The directors present the Strategic Report for Blackmoor Investment Partners Limited (the "Company") for the year ended 31 December 2025. The report has been prepared in accordance with Chapter 4A of Part 15 of the Companies Act 2006 and sets out a fair review of the Company's business, a description of the principal risks and uncertainties it faces, and the directors' statement under 172(1) of that Act.

Principal activities and business model

The Company's principal activity during the year continued to be the provision of investment management services.

The Company generates its revenue principally from fees earned in connection with the provision of investment management services, recognised in the period in which the services are provided, together with performance fees, which are recognised in the period in which they crystallise.

The review below provides an analysis of the development and performance of the Company’s business during the financial year and of its position at the year end, consistent with the size and complexity of the business.

Development and performance during the year

The Company delivered substantial growth in the year. Turnover increased to £1,113,261 (2024: £463,175), an increase of approximately 140%. Operating profit rose to £434,303 (2024: £82,673) and profit before taxation was £426,751 (2024: £69,785). After a tax charge of £107,655 (2024: £23,168), profit for the financial year was £319,096 (2024: £46,617).

Administrative expenses increased to £678,958 (2024: £380,502), consistent with the growth in the scale of the business; the average number of persons employed during the year (including directors) rose to 5 (2024: 4). Net finance costs were £7,552 (2024: £12,888), comprising interest receivable of £1,998 (2024: £682) and interest payable of £9,550 (2024: £13,570).

The directors consider the growth in turnover and profitability to be the principal feature of the year’s performance. This growth was as a result of an increase in management fee and performance fees crystallising in the period.

Position at the end of the year

The Company’s financial position strengthened over the year. Net assets at 31 December 2025 were £629,577 (2024: £499,886). Cash at bank and in hand increased to £685,640 (2024: £428,353) and net current assets were £624,008 (2024: £551,030).

During the year the Company paid dividends of £189,405 (2024: £41,667). Borrowings reduced over the year, with no amounts falling due after more than one year at the year-end (2024: £56,856); bank loans within creditors falling due within one year were £56,881 (2024: £68,097). The directors have prepared the financial statements on the going concern basis, having a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

After the reporting date, on 1 January 2026, the Company issued additional ordinary shares and further strengthened its capital base.

Financial key performance indicators

The directors monitor the financial key performance indicators set out below (section 414C(4)(a)). Figures are drawn from the financial statements for the year ended 31 December 2025.

The directors regard the growth in turnover and the improvement in operating margin to 39.0% (2024: 17.8%) as the key indicators of the year's performance and relate to the growth described in Development and performance during the year above.

Non-financial key performance indicators

To the extent necessary for an understanding of the development, performance or position of the business, the directors also monitor non-financial indicators. The average number of persons employed during the year (including directors) was 5 (2024: 4).

The principal risks and uncertainties facing the Company, and the ways in which they are managed or mitigated, are set out below (section 414C(2)(b)).

This section constitutes the Company’s statement under section 414CZA of the Companies Act 2006, describing how the directors have considered the matters set out in section 172(1)(a) to (f) when performing their duty to promote the success of the Company for the benefit of its members as a whole.

The principal decisions taken during the year, and how the directors took account of stakeholder interests in reaching them, are described below.

(a) The likely consequences of any decision in the long term

In a year of significant growth, the directors sought to balance the return of value to shareholders against the retention of resources needed to sustain the business over the longer term. In determining the dividend of £189,405 (2024: £41,667), the directors had regard to the Company’s profitability in the year, its cash position and its regulatory and working capital requirements, and considered the level of reserves that should be retained to support continued investment in the business.

The directors also took a longer-term view of the Company’s capacity, increasing the average headcount from 4 to 5 during the year and supporting the issue of further share capital shortly after the year end, which strengthened the Company’s capital base to support future development.

(b) The interests of the Company’s employees

The directors recognise that the Company’s performance depends heavily on the skills and commitment of this small team, and aim to provide fair remuneration, opportunities for professional development, and a supportive working environment.

Given the size of the team, the directors can engage with employees directly and regularly, which allows the views and interests of staff to be understood and considered when the Company reviews its staff retention policy.

(c) The need to foster business relationships with suppliers, customers and others

The directors consider strong relationships with the Company’s clients and service providers to be central to the success of the business. Maintaining the trust and confidence of clients is regarded as fundamental to an investment management business, and the directors seek to deliver a high standard of service and to act in clients’ interests.

The Company also works with a range of service providers and maintains relationships with its banking partners. The directors consider these relationships and its obligations under them, when taking decisions affecting the Company’s financial commitments.

(d) The impact of the Company’s operations on the community and the environment

The Company’s direct environmental impact is limited. The directors nonetheless seek to conduct the Company’s operations responsibly and to have regard to the impact of its activities on the wider community and environment. The Company is a signatory of the Principles for Responsible Investment.

(e) The desirability of maintaining a reputation for high standards of business conduct

The directors regard the maintenance of a reputation for high standards of business conduct as essential to a regulated investment management business. As an FCA-authorised firm, the Company is subject to regulatory standards governing its conduct, and the directors seek to ensure that the Company meets its regulatory obligations and treats its clients fairly.

The directors consider that acting with integrity and maintaining the confidence of clients, regulators and counterparties supports the long-term interests of the Company and its stakeholders.

(f) The need to act fairly as between members of the Company

The directors are mindful of the need to act with equity and fairness between the members of the Company. In taking decisions on the distribution of profits and on changes to the Company’s share capital — including the dividend paid during the year and the issue of further shares on 1 January 2026 — the directors sought to treat members in accordance with their respective rights.

Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 (‘S172 (1)’) when performing their duty to promote the success of the company. When making decisions, each director ensures that they act in the way that would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have given regard to the following, as well as other matters:

On behalf of the board

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

The principal activity of the company continued to be that of financial investment advisors.

The results for the year are set out on page 10.

Dividends were paid during the year ended 31 December 2025 amounting to £189,405.

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

The company manages its cash and borrowing requirements centrally. It limits its external creditors and maintains a strong cash position.

The company has extensive trade overseas so is susceptible to changes in foreign exchange rates. The company reduces this risk through use of bank accounts held in foreign currencies, specifically Euros.

Disclosure of risks have been included as part of the Strategic Report.

The directors regularly review the risks relating to competition and the wider economy and their potential impact on the company. The company aims to maintain a strong cash position and limit the debtor and creditor balances outstanding at year end.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the information on future developments and post reporting date events.

The directors acknowledge their responsibilities 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 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements 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.

We have audited the financial statements of Blackmoor Investment Partners Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 31 December 2025 and of its profit 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 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 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.  The company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, employment law and compliance with the regulations of the Financial Conduct Authority.

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Testing key revenue lines, in particular cut-off, for evidence of management bias.

• Obtaining third-party confirmation of material bank balances.

• Documenting and verifying all significant related party balances and transactions.

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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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

Other matters which we are required to address

The corresponding figures for the year ended 31 December 2024 have not been audited.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Blackmoor Investment Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28-29 Savile Row, London, England, W1S 2EU.

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.

In preparing the financial statements, the directors have assessed the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.true

The assessment included consideration of the company's current financial position, forecast cash flows, recurring management and advisory fee income, available working capital and the resilience of the business to reasonably foreseeable changes in market conditions. Based on this assessment, the directors have concluded that at the time of approving the financial statements, the company has adequate financial resources to continue in operational existence and to meet its obligations as they fall due for the foreseeable future.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover arising from the provision of investment management services is recognised in the period in which the services are provided. Performance fees are recognised in the period in which they crystallise.

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

Depreciation is recognised so as to write off the cost 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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and bank loans, 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.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

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.

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

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 directors consider there to be no significant judgements of key sources of estimation uncertainty in the accounts.

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

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Included within other debtors are amounts of £Nil (2024: £35,846) due from directors. The loans are interest free and the balances are repayable on demand.

The loans are unsecured and repayable by monthly instalments over the term of the agreement. The loans bear interest at 9.4% per annum and 2.5% per annum and are both repayable within one year.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

A shareholder with a 16.67% shareholding of the Company's issued ordinary share capital is the spouse of a director and shareholder of the Company who also holds 16.67% of the issued ordinary share capital. The directors consider this shareholder to be a related party for the purposes of FRS 102.

The Company entered into transactions for company secretarial service fees of £28,888 (2024: £40,000) to this shareholder during the year, of which £20,000 (2024: £Nil) was accrued at year-end. In addition, the Company incurred costs of £72,500 (2024: £Nil) for investor relations services provided by a company in which the same shareholder has an interest.

During the year, the company also entered into transactions relating to non-executive director services of £9,167 (2024: £27,500) and consulting services of £5,283 (2024: £Nil), totalling £14,450 (2024: £27,500), from a company that had a director in common with the company. No balances were outstanding at the reporting date in respect of these transactions.

During FY25, the £35,846 directors' loan account was reclassified to dividends. During FY24, movement on the directors loan account consisted of a £78,130 repayment, a £35,846 dividend, and a £317,500 share buy back.

The company issued 3,739 Ordinary shares of £1 each for an aggregate consideration of £129,000 on 1 January 2026.

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