The directors present the strategic report for the year ended 30 September 2025.

New World Capital Advisors is the UK-based advisory business of New World Group Holdings Limited (“NWG”). NWCA is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 765796.

NWG is an investment holding group with interests across asset management, financial services, technology, real assets and luxury commerce.

NWG’s investment model combines active ownership with strategic support. Through NWCA, the Group works alongside its portfolio companies on capital formation, strategic transactions, institutional partnerships and international business development, leveraging relationships across Europe, the Middle East and Asia. This approach has been applied across businesses including Algbra, Luxury Promise and The Valesco Group.

During the year, NWCA continued to support the Group’s principal portfolio businesses by strengthening their strategic and financial frameworks and assisting management teams in navigating complex financing, commercial and institutional relationships.

NWG AND PORTFOLIO MANDATES

New World Group

Founded in 2017, New World Group is a London-headquartered principal investment and holding group focused on strategic ownership across real assets, financial infrastructure and operating businesses spanning Europe, the Middle East and Asia.

Rather than passive investment, the Group takes strategic ownership and control, allocating capital with discipline and over a long-term horizon. It seeks to combine active ownership, strategic capital and long-term partnerships to create sustainable value across its investments.

The Group’s platform is anchored by longstanding relationships across sovereign institutions, family offices and institutional investors, and by a presence in the principal capital and trade corridors connecting Europe, the Gulf and Asia.

NWCA serves as the Group’s UK advisory business and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 765796.

Algbra

As NWG’s advisory arm, NWCA played an active role in supporting Algbra during NWG’s period as majority shareholder, helping drive capital formation, strategic partnerships and international business development.

This included projects with institutions such as Gatehouse Bank and the expansion of commercial opportunities across the Middle East and Asia.

Algbra’s UK business operated within the FCA regulatory framework and its wider technology activities included the provision of fintech infrastructure and services to financial institutions and corporate clients.

Selected developments included:

•    Recognition at the PAY360 Awards for its ESG initiative

•    Growth of its consumer platform to approximately 25,000 users

•    Integration of payment functionality with Apple Pay and Google Pay

•    Development of its business-to-business proposition through Algbra Labs

NWCA’s work included corporate finance and strategic advisory, financial modelling, investor materials, data-room preparation and support with investor and commercial engagement.

Luxury Promise

Luxury Promise is a technology-enabled luxury commerce platform specialising in authenticated pre-owned luxury goods and live shopping.

Headquartered in London, the business operates internationally, with activities across the United Kingdom, the Middle East and Asia-Pacific.

Selected developments included:

•    Continued development of its London flagship presence

•    Expansion into fine jewellery and watches

•    Further international expansion, including live-commerce activity across the Asia-Pacific region

•    Continued development of a global live-shopping proposition

NWCA advises Luxury Promise on corporate finance, capital formation, commercial strategy and strategic development.

During the year, NWCA supported the development of investor materials and financial analysis, commercial optimisation and engagement with prospective investors and strategic partners.

The Valesco Group

The Valesco Group is an FCA-regulated UK and European real estate investment management business headquartered in London, with approximately €2.5 billion of assets under management during the relevant period.

Its investor base includes institutional and sovereign investors, with a particular focus on relationships across Asia and the Middle East.

NWCA has similarly supported The Valesco Group as a strategic portfolio company of NWG, working alongside the business on capital formation, investor relationships, strategic transactions and international expansion. This has included supporting major European real estate transactions and developing institutional relationships with sovereign, institutional and private capital partners across the Middle East and Asia.

Selected initiatives included support around Valesco’s European investment platform and major transactions such as Sequana Tower, Accor’s global headquarters in Paris, alongside the development of capital relationships across the GCC and Asia.

Selected developments included:

•    The acquisition of Sequana Tower, Accor’s global headquarters in Paris, in a transaction valued at approximately €460 million

•    Growth in assets under management to approximately €2.5 billion

•    Continued institutionalisation of the investment and asset-management platform

NWCA provides Valesco with advisory support across capital formation, corporate governance and strategic initiatives.

This has included investor origination and engagement, capital formation in relation to individual transactions and the development of new investment propositions.

PRINCIPAL ACTIVITIES

Capital Formation and Strategic Partnerships

NWCA supports portfolio companies throughout the capital formation process, from the identification and evaluation of financing requirements through to the structuring and execution of transactions.

The Company draws upon longstanding relationships with institutional investors, family offices and strategic partners across international markets and works with portfolio management teams to develop investment propositions aligned with the objectives of prospective capital partners.

Strategy and Financial Analysis

Effective capital formation requires a robust strategic and financial foundation.

NWCA works with portfolio companies to develop financial models, business plans, investment materials and commercial strategies that support informed decision-making and institutional investor engagement.

This work is intended not only to facilitate individual financing transactions, but also to strengthen the underlying strategic and commercial development of portfolio businesses over the longer term.

Governance and Operations

NWCA supports the development and maintenance of appropriate governance, reporting and operational frameworks across the businesses it advises.

This includes assisting with the preparation and maintenance of commercial, financial and corporate documentation and supporting the timely communication of relevant information to investors, regulators, auditors and other stakeholders.

The Company seeks to maintain high standards of governance, accountability and transparency throughout its activities.

Innovation and Technology

Technology continues to influence both the industries in which NWG invests and the way in which investment and advisory businesses operate.

NWCA continues to evaluate technologies that can improve operational efficiency, financial analysis, information management and investor engagement.

The Company also works with portfolio businesses to assess emerging technological developments relevant to their respective industries and long-term strategies.

Principal Risks and Uncertainties

1. Interest Rate and Financing Environment

Changes in interest rates, credit conditions and broader financing markets may affect both NWCA and the portfolio companies it advises.

The Company seeks to mitigate these risks through disciplined financial analysis, appropriate consideration of capital structures and continued assessment of financing conditions.

Where relevant, NWCA works with portfolio companies to evaluate the resilience of proposed transactions across a range of financial and market scenarios.

2. Geopolitical and Macroeconomic Environment

NWCA operates within an international investment environment and may therefore be affected by geopolitical developments, economic volatility and changes in market conditions.

The Company seeks to maintain an informed understanding of the markets in which it and the Group’s portfolio businesses operate and considers relevant geopolitical and macroeconomic factors as part of its strategic and investment analysis.

3. Operational and Regulatory Risk

As an FCA-authorised and regulated firm, NWCA operates within an established regulatory and compliance framework.

The Company seeks to mitigate operational and regulatory risk through appropriate internal policies, governance, systems and controls, supported where appropriate by external professional advisers.

Processes are reviewed periodically to ensure they remain appropriate to the nature and scale of the business.

4. People and Key-Person Risk

NWCA’s performance depends upon the experience, judgement and relationships of its people.

The Company seeks to mitigate key-person risk through appropriate organisational planning, knowledge sharing and the continued development of its team.

NWCA remains focused on attracting and retaining high-quality professionals as the requirements of the business evolve.

5. Liquidity and Funding Risk

Maintaining appropriate liquidity is important to the Company’s ability to meet its obligations and execute its strategy.

The directors monitor cash resources, working-capital requirements and expected financial commitments on an ongoing basis.

The Company seeks to maintain an appropriate level of financial flexibility and manage its resources prudently.

Key Performance Indicators

During the year, NWCA continued to execute its advisory mandate across the Group’s principal portfolio businesses.

Key developments included:

•    Turnover of approximately £1.45 million

•    Continued advisory support to Algbra in relation to the development of its B2B proposition

•    Advisory support in connection with Valesco’s acquisition of Sequana Tower in Paris

•    Continued strategic and corporate finance support to Luxury Promise in relation to its international expansion

•    Continued development of NWCA’s institutional investor and strategic partner relationships across the UK, Middle East and Asia

Future Development

The financing, strategic and operational requirements of NWG’s portfolio companies continue to evolve as those businesses develop.

NWCA intends to deepen its advisory capabilities accordingly, with a particular focus on capital formation, strategic partnerships, financial analysis and governance.

The increasing scale and international reach of the Group’s portfolio businesses is also broadening the range of

financing structures and capital solutions relevant to them.

NWCA will continue to evaluate opportunities across equity, credit and other forms of institutional capital where appropriate.

The Company’s objective remains to provide disciplined, high-quality strategic support to NWG and its portfolio companies while maintaining an appropriate regulatory and governance framework.

Stakeholder Engagement

In carrying out their duties under section 172 of the Companies Act 2006, the directors have regard to the long-term consequences of their decisions and to the interests of the Company’s principal stakeholders.

NWCA seeks to maintain open and constructive relationships with its employees, clients and portfolio companies, suppliers, regulators and shareholders.

Employees

The quality and experience of NWCA’s people are important to the long-term success of the business.

The Company seeks to maintain an open and collaborative working environment and supports professional development through regular engagement, performance discussions and opportunities for employees to develop their skills and responsibilities.

Clients and Portfolio Companies

NWCA seeks to build long-term relationships founded on trust, professional judgement and high standards of execution.

At the commencement of each mandate, the Company seeks to establish a clear understanding of objectives, responsibilities and expected outcomes.

Throughout an engagement, NWCA maintains regular dialogue with relevant stakeholders and seeks to provide advice that is commercially rigorous and aligned with the long-term interests of the businesses it advises.

Suppliers and Professional Advisers

The Company regards its suppliers and professional advisers as important contributors to the effective operation of the business.

NWCA seeks to maintain constructive relationships through appropriate procurement processes, clear communication and timely settlement of agreed obligations.

When appointing material suppliers or advisers, the directors consider quality, capability, commercial terms and the requirements of the business.

Regulators

As an FCA-authorised and regulated firm, NWCA recognises the importance of maintaining an open and constructive relationship with its regulator and meeting its regulatory obligations.

The Company maintains appropriate compliance arrangements and, where appropriate, engages external regulatory specialists.

Regulatory considerations form an integral part of the Board’s assessment of material business and corporate decisions.

Shareholders

The Board seeks to ensure that shareholders receive appropriate information concerning material developments in the Company’s financial performance, governance and strategy.

The directors consider the long-term interests of shareholders when making material decisions and provide opportunities for shareholder engagement in accordance with the Company’s constitutional and statutory requirements.

On behalf of the board

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

New World Capital Advisors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 22 Upper Brook Street, London, W1K 7PZ.

These financial statements have been prepared in accordance 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 company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 credited or charged to profit or loss.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024 - 1).

The net carrying amount at the end of the reporting period for the assets held under the finance lease amounts to £nil.

Included within debtors due after more than one year under the heading of other debtors, there is rent deposit of £67,205 (2024: £67,205).

On 10 June 2020, the Company obtained a loan of £295,000 from HSBC Bank plc. The loan bears interest at a rate of 3.99% above the Bank of England base rate and is repayable over a period of six years from the date of drawdown. The loan is secured by fixed and floating charges over the assets of the Company.

Finance lease payments represent rentals payable by the company for certain items of fixtures and fittings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The above provision relates to the expected office restoration costs at the end of the lease.

Each ordinary share is entitled to one vote in any circumstance and pari passu to dividend payments, and each Ordinary Share is entitled to participate in a distribution arising from a winding up of the company.

There have been no material events subsequent to the reporting date and prior to the date of approval of these financial statements that require adjustment to, or disclosure in, the financial statements, other than the termination of Mr Z Idris’ appointment as a director of the Company on 22 January 2026.For the avoidance of doubt, Mr Z Idris did not resign from his position.

During the year the company entered into the following transactions with related parties:

Algbra FS UK Limited: Connected Company

The company received £430,000 (2024: £420,000) as advisory fees from Algbra FS UK Limited, an affiliate of the company and in which Adam Sadiq is a director. Of the total advisory fees earned during the reporting period, £48,000 (2024: 42,000) is recorded as a debtor.

Luxury Promise Limited: Connected Company

The company received £300,000 (2024: £300,000) as advisory fees from Luxury Promise Limited, which is an affiliate of the company and in which Adam Sadiq is a director. Of the total advisory fees earned during the reporting period, £270,000 (2024: 30,000) is recorded as a debtor.

New World Racing Investors Limited: Connected Company

Included in debtors under the heading of other debtors, there is amount of £540 (2024: £Nil) owed from New World Racing Investors Limited, which is an affiliate of the company and in which Adam Sadiq is a director.

New World Group Holdings Limited: Parent Company

Included in debtors under the heading of amounts owed by group undertakings, there is amount of £563,717 Dr (2024: £285,999 Cr) owed by New World Group Holdings Limited, the parent company of New World Capital Advisors Ltd. The loan is payable on demand and carries no interest charge.

New World Group Partners: Connected Company

Included in creditors under the heading of other creditors, there is amount of £6,471 (2024: £6,471) owed to New World Group Partners Limited, of which Mr Adam Sadiq is a director. The loan is payable on demand and carries no interest charge.

The Company's immediate parent company is New World Group Holdings Limited, a company incorporated under the laws of the British Virgin Islands. The intermediate parent company is New World Group Partners Limited. The ultimate controlling party is Mr. Adam Muhammad Sadiq, by virtue of his majority shareholding in New World Group Partners Limited.