The directors present the strategic report for the period ended 31 March 2026.

During the period the company became part of the wider Equilibrium group following a transaction under which the group is now backed by Sovereign Capital Partners, alongside the existing Equilibrium management team. As a result of the transaction, the individual members of the LLP resigned during the period and the members of the LLP are now Equilibrium Investment Management Holdco Limited and Equilibrium Financial Planning Holdco Limited, both part of the wider Equilibrium group. Colin Lawson continues as Chief Executive Officer and the wider management team remains in place, providing continuity of leadership, culture and investment process throughout the transition.

The financial period ending 31 March 2026 was one of continued development for the business, marked by significant geopolitical and economic uncertainty. Global markets contended with the continuing impact of trade tariffs and shifting policy from the Trump administration throughout the period, alongside heightened political tension across a number of regions. Towards the end of the period, ongoing conflict in the Middle East added to this uncertainty, contributing to renewed volatility across equity, bond and commodity markets. In this environment, the diversification within our portfolios and our active approach to asset allocation remained central to managing risk on behalf of our clients. Over the period, our asset-weighted performance across all funds rose by 8.3%.

Against this backdrop, the business delivered strong performance in both turnover and funds under management. Turnover for the period increased to £3.4m, with funds under management increasing to c£1.42bn, reflecting both market growth and the continued confidence of our clients in our investment approach. Client retention remained strong at 97.2%. As we continue to build the business, we have invested further in our people, technology and operational capabilities during the period, positioning the business well for the future.

The majority of the assets managed by EIM are invested in the IFSL Equilibrium funds. We remain committed to responsible investing and continue to embed Environmental, Social & Governance (ESG) principles across all portfolios. We maintain regular engagement with our fund managers to ensure alignment with the United Nations Principles for Responsible Investing.

Changes in legislation have continued to affect portfolios in various ways. Most directly, changes to business relief (BR) in the UK has affected the portfolios we run to manage inheritance tax. A large proportion of clients have moved out of our AIM (Alternative Investment Market) portfolio to our portfolio of other business relief products.

Following the implementation of our portfolio management system in prior years, we have continued to realise the benefits of improved efficiency, reduced risk and cost savings. We continue to develop our investment research database to create better management information and to streamline investment research.

We continue to support our local community through a range of initiatives, including three paid charity days per team member, payroll giving, and matched donations for fundraising activities.

Future outlook

With the current economic and market outlook still shaped by geopolitical tension, the near term picture remains uncertain. Much will depend on developments of the conflict in Iran, which could have an impact on a range of asset classes. In particular, the conflict appears to have pushed up inflation and made it more likely we might see interest rate increases.

Stock markets continue to look a little on the expensive side to us, and we remain somewhat wary of a further pull back in markets. As a result, we are typically holding less equities in some portfolios than we often do. Instead, we are typically holding more in certain types of fixed interest (bonds) where we find current yields attractive. This leads us to believe that the portfolios can continue to produce strong returns.

Despite these challenges, we remain confident in our investment strategy and our ability to deliver strong outcomes for clients. The Investment Management Committee continues to provide rigorous oversight of our asset allocation and fund selection processes, ensuring that portfolios remain aligned with client objectives and market conditions.

As part of the wider Equilibrium group, the business is well positioned to benefit from the group's growth strategy, which combines continued organic growth with a buy and build approach. To support this, the group has strengthened its leadership during the period with the appointment of a Mergers & Acquisitions Director, an Operations Director and a Chief Financial Officer. These appointments, together with the backing of Sovereign Capital Partners, provide the operational and financial infrastructure to support scalable, sustainable growth across the group in the years ahead.

Technology continues to play an increasingly central role in how we operate. Building on the progress made in prior years, we have significantly expanded our use of artificial intelligence across the business, from investment research and analysis through to our wider operational processes. This allows our team to focus their time and expertise on the areas that add the greatest value for our clients, while improving the consistency and depth of our investment decision-making.

Looking ahead, we will continue to enhance our research capabilities and invest in technology to improve operational efficiency. Our focus remains on delivering consistent, risk-adjusted returns while maintaining our commitment to responsible investing.

We thank our clients, team, and stakeholders for their continued trust and support.

The firm operates in a highly regulated environment and remains alert to the potential impact of regulatory and legislative changes. The FCA's Consumer Duty has now been fully embedded into our processes and continues to guide our decision-making.

Cyber security remains a key area of focus, particularly as attacks across the industry continue to grow in sophistication. We work closely with a specialist provider to ensure our systems are secure and resilient, provide ongoing training to our team, and support our clients through educational workshops on cyber safety.

During the period, the wider Equilibrium group was awarded Cyber Essentials Plus certification. This is a nationally recognised, government-backed standard that requires rigorous, hands-on independent assessment and real-world testing of our security controls. Achieving it confirms that those controls have been independently tested and verified, and that we are actively protecting our systems against the most common cyber threats. We regard this as a significant achievement that reflects the strength of our security culture across the business and our ongoing commitment to keeping our data, our systems, our clients and our people safe.

Reputational risk is managed through strong internal governance and due diligence processes. We regularly assess our relationships with external partners to ensure they meet our standards.

We continue to monitor economic and political risks and conduct regular stress testing to ensure the business remains operationally resilient under a range of scenarios.

Section 172 of the Companies Act 2006 requires a Director of a company to act in the way they consider, in good faith would be most likely to promote the success of the company for the benefit of the members as a whole. In doing this, section 172 requires a Director to have regard, among other matters, to:

• The likely consequences of any decisions in the long term;

• The interests of the company's employees;

• The need to foster the company's business relationships with suppliers, customers and others;

• The impact of the company's operations on the community and the environment;

• The desirability of the company maintaining a reputation for high standards of business and conduct;

• The need to act fairly between shareholders of the company.

During the period ended 31 March 2026 the Directors consider they have, individually and collectively, acted in a way that is most likely to promote the success of the Group for the benefit of its shareholders as a whole and have given due consideration to each of the above matters in discharging their duties under section 172. The stakeholders we consider in this regard are our employees, our clients, our shareholder, and our suppliers.

The board recognises the importance of the relationships with our stakeholders in supporting the delivery of our strategy and operating the business in a sustainable manner. Directors are briefed on their duties, and they can access professional advice on these from an independent advisor throughout the period a Director holds office.

The Board recognises the importance of building and maintaining relationships with all its key stakeholders to achieve long term success. Further details of our stakeholder engagement are set out below:

Employees

Our employees are integral to the successful delivery of the Group's strategy. Employees' knowledge, skills, and experience are key to maintaining our strong client relationships. As such, the Group is focused on the recruitment, development, retention, and reward of its employees. Employees are encouraged to attend training courses and there is regular communication with employees to ensure that employees are informed of all matters affecting them. Within the bounds of law, regulation and commercial confidentiality, information is shared to all levels of staff about matters that affect the progress of the Group and are of interest and concern to them as employees.

Clients

The Group is focused on providing high-quality investment management services and supporting client through disciplined portfolio management, clear communication and long-term investment planning.

Shareholders

The Company communicates regularly with the Group's shareholders, and the Directors actively seek to maintain a strong relationship with its immediate parent and major shareholder. The Chief Executive Officer and the Chief Financial Officer provide regular updates to the majority shareholder on the operational and financial progress the Group is making.

On behalf of the board

The directors present their annual report and financial statements for the period ended 31 March 2026.

The principal activity of the company and group is the provision of investment management services. The company was incorporated on the 12 May 2025 and commenced trading on 23 September 2025.

The results for the period are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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

As the company and its subsidiary have not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 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 group and company, and of the profit or loss of the group 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;

• 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

We have audited the financial statements of Equilibrium Investment Management Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2026 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2026 and of the group's loss for the period 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 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 period 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 the 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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £893,110.

Equilibrium Investment Management Holdco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ascot House, Epsom Avenue, Handforth, Wilmslow, Cheshire, United Kingdom, SK9 3DF.

The group consists of Equilibrium Investment Management Holdco Limited and all of its subsidiaries.

These consolidated financial statements present the results of the Company and its subsidiaries (together referred to as the “Group”) for the period from 12 May 2025 to 31 March 2026 being a period of 10 months.

The Company was incorporated during the period and therefore this represents the first

period of consolidation.

The Group commenced trading from 23 September 2025 following its acquisition of Equilibrium Investment Management LLP.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In the parent company financial statements, 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 cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Equilibrium Investment Management Holdco Limited 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 2026. 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Investments in associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in associates include acquired goodwill.

If the group’s share of losses in an associate equals or exceeds its investment in the associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the associate.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the fair value of consideration received or receivable in the normal course of business, net of discounts and value added tax. Initial and ongoing fees, which are calculated as a percentage of the value of the funds under influence are recognised on an accrual basis when the service has been provided. These fees are introduced via accrued income. When payment is received for fees, this is allocated to accrued income resulting in a net balance per customer being recognised in either accrued or deferred income.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Cash and cash equivalents are basic financial assets and 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.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

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 period. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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 if, and only if, there is 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 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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the group’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.

There are no critical judgements or key sources of estimation uncertainty, that the directors have made in the process of applying the group's accounting policies or that have a significant effect on the amounts recognised in the financial statements.

The average monthly number of persons (including directors) employed by the group and company during the period was:

Their aggregate remuneration comprised:

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

The investment above represents the group owning a 0.01% interest in a wider group member, Equilibrium Financial Planning LLP.

Additions in the period include the gift of an interest in Equilibrium Investment Management LLP ('EIM') from the previous shareholders and a further capital contribution in EIM post acquisition to support capital adequacy.

Details of the company's subsidiaries at 31 March 2026 are as follows:

Registered office addresses (all UK unless otherwise indicated):

Amounts owed by group undertakings are interest free and repayable on demand.

Amounts owed to group undertakings are interest free and repayable on demand.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions amounting to £3,629 were payable to the fund at the balance sheet date, included in creditors.

On 30 September 2025, 7,741 A Ordinary shares of £0.01 were issued at par.

On 30 September 2025, 1,698 B Ordinary shares of £0.01 were issued at par.

On 30 September 2025, 358 C Ordinary shares of £0.01 were issued at par.

On 30 September 2025, 203 D Ordinary shares of £0.01 were issued at par.

Each A, B, C and D ordinary share carries the right to one vote per share at general meetings of the Company.

Share capital

Called up share capital reserve represents the nominal value of the shares issued.

Profit and loss account

The profit and loss account represents cumulative profits or losses net of ordinary dividends declared and other adjustments.

Capital contribution

The capital contribution reserve represents the fair value of investment contributed to the Company by the previous shareholders through a gift of an interest in Equilibrium Investment Management LLP, before the acquisition of the Company by Equal Bidco (Guernsey) Limited.

On the 23 September 2025, the Company acquired 99.99% of Equilibrium Investment Management LLP, by virtue of a gift of an interest in the LLP from the previous shareholders of the Company. At the date of the transaction, the partners of the LLP and the shareholders of the company were the same.

The company has taken advantage of the exemption available in Section 33.1A of FRS 102, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.

The Company's immediate parent undertaking is Equal Bidco (Guernsey) Limited, a company incorporated in Guernsey and registered at Summit Trust Guernsey Limited, Level 5, Mill Court, St. Peter Port, Guernsey, GY1 1EJ.

The Company's ultimate parent undertaking and controlling party is considered to be Equal Topco (Guernsey) Limited, a company incorporated in Guernsey and registered at Summit Trust Guernsey Limited, Level 5, Mill Court, St. Peter Port, Guernsey, GY1 1EJ.