REGISTERED NUMBER: 03564197 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

DOUBLE EIGHT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

W F Griffin

M J C Tilney

REGISTERED OFFICE:

Mercury House

19-21 Chapel Street

Marlow

Bucks

SL7 3HN

REGISTERED NUMBER:

03564197 (England and Wales)

AUDITORS:

Richardson Jones

Chartered Accountants &

Registered Auditors

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

The directors present their strategic report for the year ended 31st December 2025.

The principal activity of the company throughout the year remained focused on forward and futures derivatives trading.

REVIEW OF BUSINESS

In 2025, the company continued to operate within an increasingly complex and evolving market environment. The year was defined by the implementation of sweeping United States tariff policies, which triggered significant disruption across global trade networks and heightened uncertainty in commodity and financial markets. Geopolitical tensions persisted, especially in the Middle East, continuing to influence energy prices and broader market sentiment. Central banks across major economies began easing monetary policy in response to moderating inflation, creating a shifting interest rate landscape that required careful navigation. The sustained weakness of the US Dollar against the British Pound was a notable development during the year, with a direct impact on our operations given that the company predominantly holds US Dollars to trade futures contracts. Additionally, precious metals experienced a significant appreciation in value throughout 2025, driven in part by global central banks diversifying away from USD Treasury bonds. The strong performance of gold and silver presented both trading opportunities and portfolio considerations. Our disciplined financial approach and adaptive trading strategies remained central to maintaining resilience and delivering stability throughout the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is exposed to a wide range of risks inherent to its trading activities, including adverse movements in market prices, counterparty credit risk, liquidity constraints, cybersecurity threats and foreign currency fluctuations. Regulatory developments, including evolving compliance obligations and changing sanctions frameworks, added further layers of operational complexity. In response, we have continued to enhance our risk management framework, investing in improved monitoring systems and ensuring that robust financial controls are in place to manage exposure across all areas of risk.

FUTURE DEVELOPMENTS

As we look to the year ahead, the company will continue to seek opportunities arising from macroeconomic trends whilst exercising disciplined risk and liquidity management. The evolving monetary policy landscape, with central banks navigating the path towards maintaining price stability, will shape our approach to cash management and portfolio allocation. We anticipate that global trade dynamics will remain in flux as nations adjust to new tariff regimes and seek alternative trading partnerships. Currency movements, particularly the trajectory of the US Dollar, will remain a key area of focus given its direct bearing on our futures trading activities. The energy market is expected to be volatile amid unrest in the Middle East. Additionally, the appointment of a new Federal Reserve Chair this year could have significant implications for the US Dollar's direction and broader monetary policy. The rising debt levels of major economies also remain a concern that we will continue to monitor closely. Whilst we do not foresee fundamental changes to our core trading approach, we will continue to assess developments closely and position the business to respond effectively to emerging opportunities and challenges.

STRATEGY

The company's strategy continues to be built around identifying and pursuing investment opportunities within global futures and forward derivatives markets, underpinned by thorough research. Our analytical approach combines fundamental and technical methodologies to assess prevailing market conditions and inform trading decisions. Disciplined execution, prudent risk diversification and careful financial evaluation remain at the core of our operations. We continue to maintain a diversified portfolio across multiple instrument types, providing the flexibility to adapt our positioning as market conditions evolve.

KEY PERFORMANCE INDICATORS

Our performance measurement framework centres on asset growth, effective risk management and maintaining disciplined financial operations. The company seeks to deliver sustainable growth whilst upholding sound financial principles across all areas of the business. The market environment in 2025, characterised by trade policy disruptions, currency headwinds from the weakening US Dollar and shifting monetary conditions, tested our operational resilience. Our financial results reflected these challenging conditions. We remain focused on strengthening the company's financial foundations and identifying opportunities that contribute to long-term value creation.

ENVIRONMENTAL AND SOCIAL MATTERS

The company recognises its responsibility to operate mindfully, with due regard for environmental and social considerations. We remain committed to minimising our ecological footprint and conducting business in accordance with high ethical standards.

ON BEHALF OF THE BOARD:

W F Griffin - Director

4th September 2026

The directors present their report with the financial statements of the company for the year ended 31st December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

W F Griffin

M J C Tilney

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Richardson Jones, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W F Griffin - Director

4th September 2026

Opinion

We have audited the financial statements of Double Eight Limited (the 'company') for the year ended 31st December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2025 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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.

We gained an understanding of the legal and regulatory framework applicable to Double Eight Ltd and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including compliance with the Commodities Futures Trading Commission (CFTC) , European Market Infrastructure Regulations (EMIR), Health and Safety regulations and Corporation tax regulations. Our procedures included:

- agreeing the financial statement disclosures to underlying supporting documentation

- agreeing the supporting CFTC and EMIR documents

- enquiries with management

- understanding of management's internal controls designed to prevent and detect irregularities

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. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Giles Thrush (Senior Statutory Auditor)

for and on behalf of Richardson Jones

Chartered Accountants &

Registered Auditors

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

4th September 2026

TURNOVER

(25,630

)

10,459,002

Cost of sales

250,288

204,946

GROSS (LOSS)/PROFIT

(275,918

)

10,254,056

Administrative expenses

251,702

3,216,058

(527,620

)

7,037,998

Gain/loss on revaluation of investments

(657,006

)

527,320

OPERATING (LOSS)/PROFIT

4

(1,184,626

)

7,565,318

Interest receivable and similar income

488,779

1,104,864

(695,847

)

8,670,182

Interest payable and similar expenses

5

810,844

814,195

(LOSS)/PROFIT BEFORE TAXATION

(1,506,691

)

7,855,987

Tax on (loss)/profit

6

(487,401

)

1,964,636

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,019,290

)

5,891,351

(LOSS)/PROFIT FOR THE YEAR

(1,019,290

)

5,891,351

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,019,290

)

5,891,351

FIXED ASSETS

Tangible assets

7

8,125

5,779

CURRENT ASSETS

Debtors

8

3,567,160

2,768,210

Investments

9

2,938,401

3,595,407

Cash at bank

27,033,275

29,131,036

33,538,836

35,494,653

CREDITORS

Amounts falling due within one year

10

10,021,441

10,680,622

NET CURRENT ASSETS

23,517,395

24,814,031

TOTAL ASSETS LESS CURRENT LIABILITIES

23,525,520

24,819,810

PROVISIONS FOR LIABILITIES

11

352,000

627,000

NET ASSETS

23,173,520

24,192,810

CAPITAL AND RESERVES

Called up share capital

12

2,000

2,000

Revaluation reserve

13

1,170,263

1,552,269

Other reserves

13

6,337,006

6,337,006

Retained earnings

13

15,664,251

16,301,535

SHAREHOLDERS' FUNDS

23,173,520

24,192,810

The financial statements were approved by the Board of Directors and authorised for issue on 4th September 2026 and were signed on its behalf by:

W F Griffin - Director

M J C Tilney - Director

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1st January 2024

2,000

10,805,396

1,157,057

6,337,006

18,301,459

Changes in equity

Total comprehensive income

-

5,496,139

395,212

-

5,891,351

Balance at 31st December 2024

2,000

16,301,535

1,552,269

6,337,006

24,192,810

Changes in equity

Total comprehensive income

-

(637,284

)

(382,006

)

-

(1,019,290

)

Balance at 31st December 2025

2,000

15,664,251

1,170,263

6,337,006

23,173,520

Cash flows from operating activities

Cash generated from operations

1

(386,685

)

8,804,504

Interest paid

(810,844

)

(814,195

)

Tax paid

(1,383,356

)

(533,438

)

Net cash from operating activities

(2,580,885

)

7,456,871

Cash flows from investing activities

Purchase of tangible fixed assets

(5,655

)

(2,701

)

Sale of fixed asset investments

-

2,314,192

Interest received

488,779

1,104,864

Net cash from investing activities

483,124

3,416,355

(Decrease)/increase in cash and cash equivalents

(2,097,761

)

10,873,226

Cash and cash equivalents at beginning of year

2

29,131,036

18,257,810

Cash and cash equivalents at end of year

2

27,033,275

29,131,036

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

(Loss)/profit before taxation

(1,506,691

)

7,855,987

Depreciation charges

3,309

3,258

Loss/(gain) on revaluation of fixed assets

657,006

(527,320

)

Finance costs

810,844

814,195

Finance income

(488,779

)

(1,104,864

)

(524,311

)

7,041,256

Decrease in trade and other debtors

134,594

1,764,003

Increase/(decrease) in trade and other creditors

3,032

(755

)

Cash generated from operations

(386,685

)

8,804,504

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

27,033,275

29,131,036

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

29,131,036

18,257,810

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

29,131,036

(2,097,761

)

27,033,275

29,131,036

(2,097,761

)

27,033,275

Liquid resources

Current asset investments

3,595,407

(657,006

)

2,938,401

3,595,407

(657,006

)

2,938,401

Total

32,726,443

(2,754,767

)

29,971,676

1.	STATUTORY INFORMATION

Double Eight Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is attributable to the net trading gains or losses during the year, including foreign exchange gains or losses. If during the year the company makes a net loss on trading, turnover will be shown as negative in the profit and loss account.Turnover includes the fair market value of the open positions held at the year end.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

at varying rates on cost

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

The functional currency of the company is in US dollars and Euros, but the presentation currency is in GBP Sterling as the company is a UK company.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Commodities trading

Current asset investments are recognised at cost, being the contract amount paid on the delivery date. Open positions at the balance sheet date, where the delivery date is post balance sheet are valued at fair market value.

The trading results for the period include unrealised profits and losses in respect of open contracts outstanding at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

96,000

2,695,439

Social security costs

11,862

369,335

107,862

3,064,774

The average number of employees during the year was as follows:

31.12.25

31.12.24

Directors

2

2

31.12.25

31.12.24

£

£

Directors' remuneration

86,000

2,685,439

4.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

31.12.25

31.12.24

£

£

Depreciation - owned assets

3,309

3,258

Auditors' remuneration

14,000

9,600

Non audit services

11,083

8,661

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank interest

10,843

14,195

Interest paid

800,001

800,000

810,844

814,195

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

(212,401

)

1,832,636

Deferred tax

(275,000

)

132,000

Tax on (loss)/profit

(487,401

)

1,964,636

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

(Loss)/profit before tax

(1,506,691

)

7,855,987

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(376,673

)

1,963,997

Effects of:

Expenses not deductible for tax purposes

164,858

330

Income not taxable for tax purposes

-

(131,830

)

Capital allowances in excess of depreciation

(586

)

-

Depreciation in excess of capital allowances

-

139

Deferred tax

(275,000

)

132,000

Total tax (credit)/charge

(487,401

)

1,964,636

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st January 2025

8,000

18,154

26,154

Additions

-

5,655

5,655

At 31st December 2025

8,000

23,809

31,809

DEPRECIATION

At 1st January 2025

8,000

12,375

20,375

Charge for year

-

3,309

3,309

At 31st December 2025

8,000

15,684

23,684

NET BOOK VALUE

At 31st December 2025

-

8,125

8,125

At 31st December 2024

-

5,779

5,779

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Other debtors

683,896

515,199

Fair value of derivatives

1,928,068

2,046,226

Tax

933,544

-

Prepayments and accrued income

21,652

206,785

3,567,160

2,768,210

9.	CURRENT ASSET INVESTMENTS

31.12.25

31.12.24

£

£

Unlisted investments

2,938,401

3,595,407

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Tax

-

662,213

Directors' current accounts

10,000,000

10,000,000

Accrued expenses

21,441

18,409

10,021,441

10,680,622

The interest on the directors' loans was 8% for this year and last year

11.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Deferred tax

352,000

627,000

Deferred tax

£

Balance at 1st January 2025

627,000

Provided during year

(275,000

)

Balance at 31st December 2025

352,000

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

1,000

Ordinary

£1

1,000

1,000

1,000

Ordinary A

£1

1,000

1,000

2,000

2,000

13.

RESERVES

Retained

Revaluation

Other

earnings

reserve

reserves

Totals

£

£

£

£

At 1st January 2025

16,301,535

1,552,269

6,337,006

24,190,810

Deficit for the year

(1,019,290

)

(1,019,290

)

Movement in investments

382,006

-

-

382,006

Movement in investments

-

(382,006

)

-

(382,006

)

At 31st December 2025

15,664,251

1,170,263

6,337,006

23,171,520

14.	ULTIMATE CONTROLLING PARTY

The controlling party is M J C Tilney.