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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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ARMIRA CAPITAL LIMITED
COMPANY INFORMATION
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ARMIRA CAPITAL LIMITED
CONTENTS
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ARMIRA CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present the strategic report and financial statements for the year ended 31 March 2026.
The principal activity of the Company during the year remained that of an investment firm authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom.
During the year, turnover increased by 30% from £2,056,820 to £2,678,459, with gross profit rising from £1,582,008 to £1,844,181. This growth reflects a combination of factors, including strengthened relationships with the Company’s existing client base, as well as an improvement in market conditions. The Board is satisfied with the overall performance. Administrative costs decreased by 19% to £1,708,032 (2025: £2,120,733), driven by targeted cost optimisation and efficiency initiatives across the business. Importantly, investments made in prior years—particularly in risk management frameworks, internal processes, and operational infrastructure—are now delivering tangible benefits. These enhancements have contributed to a more robust and scalable operating model, supporting both improved cost discipline and sustainable growth. The balance sheet of the Company remains robust, with net assets increasing by £138,682, to £1,630,547, (2025: £1,491,867).
The Company is authorised and regulated by the Financial Conduct Authority (“FCA”) as a MIFIDPRU investment firm under the Investment Firm Prudential Regime (“IFPR”). As at 31 March 2026, the Company’s minimum capital requirement was determined by the Own Funds Threshold Requirement (“OFTR”), as assessed within the Internal Capital Adequacy and Risk Assessment (“ICARA”) process.
The Board is satisfied that the Company has remained fully compliant with all applicable regulatory capital requirements throughout the period. The Company has consistently maintained a prudent surplus above its regulatory minimum, providing a strong capital base to support ongoing operations and future growth. This position reflects a disciplined approach to capital management and the continued strengthening of internal risk and prudential frameworks.
Risk management
The Board retains ultimate responsibility for establishing and maintaining an effective system of risk management and internal control. The Company’s risk management framework is formally documented within the ICARA, which is subject to continuous update and periodic review to ensure it remains appropriate to the scale, nature, and complexity of the business. In recent years, the Company has made targeted investments in its risk management infrastructure, governance processes, and control environment. These enhancements are now delivering tangible benefits, resulting in a more robust, scalable, and forward-looking operating model. The strengthened framework supports improved risk identification, measurement, monitoring, and reporting across the organisation. The Company operates a “Three Lines of Defence” model, comprising the Board, the Management Committee, and the Compliance and Financial Crime Committee. Roles, responsibilities, reporting lines, and information flows are clearly defined and communicated across the business, ensuring effective oversight and accountability.
At a high level, responsibilities are allocated as follows:
Board of Directors – responsible for setting the Company’s risk appetite and culture, and for providing overall oversight of the risk management framework. Management Committee – responsible for the day-to-day management of the business, including execution of
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ARMIRA CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
strategy, delivery against objectives, and oversight of financial and operational performance; strategic direction is subject to Board approval.
Compliance and Financial Crime Committee – responsible for overseeing the Company’s compliance and financial crime frameworks, including assessment of the design and effectiveness of controls, and ongoing monitoring of key risks. The Company undertakes continuous assessment of a range of principal risks, including: Credit risk – primarily arising from cash balances held with banks and custodians; exposures are managed through careful counterparty selection and monitoring. Market risk – limited due to the Company operating primarily on an agency basis; exposure may arise temporarily due to timing differences. Operational risk – monitored through a suite of key risk indicators designed to assess control effectiveness and identify emerging risks. Liquidity risk – managed through robust cashflow forecasting, budgeting, scenario analysis, and regular monitoring to ensure sufficient liquidity is maintained. Settlement risk – mitigated through delivery-versus-payment settlement processes and supported by strong operational controls. Compliance and legal risk – managed by dedicated compliance and legal functions responsible for monitoring regulatory developments and ensuring adherence to applicable requirements. Financial crime risk – addressed through comprehensive policies and procedures, supported by an enterprise-wide risk assessment and regular management information reporting to the Compliance and Financial Crime Committee. Technology risk – mitigated through a well-controlled IT environment, with established governance, security protocols, and adherence to industry best practices. Overall, the Board considers that the Company’s risk management framework remains effective and proportionate, and is well positioned to support the business as it continues to grow and evolve.
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ARMIRA CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The directors assess the Key Performance Indicators (KPIs) on a monthly basis across financial and non-financial elements. The key financial KPIs are turnover of £2,678,459, (2025: £2,056,459), gross profit of £1,844,181, (2025: £1,582,008) and operating profit of £138,680), (2025: Loss of (£462,809).
At the year end the firm had net assets of £1,630,547, (2025: £1,491,867). The non-financial KPIs considered by the directors include: employee performance, number of client relationships maintained, services offered to clients, internal operational performance, and individual product desk performance.
Development and performance
The Board is satisfied with the Company’s level of activity during the year and the progress made in establishing its position as a niche operator within selected asset classes in the marketplace. The Directors believe the Company’s prospects remain strong, supported by a disciplined and considered strategy focused on growth in specialist markets where it holds a competitive advantage. This advantage is underpinned by the Company’s access to global markets and its ability to respond effectively to client requirements. The Company will continue to prioritise asset classes that complement existing client activity, alongside ongoing investment in its people, processes, and systems to support sustainable growth.
This report was approved by the board on 24 July 2026 and signed on its behalf.
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ARMIRA 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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 to 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.
The profit for the year, after taxation, amounted to £138,680 (2025 - loss £462,809).
The directors are satisfied with the performance of the Company and do not recommend the payment of a dividend.
The directors who served during the year were:
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
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ARMIRA CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The auditors, Ashings Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ARMIRA CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMIRA CAPITAL LIMITED
We have audited the financial statements of Armira Capital Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Income and Retained Earnings, the Analysis of Net Debt, the Statement of Financial Position, the Statement of Cash Flows and the related notes, 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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ARMIRA CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMIRA CAPITAL LIMITED (CONTINUED)
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 the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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ARMIRA CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMIRA CAPITAL LIMITED (CONTINUED)
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 Auditors' 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.
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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for Directors’ remuneration, bonus levels and performance targets; • results of our enquiries of management and the Audit and Risk Committee about their own identification and assessment of the risks of irregularities; • any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: – identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; – detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; – the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, real estate and pensions regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in management’s incentive to manipulate journals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Services and Markets Act pensions legislation and tax legislation. In addition, we considered provisions of other laws and regulations that 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. The key laws and regulations we considered in this context included the Financial Services and Markets Act and the Health and Safety Act. Audit response to risks identified As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations. In addition to the above, our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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ARMIRA CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMIRA CAPITAL LIMITED (CONTINUED)
• enquiring of management concerning actual and potential litigation
and claims; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and • 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. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Northside House
Mount Pleasant
Herts
EN4 9EB
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ARMIRA CAPITAL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2026
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ARMIRA CAPITAL LIMITED
REGISTERED NUMBER: 09580431
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 24 form part of these financial statements.
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ARMIRA CAPITAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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ARMIRA CAPITAL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2026
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Armira Capital Limited is a Company limited by shares incorporated in England and Wales with Company number 09580431 and registered office sited at Floor 19, 100 Bishopsgate, London, United Kingdom, EC2N 4AG.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements have been rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have assessed the Company’s ability to continue as a going concern and consider it appropriate to prepare the financial statements on that basis.
The Company turned from loss making in 2025 to profit making in 2026 with profits after tax being £138,680, (2025:-£462,809). This was due to combination of factors, including changing market conditions, continued investment and continuation of the Company's focus on risk management and compliance. This created a stronger operating model and strong future performance by the Company. The Company continues to generate sufficient cash flow and has access to adequate financial resources to meet its obligations as they fall due. At 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 and for a period of at least 12 months from the signing of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 settle the liability simultaneously.
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Impairment of financial assets
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Derecognition of financial instruments
estimates and judgements that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are based on historical experience and various other assumptions that management and the Board believe are reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, significantly impacting the Company's earnings and financial position.
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Analysis of turnover by country of destination:
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There are losses carried forward of £8,247, (2025:£151,633).
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,358, (2025 - £9,941) . There was no unpaid amounts at the balance sheet date, (2025 -£Nil).
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ARMIRA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The ultimate controlling parties at the year end were the directors K Abel and G Uppal through 100% owned entities Abelneaux Capital Limited and QuadFin Capital Limited.
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