Company No: 07971734 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Investments	3	7,398,333		5,964,240
		7,398,333		5,964,240
Current assets
Debtors	4	805		9,278
Cash at bank and in hand		45,304		879,104
		46,109		888,382
Creditors: amounts falling due within one year	5	( 5,288,694)		( 5,291,676)
Net current liabilities		(5,242,585)		(4,403,294)
Total assets less current liabilities		2,155,748		1,560,946
Provision for liabilities		( 320,000)		( 205,800)
Net assets		1,835,748		1,355,146
Capital and reserves
Called-up share capital	6	1,000		1,000
Profit and loss account		1,834,748		1,354,146
Total shareholders' funds		1,835,748		1,355,146

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of M Seligman and Co Limited (registered number: 07971734) were approved and authorised for issue by the Board of Directors on 07 October 2026. They were signed on its behalf by:

Mr M D Seligman Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M Seligman and Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 32 Kynance Mews, London, SW7 4QR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Other income is generated from the following:
- Dividends from listed investments are recognised in the profit and loss account on a receipt basis in the period in which it arises.
- Interest receivable is recognised in the profit and loss account on an accruals basis in the period in which it arises.
- The realised profit or loss upon the sale of investments is recognised in the profit and loss account in the period in which the sale occurs.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	5,964,240		5,964,240
Additions	1,839,612		1,839,612
Disposals	( 959,302)		( 959,302)
Movement in fair value	553,783		553,783
At 31 March 2026	7,398,333		7,398,333
Carrying value at 31 March 2026	7,398,333		7,398,333
Carrying value at 31 March 2025	5,964,240		5,964,240

4. Debtors

	2026		2025
	£		£
Accrued income	805		9,278

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Amounts owed to directors	5,281,854		5,281,376
Accruals	5,040		4,800
Taxation and social security	1,800		5,500
	5,288,694		5,291,676

6. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

Included in retained earnings are £629,691 (2025: £395,908) of non-distributable reserves, which comprise unrealised investment gains net of deferred tax.

7. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Balance due to directors	5,281,854		5,281,376

There is no interest due on the balances due to directors, and the amount is repayable on demand.