The directors present their strategic report for Hilbert Investment Solutions Limited and its subsidiaries ("the Group") for the year ended 31 March 2025.

The year ended 31 March 2025 represented a transformational period for Hilbert Investment Solutions Limited ("Hilbert", the "Company" or the "Group"), marked by continued international expansion, strategic investment in proprietary technology, the successful acquisition and integration of new business lines and the establishment of a scalable structured products issuance platform designed to support future growth across European capital markets.

Over recent years, the Group has evolved from a specialist distribution business into a diversified international investment solutions platform. The Group now operates across multiple jurisdictions, providing structured investments, custody solutions, execution services, wealth infrastructure and institutional investment solutions to financial advisers, wealth managers, family offices and professional investors.

The Group provides comprehensive breadth and depth of coverage across five core services

• Brokerage of Structured Products

• Brokerage of Fixed Income

• Managed Portfolios

• Advisor Fees

• Hedging and Investment Solutions

During the year, the Group continued to execute its long-term strategy of building a vertically integrated financial services platform by investing in technology, increasing headcount, expanding its international footprint and developing new proprietary product capabilities. These investments have significantly strengthened the Group's competitive positioning and laid the foundations for sustained future growth.

Financial and Operational Performance

The Group delivered revenue growth during the year despite a challenging macroeconomic environment characterised by elevated interest rates, geopolitical uncertainty and continuing volatility across global financial markets.

Revenue increased to approximately £9.1 million from £7.9 million, driven by increased client activity, expansion within European markets and continued growth across the Group's core structured investment and investment solutions businesses.

The Group continued to experience particularly strong growth in continental Europe, where expanding adviser relationships and increasing market penetration contributed positively to the Group's overall performance.

The Group also continued to invest significantly in its people and infrastructure during the year including investment and set up costs for the UAE branch which went live in April 2025. Employee numbers increased substantially as the business expanded its operational, technology, regulatory and client servicing capabilities in anticipation of future growth opportunities.

The Group reported a statutory consolidated profit for the year of £209,494 (2024: £1,366,180) of which Operating Profit is £255,345 (2024: £1,980,693) and EBITDA is £397,728 (2024: £2,148,938). The Directors consider the underlying performance of the Group's established operating businesses to be robust. The reported result reflects the Group's strategic investment in the launch of Infinity ETN plc, including establishment and market development costs, alongside certain non-cash accounting movements recognised during the period. This investment programme culminated in the successful approval of Infinity ETN plc by the Central Bank of Ireland and its listing on Euronext in August 2026, creating a platform for future growth and recurring revenue generation.

A substantial proportion of the reported profit relates to the establishment and growth of Infinity ETN plc, the Group's proprietary exchange traded note issuance platform, the set up of the Dubai branch in the UAE and the additional investment in Tempo Business Assets which had a related increase in employees to facilitate the operations of these.

Management considers these costs to represent strategic investment expenditure incurred in building a scalable capital markets platform rather than costs incurred in operating the Group's core revenue-generating businesses. Excluding these start-up costs and certain non-cash accounting movements, the Group's underlying trading operations remained profitable during the year.

The Directors therefore believe that the statutory result does not fully reflect the significant operational progress achieved during the period nor the value created through the strategic investments undertaken by the Group.

The Directors monitor a range of key performance indicators, including revenue growth, profitability, client activity levels, assets under administration, operational scalability and regulatory capital resources. Management considers these measures to be important indicators of the Group's long-term performance and growth trajectory.

Strategic Milestones

Expansion of the Group's International Platform

The Group continued to strengthen its position as an international investment solutions provider during the year.

Significant progress was made in expanding relationships with financial advisers, financial institutions and professional investors across the United Kingdom and continental Europe. The business continued to broaden its distribution capabilities and enhance service delivery across multiple jurisdictions.

The Group also continued preparations for expansion into new international markets, strengthening the foundations for future growth and diversification.

Acquisition and Integration Activity

During the year, the Group successfully completed the acquisition of the business and assets of Tempo Structured Products.

This acquisition represented an important strategic milestone, increasing the Group's scale within the UK structured products market and broadening its client reach.

The integration of the business progressed successfully and the Directors believe the acquisition provides significant opportunities for future revenue generation, enhanced distribution capabilities and operational leverage.

Continued Investment in Technology

Technology remains a core strategic differentiator for the Group.

The Directors continued to invest heavily in the development of the Group's proprietary Infinity technology platform, which supports product administration, client servicing, operational management and future scalability across multiple jurisdictions.

The Group believes that ownership of its own technology infrastructure provides a significant competitive advantage, enabling greater efficiency, enhanced client service and increased operating leverage as the business continues to scale.

The Directors view technology investment as fundamental to the Group's long-term growth strategy and remain committed to further innovation and platform development.

Infinity ETN – A Transformational Growth Platform

One of the most significant achievements in the Group's history was the continued development of Infinity ETN plc and the successful establishment of the Infinity ETN issuance platform.

Infinity ETN has been designed as an institutional-grade exchange traded note platform capable of supporting the issuance of investment products across multiple exchanges and jurisdictions.

The platform represents the culmination of several years of investment in technology, regulatory infrastructure, governance frameworks, custody arrangements and capital markets expertise.

At the reporting date, Infinity ETN had established a substantial balance sheet comprising approximately EUR 31.7 million of collateral assets supporting approximately EUR 37.0 million of certificates in issue. As at 31 December 2025, these have grown to EUR 62.3 million of collateral assets supporting approximately EUR 62 million certificates in issue.

The Directors believe this reflects meaningful initial market adoption and demonstrates the scalability of the platform despite being in the early stages of its commercial development.

The Directors believe it is important to distinguish the development-stage economics of Infinity ETN from the performance of the Group's established operating businesses. During the year, Infinity ETN incurred operational and infrastructure costs required to establish the platform, whilst the economic benefits of future issuance activity are expected to emerge over subsequent periods.

The Board views Infinity ETN as a strategic long-term growth initiative that significantly enhances the Group's business model. Historically, the Group operated primarily as a distributor and arranger of third-party investment products. Through Infinity ETN, the Group now has the ability to participate more fully in the investment product lifecycle through origination, issuance, administration and ongoing servicing activities.

The Directors believe this transition materially enhances the Group's long-term earning potential. By participating across distribution, technology, administration and issuance activities, the Group is evolving towards a more diversified and vertically integrated business model with multiple recurring revenue streams.

This evolution significantly expands the Group's addressable market and creates opportunities for recurring future revenues as issuance activity grows.

The Directors believe that Infinity ETN has the potential to become a key growth driver for the Group over the medium and long term.

People and Culture

The Directors recognise that the Group's success is built upon the expertise, professionalism and commitment of its employees.

As the business continues to expand, the Group remains focused on attracting and retaining talented individuals across all areas of the organisation. Investment in employee development, training and professional progression remains a key strategic priority.

The Directors are proud of the culture that has been established throughout the Group and believe that its people remain one of its greatest competitive strengths.

Future Outlook

The Directors remain highly confident about the future prospects of the Group.

The business enters the new financial year with an expanded international footprint, enhanced technology platform, a larger client base, increased distribution capability and a significantly strengthened product offering.

A significant milestone was achieved after the year end when Infinity ETN P.L.C. successfully completed its first public issuance and admission to trading on the Borsa Italiana SeDeX market in July 2026. The transaction represented Hilbert's entry into the Italian listed investment products market and marked the commercial launch of the Infinity ETN platform.

The Directors view this achievement as a strong validation of the substantial investment made by the Group in developing the Infinity ETN infrastructure, regulatory framework and operating model. The successful admission to trading demonstrates the operational readiness of the platform and represents an important step in the Group's evolution from a distributor of third-party products to an issuer of proprietary listed investment solutions.

Particular excitement surrounds the future development of Infinity ETN, which represents a scalable platform capable of supporting future issuance growth across multiple listed markets and jurisdictions. As assets under issuance increase, management expects the platform to become increasingly self-funding and contribute positively to Group profitability.

The Board believes that the investments made over recent years are creating a differentiated financial services platform with multiple avenues for future growth, combining technology, distribution, issuance and investment solutions capabilities under one group structure.

The Group remains well positioned to capitalise on opportunities across the wealth management, investment solutions and capital markets sectors, and the Directors are confident that the foundations established during the year will support continued expansion, increased profitability and long-term value creation for shareholders.

Under Section 172 of the Companies Act 2006, the directors have a duty to act in good faith, which would most likely promote the success of the Company for the benefit and interests of all its stakeholders as a whole. The Company’s stakeholders include, but are not limited to, its employees, suppliers, customers and regulators.

The Board endeavours to achieve and maintain a reputation for high standards of conduct amongst its stakeholders which it regards as crucial in its ability to successfully achieve its corporate objectives. During the development of the Company’s strategies and decision-making processes, the Board will consider its stakeholders and their interests. The differing interests of stakeholders require the Board to assess and manage the impact of its policies in a fair and balanced manner to the benefit of its stakeholders as a whole. The Board considers below these different stakeholder Company’s, their material issues and how the Company engages with them.

Employees

The employees are considered to be extremely significant in the Company’s operations. Regular meetings are held with employees where company updates are provided. Ongoing management training, personal development and performance reviews all contribute to the development of staff.

Suppliers

Supplier interests include fair trading, payment terms and working towards building a successful relationship. The Company will regularly review its supplier payments and performance alongside its monitoring of its performance.

Customers

Customers are regularly informed of the upcoming products created by the Company, which are designed to meet their needs. The Company aims to achieve the highest level of customer service and operates under an open and transparent pricing model with its customers.

Regulators and compliance

The Company holds licenses with the Financial Conduct Authority and must adhere to the regulatory requirements of these licenses. The Company ensures that staff have sufficient knowledge and with regular training, ensures that these regulations are met.

The nature of the business undoubtedly results in a higher risk of money laundering. All staff receive the relevant Anti-Bribery and Anti-Money Laundering training. Procedures and communications are in place to ensure that staff are able to comply with anti-Money Laundering should there ever be a case.

On behalf of the board

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

The principal activities of the Group continued to be that of providing broking services and distribution of structured products.

During the current year, the Company set up an overseas branch in Dubai. This branch offers similar services to the Group and is regulated by the DFSA and registered in the DIFC.

The results for the year are set out on page 11.

No ordinary dividends were paid during the year (2024: £600,000). The directors do not recommend the payment of a final dividend in respect of the year ended 31 March 2025.

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

The Group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The Group's current policy concerning the payment of trade creditors is to:

• settle the terms of payment with suppliers when agreeing the terms of each transaction;

• ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

• pay in accordance with the Company's contractual and other legal obligations.

Trade creditors of the Group at the year end were equivalent to 85 day's purchases, based on the average daily amount invoiced by suppliers during the year.

The directors are responsible 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 Group and the Parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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 Group and the Parent company and of the profit or loss of the Group and the Parent company for that period.

In preparing these financial statements, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the Group and the Parent company's ability to continue as a going concern.

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 Group and the Parent 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 Group and the Parent company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

• the director has taken all the steps that he ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

We have audited the financial statements of Hilbert Investment Solutions Ltd (the ‘Parent company’) and its subsidiaries (the ‘Group’) for the year ended 31 March 2025 which comprise the Group statement of comprehensive income, the Group and parent company statement of financial position, the Group and parent company statement of changes in equity, the Group and parent company statement of cash flows and the related notes to the financial statements, including material accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion:

• the financial statements give a true and fair view of the state of the Group's affairs as at 31 March 2025 and of the Group's profit for the year then ended;

• the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and

• the financial statements 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 Group and Parent 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 Group's and Parent 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 Group and Parent company and their 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 by the Parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the Parent company 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 Parent 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 Parent 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.

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.

We obtained an understanding of the legal and regulatory frameworks applicable to the Group and Parent Company, including those operating within the United Kingdom and France.

Of these laws and regulations, we focused on those which we considered may have a direct material effect on the financial statements or the operations of the Group and Parent Company, including compliance with Financial Conduct Authority ("FCA") requirements in the United Kingdom, the regulatory requirements of the Autorité des marchés financiers ("AMF") and Autorité de contrôle prudentiel et de résolution ("ACPR") in France, Directive 2014/65/EU (MiFID II), applicable anti-money laundering regulations, taxation legislation, company law, data protection legislation, anti-bribery and corruption requirements, employment legislation, and environmental and health and safety regulations.

The extent of compliance with these laws and regulations was assessed through enquiries of Group and component management, discussions with those charged with governance, inspection of legal and regulatory correspondence, and consideration of reports from component auditors where relevant. In relation to the Group's French operations, particular consideration was given to compliance with the regulatory requirements of the AMF and ACPR, as well as French corporate law and labour legislation. The identified laws and regulations were communicated across the group audit team, and the team remained alert to instances of actual or suspected non-compliance throughout the audit.

We assessed the susceptibility of the Parent company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• obtaining the CASS resolution pack and assessing the internal procedures

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

• understanding the design of the Parent company’s remuneration policies.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected variances;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims;

• confirming with management that correct insurance policies are in place; and

• reviewing correspondence with HMRC, relevant regulators and the Parent company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Hilbert Investment Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US. The Company's business address is 6th Floor, 51 Lime Street, London, EC3M 7DQ. The Company's principal activities and nature of its operations are disclosed in the directors' report.

The Group consists of Hilbert Investment Solutions Ltd and all of its subsidiaries.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of financial assets and financial liabilities at fair value. The consolidated financial statements are prepared in sterling (“£”), which is the functional currency of the Group. Monetary amounts in these consolidated financial statements are rounded to the nearest £, except when otherwise indicated.

The preparation of consolidated financial statements in conformity with the UK-adopted International Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s material accounting policies. Areas involving a higher degree of judgment or complexity or areas where assumptions and estimations are significant to the consolidated financial statements are disclosed in Note 3.

The material accounting policies adopted are set out below.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The consolidated financial statements consist of the financial statements of the Parent company, Hilbert Investment Solutions Ltd together with all entities controlled by the Parent company (its subsidiaries) and the Group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The Group consolidates entities over which it has control. Control exists where the Group has the power to direct the relevant activities of an entity, is exposed, or has rights, to variable returns from its involvement with the entity, and has the ability to use its power to affect those returns. Entities that do not meet these criteria are not consolidated.

At the time of approving the consolidated financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future (at least 12 months from the date of signing). Thus, the directors continue to adopt the going concern basis of accounting in preparing the consolidated financial statements. The Group has produced long-term forecasts and carried out additional cash flow forecasts and sensitivity analysis to ensure that the business has adequate liquidity to continue to operate for this time.true

Revenue is recognised in accordance with IFRS 15 Revenue from Contracts with Customers and is measured based on the consideration specified in contracts with customers, excluding amounts collected on behalf of third parties, taxes and duties.

The Group generates revenue from the provision of financial services, including brokerage services, managed portfolio services, advisory services, and investment solutions and hedging-related services associated with structured investment products and exchange traded notes ("ETNs").

Revenue is recognised when control of the promised service is transferred to the customer, in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services.

The nature and timing of the satisfaction of performance obligations for each material revenue stream are described below.

Brokerage Services

Brokerage revenue comprises commissions earned from the execution and placement of transactions in structured products, fixed income securities and other financial instruments on behalf of clients.

The performance obligation is satisfied at a point in time when the underlying transaction has been executed and the Group has completed its brokerage service. Revenue is recognised when the trade is completed and the Group's entitlement to commission has been established.

Managed Portfolio Services

Managed portfolio service revenue comprises fees earned for the discretionary management and administration of client investment portfolios.

The performance obligation is satisfied over time as the portfolio management services are provided. Revenue is recognised over the period in which the services are rendered, reflecting the continuous transfer of benefits to the client.

Advisory Services

Advisory fee income relates to investment advisory, structuring and consulting services provided to clients.

Revenue is recognised at the point in time when the agreed deliverables or advisory services have been completed and accepted by the client, or over time where the advisory engagement requires ongoing services and the customer simultaneously receives and consumes the benefits provided by the Group.

Investment Solutions and Hedging Activities

Investment Solutions and Hedging Activities revenue comprises fees earned in connection with the structuring, arrangement, distribution and ongoing administration of investment products, including exchange traded notes and similar structured investment solutions.

Revenue may include:

• arranger and dealer fees earned for originating and establishing new investment products and ISIN issuances;

• distribution and placement fees earned from the successful issuance of investment instruments;

• ongoing calculation agent, administration or product maintenance fees earned throughout the life of issued instruments; and

• other contractual service fees associated with supporting and managing structured investment products.

One-off arrangement and issuance fees are recognised at the point in time when the relevant issuance has been successfully completed and the Group has fulfilled its contractual obligations associated with establishing the investment product.

Ongoing servicing, administration and calculation agent fees are recognised over time as the related services are provided during the life of the investment instrument, reflecting the continuous transfer of services to the customer.

The Group assesses each contract to determine whether performance obligations are satisfied at a point in time or over time and recognises revenue accordingly.

Significant Financing Components

The Group generally receives consideration within a short period following the provision of services and therefore has concluded that no significant financing component exists within its revenue arrangements.

Intangible assets acquired separately from a business, including cryptocurrencies are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

• Development costs straight line over 5 years

• Customer lists straight line over 20 years

Property, plant and equipment 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 recognised in the income statement.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by a parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting end date, the Group reviews the carrying amounts of its tangible and intangible 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 Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents 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.

Financial assets are recognised in the Group's statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (e.g trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the Group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The Parent company has made an irrevocable election to recognise changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognised initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognised or its fair value substantially decreased. Dividends are recognised as finance income in profit or loss.

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:

• The rights to receive cash flows from the asset have expired or

• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the asset or liability is exchanged in an orderly transaction between market participants to sell the asset or transfer the liability at the measurement date under current market conditions. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either:

in the principal market for the asset or liability; or in the absence of a principal market, in the most advantageous market for the asset or liability.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The fair value of liabilities takes into account non-performance risk, which is the risk that the entity will not fulfill an obligation.

The Group classifies its fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and

• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

The following table analyses within the fair value hierarchy the assets and liabilities (by class) not measured at 31 March 2025 and 2024 but for which fair value is disclosed. The fair value of cash and cash equivalents, trade and other receivables and trade and other payables approximates carrying value due to the short-term nature of these instruments.

The Group recognises financial debt when the Group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the Group’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the Parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable 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 income statement 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 Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event and it is probable that the group 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 a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

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 Group 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.

At inception, the Group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the Group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

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.

The following new and amended Standards and Interpretations have been issued and are effective for the current financial period of the Group. Their adoption has not had any material impact on the disclosures in, or on the amounts reported in, these consolidated financial statements.

During the year, the Directors reassessed the useful economic life of the Group's customer relationship intangible assets following a review of customer retention patterns, the expected period over which economic benefits will be realised and the continuing commercial value of the acquired customer relationships.

As a result of this review, the estimated useful life of the customer relationship intangible assets was revised from 10 years to 20 years. The change has been accounted for prospectively as a change in accounting estimate in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

The carrying amount of customer relationship intangible assets at the date of reassessment was £678,380. Had the previous estimate remained unchanged, amortisation expense recognised during the year ended 31 March 2025 would have been £67,838. Following the revision, amortisation expense recognised in respect of these assets was £16,946.

Accordingly, the change in estimate reduced amortisation expense for the year ended 31 March 2025 by £50,892 and increased profit before tax by the same amount.

The change is expected to reduce annual amortisation charges in future periods. The precise impact on future periods will depend on the carrying value of the asset and any future revisions to management's estimates.

At the date of approval of these financial statements, the following standards and amendments were in issue but not yet effective and have not been early adopted by the Group:

The directors do not expect any material impact as a result of adopting the standards and amendments listed above in the financial year they become effective.

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Intangible assets has been recorded for software development costs and customer listings. Software development costs with a carrying amount of £208,342 (2024: £318,463) are been estimated by capitalising direct expenses such as staff costs related to developing the software and amortised over a straight line period of 5 years. Customer listings with a carrying amount of £719,832 (2024: £642,542) have been capitalised at the determined value at acquisition of the subsidiary and has been amortised over a useful life of 20 years.

The assessment of impairment requires estimates regarding future revenues, profitability, growth expectations and economic conditions. Changes in these assumptions or in the estimated useful lives could result in a material adjustment to the carrying amount of intangible assets and the future amortisation charge.

Provisions are included for amounts which are estimated to be due for legal claims against the Group (non regulatory). 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.

The Group holds investments with a carrying value of £1,009,569 at 31 March 2025 (2024: £1,259,164), which are classified and measured at amortised cost. Management has exercised judgement in determining that these investments are held within a business model whose objective is to hold assets in order to collect contractual cash flows, rather than for trading or sale. In addition, management has assessed that the contractual terms of the instruments give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The carrying value of the investments is calculated using the effective interest method and requires management to assess expected future cash flows, credit risk and recoverability throughout the life of the instruments. The Group also considers whether any indicators of impairment exist at each reporting date, including changes in the creditworthiness of the issuer and any indications that contractual cash flows may not be fully recoverable.

Changes in assumptions regarding recoverability, credit risk, expected cash flows or the Group's business model could result in a material adjustment to the carrying value of the investments in future reporting periods.

The Group owns Infinity ETN PLC, a special purpose entity established to issue exchange traded notes and hold collateral assets supporting those notes. In assessing whether the entity should be consolidated, management exercised significant judgement in applying the requirements of IFRS 10.

The Group does not have rights to the variable returns generated by the entity and is not exposed to the residual economic benefits arising from the underlying assets held by the entity. The Group's involvement is limited to contractual fee income earned for services provided.

Accordingly, the Directors concluded that the Group does not control Infinity ETN PLC and therefore the entity has not been consolidated.

The exceptional item expense in the prior year relates to both one off costs in connection with setting up a new business line and product with a member of the Group and also a provision of costs in connection with legal claims and costs (non-regulatory).

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

Their aggregate remuneration comprised:

The charge for the year can be reconciled to the profit as per the Group statement of comprehensive income as follows:

Pre trading expenses in the prior year relate to costs paid on behalf of Infinity ETN Plc which will be allowable once trading commences. Therefore no deferred tax asset has been accounted for in the accounts as the timing of the reversal of this is unknown.

Changes in tax rates and factors affecting the future tax charges

Effective from 1 April 2023, the UK corporate tax rate increased from 19% to 25% (for companies with profits over £250,000) and continues to be 19% (for companies with profits of £50,000 or less). Companies with profits between £50,000 and £250,000 pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Details of the Company's subsidiaries at 31 March 2025 are as follows:

The Group has an involvement with Infinity ETN PLC, a special purpose vehicle ("SPV") established to issue exchange traded notes and hold the underlying assets supporting those notes for the benefit of noteholders.

The Group acts in certain service capacities in relation to the SPV, including arranger, dealer and calculation agent functions, for which it earns contractual fees. Following an assessment of the relevant activities of the SPV, the Group's rights, obligations and exposure to variable returns, the Directors concluded that the Group does not have control of the SPV as defined by IFRS 10. Accordingly, Infinity ETN PLC has not been consolidated in these financial statements.

The Group's exposure to the SPV is limited to the contractual fee income earned for services provided and does not extend to ownership of the underlying assets held within the SPV or obligations under the exchange traded notes issued by the SPV.

The increase in trade receivables is due to the initiation of the MPS business in SAS and Infinity ETN receivables.

At the period end, within other receivables is an amount of £100k which is a payment in advance for a share subscription in a French company. After the year end the company was issued shares equating to 35.2% of the share capital of this entity for a total sum of £190k.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

The ECL’s are immaterial and have not been accounted for as the gross and net balances are the same and no separate analysis is necessary.

Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

The provisions relate to an estimate made in relation to some legal claims outstanding at the year end (non-regulation related) and the associated estimated legal costs. The group does not wish to disclose any other information in regard to the provision as it may prejudice the claim.

The Group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. At the year end there were contributions of £1,744 outstanding (2024: £1,390).

The Group is authorised with and regulated in the UK by the Financial Conduct Authority (‘FCA’). As a result of the Group’s regulatory permissions to hold client assets, the FCA determines that the Group must maintain the higher of the base capital resources requirement of EUR125k or the sum of its credit risk capital requirement and market risk capital requirements which was calculated to be £150k at the year end. The directors are content that this has been maintained during the year.

There are no events at the reporting date to be disclosed to the date of this report.

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

Parent undertaking

The immediate and ultimate parent undertaking is Hilbert Investment Solutions Ltd, a company incorporated in the United Kingdom.

Transactions with related parties

The Group entered into transactions with related parties during the year in the normal course of business and on arm's length terms. These transactions primarily comprised the provision and receipt of management, operational, and administrative support services between entities within the Hilbert Investment Solutions Group as well as other related parties.

Infinity ETN Plc is considered a related party due to the involvement of key management personnel in the establishment and operation of the entity. The Group provided arranger, dealer, and ongoing support services to Infinity ETN Plc in relation to the establishment and operation of exchange traded note and certificate programmes, for which fees were charged, and amounts remained receivable at the reporting date. During the year, the Group earned £1.9m (2024: £Nil) in arranger and dealer fees from ETN, and a further £180k (2024: £Nil) from ongoing service fees. At the reporting date, the Group had a receivable of £864k (2024: £Nil) owing from Infinity ETN Plc.

Hilbert Investment Solution SARL is a related party. A Group company and Hilbert Investment Solutions SARL engaged in various intercompany arrangements involving the sharing of personnel, operational infrastructure, management expertise, client servicing activities, business development support and the recharge of costs incurred on behalf of each other, resulting in intercompany balances outstanding at reporting date. Resultantly, amounts due from Hilbert Investment Solution SARL at the year-end for the Group were £142k (2024: £30k).

Hilbert Investment Solutions SA (Luxembourg) is a related party. As with other entities, the nature of this relationship amounted to advisory, administrative, and operational support services provided to the Group. Amounts due from this entity at the reporting date were £707k (2024: £338k), while amounts payable to this entity were £748k (2024: £nil), resulting in a net payable of £41k.

HCM Assets SARL is a related party. HCM Assets SARL is another entity, like Hilbert Investment Solutions SA (Luxembourg), that is under common control by the Group’s ultimate beneficial owner. HCM Assets SARL provided advisory, administrative, and operational services to the Group, and amounts due to HCM Assets SARL at the year-end were £7k (2024: Amounts due from HCM Assets SARL £15k).

The ultimate controlling party is Mr S G Lamarque.

An amount of £848,065 (2024: £423,070) was due by a director as at 31 March 2025. Subsequent to the reporting date, £500,000 of this balance was settled through the application of a dividend declared after the reporting date.

Dividends totalling £nil (2024: £600,000) were paid in the year in respect of shares held by the Company's directors.

During the year, management undertook a review of the Group's revenue recognition policies, broker accounts, respective reconciliations, and the timing of recognition of certain revenue streams, principally in relation to brokerage, structured product and investment solution activities. As a result of this review, it was identified that certain amounts of revenue and associated costs relating to the prior year had not been recognised in the accounting period in which the related performance obligations were satisfied. Also in the prior year the group recognised some accruals regarding to fees that were thought to be chargeable to the group, but instead they were chargeable to another related party and therefore they have been adjusted in the prior year. As a result tax has also been updated where necessary.

The prior year comparatives have therefore been restated to recognise revenue and costs in the period in which the underlying services were provided and the group became entitled to consideration. As a consequence of the restatement, revenue, receivables and retained earnings increased, with costs increasing and liabilities also increasing to account for the commissions due on previously unaccounted for revenues and costs incorrectly recognised. Investments also increased to account for a purchase of a bond previously unaccounted for. These corrections do not affect the underlying commercial performance of the group but ensures that income and related balances are recognised in the appropriate accounting periods.

In accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, the comparative information for the year ended 31 March 2024 has been restated. The effect of the restatement on the Group Statement of Financial Position and Group Statement of Comprehensive Income is shown below.

As permitted by trues408 Companies Act 2006, the Company has not presented its own income statement and related notes. The Company’s profit for the year was £233,708 (2024 - £1,376,566 profit).

Revenue is recognised in accordance with IFRS 15 Revenue from Contracts with Customers and is measured based on the consideration specified in contracts with customers, excluding amounts collected on behalf of third parties, taxes and duties.

The Group generates revenue from the provision of financial services, including brokerage services, managed portfolio services, advisory services, and investment solutions and hedging-related services associated with structured investment products and exchange traded notes ("ETNs").

Revenue is recognised when control of the promised service is transferred to the customer, in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services.

The nature and timing of the satisfaction of performance obligations for each material revenue stream are described below.

Brokerage Services

Brokerage revenue comprises commissions earned from the execution and placement of transactions in structured products, fixed income securities and other financial instruments on behalf of clients.

The performance obligation is satisfied at a point in time when the underlying transaction has been executed and the Group has completed its brokerage service. Revenue is recognised when the trade is completed and the Group's entitlement to commission has been established.

Managed Portfolio Services

Managed portfolio service revenue comprises fees earned for the discretionary management and administration of client investment portfolios.

The performance obligation is satisfied over time as the portfolio management services are provided. Revenue is recognised over the period in which the services are rendered, reflecting the continuous transfer of benefits to the client.

Advisory Services

Advisory fee income relates to investment advisory, structuring and consulting services provided to clients.

Revenue is recognised at the point in time when the agreed deliverables or advisory services have been completed and accepted by the client, or over time where the advisory engagement requires ongoing services and the customer simultaneously receives and consumes the benefits provided by the Group.

Investment Solutions and Hedging Activities

Investment Solutions and Hedging Activities revenue comprises fees earned in connection with the structuring, arrangement, distribution and ongoing administration of investment products, including exchange traded notes and similar structured investment solutions.

Revenue may include:

• arranger and dealer fees earned for originating and establishing new investment products and ISIN issuances;

• distribution and placement fees earned from the successful issuance of investment instruments;

• ongoing calculation agent, administration or product maintenance fees earned throughout the life of issued instruments; and

• other contractual service fees associated with supporting and managing structured investment products.

One-off arrangement and issuance fees are recognised at the point in time when the relevant issuance has been successfully completed and the Group has fulfilled its contractual obligations associated with establishing the investment product.

Ongoing servicing, administration and calculation agent fees are recognised over time as the related services are provided during the life of the investment instrument, reflecting the continuous transfer of services to the customer.

The Group assesses each contract to determine whether performance obligations are satisfied at a point in time or over time and recognises revenue accordingly.

Significant Financing Components

The Group generally receives consideration within a short period following the provision of services and therefore has concluded that no significant financing component exists within its revenue arrangements.

Intangible assets acquired separately from a business, including cryptocurrencies are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

• Development costs straight line over 5 years

• Customer lists straight line over 20 years

Property, plant and equipment 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 recognised in the income statement.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by a parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents 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.

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (e.g trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the Group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The Parent company has made an irrevocable election to recognise changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognised initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognised or its fair value substantially decreased. Dividends are recognised as finance income in profit or loss.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Equity instruments issued by the Parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable 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 income statement 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 Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

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 Group 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.

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Depreciation and amortisation are provided at rates calculated to write off the cost of valuation of assets less estimated residual value of each asset over its expected useful life, using industry standards.

Intangible assets has been recorded for software development costs and customer listings. Software development costs with a carrying amount of £269,575 (2024: £299,956) are been estimated by capitalising direct expenses such as staff costs related to developing the software and amortised over a straight line period of 5 years. Customer listings with a carrying amount of £95,000 (2024: £nil) have been capitalised at the determined value at acquisition of the subsidiary and has been amortised over a useful life of 20 years.

The assessment of impairment requires estimates regarding future revenues, profitability, growth expectations and economic conditions. Changes in these assumptions or in the estimated useful lives could result in a material adjustment to the carrying amount of intangible assets and the future amortisation charge.

Provisions are included for amounts which are estimated to be due for legal claims against the Group (non regulatory). 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 a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

The Group holds investments with a carrying value of £1,009,569 at 31 March 2025 (2024: £1,259,164), which are classified and measured at amortised cost. Management has exercised judgement in determining that these investments are held within a business model whose objective is to hold assets in order to collect contractual cash flows, rather than for trading or sale. In addition, management has assessed that the contractual terms of the instruments give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The carrying value of the investments is calculated using the effective interest method and requires management to assess expected future cash flows, credit risk and recoverability throughout the life of the instruments. The Group also considers whether any indicators of impairment exist at each reporting date, including changes in the creditworthiness of the issuer and any indications that contractual cash flows may not be fully recoverable.

Changes in assumptions regarding recoverability, credit risk, expected cash flows or the Group's business model could result in a material adjustment to the carrying value of the investments in future reporting periods.

The Group owns Infinity ETN PLC, a special purpose entity established to issue exchange traded notes and hold collateral assets supporting those notes. In assessing whether the entity should be consolidated, management exercised significant judgement in applying the requirements of IFRS 10.

The Group does not have rights to the variable returns generated by the entity and is not exposed to the residual economic benefits arising from the underlying assets held by the entity. The Group's involvement is limited to contractual fee income earned for services provided.

Accordingly, the Directors concluded that the Group does not control Infinity ETN PLC and therefore the entity has not been consolidated.

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

Their aggregate remuneration comprised:

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Details of the Company's principal operating subsidiaries are included in note 17.

The ECL’s are immaterial and have not been accounted for as the gross and net balances are the same and no separate analysis is necessary.

At the period end, within other receivables is an amount of £100k which is a payment in advance for a share subscription in a French company. After the year end the company was issued shares equating to 35.2% of the share capital of this entity for a total sum of £190k.

An amount of £848,065 (2024: £423,070) was due by a director as at 31 March 2025. Subsequent to the reporting date, £500,000 of this balance was settled through the application of a dividend declared after the reporting date.

Dividends totalling £nil (2024: £600,000) were paid in the year in respect of shares held by the Company's directors.

Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

The provisions relate to an estimate made in relation to some legal claims outstanding at the year end (non-regulation related) and the associated estimated legal costs. The company does not wish to disclose any other information in regard to the provision as it may prejudice the claim.