The directors present their report and the audited financial statements for Stenham Support Services Limited (registered number 02812141) (“the company") registered in England & Wales for the year ended 31 March 2026.

The principal activity of the company during the year was management services and the provision of group IT facilities. (“The group comprises of Stenham Support Services Limited, together with the subsidiaries under the Stenham Asset Management Holdings Limited and subsidiaries"). The company is a subsidiary of Stenham Asset Management Holdings Limited and its parent companies are SAM Global Limited and Boomerang Holdings Limited, both companies incorporated in Guernsey.

The directors acknowledge the latest guidance on going concern. They monitor the current economic and business environment and are confident that the company will remain attractive to the group. The directors have fulfilled their duty to promote the success of the company for the benefit of its members while considering the factors outlined in section 172(1) (a)-(f) of the Companies Act 2006. In doing so, the directors have had regard to the interests of key stakeholders, including employees, customers, suppliers, and the wider community, as well as the long-term consequences of their decisions. The directors have considered the likely consequences of decisions in the long term, the need to foster the company's business relationships with suppliers and customers, the impact of the company's operations on the community and the environment, the desirability of maintaining a reputation for high standards of business conduct, and the need to act fairly as between members of the company. These considerations are reviewed regularly at board level and inform the strategic and operational decisions made throughout the year.

The company's underlying business operated in line with expectations during the year under review. The directors intend to continue to pursue established policies and anticipate further progress in future years.

The directors acknowledge the latest guidance on going concern. They monitor the current economic and business environment and are confident that the company will remain attractive to the group.

The company has adequate liquid resources to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. The company also benefits from its relationship with other Stenham group companies. Stenham Asset Management Holdings Limited has undertaken to provide such financial support as is required for the company's continued operations for at least twelve months from the date of approval of these financial statements.

The company is dependent on its relationship with other Stenham group companies. However, the Stenham group is in a strong financial position.

Notwithstanding these, the company have also received a confirmation that in addition to the cash reserves already made available, Stenham Asset Management Holdings Limited has undertaken to provide such financial support as the company requires for its continued operations until further notice and for at least 12 months from the date of approval of the company's financial statements for the year ended 31 March 2026

The company's principal financial risk is credit risk arising from counterparties failing to settle fees. This risk is managed through regular review of outstanding balances and by trading only with entities that have an established payment history.

Further information on the company's financial risk management and exposures to credit, liquidity, market and currency risks is provided in note 16 of the financial statements.

The directors have taken exemption from preparing strategic report as the accounts are prepared in accordance with the small companies regime.

Details of issued share capital are shown in note 12. The company has one class of ordinary shares, which carry no right to fixed income. Each share carries the right to one vote at general meetings of the company.

The results for the year are set out in the statement of comprehensive income on page 8. Turnover for the year amounted to £889,629 (2025: £938,034). The directors did not declare a dividend during the year (2025: £Nil) and no loss was transferred to reserves (2025: £Nil). As of the date of signing the directors' report, the directors are not proposing a dividend payment.

The directors of the company during the year and up to the date of this report are as follows:

R. Toledano

S. Price (Appointed 2 March 2026)

S. Chim (Resigned 31 March 2026)

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

Deloitte LLP was reappointed as the independent auditor on 20 May 2026.

Each of the persons who is a director at the date of approval of the financial statements 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 steps he ought to have taken as director to make himself 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.

Deloitte LLP have expressed their willingness to continue in office as auditors and appropriate arrangement are being made for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

180 Great Portland Street

London W1W 5QZ

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 International Financial Reporting Standards (“IFRS") Accounting Standards, as issued by the International Accounting Standards Board (“IASB"). 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, International Accounting Standard 1 requires that directors:

properly select and apply accounting policies;

present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

provide additional disclosures when compliance with the specific requirements of the financial reporting framework are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The company is incorporated as a private company limited by shares in England. The address of its registered office is 180 Great Portland Street, London, W1W 5QZ.

The principal accounting policies are summarised below. They have all been consistently applied to all periods presented.

The financial statements of Stenham Support Services Limited have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In the current year, the company has adopted all of the new and revised standards effective in the year.

At the date of authorisation of these financial statements, certain new and revised Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective.

The following accounting standards and updates were applicable in the current period but did not have a material impact on the company:

Amendments to IAS 21: Lack of exchangeability

At the date of authorisation of these financial statements, the company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

IFRS 18: Presentation and Disclosure in Financial Statements. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027. The directors are assessing the impact on presentation and disclosure. IFRS 18 is not expected to affect recognition or measurement of assets, liabilities, income or expenses

IFRS 19: Subsidiaries without Public Accountability Disclosures

Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments

Amendments to IAS 7: Cost method

IAS 12: The Company has considered the amendments to IAS 12 Income Taxes arising from the OECD Pillar Two model rules and has applied the mandatory temporary exception from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes; the amendments have no material impact on the financial statements.

The directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the company in future periods.

The directors acknowledge the latest guidance on going concern. They monitor the current economic and business environment and are confident that the company will remain attractive to the group. The directors have fulfilled their duty to promote the success of the company for the benefit of its members while considering the factors outlined in section 172(1) (a)-(f) of the Companies Act 2006.

The directors are satisfied that the company's services will continue to be attractive to clients. The company has adequate liquid resources held in cash and receivables to sustain operations for at least 12 months from the approval of the financial statements. Therefore, the directors will continue to adopt the going concern basis in preparing this report and the financial statements.

The company is dependent on its relationship with other Stenham group companies. However, the Stenham group is in a strong financial position.

Notwithstanding these, the company have also received a confirmation that in addition to the cash reserves already made available, Stenham Asset Management Holdings Limited has undertaken to provide such financial support as the company requires for its continued operations until further notice and for at least 12 months from the date of approval of the company's financial statements for the year ended 31 March 2026

Revenue is measured at transaction price which is the amount of consideration that the company expects to receive in exchange for the services rendered, including services to group companies.

Accrued income represents the billable provision of services that are rendered and where performance obligations have been met but clients, including group companies, have not been invoiced at the reporting date. Accrued income is recorded based on agreed fees billed in arrears and time-based charge-out rates in force at the work date, less any specific provisions against the value of accrued income where recovery will not be made in full.

Revenue for the company represents amounts receivable for services provided in the normal course of business, net of trade discounts and VAT. This includes services rendered to both external customers and group companies.

Operating revenue is recognised at fair value and represents the invoiced value of services provided to the company's customers and group companies. Interest income is recognised in profit or loss using the effective interest rate method.

Current tax is provided at amounts expected to be paid (or recovered) using the tax application rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred taxation is provided in full on timing differences that result in an obligation at the statement of financial position date to pay more tax, or a right to pay less tax, at a future date, at rates which apply when they crystallise based on tax rates and laws that have been enacted or substantially enacted by the statement of financial position date. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

The financial statements are presented in Sterling, which is the functional and presentation currency of the company. In previous years, financial information was rounded to the nearest thousand. In these financial statements all financial information is rounded to the nearest Pound Sterling and not rounded to the nearest thousand, unless otherwise stated.

Monetary assets and liabilities denominated in currencies other than Sterling have been translated into Sterling at the rates of exchange ruling at the statement of financial position date. Transactions during the period have been translated at the rates of exchange ruling at the date of the transaction. Any gains or losses arising on translation differences are included as an exchange gain or loss in the statement of comprehensive income.

The company classifies its financial assets as financial assets amortised at cost. The classification is dependent on business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Management determines the classification of its investments at the time of purchase and re-evaluates such designation at every reporting date.

Derivative instruments are classified as held for trading assets designated at fair value through profit or loss. Certain derivative instruments are held to hedge future foreign currency revenues and their accounting treatment is disclosed under the derivative financial instrument policy note.

Financial assets are measured at amortised cost if held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The company includes in this category short-term non-financing receivables including trade and other receivables.

Purchases and sales of financial assets are recognised on the trade date, which is when the company commits to purchase or sell the assets. Other financial assets are recognised when the company becomes party to the contractual provisions of the agreement and derecognised when the contractual rights to receive cash flows from the financial asset expire, or where the financial assets have been transferred, together with substantially all of the risks and rewards of ownership.

All financial assets are initially measured at fair value plus, in the case of financial assets not carried at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the statement of comprehensive income.

After initial recognition, the company measures financial assets designated as at fair value through profit or loss at fair values without any deduction for transaction costs it may incur on their disposal.

The company classifies its financial liabilities at amortised cost. The classification is dependent on the substance of the contractual arrangements entered into.

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or when it is transferred and the transfer qualifies for derecognition.

The company derecognises financial liabilities when, and only when, the company's obligations are discharged, cancelled or they expire.

Cash and cash equivalents comprise cash balances and call deposits.

The company makes contributions to the personal pension schemes of the majority of its permanent employees. The schemes are defined contribution plans. Pension costs charged against profits represent the amounts payable to the schemes in respect of the period.

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 period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no critical accounting estimates or judgements.

(Registration Number 02812141)

Financial Statements for the year ended 31 March 2026

The company's turnover was mainly derived from its principal activity, which is management consultancy and the provision of group facilities.

Fees payable to Deloitte LLP amounting to £8,254 (2025: £8,000) relate to amounts due for audit fees.

There were no directors remuneration paid during the year.

Interest received is earned on loans and receivables (including cash and bank balances).

(Registration Number 02812141)

Financial Statements for the year ended 31 March 2026

The above analysis includes accruals.

The above analysis includes accruals.

(Registration Number 02812141)

Financial Statements for the year ended 31 March 2026

The following are the major deferred tax assets recognised by the company and movements thereon during the current reporting year.

The amounts due from group companies relate to a fellow subsidiary, Stenham Asset Management Limited and is interest free, unsecured and payable on demand.

Other receivables and amounts due from group companies have a low risk of default and therefore no expected credit losses were recognised.

¹ In the prior year, Value added tax was presented together with Other receivables. In the current year, the company has presented Value added tax as a separate line in this note, including the 2025 comparative. The change in presentation has no effect on the statement of financial position for the 2025 comparatives.

Carrying amounts are considered equivalent to their fair value.

Cash and cash equivalents comprise cash held by the company and short-term bank deposits. The carrying amount of these assets is considered equivalent to their fair value.

The ordinary shares are entitled to one vote per share and equal shares in dividend and capital distributions.

(Registration Number 02812141)

Financial Statements for the year ended 31 March 2026

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £19,027 for the year ended 31 March 2026 (2025: £14,859). Pension contributions outstanding at 31 March 2026 are £Nil (2025: £Nil).

Having regard to the fact that managing risk is an inherent part of the company's activities, risk management and the ongoing improvement in corresponding control structures remain a key focus of management in building a successful and sustainable business. The Board recognises that risk management is a dynamic process and that the risk framework should be robust enough to effectively manage and react to change in an efficient and timely manner.

Formalisation of a risk management framework is the responsibility of the company and the Board of directors. The framework ensures:

risk-taking within levels acceptable to the company;

efficient liquidity management and control of funding costs; and

improved risk management and control.

Senior management take an active role in the risk management process and are responsible for the implementation, ongoing maintenance of and ultimate compliance with the risk process as it applies to the business. Regular Board meetings are held to consider any risk developments.

The company participates in the Stenham group's (being Stenham Asset Management Holdings Limited and subsidiaries) risk management framework. The nature of key risks to which the company is exposed are categorised as follows:

Market risk is the potential change in the value of a financial instrument resulting from changes in market conditions. The company's activities have very limited exposure to this risk.

The company has very limited exposure to foreign currency transaction risk.

(Registration Number 02812141)

Financial Statements for the year ended 31 March 2026

Transaction exposures arise when a business undertakes a transaction in a currency other than its functional currency. To manage foreign exchange risk all non-Sterling revenues, net of non-Sterling expenses are usually converted to Sterling (GBP) promptly on receipt.

Currency exposures are monitored on an ongoing basis. As the company transacts primarily in Sterling, management consider foreign currency transaction risk to be minimal.

Interest rate risk refers to the impact of interest rate changes on future cash flows and earnings from interest- bearing assets and liabilities. Interest earned by the company is a result of the Stenham group's financing decisions. Financial assets and liabilities that are sensitive to interest rate risk comprise only cash balances.

The company monitors interest rate risk on an ongoing basis and cash is placed with high credit-rated financial institutions or invested. Management considers interest rate risk to be minimal.

The repricing profile of assets and liabilities sensitive to interest rate fluctuations is presented in the table below. Interest-bearing assets and liabilities are allocated to time periods by reference to the earlier of the next contractual interest rate repricing date and the maturity or settlement date. Non-interest bearing assets and liabilities are allocated according to known or estimated settlement dates.

A 2% increase represents management's assessment of the reasonably possible change in interest rates. The table depicts the sensitivity of a 2% parallel shift in all applicable rates.

Credit risk is the risk of loss resulting from the default of a counterparty due to insufficient liquidity to settle their fees. The company manages this exposure through regular reviews of the unpaid invoices. In addition, the credit risk with respect to trade receivables is limited due to the company trading only with entities that have an established client history with the company.

(Registration Number 02812141)

Financial Statements for the year ended 31 March 2026

Other assets that expose the company to credit risk consist principally of cash deposits and trade receivables. Cash is placed on deposit with high credit-rated financial institutions.

The ageing of current financial assets at the reporting date is set out below:

Liquidity risk refers to the ability to meet funding obligations as they fall due.

A summary of the company's undiscounted liquidity profile is reflected in the table below. Assets and liabilities are allocated according to their contractual maturity dates.

(Registration Number 02812141)

Financial Statements for the year ended 31 March 2026

The company manages its capital to ensure that the company will be able to continue as a going concern. The directors have sought and received assurances from Stenham Limited that they will continue to provide ongoing financial support to enable the company to continue in operational existence for the foreseeable future. The company's overall strategy remains unchanged from previous years.

The capital structure of the company consists of equity, comprising issued capital, reserves and accumulated profits as disclosed in the statement of changes in equity.

Throughout the year and as at 31 March 2026, the company did not have any external debt (2025: £Nil).

(Registration Number 02812141)

Financial Statements for the year ended 31 March 2026

During the year the company entered into various transactions with related parties in the ordinary course of business.

The company is a subsidiary of Stenham Asset Management Holdings Limited and its parent companies are SAM Global Limited and Boomerang Holdings Limited, all companies incorporated in Guernsey.

These financial statements were approved for issuance by the Board, subsequent events have been evaluated up to the date of signing. No significant events have been identified or noted to have occurred between the Statement of financial position date and the date of signature of these financial statements.