REGISTERED NUMBER: 15673242 (England and Wales)

Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 March 2026

for

Wrexham Acquisitions Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTOR:

E R J Senior

REGISTERED OFFICE:

c/o Parker Cavendish, Suite 301

Stanmore Business and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

REGISTERED NUMBER:

15673242 (England and Wales)

AUDITORS:

Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

The director presents his strategic report of the company and the group for the year ended 31 March 2026.

The company is the holding company of Fortem Capital Holdings Ltd, which has one trading subsidiary, Fortem Capital Limited (Fortem), which is regulated by the Financial Conduct Authority.The principal activity of Fortem 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.

Review of Business

The year was strategically important for the group. Revenue, which is attributable to Fortem increased to £8,224,542. The reduction in operating profit principally reflects continued investment in the group's longer-term growth strategy, including investment in personnel, governance, business development, investment capability and marketing infrastructure. The director considers that this investment provides the operational capacity and oversight required to support the continued growth of the business.

During the year, Fortem made progress in further developing and standardising its investment processes, strengthening its business development function and enhancing its governance and oversight arrangements. It 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 its financial year, representing growth of 36%. Revenue generated from the UCITS funds and associated mandates accounted for approximately 64% of its total revenue.

Future Outlook

The director remains positive about the outlook for the group. 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.

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

Financing

During the period, the director commenced a process to review the Company's existing financing arrangements and explore refinancing opportunities in respect of the Company's current debt facilities. The objective of this process is to establish an appropriate longer-term funding structure for the Group and to refinance the existing facility.

The Director, together with his advisers, are engaging with potential funding providers and continue to progress the refinancing process.At the date of approval of these financial statements, discussions remain ongoing and no binding refinancing arrangements have been entered into.

Social and environmental considerations

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

The group 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 director presents his report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of asset management, advising on and arranging bespoke investments and the provision of trade execution and financial data services.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

The company did not pay any dividends (2025:£nil). Dividends of £640,000 (2025:£669,262) were paid by Fortem Capital Holdings Limited to minority shareholders 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 4 April 2025

POLITICAL DONATIONS AND EXPENDITURE

During the period, the group made charitable donations of £20,793.

GOING CONCERN

Having reviewed the company's and its subsidiaries financial forecasts and expected future cash flows, the director has a reasonable expectation that the group 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.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group'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 Wrexham Acquisitions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2026 and of the group's 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 group 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 director's 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 the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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

TURNOVER

3

8,224,542

6,719,141

Cost of sales

(1,133,786

)

(1,202,935

)

GROSS PROFIT

7,090,756

5,516,206

Administrative expenses

(4,552,579

)

(2,788,704

)

2,538,177

2,727,502

Other operating income

92,707

75

OPERATING PROFIT

5

2,630,884

2,727,577

Goodwill adjustment

on consolidation

6

-

1,979,684

2,630,884

4,707,261

Interest receivable and similar income

26,169

8,127

2,657,053

4,715,388

Amounts written off investments

7

-

(50,150

)

Gain/loss on revaluation of investments

33,011

-

2,690,064

4,665,238

Interest payable and similar expenses

8

(584,034

)

(343,899

)

PROFIT BEFORE TAXATION

2,106,030

4,321,339

Tax on profit

9

(542,034

)

(604,210

)

PROFIT FOR THE FINANCIAL YEAR

1,563,996

3,717,129

Profit attributable to:

Owners of the parent

1,567,151

3,699,349

Non-controlling interests

(3,155

)

17,780

1,563,996

3,717,129

PROFIT FOR THE YEAR

1,563,996

3,717,129

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,563,996

3,717,129

Total comprehensive income attributable to:

Owners of the parent

1,567,151

3,630,376

Non-controlling interests

(3,155

)

86,753

1,563,996

3,717,129

FIXED ASSETS

Tangible assets

11

32,313

28,463

Investments

12

8,924

74,652

41,237

103,115

CURRENT ASSETS

Debtors

13

11,602,462

8,973,270

Investments

14

1,674,883

-

Cash at bank

169,564

1,127,474

13,446,909

10,100,744

CREDITORS

Amounts falling due within one year

15

(1,440,577

)

(1,580,261

)

NET CURRENT ASSETS

12,006,332

8,520,483

TOTAL ASSETS LESS CURRENT LIABILITIES

12,047,569

8,623,598

CREDITORS

Amounts falling due after more than one year

16

(8,000,000

)

(5,500,000

)

NET ASSETS

4,047,569

3,123,598

CAPITAL AND RESERVES

Called up share capital

19

40

65

Capital redemption reserve

20

25

-

Retained earnings

20

3,963,906

3,036,780

SHAREHOLDERS' FUNDS

3,963,971

3,036,845

NON-CONTROLLING INTERESTS

83,598

86,753

TOTAL EQUITY

4,047,569

3,123,598

The financial statements were approved by the director and authorised for issue on 30 September 2026 and were signed by:

E R J Senior - Director

FIXED ASSETS

Tangible assets

11

-

-

Investments

12

8,000,000

5,500,000

8,000,000

5,500,000

CURRENT ASSETS

Debtors

13

14,895

6,865

CREDITORS

Amounts falling due within one year

15

(11,411

)

(3,236

)

NET CURRENT ASSETS

3,484

3,629

TOTAL ASSETS LESS CURRENT LIABILITIES

8,003,484

5,503,629

CREDITORS

Amounts falling due after more than one year

16

(8,000,000

)

(5,500,000

)

NET ASSETS

3,484

3,629

CAPITAL AND RESERVES

Called up share capital

19

40

65

Capital redemption reserve

20

25

-

Retained earnings

20

3,419

3,564

SHAREHOLDERS' FUNDS

3,484

3,629

Company's (loss)/profit for the financial year

(120

)

3,564

The financial statements were approved by the director and authorised for issue on 30 September 2026 and were signed by:

E R J Senior - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Changes in equity

Profit for the period

-

3,699,349

-

Other comprehensive income

-

(662,569

)

-

Total comprehensive income

-

3,036,780

-

Issue of share capital

65

-

-

Balance at 31 March 2025

65

3,036,780

-

Changes in equity

Profit for the year

-

1,567,151

-

Other comprehensive income

-

(640,025

)

25

Total comprehensive income

-

927,126

25

Purchase of own shares

(25

)

-

-

Balance at 31 March 2026

40

3,963,906

25

Non-controlling

Total

Total

interests

equity

£

£

£

Changes in equity

Profit for the period

3,699,349

17,780

3,717,129

Other comprehensive income

(662,569

)

68,973

(593,596

)

Total comprehensive income

3,036,780

86,753

3,123,533

Issue of share capital

65

-

65

Balance at 31 March 2025

3,036,845

86,753

3,123,598

Changes in equity

Profit for the year

1,567,151

(3,155

)

1,563,996

Other comprehensive income

(640,000

)

-

(640,000

)

Total comprehensive income

927,151

(3,155

)

923,996

Purchase of own shares

(25

)

-

(25

)

Balance at 31 March 2026

3,963,971

83,598

4,047,569

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Changes in equity

Issue of share capital

65

-

-

65

Total comprehensive income

-

3,564

-

3,564

Balance at 31 March 2025

65

3,564

-

3,629

Changes in equity

Purchase of own shares

(25

)

-

-

(25

)

Total comprehensive income

-

(145

)

25

(120

)

Balance at 31 March 2026

40

3,419

25

3,484

Cash flows from operating activities

Cash generated from operations

1

(2,496

)

(2,902,532

)

Interest paid

(584,034

)

(343,899

)

Tax paid

(705,216

)

(305,152

)

Net cash from operating activities

(1,291,746

)

(3,551,583

)

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

-

50,732

Sale of fixed asset investments

28,151

2,763,808

Interest received

26,169

8,127

Net cash from investing activities

(1,566,522

)

40,495

Cash flows from financing activities

New loans in year

2,500,000

5,500,000

Amount introduced by directors

40,383

-

Amount withdrawn by directors

-

(192,241

)

Share issue

(25

)

65

Dividends paid to minority shareholders

(640,000

)

(669,262

)

Net cash from financing activities

1,900,358

4,638,562

(Decrease)/increase in cash and cash equivalents

(957,910

)

1,127,474

Cash and cash equivalents at beginning of year

2

1,127,474

-

Cash and cash equivalents at end of year

2

169,564

1,127,474

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

Period

23.4.24

Year ended

to

31.3.26

31.3.25

£

£

Profit before taxation

2,106,030

4,321,339

Depreciation charges

12,697

14,957

Profit on disposal of fixed assets

-

(22,687

)

Gain on revaluation of fixed assets

(33,011

)

-

Other non cash items

-

(52,087

)

Finance costs

584,034

343,899

Finance income

(26,169

)

(8,127

)

2,643,581

4,597,294

Increase in trade and other debtors

(2,669,575

)

(8,781,029

)

Increase in trade and other creditors

23,498

1,281,203

Cash generated from operations

(2,496

)

(2,902,532

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

169,564

1,127,474

Period ended 31 March 2025

31.3.25

23.4.24

£

£

Cash and cash equivalents

1,127,474

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank

1,127,474

(957,910

)

169,564

1,127,474

(957,910

)

169,564

Liquid resources

Current asset investments

-

1,674,883

1,674,883

-

1,674,883

1,674,883

Total

1,127,474

716,973

1,844,447

1.	STATUTORY INFORMATION

Wrexham Acquisitions 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 General 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.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of Wrexham Acquisitions Limited and all its subsidiaries; the accounts of all group companies are made up to 31 March annually. The results of subsidiaries acquired or disposed of during the year are included in the consolidated accounts from the date of their acquisition or up to the date of their disposal. Intra-group transactions are eliminated fully on consolidation.

In accordance with the provisions of section 408 Companies Act 2006 a separate profit and loss account dealing with the results of the company only has not been prepared.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

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

Current asset investments

Current asset investments are initially recognised at transaction price, inclusive of directly attributable transaction costs, and are subsequently measured at fair value at each reporting date.Realised and unrealised gains and losses arising from changes in fair value are recognised within the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.