REGISTERED NUMBER: 11270472 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2026

for

Farringdon Capital Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Ms Y Wang

L Elalouf

REGISTERED OFFICE:

6/F West

Bridge House

4 Borough High Street

London

SE1 9QQ

REGISTERED NUMBER:

11270472 (England and Wales)

AUDITORS:

Mercer & Hole LLP

3 Lombard Street

London

EC3V 9AA

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

REVIEW OF BUSINESS

Farringdon Capital Ltd ("the Company") was incorporated on 22 March 2018 and provides discretionary investment management and advisory services to a fund adviser. The Company currently provides discretionary portfolio management services to fund advisers through assets allocated to the Company by the fund adviser with the sole aim of growing assets under management overtime. Future performance is a function of the quantity of assets we advise and performance of the funds we advise.

During the year to 31 March 2026 the company made a profit before tax of £9.1m (2025: £1m).

Future Developments

The directors do not anticipate any changes to the present level of activity, or the nature of, the Company's business in the foreseeable future.

Principal risks and uncertainties

As of 6 December 2018, the Company became regulated and authorised by the Financial Conduct Authority ("FCA"). The Company considers the main risk to be the performance of the underlying investment vehicles managed.

The Company operates systems and controls to mitigate any adverse effects across the range of risks that it faces. Specifically, the Company is exposed to the following risks:

Credit risk - credit risk arises from cash at bank and in hand as well as credit exposure on the other assets on the balance sheet such as debtors. These balances are monitored on a regular basis.

Market risk - market risk is limited to foreign currency denominated fees receivable, denominated in USD and any associated balances included on the Company's statement of financial position.

Regulatory risk - the risk that changes in law and regulation may impact the business, is monitored closely. There are no regulatory changes on the horizon that would negatively impact the company.

SECTION 172(1) STATEMENT

The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

• the likely consequences of any decision in the long term;

• the interests 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.

The directors of the Company have sought to balance the needs of its members with the s.172 matters throughout the year, ensuring that the Company's reputation for high standards of conduct are maintained and through strong relationships with employees and colleagues. The directors of the Company have a duty to promote the success of the Company, and this relies on smooth operations and the support and joint efforts of management. Thus, effective communication and interaction are indispensable in the Company's business operations.

KEY PERFORMANCE INDICATORS

2026

2025

Turnover

12,344,531

2,656,624

Profit before tax

9,139,813

1,011,464

ON BEHALF OF THE BOARD:

Ms Y Wang - Director

24 July 2026

The directors present their report with the financial statements of the Company for the year ended 31 March 2026.

DIVIDENDS

Ordinary dividends of £6,147,985 were paid out in the year (2025: £829,481).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Ms Y Wang

L Elalouf

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 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.

MIFIDPRU PUBLIC DISCLOSURE

In accordance with MIFIDPRU 8 of the FCA's Handbook, it is the intention of the company to update its MIFIDPRU public disclosure on an annual basis,shortly after completion of the annual audit. The information is included at the end of this report together with details relating to commitment to the UK Stewardship Code as required under the FCA's sourcebook rule 2.2.3.R.

AUDITORS

The auditors, Mercer & Hole LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L Elalouf - Director

24 July 2026

Opinion

We have audited the financial statements of Farringdon Capital Ltd (the 'Company') for the year ended 31 March 2026 which comprise Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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.

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 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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.

Responsibilities of directors

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

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 a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of

non-compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities; and

- identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Miss Helen Cain BA FCA (Senior Statutory Auditor)

for and on behalf of Mercer & Hole LLP

3 Lombard Street

London

EC3V 9AA

24 July 2026

TURNOVER

4

12,344,531

2,656,624

Administrative expenses

(3,389,686

)

(1,667,180

)

OPERATING PROFIT

6

8,954,845

989,444

Interest receivable and similar income

7

184,968

22,020

PROFIT BEFORE TAXATION

9,139,813

1,011,464

Tax on profit

8

(2,287,056

)

(258,020

)

PROFIT FOR THE FINANCIAL YEAR

6,852,757

753,444

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,852,757

753,444

FIXED ASSETS

Tangible assets

10

2,553

10,325

CURRENT ASSETS

Debtors

11

650,232

764,644

Cash in hand

3,361,627

487,334

4,011,859

1,251,978

CREDITORS

Amounts falling due within one year

12

(2,745,469

)

(698,132

)

NET CURRENT ASSETS

1,266,390

553,846

TOTAL ASSETS LESS CURRENT LIABILITIES

1,268,943

564,171

CAPITAL AND RESERVES

Called up share capital

14

260,000

260,000

Retained earnings

15

1,008,943

304,171

SHAREHOLDERS' FUNDS

1,268,943

564,171

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2026 and were signed on its behalf by:

Ms Y Wang - Director

L Elalouf - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

260,000

380,208

640,208

Changes in equity

Profit for the year

-

753,444

753,444

Total comprehensive income

-

753,444

753,444

Dividends

-

(829,481

)

(829,481

)

Balance at 31 March 2025

260,000

304,171

564,171

Changes in equity

Profit for the year

-

6,852,757

6,852,757

Total comprehensive income

-

6,852,757

6,852,757

Dividends

-

(6,147,985

)

(6,147,985

)

Balance at 31 March 2026

260,000

1,008,943

1,268,943

Cash flows from operating activities

Cash generated from operations

1

9,097,217

711,027

Tax paid

(258,020

)

-

Net cash from operating activities

8,839,197

711,027

Cash flows from investing activities

Purchase of tangible fixed assets

(1,887

)

(1,289

)

Interest received

184,968

22,020

Net cash from investing activities

183,081

20,731

Cash flows from financing activities

Equity dividends paid

(6,147,985

)

(829,481

)

Net cash from financing activities

(6,147,985

)

(829,481

)

Increase/(decrease) in cash and cash equivalents

2,874,293

(97,723

)

Cash and cash equivalents at beginning of year

2

487,334

585,057

Cash and cash equivalents at end of year

2

3,361,627

487,334

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.3.26

31.3.25

£

£

Profit for the financial year

6,852,757

753,444

Depreciation charges

9,659

20,818

Finance income

(184,968

)

(22,020

)

Taxation

2,287,056

258,020

8,964,504

1,010,262

Decrease/(increase) in trade and other debtors

114,411

(147,598

)

Increase/(decrease) in trade and other creditors

18,302

(151,637

)

Cash generated from operations

9,097,217

711,027

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

3,361,627

487,334

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

487,334

585,057

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

487,334

2,874,293

3,361,627

487,334

2,874,293

3,361,627

Total

487,334

2,874,293

3,361,627

1.	STATUTORY INFORMATION

Farringdon Capital Ltd is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

2.1 Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements of the Company have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements of the Company have been prepared on a going concern basis under the historical cost convention and in accordance with applicable UK Accounting Standards, except where FRS 102 requires an alternative treatment.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £1.

2.2 Going concern

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of the audit report. Under the terms of its current agreement with its fund adviser, all of the Company's costs are reimbursed. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

2.3 Revenue recognition

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, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. Specifically, revenue consists of reimbursed operating expenses such as salaries, rent, IT systems etc and is recognised in the month in which the expenses were incurred. Performance fees are recognised when calculated and invoiced as this is the point at which they can be reliably measured.

2.4 Financial instruments

General

Financial instruments are recognised on the Company's statement of financial position when the company becomes a party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price unless the arrangement constitutes a financing transaction which includes transaction costs for financial instruments not subsequently measured at fair value.

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.

Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Classification

Financial instruments are classified as either 'basic' or 'other' in accordance with Chapter 11 of FRS 102. All of the Company's financial instruments are classified as basic, with the exception of the Foreign Exchange Contracts and Current Asset Investments that the Company enters into from time to time.

Subsequent measurement

At the end of each reporting period, debt instruments classified as basic are measured at amortised cost using the effective interest rate method through the Income Statement.

Derecognition

Financial assets are derecognised when the contractual rights tot he cash flows from the asset expire, or when the company has transferred substantially all the risks and rewards of ownership.

Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry.

2.5 Taxation

Provision is made for corporation tax at the current rates on the excess of taxable income over allowable expenses. Provision is made for deferred tax on all material timing differences arising from the different treatment of items for accounting and tax purposes. A deferred tax asset is recognised only to the extent that it is more likely than not that there will be taxable profits in the future against which the asset can be offset. The Company is not recognising tax losses on the expectation that it will generate profits in the future to utilise these losses is uncertain.

2.6 Foreign currencies

The Company's financial statements are presented in pound sterling. The Company's functional and presentation currency is pound sterling. Assets, including any fixed assets, and liabilities that are denominated in foreign currencies are translated into pound sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into pound sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.

2.7 Leasing

Rentals payable under operating leases are charged in the income statement on a straight-line basis over the lease term.

2.8 Cash and short-term deposits

Cash and short-term deposits in the statement of financial position comprise cash at bank and on hand and short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value.

3.	CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATION AND ASSUMPTIONS

The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

In the opinion of the directors, the accounting estimates, assumptions and judgements made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their disclosure in the financial statements.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the Company. Turnover for the year to 31/03/2026 is £12,344,531 (2025: £2,656,624).

5.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

2,560,267

1,007,922

Social security costs

367,517

132,607

Other pension costs

2,642

6,091

2,930,426

1,146,620

The average number of employees during the year was as follows:

31.3.26

31.3.25

6

5

During the year the directors received remuneration of £493,000 (2025: £543,350).The highest paid director received £283,000 (2025: £312,453).

The director's pension for the period was £2,642 (2025: £2,642).

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.26

31.3.25

£

£

Other operating leases

170,765

176,855

Depreciation - owned assets

9,659

20,818

Auditors' remuneration

7,970

9,854

Foreign exchange differences

(79,906

)

(13,061

)

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

During the year bank interest received £184,968 (2025: £22,020).

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

2,287,056

258,020

Tax on profit

2,287,056

258,020

9.

DIVIDENDS

31.3.26

31.3.25

£

£

Ordinary shares of 1 each

Final

6,147,985

829,481

10.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

equipment

fittings

Totals

£

£

£

COST

At 1 April 2025

16,997

56,454

73,451

Additions

1,249

638

1,887

At 31 March 2026

18,246

57,092

75,338

DEPRECIATION

At 1 April 2025

14,281

48,845

63,126

Charge for year

2,059

7,600

9,659

At 31 March 2026

16,340

56,445

72,785

NET BOOK VALUE

At 31 March 2026

1,906

647

2,553

At 31 March 2025

2,716

7,609

10,325

11.

DEBTORS

31.3.26

31.3.25

£

£

Amounts falling due within one year:

Trade debtors

-

157,947

Other debtors

128,768

129,398

Prepayments

59,264

15,099

188,032

302,444

Amounts falling due after more than one year:

Loan debtors

462,200

462,200

Aggregate amounts

650,232

764,644

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade creditors

51,844

60,547

Tax

2,287,056

258,020

Social security and other taxes

41,792

33,155

Other creditors

331,637

312,645

Accruals and deferred income

33,140

33,765

2,745,469

698,132

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.26

31.3.25

£

£

Within one year

171,234

170,765

Between one and five years

71,778

243,012

243,012

413,777

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.26

31.3.25

value:

£

£

260,000

Ordinary

1

260,000

260,000

15.

RESERVES

Retained

earnings

£

At 1 April 2025

304,171

Profit for the year

6,852,757

Dividends

(6,147,985

)

At 31 March 2026

1,008,943

16.	RELATED PARTY DISCLOSURES

The amounts owed by related parties consist of £130,000 (2025: £130,000) interest free loan to City Corp Group Limited, £130,000 (2025: £130,000) interest free loan to Open Palm Limited and £202,200 (2025: £202,200) to CIty Corp Group Limited for treasury management purposes.

17.	ULTIMATE CONTROLLING PARTY

The Company is ultimately controlled and managed by the Directors.

18.	FINANCIAL INSTRUMENTS

The carrying amount of financial assets of debt instruments measured at amortised cost is £462,200 (2025: £462,200).

The carrying amount of financial liabilities measured at amortised cost is £84,984 (2025: £94,312).

Financial assets measured at amortised cost comprise amounts owed to related parties, trade debtors, other debtors and accrued income. Financial liabilities measured at amortised cost comprise trade creditors and accruals