Company Information
Contents
Directors' report
For the year ended 31 December 2025
The directors present their report and the financial statements for EMFI Capital Limited ('the company') for the year ended 31 December 2025 . The company is a member of the group headed by EMFI Group Limited ('EMFI').
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 period.
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;
∙state whether applicable UK 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 profit for the year, after taxation, amounted to $585,722 (2024 - $3,869,500).
The company has chosen, in accordance with s.414C(11) of the Companies Act 2006, to set out in the Strategic report
information required by Schedule 7 of the Large and Medium-sized Companies (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of risk exposure, future developments, and engagement
with suppliers, customers and others.
information required by Schedule 7 of the Large and Medium-sized Companies (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of risk exposure, future developments, and engagement
with suppliers, customers and others.
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Directors' report (continued)
For the year ended 31 December 2025
This report was approved by the board and signed on its behalf by:
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Strategic report
For the year ended 31 December 2025
EMFI Capital Limited ("the Company") is an FCA-regulated investment firm specializing in wealth management, brokerage, and custody services. While the Company specializes in emerging markets fixed-income assets, it offers diversified investment solutions in other asset classes including execution in equities and custody of mutual funds.
During the year 2025, EMFI Capital continued to consolidate its business operations, strengthening its client base and enhancing its service offerings. The Company’s Key Performance Indicators (KPIs) indicate steady increase in net assets and income, primarily driven by the stability of its client portfolio accounts. This continuous operations indicate regular brokerage and custody fees, reinforcing the Company’s financial position and operational resilience.
During the year 2025, EMFI Capital continued to consolidate its business operations, strengthening its client base and enhancing its service offerings. The Company’s Key Performance Indicators (KPIs) indicate steady increase in net assets and income, primarily driven by the stability of its client portfolio accounts. This continuous operations indicate regular brokerage and custody fees, reinforcing the Company’s financial position and operational resilience.
The Company continues to reinvest in its proprietary technology and human resources to support its long-term growth strategy. By leveraging its expertise in fixed-income markets and global financial instruments, the Company remains well positioned to capitalize on emerging investment opportunities.
The macroeconomic environment in 2025 presented challenges and opportunities for business. The year 2025 experienced downward trajectory of interest rate compared to previous year (2024) resulting in less attractive to new investors. Against this backdrop, EMFI Capital maintained a disciplined approach to risk management, ensuring steady financial performance and compliance with regulatory requirements.
The macroeconomic environment in 2025 presented challenges and opportunities for business. The year 2025 experienced downward trajectory of interest rate compared to previous year (2024) resulting in less attractive to new investors. Against this backdrop, EMFI Capital maintained a disciplined approach to risk management, ensuring steady financial performance and compliance with regulatory requirements.
The Company acknowledges several key risks that could impact its strategic objectives:
Market and Economic Risk: Sovereign issuer defaults in emerging markets may reduce the value of client assets. However, this risk is partially offset by potential increases in trading activity.
Regulatory and Compliance Risk: As an FCA-regulated entity, the Company is subject to evolving regulatory requirements. It remains committed to maintaining high compliance standards and adapting to regulatory changes.
Operational and Cybersecurity Risk: As the Company expands its digital capabilities, it remains vigilant against operational disruptions and cybersecurity threats, ensuring robust data protection and risk mitigation measures.
Market and Economic Risk: Sovereign issuer defaults in emerging markets may reduce the value of client assets. However, this risk is partially offset by potential increases in trading activity.
Regulatory and Compliance Risk: As an FCA-regulated entity, the Company is subject to evolving regulatory requirements. It remains committed to maintaining high compliance standards and adapting to regulatory changes.
Operational and Cybersecurity Risk: As the Company expands its digital capabilities, it remains vigilant against operational disruptions and cybersecurity threats, ensuring robust data protection and risk mitigation measures.
EMFI Capital is committed to maintaining high standards of corporate governance, transparency, and ethical conduct. The Board of Directors ensures that strategic decisions align with the long-term interests of the shareholder, employees, clients, and regulators.
Employees: The Company fosters a supportive and inclusive workplace, offering employees professional development opportunities, flexible working arrangements, and competitive benefits.
Clients and Business Relationships: The Company employs rigorous due diligence and screening processes for client onboarding and counterparties, ensuring compliance with regulatory requirements and industry best practices.
Employees: The Company fosters a supportive and inclusive workplace, offering employees professional development opportunities, flexible working arrangements, and competitive benefits.
Clients and Business Relationships: The Company employs rigorous due diligence and screening processes for client onboarding and counterparties, ensuring compliance with regulatory requirements and industry best practices.
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Strategic report (continued)
For the year ended 31 December 2025
Looking ahead, EMFI Capital remains optimistic about its growth prospects. The Company will continue to expand its service offerings, strengthen its technology infrastructure, and enhance its risk management frameworks. By prioritizing innovation and regulatory compliance, EMFI Capital aims to maintain its position as a leading investment firm in
emerging markets fixed income and global asset management.
The Board of Directors is confident in the Company's financial stability and strategic direction, ensuring its continued ability to deliver value to stakeholders while meeting its regulatory obligations.
emerging markets fixed income and global asset management.
The Board of Directors is confident in the Company's financial stability and strategic direction, ensuring its continued ability to deliver value to stakeholders while meeting its regulatory obligations.
This report was approved by the board and signed on its behalf:
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Independent auditor's report to the members of EMFI Capital Limited
For the year ended 31 December 2025
We have audited the financial statements of EMFI Capital Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity 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 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.
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Independent auditor's report to the members of EMFI Capital Limited (continued)
For the year ended 31 December 2025
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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Independent auditor's report to the members of EMFI Capital Limited (continued)
For the year ended 31 December 2025
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.
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:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to wealth management businesses;
∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussions with the director and other management at the planning stage, and from our knowledge and experience of wealth management businesses;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, The Financial Services and Markets Act 2000, and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management; and
∙inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process; and
∙reviewed a reconciliation from bank exports to the trial balance for the year to identify unusual transactions, particularly in relation to expenditure;
∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management;
∙carried out substantive testing to check the occurrence and cut-off of expenditure; and
∙tested the completeness of revenue by comparing reports generated by the trading platform to entries in the nominal ledger.
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Independent auditor's report to the members of EMFI Capital Limited (continued)
For the year ended 31 December 2025
Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC, the Financial Conduct Authority and the company's legal advisors.
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 Auditor's 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.
for and on behalf of
Statutory Auditor
130 Wood Street
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
For the year ended 31 December 2025
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Statement of financial position
As at 31 December 2025
The financial statements were approved and authorised for issue by the board of directors on 27 April 2026 and were signed on its behalf by:
The notes on pages 12 to 18 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
EMFI Capital Limited is a private company limited by shares and incorporated in England and Wales. Its registration number is 11380609 and its registered office and principal place of business is 25 Dering Street, London, England, W1S 1AW.
2.Accounting policies
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 company, as a qualifying entity, has taken advantage of the reduced disclosures for subsidiaries set out in
section 1 of FRS 102. The company has elected not to prepare a statement of cash flows. This information is
disclosed in the consolidated financial statements of EMFI Group Limited which can be obtained from
Companies House.
section 1 of FRS 102. The company has elected not to prepare a statement of cash flows. This information is
disclosed in the consolidated financial statements of EMFI Group Limited which can be obtained from
Companies House.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The company only enters into transactions that result in the recognition of basic financial instruments like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a
financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a
financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.
The company has entered into Title Transfer Collateral Arrangements ('TTCAs') whereby the firm takes full ownership of client funds for the purpose of securing or otherwise covering present or future, actual, contingent or prospective obligations.
The company holds these funds on behalf of clients in accordance with the client money rules of the UK Financial Conduct Authority (FCA). Such monies are held under TTCAs in accordance with the relevant regulatory requirements. These balances have been disclosed as Debtors on the Statement of financial position, with the corresponding liability included in Trade creditors.
Client money not held under a TTCA is not recognised on the Statement of financial position.
The company holds these funds on behalf of clients in accordance with the client money rules of the UK Financial Conduct Authority (FCA). Such monies are held under TTCAs in accordance with the relevant regulatory requirements. These balances have been disclosed as Debtors on the Statement of financial position, with the corresponding liability included in Trade creditors.
Client money not held under a TTCA is not recognised on the Statement of financial position.
The director does not consider there to be any significant judgements or key sources of estimation uncertainty involved in the preparation of these financial statements, other than regarding the treatment of client funds (see note 2.10).
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Notes to the financial statements
For the year ended 31 December 2025
All turnover was derived from the company's principal activity.
All turnover arose from activities performed within the United Kingdom.
All turnover arose from activities performed within the United Kingdom.
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
10.Debtors (continued)
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Notes to the financial statements
For the year ended 31 December 2025
Profit and loss account
There were no contingent liabilities at 31 December 2025 or 31 December 2024.
The immediate and ultimate parent undertaking of the company is EMFI Group Limited.
The largest and smallest group of undertakings for which group accounts are prepared which include the company is that headed by EMFI Group Limited, whose registered office is 25-26 Dering Street, London, W1S 1AW. These accounts are publicly available from Companies House at Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party isUsman Sheikh .
The largest and smallest group of undertakings for which group accounts are prepared which include the company is that headed by EMFI Group Limited, whose registered office is 25-26 Dering Street, London, W1S 1AW. These accounts are publicly available from Companies House at Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is
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