REGISTERED NUMBER: 10042702 (England and Wales)

Strategic Report,

Directors' Report and

Financial Statements

for the Year Ended 31 March 2026

for

Fortem Capital Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

5

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Statement of Financial Position

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

E R J Senior

R E Burns

A S Holness

REGISTERED OFFICE:

c/o Parker Cavendish, Suite 301

Stanmore Business and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

REGISTERED NUMBER:

10042702 (England and Wales)

AUDITORS:

Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

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

Fair review of the business

The principal activity of Fortem Capital Limited is asset management, with a particular focus on liquid alternative investment strategies and the provision of investment solutions through UCITS funds and bespoke investment mandates. The Company's clients are predominantly professional and institutional investors located across the United Kingdom, Europe and the Middle East.

The Company is authorised and regulated by the Financial Conduct Authority.

Mission

The Company's mission is to deliver innovative investment solutions while continuing to invest in its people, technology and operating capabilities. This is intended to support high standards of investment management, client service, governance and operational efficiency.

Vision

The Company's vision is to be recognised as a specialist asset management firm with expertise in liquid alternative investment strategies, serving professional and institutional clients across multiple jurisdictions. The Company seeks to achieve this by maintaining a performance-focused culture, developing its investment and operational capabilities and attracting, retaining and developing high-quality employees.

Principal risks and uncertainties

The Board of Directors is ultimately responsible for the Company's system of risk management and internal control. The Company applies a three-lines-of-defence framework under which operational management, risk and compliance oversight, and independent assurance each contribute to the identification, assessment and management of risk.

The Board regularly reviews the principal risks facing the Company. The principal risks and the measures in place to mitigate them are summarised below.

Credit risk

Credit risk is the risk of financial loss arising from the failure of a counterparty to meet its contractual obligations. The Company does not generally extend credit to its clients. The Company's principal credit exposures relate to cash held with banks and clearing institutions, management fees receivable from the funds it manages and fees receivable from partner banks and other counterparties. Cash balances are held with established financial institutions, principally in overnight or instant-access deposit accounts. Management, arrangement and other fees are generally payable within 30 days of calculation or invoicing. Outstanding receivables and counterparty exposures are monitored regularly.

Liquidity risk

Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they fall due.

The Company manages this risk through regular monitoring of its cash position, forecast receipts and anticipated liabilities. Bank reconciliations and cash-flow forecasts are prepared regularly to support the timely identification and settlement of liabilities. The Company maintains cash resources in instant-access bank accounts and seeks to retain an appropriate level of liquidity relative to its expected operating requirements and regulatory obligations.

Operational risk

Operational risk is the risk of financial loss, disruption or reputational damage arising from inadequate or failed internal processes, systems, personnel or external events. The Company's principal policies, procedures and controls are documented in its compliance manual and other internal governance documents. The effectiveness of these arrangements is kept under review through the Company's compliance monitoring programme and wider risk management framework. Material changes to policies and procedures are communicated to directors and employees. Where appropriate, personnel are required to confirm their understanding and acknowledgement of significant changes. Directors and employees are also required to confirm their compliance with relevant policies and procedures through periodic compliance declarations.

Market risk

Market risk is the risk that changes in market prices, foreign exchange rates or other market variables could adversely affect the Company's financial position. The Company does not undertake material principal investment or trading activity and has limited direct exposure to foreign currencies or financial markets. Accordingly, the directors consider the Company's direct market risk to be limited. The Company may nevertheless be affected indirectly by adverse market conditions through their potential impact on assets under management, investment performance, client demand and the level of management and performance fees earned.

Interest rate risk

Interest rate risk is the risk that changes in interest rates could adversely affect the Company's financial performance or financial position. The Company does not ordinarily rely on borrowings to finance its operating expenditure and does not make loans to clients. Its direct exposure to increases in financing costs is therefore limited. Changes in interest rates may, however, affect the return earned on the Company's cash balances and may also have an indirect effect on financial markets, client investment decisions and assets under management.

Loss of key personnel

The Company's performance and continued development depend on the experience, knowledge and relationships of its directors, senior management and other key employees. Given the size and specialist nature of the Company, the loss of key personnel could result in operational disruption, the loss of institutional knowledge or an adverse effect on client relationships. The Company seeks to mitigate this risk through appropriate remuneration and incentive arrangements, succession planning, knowledge sharing, staff development and the maintenance of a supportive and performance-focused working environment. The Company also continues to invest in strengthening the depth and capability of its management and wider employee base.

Development and performance of the Company's business

The year was strategically important for Fortem Capital Limited. Revenue increased by more than 12% to £8,224,542. Operating profit decreased by 14%, although the operating profit margin remained strong at 33%. The reduction in operating profit principally reflected continued investment in the Company's longer-term growth strategy, including investment in personnel, governance, business development, investment capability and marketing infrastructure. The directors consider that this investment provides the operational capacity and oversight required to support the continued growth of the business.

During the year, the Company made progress in further developing and standardising its investment processes, strengthening its business development function and enhancing its governance and oversight arrangements. The Company also launched and grew the Liquid Alts Fund, which became Fortem's second largest fund by assets under management during the period.

Assets under management across the UCITS funds and associated mandates increased by £313 million during the year, representing growth of 36%. Revenue generated from the UCITS funds and associated mandates accounted for approximately 64% of the Company's total revenue.

Growth in assets under management reflected both continued net inflows into the Company's existing funds and the launch of the Liquid Alts Fund in July 2025. The fund obtained exposure to a range of liquid alternative investment strategies, including absolute return, gold and commodity trading adviser strategies. The fund delivered performance of approximately 25% between its launch and the financial year end and became the second largest fund on the Company's platform by assets under management.

At the financial year end, there were seven funds on the Fortem Global Investments plc UCITS platform.

Future developments and outlook

The directors remain positive about the outlook for the Company. Geopolitical and economic uncertainty, together with changes in the relationship between traditional asset classes, has increased investor interest in liquid alternative investment strategies.

Equities and fixed-income securities have historically represented a significant proportion of multi-asset portfolios. However, the diversification traditionally expected from combining these asset classes may not operate consistently in all market conditions. Liquid alternative strategies may provide additional and differentiated sources of return and diversification within such portfolios.

The Company's growing investment track record and expanded business development capability have resulted in increased engagement with existing and prospective clients in relation to both current products and potential new investment solutions.

The Company expects to launch additional UCITS funds during the next financial year. The timing and scale of these launches, and any associated growth in assets under management and revenue, will depend on market conditions, investment performance and client demand.

The directors and senior leadership team consider that the Company is well positioned to pursue further growth. The Company's strategic priorities will continue to include investment in its people, technology, investment capabilities and client relationships.

Social and environmental considerations

The Company continues to consider relevant social and environmental factors as part of its business activities and decision-making processes.

The company has an established ESG policy covering the below five key areas, further details of which can be found at www.fortemcapital.com

1. Governance

2. Fortem's Employees

3. The Community

4. The Environment

5. Fortem's Customers

Fortem is signed up to the UN PRI and UK FRC Stewardship Code and has an established investment philosophy for all activities undertaken that incorporates ESG oversight and considerations of investments.

Fortem continues to support a number of fantastic social projects via its community foundation.

ON BEHALF OF THE BOARD:

E R J Senior - Director

30 September 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the business is that of asset management, advising on and arranging bespoke liquid alternative solutions, and the provision of trade execution and financial data services.

DIVIDENDS

Dividends of £2,965,000 (2025:£1,754,262) were paid during the year.

DIRECTORS

E R J Senior has held office during the whole of the period from 1 April 2025 to the date of this report.

Other changes in directors holding office are as follows:

C A Dagg - resigned 6 March 2026

R E Burns - appointed 31 January 2026

A S Holness - appointed 6 March 2026

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made charitable donations of £26,625 (2025: £20,793).

GOING CONCERN

Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 March 2026.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

E R J Senior - Director

30 September 2026

Opinion

We have audited the financial statements of Fortem Capital Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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 our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 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.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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:

- identification of laws and regulations applicable to the company which may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health & safety legislation;

- assessing the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal and other relevant correspondence;

- discussions with the management on consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- evaluation of internal controls designed to prevent and detect irregularities;

- performing analytical procedures to identify any unusual or unexpected relationships;

- testing journal entries to identify unusual transactions;

- assessing whether there was evidence of bias by the management in relation to accounting estimates;

- investigating the rationale behind significant or unusual transactions;

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Marco Gazza (Senior Statutory Auditor)

for and on behalf of Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

30 September 2026

REVENUE

4

8,224,542

7,337,741

Cost of sales

(1,133,786

)

(1,238,507

)

GROSS PROFIT

7,090,756

6,099,234

Administrative expenses

(4,476,912

)

(2,964,094

)

2,613,844

3,135,140

Other operating income

92,707

75

OPERATING PROFIT

6

2,706,551

3,135,215

Interest receivable and similar income

26,169

8,279

2,732,720

3,143,494

Gain/loss on revaluation of investments

33,011

-

2,765,731

3,143,494

Interest payable and similar expenses

7

(25

)

(699

)

PROFIT BEFORE TAXATION

2,765,706

3,142,795

Tax on profit

8

(542,034

)

(679,334

)

PROFIT FOR THE FINANCIAL YEAR

2,223,672

2,463,461

Retained earnings at beginning of year

2,436,408

1,727,209

Dividends

9

(2,965,000

)

(1,754,262

)

RETAINED EARNINGS AT END OF YEAR

1,695,080

2,436,408

FIXED ASSETS

Property, plant and equipment

10

32,313

28,463

Investments

11

8,924

74,652

41,237

103,115

CURRENT ASSETS

Debtors

12

1,282,640

2,835,934

Investments

13

1,674,883

-

Cash at bank

169,424

1,127,334

3,126,947

3,963,268

CREDITORS

Amounts falling due within one year

14

(1,417,754

)

(1,574,625

)

NET CURRENT ASSETS

1,709,193

2,388,643

TOTAL ASSETS LESS CURRENT LIABILITIES

1,750,430

2,491,758

CAPITAL AND RESERVES

Called up share capital

16

55,350

55,350

Retained earnings

17

1,695,080

2,436,408

SHAREHOLDERS' FUNDS

1,750,430

2,491,758

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2026 and were signed on its behalf by:

E R J Senior - Director

Cash flows from operating activities

Cash generated from operations

1

4,237,634

2,272,290

Interest paid

(25

)

(699

)

Tax paid

(704,380

)

(686,959

)

Net cash from operating activities

3,533,229

1,584,632

Cash flows from investing activities

Purchase of tangible fixed assets

(16,547

)

(14,173

)

Purchase of fixed asset investments

(1,604,295

)

(2,767,999

)

Sale of tangible fixed assets

-

22,687

Sale of fixed asset investments

28,151

2,763,808

Interest received

26,169

8,279

Net cash from investing activities

(1,566,522

)

12,602

Cash flows from financing activities

Amount introduced by directors

40,383

-

Amount withdrawn by directors

-

(192,241

)

Equity dividends paid

(2,965,000

)

(1,754,262

)

Net cash from financing activities

(2,924,617

)

(1,946,503

)

Decrease in cash and cash equivalents

(957,910

)

(349,269

)

Cash and cash equivalents at beginning of year

2

1,127,334

1,476,603

Cash and cash equivalents at end of year

2

169,424

1,127,334

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

2,765,706

3,142,795

Depreciation charges

12,697

14,957

Profit on disposal of fixed assets

-

(22,687

)

Gain on revaluation of fixed assets

(33,011

)

-

Finance costs

25

699

Finance income

(26,169

)

(8,279

)

2,719,248

3,127,485

Decrease/(increase) in trade and other debtors

1,512,911

(1,218,496

)

Increase in trade and other creditors

5,475

363,301

Cash generated from operations

4,237,634

2,272,290

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

169,424

1,127,334

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,127,334

1,476,603

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank

1,127,334

(957,910

)

169,424

1,127,334

(957,910

)

169,424

Liquid resources

Current asset investments

-

1,674,883

1,674,883

-

1,674,883

1,674,883

Total

1,127,334

716,973

1,844,307

1.	STATUTORY INFORMATION

Fortem Capital Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is recognised in accordance with pre-agreed fees per transaction paid by the customers to the company. Daily reports of transactions are used to recognise income and invoices are issued on an accrual basis.

Turnover from management fees are recognised net of deductions.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% Straight line

Computer equipment

-

25% Straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Foreign exchange

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.

Employee benefits

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 stock or fixed 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Going concern

Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 March 2026.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2026

2025

£

£

Advisory fees

2,933,612

3,447,866

Management fees

5,290,930

3,889,875

8,224,542

7,337,741

5.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

2,330,594

1,653,255

Social security costs

330,541

202,622

Other pension costs

114,173

51,439

2,775,308

1,907,316

The average number of employees during the year was as follows:

2026

2025

Directors

2

2

Others

17

12

19

14

2026

2025

£

£

Directors' remuneration

55,642

-

Directors' pension contributions to money purchase schemes

13,161

-

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Other operating leases

267,631

252,400

Depreciation - owned assets

12,697

14,958

Profit on disposal of fixed assets

-

(22,687

)

Auditors' remuneration

31,500

28,800

Foreign exchange differences

14,359

(2,032

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Interest on overdue taxes

25

699

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

542,034

679,334

Tax on profit

542,034

679,334

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

2,765,706

3,142,795

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

691,427

785,699

Effects of:

Expenses not deductible for tax purposes

7,858

(15,874

)

Income not taxable for tax purposes

(8,253

)

-

Capital allowances in excess of depreciation

(962

)

-

Depreciation in excess of capital allowances

-

196

Group relief

(148,036

)

(101,841

)

Chargeable gains

-

11,154

Total tax charge

542,034

679,334

9.

DIVIDENDS

2026

2025

£

£

A shares of £1 each

Final paid

2,965,000

1,754,262

10.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2025

24,076

74,228

98,304

Additions

-

16,547

16,547

At 31 March 2026

24,076

90,775

114,851

DEPRECIATION

At 1 April 2025

16,688

53,153

69,841

Charge for year

2,328

10,369

12,697

At 31 March 2026

19,016

63,522

82,538

NET BOOK VALUE

At 31 March 2026

5,060

27,253

32,313

At 31 March 2025

7,388

21,075

28,463

11.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 April 2025

74,652

Additions

1,604,295

Disposals

(28,151

)

Revaluations

33,011

Reclassification/transfer

(1,674,883

)

At 31 March 2026

8,924

NET BOOK VALUE

At 31 March 2026

8,924

At 31 March 2025

74,652

Cost or valuation at 31 March 2026 is represented by:

Listed

investments

£

Valuation in 2026

33,011

Valuation in 2025

(28,382

)

Cost

4,295

8,924

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

925,336

746,524

Amounts owed by group undertakings

37,946

1,720,456

Other debtors

71,342

73,755

Directors' current accounts

151,858

192,241

Prepayments and accrued income

96,158

102,958

1,282,640

2,835,934