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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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PLURAL UK MANAGEMENT LIMITED
COMPANY INFORMATION
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PLURAL UK MANAGEMENT LIMITED
CONTENTS
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PLURAL UK MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report and audited financial statements for Plural UK Management Limited (the “Company”) for the year ended 31 December 2025.
The Company was incorporated 25 October 2021 and is authorised and regulated since 3 April 2024 by the Financial Conduct Authority (“FCA”) in the United Kingdom, authorisation number 1002298. The Company is registered as portfolio manager under the Markets in Financial Instruments Directive “MIFID”). The Company is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission in the United States of America.
The Company provided investment advisory (until becoming authorised) and portfolio management services to alternative investment funds (“AIF”). In 2025, the group completed a restructuring process and as of 31 December 2025, AS Plural Estonia ("Plural Estonia") is the parent company of the Plural Group and the Company is a wholly-owned subsidiary of Plural Estonia. The previous subsidiary of the Company, Plural Estonia OÜ, was merged with Plural Estonia as part of this restructuring. There were no changes to the ultimate beneficial shareholders of the Company. Plural Estonia obtained a full-scope Alternative Investment Fund Manager license from the Estonian Financial Supervision and Resolution Authority in August 2025. The net profit for 2025 was £762,453 (2024 - £696,147) on turnover of £8,644,720 (2024 - £6,836,166). Average number of employees increased from 11 in 2024 to 12 in 2025.
Previously, the Company acted as the portfolio manager for Plural's funds. This changed at the end of 2025 when Plural Estonia obtained an AIFM license and took over as the AIFM of the underlying funds from the Company.
As a result, the Company is no longer the portfolio manager to the funds, but an investment advisor to Plural Estonia.
Given the straightforward nature of the business, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.
The principal risks and uncertainties affecting the business relate to the performance of the underlying funds advised by the Company or, from 1 January 2026, managed by its parent company Plural Estonia.
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PLURAL UK MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is making the following disclosure in accordance with MIFIDPRU 8. The disclosure has been made in line with the requirements which apply to the company as a MIFID investment firm which is classified as Small and Non-Interconnected and which has no Additional Tier 1 capital instruments in issue.
This disclosure will be made at least annually. The level of detail provided in the qualitative disclosure is considered proportionate to the size and internal organisation of the company and the nature, scope, and complexity of the company's business activities. The Company's remuneration policy will be approved at least annually by its Board. The Company does not believe that it is proportionate to form a remuneration committee at the current time in view of its size, internal organisation and the nature, scope, and complexity of its business activities. The Company's approach to the remuneration of its employees, including whether remuneration is fixed or variable, will vary over time based on its then current business activities, the risks inherent in those business activities and the nature of the work undertaken by each employee. Such an approach will be determined by its Board. For 2025, staff were paid a total of £2,810,353 which was formed entirely of fixed remuneration.
This report was approved by the board on 21 April 2026 and signed on its behalf.
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PLURAL UK MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Previously, the Company acted as the portfolio manager for Plural's funds. This changed at the end of 2025 when Plural Estonia obtained an AIFM license and took over as the AIFM of the underlying Funds from the Company. As a result, the Company is no longer the portfolio manager to the funds, but an investment advisor to Plural Estonia.
The profit for the year, after taxation, amounted to £762,453 (2024 - £696,147).
The Company has not declared or paid any dividends during the financial year nor in previous periods.
The directors who served during the year were:
Under section 172 of the Companies Act 2006 (“the Act”), the directors have the duty to promote the success of the Company for the benefit of its members as a whole, having regards to the interests of other stakeholders in the Company, and to do so with an understanding of the impact on the community and environment and with high standards of business conduct.
As part of the Company’s deliberations and decision making process, the directors also take into account the following: (i) likely consequences of any decision in the long term; (ii) the interests of the Company’s employees; (iii) the need to foster the Company’s business relationships with suppliers, customers and others; (iv) the impact on the Company’s operations on the community and environment; (v) the desirability of the Company, maintaining a reputation for high standards of business conduct; and (vi) the need to act fairly between members of the Company. During 2025, the directors gave careful consideration to the factors set out above in discharging their duties under section 172 of the Act. The directors recognise that building strong relationships with stakeholders will help deliver the Company’s strategy in line with its long-term values. The directors consider their significant stakeholder groups to be its employees, shareholders, investors in venture capital funds advised by the Company, suppliers and the environment in a way that investments are made and managed. The directors believe they have demonstrated compliance with their legal duty under section 172 of the Act.
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PLURAL UK MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
After the reporting date, the Company entered into an agreement for lease for office premises. The agreement was signed on 20 January 2026. The lease term is 10 years from the date of completion. The total undiscounted lease payments amounts to £7,175,545. The new lease will be recorded as right-of-use asset and lease liability in the 2026 financial statements according to the UK accounting standard effective from 1 Jan 2026.
The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PLURAL UK MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PLURAL UK MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLURAL UK MANAGEMENT LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2025
We have audited the financial statements of Plural UK Management Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PLURAL UK MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLURAL UK MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PLURAL UK MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLURAL UK MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the investment management industry; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery and employment legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the 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; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relationships; • tested a sample of journal entries to identify unusual transactions; • assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 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; and reviewing correspondence with HM Revenue and Customs and relevant regulators. 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 require that we identify non-compliance with laws and regulations through enquiry of the designated members and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary. 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.
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PLURAL UK MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLURAL UK MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
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PLURAL UK MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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PLURAL UK MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 30 form part of these financial statements.
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