The directors present the strategic report for the year ended 28 February 2026.

Company turnover for the year was £3,356,231 compared to £2,532,615 in 2025. The pre-​tax income for the year was £53,651 compared to £41,547 in 2025.

There was an increase in turnover of 32.5% compared with the prior year which demonstrates the continued ability of the Company to expand the business within difficult times. Markets have been hit by an economic downturn with inflation at very high levels. The Company continues to develop relationships with our partners and clients making this growth possible.

We continue to project growth in 2027 and remain confident in our ability to maintain and expand our client base through referrals and continued relatively stable investment markets. The Company is investing heavily in marketing and advertising in order to increase our client base leading to an increase in costs for the year. The board expects to reap the benefits during the coming year.

The principal risks and uncertainties facing the business include:

- Maintaining existing relationships;

- Securing new business;

- Continuing economic uncertainty in the major economies and financial markets;

- Ongoing competition in our industry; and

- The ever changing regulatory requirements.

The Company's policies to mitigate these risks include diversification of its client base as well as maintaining appropriate systems.

Going concern

The Company has continued to trade profitably and the directors expectations over the next 12 months are that the business will continue to develop and generate increased revenue. The directors remain positive that despite the economic downturn, growth levels during 2027 will continue to rise therefore current projections remain positive.

Key performance indicators are used throughout the business including fees receivable, staff levels, expenses, pre-tax profit, cash and debtors.

-​ Expenses have increased by 30.3%, compared with a 32.5% increase in turnover.

-​ The company has net assets of £102,211 at the year end.

All activities of the Company are controlled by the directors, who communicate regularly to review the performance of the Company. As part of that review process the directors also consider the principal risks to the business and where it is deemed appropriate, put in place ways of mitigating those risks.

A detailed annual budget is prepared at the beginning of each financial year. Cash and debtors are monitored on an ongoing basis.

As an FCA regulated firm the company also maintains a suitable Management Information reporting system in order to ensure and demonstrate that it complies with its various regulatory and "Treating Customers Fairly" requirements.

Overall the directors are pleased with the company's performance during the year.

On behalf of the board

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Blacktower Financial Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fetcham Park House, Lower Road, Fetcham, Leatherhead, Surrey, United Kingdom, KT22 9HD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue from commission is recognised in line with the income being received over the life of the underlying product, with any initial fees recognised at the point the product is sold to the customer.

Revenue from fees is recognised at the point the product is sold to the customer.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There were no significant judgements or sources of key accounting estimates that have been applied in the preparation of these financial statements.

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 28 February 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.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year payments of £21,600 (2025: £21,600) were paid in relation to operating leases.

The remuneration of key management personnel is as follows.

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel.

During the year the company entered into the following transactions with related parties:

Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and cash settlement is expected within 60 days of invoice. The company has not provided or benefitted from any guarantees for any related party receivables or payables. During the year ended 28 February 2026, the company has not made any provision for doubtful debts relating to amounts owed by related parties.

During the year, recharges of £240,092 (2025 - £368,620) were paid to a company with common directors. A balance of £2,628 (2025 - £81,637) was owed by the company at the year end.

During the year, the company advanced an interest-free loan of £10,000 to one of the directors. The loan is unsecured and repayable on demand. The balance outstanding at 28 February 2026 was £10,000 (2025: £nil) and is included within other debtors in note 10.

Information relating to the company's capital adequacy requirement (Pillar 3 risk disclosure statement) can be found on the company's website at www.blacktowerfm.com.