Company No: 04263019 (England and Wales)

Contents

• Company Information
• Strategic Report
• Directors' Report
• Directors' Responsibilities Statement
• Independent Auditor's Report
• Profit and Loss Account
• Balance Sheet
• Statement of Changes in Equity
• Statement of Cash Flows
• Notes to the Financial Statements

DIRECTORS	Gavin Jeremy Alcott
	Nicholas Howe

SECRETARY

Gavin Jeremy Alcott

REGISTERED OFFICE	4 Queen Street
	Bath
	BA1 1HE
	United Kingdom

COMPANY NUMBER

04263019 (England and Wales)

AUDITOR	Old Mill Audit Limited
	Statutory Auditor
	Unit 2
	Greenways Business Park
	Bellinger Close
	Chippenham
	Wiltshire
	SN15 1BN

The directors present their Strategic Report for the financial year ended 30 April 2026.

REVIEW OF THE BUSINESS

The company provides investment management services that are available on both a Discretionary, Advisory and Execution only basis. The company is authorised and regulated by the Financial Conduct Authority (FCA).

KEY PERFORMANCE INDICATORS ('KPIS')

Business Growth
FuMA during this period are £28.7m, compared to £28.2m during the previous year.

Regulatory and capital reserves
The company had regulatory capital resources of £155,964.
The company monitors a range of capital and liquidity statistics on a daily, weekly and monthly basis.

PRINCIPAL RISKS AND UNCERTAINTIES

The company provides investment management services to clients and as such does not take any proprietorial positions. The main risks facing the business are operation and IT infrastructure, market, credit and counterparty, liquidity, financial strength, cyber security and regulatory risk. The company operates in a competitive environment and therefore is also subject to changes in markets of actions of competitors.

Approved by the Board of Directors and signed on its behalf by:

Gavin Jeremy Alcott Director

4 Queen Street
Bath
BA1 1HE
United Kingdom

21 August 2026

The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 30 April 2026.

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of independent management and execution of investments for individuals, trusts and municipal bodies.

REVIEW OF THE BUSINESS

Turnover for the financial year amounted to £303,246 (2025: £369,984). The Company earned a profit after taxation totalling £78,911 (2025: £84,783).

The net current asset position of the Company as at the financial year end amounted to £155,958 (2025: net current asset £141,044).

The net asset position of the Company as at the financial year end amounted to £155,964 (2025: net asset £141,612).

DIVIDENDS

The directors paid a dividend of £64,559 in the current financial year (2025: £80,700).

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations;

(b) to manage its exposure to interest risks arising from its operations and from its sources of finance; and

(c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

Credit risk

The company monitors credit risk closely and considers that its current policies of credit checks meet its objectives and managing exposure to credit risks. The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Gavin Jeremy Alcott
Nicholas Howe

DIRECTORS' INDEMNITIES

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the financial year and remain in force at the date of this report.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.


Old Mill Audit Limited have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

Gavin Jeremy Alcott Director

4 Queen Street
Bath
BA1 1HE
United Kingdom

21 August 2026

The directors are responsible 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial 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 UK 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. The directors 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.

Opinion

We have audited the financial statements of Accrue Investment Management Limited for the financial year ended 30 April 2026, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 19, including 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 of Accrue Investment Management Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 30 April 2026 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; 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)). Our responsibilities under those standards are further described in the auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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 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 has 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 and the Directors' 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 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 Directors’ Responsibilities Statement, 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’s 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:

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We considered the nature of the Company’s industry and its control environment, and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework(s) that the Company operates in, and identified the key laws and regulations that:
* had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation.
* do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included compliance with the Financial Conduct Authority (FCA), employment law and data protection.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
* enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations.

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 Mills MSc BA ACA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited
Statutory Auditor

Unit 2
Greenways Business Park
Bellinger Close
Chippenham
Wiltshire
SN15 1BN

21 August 2026

	Note	2026		2025
		£		£
Turnover	3	303,246		369,984
Cost of sales		( 1,410)		( 3,308)
Gross profit		301,836		366,676
Administrative expenses		( 212,416)		( 275,641)
Operating profit		89,420		91,035
Interest receivable and similar income	4	13,078		19,771
Profit before taxation	5	102,498		110,806
Tax on profit	9	( 23,587)		( 26,023)
Profit for the financial year		78,911		84,783

All amounts relate to continuing operations.

There were no items of other comprehensive income or losses for the current or prior year other than those included in the Profit and Loss Account, accordingly no Statement of Comprehensive Income is presented.

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	11	0		749
Investments	12	6		6
		6		755
Current assets
Debtors	13	57,732		52,850
Cash at bank and in hand		127,211		131,729
		184,943		184,579
Creditors: amounts falling due within one year	14	( 28,985)		( 43,535)
Net current assets		155,958		141,044
Total assets less current liabilities		155,964		141,799
Provision for liabilities		0		( 187)
Net assets		155,964		141,612
Capital and reserves	16
Called-up share capital		89,573		89,573
Profit and loss account		66,391		52,039
Total shareholders' funds		155,964		141,612

The financial statements of Accrue Investment Management Limited (registered number: 04263019) were approved and authorised for issue by the Board of Directors on 21 August 2026. They were signed on its behalf by:

Gavin Jeremy Alcott Director

	Called-up share capital		Profit and loss account		Total
	£		£		£
At 01 May 2024	89,573		47,956		137,529
Profit for the financial year	0		84,783		84,783
Total comprehensive income	0		84,783		84,783
Dividends paid on equity shares (note 10)	0		( 80,700)		( 80,700)
At 30 April 2025	89,573		52,039		141,612
At 01 May 2025	89,573		52,039		141,612
Profit for the financial year	0		78,911		78,911
Total comprehensive income	0		78,911		78,911
Dividends paid on equity shares (note 10)	0		( 64,559)		( 64,559)
At 30 April 2026	89,573		66,391		155,964

	2026		2025
	£		£
Net cash flows from operating activities (note 19)	46,963		76,069
Cash flows from investing activities
Interest received	13,078		19,771
Net cash flows from investing activities	13,078		19,771
Cash flows from financing activities
Dividends paid	(64,559)		(80,700)
Net cash flows from financing activities	( 64,559)		( 80,700)
Net (decrease)/increase in cash and cash equivalents	( 4,518)		15,140
Cash and cash equivalents at beginning of year	131,729		116,589
Cash and cash equivalents at end of year	127,211		131,729
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year	127,211		131,729
Cash and cash equivalents at end of year	127,211		131,729

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Accrue Investment Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Queen Street, Bath, BA1 1HE, United Kingdom.

The principal activities are set out in the Strategic Report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised on an accruals basis except commission received from financial institutions which is recognised on a cash received basis.

Employee benefits

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

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

Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.

Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.

Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
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.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Investments
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for relief from the recognition of share premium, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.

Key source of estimation on uncertainty – useful economic lives of tangible assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

3. Turnover

Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.

Breakdown by business class

An analysis of the Company's turnover by class of business is set out below.

	2026		2025
	£		£
Investment management	303,246		369,984

Turnover is wholly attributable to the principal activity of the Company and arises solely within the United Kingdom.

4. Interest receivable

	2026		2025
	£		£
Interest receivable and similar income	13,078		19,771

5. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2026		2025
	£		£
Depreciation of tangible fixed assets (note 11)	749		855
Operating lease rentals	911		14,142

6. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

	2026		2025
	£		£
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements:	18,380		17,844
Fees payable to the Company’s auditor and its associates for other services:
Non-audit services	7,314		5,558
Total audit fees	25,694		23,402

7. Staff number and costs

	2026		2025
	Number		Number
The average monthly number of employees (including directors) was:
Administrative staff	3		3
Management staff	2		2
	5		5

Their aggregate remuneration comprised:

	2026		2025
	£		£
Wages and salaries	58,669		70,449
Social security costs	0		3,695
	58,669		74,144

8. Directors' remuneration

	2026		2025
	£		£
Directors' emoluments	30,000		30,000

9. Tax on profit

	2026		2025
	£		£
Current tax on profit
UK corporation tax	23,774		26,237
Total current tax	23,774		26,237
Deferred tax
Origination and reversal of timing differences	( 187)		( 214)
Total deferred tax	( 187)		( 214)
Total tax on profit	23,587		26,023

Tax reconciliation

The tax assessed for the year is lower than (2025: lower than) the standard rate of corporation tax in the UK:

	2026		2025
	£		£
Profit before taxation	102,498		110,806
Tax on profit at standard UK corporation tax rate of 25% (2025: 25%)	25,625		27,702
Effects of:
Expenses not deductible for tax purposes	155		375
Tax at marginal rate	(2,193)		(2,054)
Total tax charge for year	23,587		26,023

10. Dividends on equity shares

	2026		2025
	£		£
Amounts recognised as distributions to equity holders in the financial year:
Final dividend	64,559		80,700

11. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 May 2025	39,875		39,875
At 30 April 2026	39,875		39,875
Accumulated depreciation
At 01 May 2025	39,126		39,126
Charge for the financial year	749		749
At 30 April 2026	39,875		39,875
Net book value
At 30 April 2026	0		0
At 30 April 2025	749		749

12. Fixed asset investments

	2026		2025
	£		£
Subsidiary undertakings	6		6

Investments in subsidiaries

	2026
	£
Cost
At 01 May 2025	6
At 30 April 2026	6
Carrying value at 30 April 2026	6
Carrying value at 30 April 2025	6

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 30.04.2026	Held
Accrue Nominees (Exempt) Limited	4 Queen Street, Bath, BA1 1HE	Holding client assets in a nominee capacity for Accrue Investment Management Limited	Ordinary	100.00%	Direct
Accrue Limited	4 Queen Street, Bath, BA1 1HE	Dormant	Ordinary	100.00%	Direct
Accrue Nominees Limited	4 Queen Street, Bath, BA1 1HE	Dormant	Ordinary	100.00%	Direct

13. Debtors

	2026		2025
	£		£
Trade debtors	20,064		21,478
Other debtors	1,200		0
Prepayments and accrued income	36,468		31,372
	57,732		52,850

14. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	88		4,265
Corporation tax	23,774		26,237
Payroll taxes payable	568		530
VAT	4,555		8,888
Accruals	0		3,615
	28,985		43,535

15. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 187)		( 401)
Credited to the Profit and Loss Account	187		214
At the end of financial year	0		( 187)

16. Called-up share capital and reserves

	2026		2025
	£		£
Allotted, called-up and fully-paid
53,000 Employee Shares of £1 each ordinary shares of £ 1.00 each	53,000		53,000
9,573 Founder Shares of £1 each ordinary shares of £ 1.00 each	9,573		9,573
27,000 WK Shares of £1 each ordinary shares of £ 1.00 each	27,000		27,000
	89,573		89,573
Presented as follows:
Called-up share capital presented as equity	89,573		89,573

The WK shares, Founder shares and Employee shares confer upon the holders the same rights and rank pari passu in all respects except as specified in the Articles of Association.

Called up share capital - represents the nominal value of the shares that have been issued.

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

17. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	0		2,000

18. Net debt reconciliation

	Balance at 01 May 2025		Cash flows		Balance at 30 April 2026
	£		£		£
Cash at bank and in hand	131,729		( 4,518)		127,211
	131,729		( 4,518)		127,211
Net debt	131,729		( 4,518)		127,211

19. Statement of Cash Flows

	2026		2025
	£		£
Operating profit	89,420		91,035
Adjustment for:
Depreciation and amortisation	749		855
Decrease in provisions	( 187)		0
Operating cash flows before movement in working capital	89,982		91,890
(Increase)/decrease in debtors	( 4,882)		28,096
Decrease in creditors	( 12,087)		( 22,089)
Cash generated by operations	73,013		97,897
Income taxes paid	( 26,050)		( 21,828)
Net cash flows from operating activities	46,963		76,069