The members present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the LLP during the year was proprietary trading and related services on behalf of the company's group.

The net gain from the trading book (which includes trading profits, trading fees and foreign exchange differences) for 2025 was £6,228,798 (2024: £10,436,517), which is 15% of members' capital. In 2025, operating expenses exceeded trading book and service income, resulting in a net operating loss of £15,726,704 (2024: £8,156,183). The main purpose of the business remains providing its members and affiliates with access to markets available only to appropriately regulated firms and a UK-located office.

The LLP continues to be authorised and regulated by the Financial Conduct Authority (FCA).

The members consider the performance of the entity to be in line with expectations.

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

During the year, the members contributed an additional £12,500,000 (2024: £nil) which has been classified as equity.

The loss for the year was of £15,726,704 (2024: £8,156,183), of which £nil (2024: £nil) was distributed to members.

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members 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 limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Five Rings Capital LLP (the LLP) for the year ended 31st December 2025 which comprise statement of comprehensive income, statement of financial position, reconciliation of members interest, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the LLP’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 as applied to LLPs.

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 members’ 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and 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 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.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the LLP, or returns adequate for our audit have not been received from branches not visited by us; or

• the LLPs financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the members’ responsibilities statement set out on page 1, the members 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 members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP’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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

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:

• completing a risk-assessment process during planning for this audit that specifically considered the risk of fraud;

• enquiry of management about LLP’s policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;

• examining supporting documents for all material balances, transactions and disclosures;

• consideration of management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentation.

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

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to Limited Liability Partnerships (LLPs). Our audit work has been undertaken so that we might state to the LLP’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 LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

Five Rings Capital LLP (registered number 389722) is a limited liability partnership incorporated in England and Wales. The registered office is 201 Bishopsgate 7th Floor, London, EC2M 3AB.

The limited liability partnership's principal activities are disclosed in the Members' Report.

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards.

The LLP has early adopted all amendments to FRS 102 that are effective for periods beginning on or after 1 January 2026, which were not otherwise mandatory for the current accounting period.

The LLP made a loss for the year of £15,276,704 (2024: £8,156,183) and has net assets of £41,010,011 (2024: £43,786,715). The members have reviewed the forecasts for the LLP and have a reasonable expectation that the LLP has adequate resources to continue as a going concern for the foreseeable future, being at least twelve months from the date these financial statements have been approved.

The income shown in the profit and loss account represents gains and losses from trading activities, measured daily at fair value, exclusive of Value Added Tax. Revenue is recognized on any day with trading activity or open positions in financial instruments.

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position. Any losses are not allocated to members but must be eliminated by future profits before profit allocations recommence.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

In the event of winding up, loans and other debts due to members rank pari passu with the interests of other creditors.

Members' other interests represent fixed capital and unallocated profits. There are no restrictions on the ability of members to reduce members' other interests.

Tangible assets are stated at historical cost less accumulated depreciation and impairment.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

The assets' residual value and useful lives are reviewed, and adjusted if required, at each reporting date. The carrying amount of an asset is written down immediately to its recoverable amount if the carrying amount is greater than its estimated recoverable amount.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

a) Trade and other receivables

Trade and other receivables may include amounts due from trade counterparties and affiliates in respect of transactions, agreements, or services provided in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.

Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment.

b) Trade and other payables

Obligations to pay for goods/services; current and non-current are initially recognised at fair value and are subsequently measured at amortised costs.

c) Borrowing costs

All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

d) Other financial instruments

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Rentals payable under operating leases are charged to the income statement on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term.

Leases

The LLP recognises a right‑of‑use asset and a corresponding lease liability at the commencement date of a lease.

The right‑of‑use asset is initially measured at cost, which comprises the initial measurement of the lease liability, adjusted for any lease payments made at or before the commencement date, together with any initial direct costs incurred. The lease liability is initially measured at the present value of future lease payments, discounted using the interest rate implicit in the lease or, where this cannot be readily determined, the LLP’s incremental borrowing rate.

Right‑of‑use assets are subsequently measured at cost less accumulated depreciation and impairment losses and are depreciated on a straight‑line basis over the shorter of the lease term and the useful life of the underlying asset.

Lease liabilities are subsequently measured using the effective interest method, with interest expense recognised within profit or loss.

The preparation of financial statements under FRS 102 requires the LLP to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The areas requiring the most significant judgement and estimation in these financial statements relate to:

• the valuation of derivative financial instruments, which are measured at fair value through profit or loss, including judgements over valuation techniques, observable market inputs and counterparty credit risk;

• the going concern assessment, which requires judgement in relation to future trading performance, liquidity and the availability of ongoing financial support from the LLP’s members and ultimate parent undertaking;

• the useful economic lives and depreciation of tangible fixed assets and right‑of‑use assets, which affect the annual depreciation charge

Based on the assessment performed, the members are satisfied that there are no key sources of estimation uncertainty that are expected to result in a material adjustment to the carrying amounts of assets or liabilities in the next financial year.

Income arises from:

The whole of the income is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:

The aggregate employment costs incurred during the year (excluding members) were:

Included within derivative financial assets falling due within one year are financial assets of £12,729,100 (2024: £18,415,809). Within this balance, £5,965,000 relates to cash margin collateral held in respect of these positions.

Included within derivative financial assets falling due after more than one year is a derivative financial asset of £1,932,415 (2024: £2,191,559) in respect of open equity positions. The derivative financial asset is measured at fair value at the reporting date.

Management considers that the carrying value represents a reasonable approximation of fair value. No amounts are past due and, based on the counterparty credit quality, no impairment provision has been recognised.

The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £27,297 (2024: £23,798). Contributions totalling £nil (2024: £nil) were payable to the fund at the reporting date.

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Operating lease commitments disclosed in the prior year have reduced as a result of the cancellation of the operating lease during the current year.

In the opinion of the members the controlling party is Five Rings LLC (a company organised in the United States).

During the year the following transactions took place with related parties. All transactions occurred at arm's length terms and during the ordinary course of business.

The LLP recognised service fees totalling £6,656,859 (2024: £6,918,502) during the period from Five Rings International LLP, as well as costs totalling £5,213,457 (2024: £5,933,053 (service fees)) during the period from Five Rings Capital, LLC. For efficiency, the LLP and related parties offset service fee payments and remit net amounts when possible. As at the reporting date £1,443,402 (2024: £985,449) was due from Five Rings Capital, LLC in respect of the service fees incurred.

No additional payments were made to senior management in the year either directly by the LLP or on behalf of the LLP by other group entities.

The ultimate controlling party is Five Rings LLC, an entity incorporated in the United States, with registered office address of 225 Liberty Street, 30th Floor, New York, NY 10281 USA. This is the largest group for which consolidated accounts are prepared.