of corporation tax in the UK) of 25% (2025 - 25%).
The differences are reconciled below:

| 2026 £ | 2025 £
Loss before tax | (608,558) | (928,703)
Corporation tax at standard rate | (152,140) | (232,176)
Tax decrease from effect of capital allowances and depreciation | - | (45,074)
Effect of tax losses | - | 68,073
Increase/(decrease) from tax losses for which no deferred tax asset was recognised | 152,140 | (20,943)
Tax increase from other tax effects | - | 12,401
Total tax credit | - | (217,719)

Nekton Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

10 | Tangible assets

| Fixtures and fittings £ | Office equipment £ | Total £
Cost or valuation
At 1 April 2025 | 123,802 | 8,786 | 132,588
At 31 March 2026 | 123,802 | 8,786 | 132,588
Depreciation
At 1 April 2025 | 122,137 | - | 122,137
Charge for the year | 1,665 | - | 1,665
At 31 March 2026 | 123,802 | - | 123,802
Carrying amount
At 31 March 2026 | - | 8,786 | 8,786
At 31 March 2025 | 1,665 | 8,786 | 10,451

11 | Debtors

Current | Note | 2026 £ | 2025 £
Amounts owed by related parties | 16 | - | 110,365
Other debtors |  | 68,167 | 60,720
Prepayments |  | 31,680 | 102,801
Accrued income |  | 103,698 | 5,124
Income tax asset | 9 | 428 | 55,375
|  | 203,973 | 334,385

12 | Cash and cash equivalents

| 2026 £ | 2025 £
Cash at bank | 1,456,699 | 2,104,535

Nekton Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

13 | Creditors

| 2026 £ | 2025 £
Due within one year |  |
Trade creditors | 16,358 | -
Social security and other taxes | 15,711 | 67,769
Outstanding defined contribution pension costs | - | 257
Other payables | 5,454 | -
Accruals | 47,785 | 188,637
| 85,308 | 256,663

14 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Class A Ordinary shares of £1 each | 2,400,000 | 2,400,000 | 2,400,000 | 2,400,000

15 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2026 £ | 2025 £
Not later than one year | 61,700 | 17,850

16 | Related party transactions

Key management personnel are considered to be the directors of the Company.
During the year, the Company paid expenses of £nil (2025: £61,760) on behalf of Nekton Capital Holdings Limited. Nekton Capital Holdings Limited was dissolved during the year and all amounts owed to Nekton Capital Limited were paid by the year end date (2025: £110,365 owed to Nekton Capital Limited).
Also during the prior year, a company controlled by the spouse of a director, charged fees of £36,000 to the Company. The amount payable at 31 March 2025 was £51,000. The balance was waived during the year.

Nekton Capital Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Parent undertaking and controlling party

During the year Nekton Capital Holdings Limited, which was an entity registered in Jersey and the Company's sole shareholder, transferred all of its shares in the Company to Six Lakes Holding Limited. The ultimate controlling party is Christophe Aurand.