Company No: 08531026 (England and Wales)

Contents

• Company Information
• Strategic Report
• Balance Sheet
• Statement of Cash Flows
• Notes to the Financial Statements

DIRECTORS	J C S Chenevix Trench
	A L De Normann
	K J Steele

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

BUSINESS ADDRESS	83 Marylebone High Street
	London
	W1U 4QW

COMPANY NUMBER

08531026 (England and Wales)

AUDITOR	Dixon Wilson Audit Services LLP
	Statutory Auditor
	22 Chancery Lane
	London
	WC2A 1LS

The directors present their Strategic Report for the financial year ended 31 May 2026.

PRINCIPAL ACTIVITIES

The principal activity is the provision of investment management and related services.

REVIEW OF THE BUSINESS

Turnover for the financial year amounted to £347,341 (2025: £295,743).

The company made a profit before tax for the financial year of £383,223 (2025 - £146,672). The increase is largely the result of higher unrealised gains on investments in the year of £227,815 (2025 - £20,417).

The company earned a profit after taxation totaling £291,547 (2025: £114,341).

The net current asset position of the company as at the financial year end amounted to £243,578 (2025: net current asset £140,628).

The net asset position of the company as at the financial year end amounted to £1,090,104 (2025: net asset £798,557).

The company is authorised and regulated by the Financial Conduct Authority with reference number 670881.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk to the company is a failure in operational controls or poor performance that could lead to reputational damage, loss of clients, compensation, penalties and potentially the loss of authorisation to carryout regulated activities. These could have a significant impact on the company's ability to continue in business.

Approved by the Board of Directors and signed on its behalf by:

A L De Normann Director

16 September 2026

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	7	1,826		0
Tangible assets	8	1,688		2,411
Investments	9	919,754		675,487
		923,268		677,898
Current assets
Debtors	10	123,075		107,876
Cash at bank and in hand	11	214,480		104,446
		337,555		212,322
Creditors: amounts falling due within one year	12	( 93,977)		( 71,694)
Net current assets		243,578		140,628
Total assets less current liabilities		1,166,846		818,526
Provision for liabilities	13	( 76,742)		( 19,969)
Net assets		1,090,104		798,557
Capital and reserves	15
Called-up share capital		13,000		13,000
Share premium account		117,000		117,000
Profit and loss account		960,104		668,557
Total shareholders' funds		1,090,104		798,557

The financial statements of Knox Capital Company Limited (registered number: 08531026) were approved and authorised for issue by the Board of Directors on 16 September 2026. They were signed on its behalf by:

A L De Normann Director

	2026		2025
	£		£
Net cash flows from operating activities (note 17)	112,234		97,319
Cash flows from investing activities
Dividends received from listed investments	0		14,156
Purchases of listed investments	0		( 89,156)
Purchase of intangible assets	( 2,200)		0
Net cash flows from investing activities	( 2,200)		( 75,000)
Cash flows from financing activities
Net cash flows from financing activities	0		0
Net increase in cash and cash equivalents	110,034		22,319
Cash and cash equivalents at beginning of year	104,446		82,127
Cash and cash equivalents at end of year	214,480		104,446
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year	214,480		104,446
Cash and cash equivalents at end of year	214,480		104,446

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Knox Capital Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company'sregistered office is 22 Chancery Lane, London, WC2A 1LS, England, United Kingdom. The principal place of business is 83 Marylebone High Street, London, W1U 4QW.

The principal activities are set out in the Strategic Report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with The Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of portfolio management services to customers. Turnover is recognised as the related services are supplied to customers. Turnover is shown net of sales/value added tax, rebates, and discounts.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss.

Current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised in respect of unused tax losses only to the extent that they are more likely than not to be recovered.

Intangible assets

Website costs

5 - 0 years straight line

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Fixtures and fittings

5 - 0 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Fixed asset investments

All investments are held in OEICs and therefore the fair value can be reliably ascertained based on the underlying value of their net assets. Any changes in fair value are recognised in the profit or loss.

Dividends on OEICs are recognised in income when receivable.

Trade and other debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the relevant instrument. Cash or basic debt instruments are initially measured at transaction price and subsequently at amortised cost. These financial assets are considered for objective evidence of impairment at the end of each reporting period and any impairment is recognised in profit and loss. Investments in OEICs are measured at fair value, with changes being recognised through the profit and loss.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

2. Turnover

Turnover represents the fair value of services provided to customers during the financial year excluding value added tax.

Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.

An analysis of the company's turnover is as follows:

	2026		2025
	£		£
Rendering of services	347,341		295,743

3. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2026		2025
	£		£
Depreciation of tangible fixed assets (note 8)	723		723
Amortisation of intangible assets (note 7)	374		0
Operating lease rentals	42,000		42,000
Gain on fair value movement of investments (note 9)	( 227,815)		( 20,416)

4. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

	2026		2025
	£		£
Fees payable to the company’s auditor and its associates for the audit of the company's annual financial statements:	6,840		6,600
Total audit fees	6,840		6,600

5. Staff number and costs

	2026		2025
	Number		Number
The average monthly number of employees (including directors) was:	2		2

Their aggregate remuneration comprised:

	2026		2025
	£		£
Wages and salaries	26,746		26,568
Social security costs	3,000		2,194
	29,746		28,762

6. Directors' remuneration

	2026		2025
	£		£
Directors' emoluments	25,000		25,000

7. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 June 2025	0		0
Additions	2,200		2,200
At 31 May 2026	2,200		2,200
Accumulated amortisation
At 01 June 2025	0		0
Charge for the financial year	374		374
At 31 May 2026	374		374
Net book value
At 31 May 2026	1,826		1,826
At 31 May 2025	0		0

Amortisation of intangible fixed assets is included in administrative expenses.

8. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 June 2025	12,825		12,825
At 31 May 2026	12,825		12,825
Accumulated depreciation
At 01 June 2025	10,414		10,414
Charge for the financial year	723		723
At 31 May 2026	11,137		11,137
Net book value
At 31 May 2026	1,688		1,688
At 31 May 2025	2,411		2,411

9. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 June 2025	675,487		675,487
Additions	16,452		16,452
Movement in fair value	227,815		227,815
At 31 May 2026	919,754		919,754
Carrying value at 31 May 2026	919,754		919,754
Carrying value at 31 May 2025	675,487		675,487

10. Debtors

	2026		2025
	£		£
Trade debtors	52,194		43,143
Other debtors	24,000		24,000
Prepayments and accrued income	44,881		38,733
Amounts owed by directors (note 18)	2,000		2,000
	123,075		107,876

11. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	214,480		104,446

12. Creditors: amounts falling due within one year

	2026		2025
	£		£
Directors loans (note 18)	0		38
Trade creditors	29,865		23,181
Corporation tax	34,914		27,419
Payroll taxes payable	833		835
Accruals and deferred income	28,365		20,221
	93,977		71,694

13. Provision for liabilities

	Deferred taxation		Total
	£		£
At 01 June 2025	19,969		19,969
Charged to the Profit and Loss Account	56,773		56,773
At 31 May 2026	76,742		76,742

Deferred tax

	2026		2025
	£		£
Other timing differences	76,742		19,969
Provision for deferred tax	76,742		19,969

14. Financial instruments

The carrying values of the company’s financial assets and liabilities are summarised by category below:

	2026		2025
	£		£
Financial assets
Debt instruments measured at amortised cost
Loans receivable (note 9)	919,754		675,487
Measured at undiscounted amount receivable
Trade debtors (note 10)	52,194		43,143
Other debtors (note 10)	24,000		24,000
Amounts owed by directors (note 10)	2,000		2,000
Accrued income (note 12)	0		1,200
Cash at bank and in hand (note 13)	214,480		104,446
	1,212,428		850,276
Financial liabilities
Measured at amortised cost
Accruals (note 14)	(22,747)		(20,221)
Deferred income (note 14)	(750)		0
Measured at undiscounted amount payable
Trade creditors (note 12)	( 29,865)		( 23,181)
Shareholder loans	0		( 38)
	(53,362)		(43,440)

15. Called-up share capital and reserves

	2026		2025
	£		£
Allotted, called-up and fully-paid
13,000 Ordinary shares of £ 1.00 each	13,000		13,000
Presented as follows:
Called-up share capital presented as equity	13,000		13,000

The company's other reserves are as follows:

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

16. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	31,548		35,000
Between one and five years	0		31,548
	31,548		66,548

17. Statement of Cash Flows

	2026		2025
	£		£
Operating profit	137,709		112,025
Adjustment for:
Depreciation and amortisation	1,097		723
Operating cash flows before movement in working capital	138,806		112,748
Increase in debtors	( 15,200)		( 9,373)
Increase in creditors	22,283		26,201
Cash generated by operations	145,889		129,576
Income taxes paid	( 34,903)		( 32,331)
Interest received	1,248		74
Net cash flows from operating activities	112,234		97,319

18. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

	2026		2025
	£		£
JCT shareholder loan	2,000		2,000

The loan outstanding from Jonathan Chenevix Trench of £2,000 (2025 - from Jonathan Chenevix Trench of £2,000) is interest free and repayable on demand. The loan was repaid in July 2026.

Amounts owed to directors

	2026		2025
	£		£
Amounts owed to directors	0		38

The interest free loan from Kenneth Steele has been fully paid at the year end (2025 - from Kenneth Steele of £38).

Transactions with directors

The directors are interested in a client of the company, the CCM Knox Global Balanced Fund as it is managed by Jonathan Chenevix-Trench and Kenneth Steele. Investment management fees chargeable to the fund in respect of the year amount to £347,341 (2025 - £295,743).

During the year, the company purchased £16,451 (2025 - £89,156) of additional shares in CCM Knox Global Balanced Fund, a client of the company, bringing the total cost of the company’s shares in the fund to £614,472 (2025 - £598,018). The shares were revalued to £ 919,754 as at 31 May 2026, and a gain in fair value of £ 227,815 (2025 - £20,416) has been recognised in profit and loss. During the year, dividends of £16,451 (2025 - £14,156) were received from the fund.

Key management compensation

There are no key management personnel other than the directors. Remuneration is shown in note 7.

19. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 May 2026 was unqualified.

The audit report was signed by Steven Wakefield on behalf of Dixon Wilson Audit Services LLP.

20. Controlling party

The Company is controlled by the directors.