REGISTERED NUMBER: 08421482 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

FOR

ICM INVESTMENT MANAGEMENT LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

S J Pope

C D O Jillings

SECRETARY:

ICM Administration Limited

REGISTERED OFFICE:

Ridge Court

The Ridge

Epsom

Surrey

KT18 7EP

REGISTERED NUMBER:

08421482 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

The directors present their strategic report of the company and the group for the year ended 30 June 2026.

REVIEW OF BUSINESS

The period to 30 June 2026 has been challenging as a result of the ongoing wars in Ukraine and the Middle East, the interest rate environment, the rising polarisation of political views in key countries and the rising economic friction between China and the developed markets. This has seen rising tensions and heightened volatility in global markets. In addition the actions of Donald Trump in the US and his foreign policy/economic tariff actions has led to a very volatile market.

The group seeks to maintain long term profitability by retaining its existing client base. Despite the difficulties presented by the current economic instability, the directors believe the group is well placed to continue to operate in the current economic environment and will continue to pursue a strategy of providing services to the financial services industry as currently permitted under its registration with the Financial Conduct Authority ('FCA').

PRINCIPAL RISKS AND UNCERTAINTIES

The directors endeavour to create and sustain commercial advantage by providing a consistently high level of service to clients coupled with prudent management and a sound business model for ICM Investment Management ('ICMIM').

The directors operate a system of constant review over strategic, operational, financial and compliance risks for ICMIM. They focus on the factors that could limit or prevent the achievement of group objectives and actively consider and develop strategies to mitigate exposure and build resilience and sustainability. The challenging market conditions for its clients are the principal risk of the group. There is also the risk that the group is dependent on a small key group of employees, which creates an element of key person risk.

FINANCIAL INSTRUMENTS

The group has no overdraft facility. The group has not entered into any hedging arrangements in respect of risks relating to trade debtors or accrued income as its invoicing arrangements are made in sterling. The group is currently reliant on two major clients and therefore has a cashflow and liquidity risk, which may be affected by a reduced assets under management ('AUM') as a result of the downturn in the markets. The group is currently satisfied with its clients' financial performance and the directors do not think there is any risk in continued reliance.

REGULATORY CAPITAL

ICMIM is incorporated in the UK and is authorised and regulated by the FCA and is categorised as a Collective Portfolio Management Investment Firm ('CPMI') for regulatory purposes. ICMIM is subject to minimum regulatory capital requirements and is categorised as a CPMI that is an external Alternative Investment Fund Manager ('AIFM') by the FCA for capital purposes. In addition, ICMIM is a small and non-interconnected ('SNI') firm under the Investment Firms Prudential Regime ('IFPR') and as such has to meet the associated prudential rules that apply within MIFIDPRU.

The Alternative Investment Fund Managers Directive ('AIFMD') of the European Union establish a regulatory capital framework across Europe governing the amount and nature of capital investment firms must maintain. In the United Kingdom, the AIFMD has been retained by the FCA in its regulations through the Interim Prudential sourcebook for Investment Businesses ('IPRU-INV') and the Prudential Sourcebook for Banks, Building Societies and Investment Firms ('BIPRU') no longer applies.

MIFIDPRU/IPRU-INV - Capital Requirement

A CPMI firm is required to comply with the applicable requirements of the MIFIDPRU sourcebook in parallel with its requirements under the IPRU-INV sourcebook. This means that a capital instrument may be used to meet either or both sets of requirements provided it meets the conditions set out in the relevant sourcebook.

Own Funds/Capital Resources Requirements:

Higher of:

A) GBP 75,000 (MIFIDPRU 4.4) EUR125,000 (IPRU-INV); OR

B) Fixed Overhead Requirement (MIFIDPRU 4.5); OR

C) IPRU-INV 11: OR

D) ICARA

MIFIDPRU 11 - Disclosure

Capital Requirement Calculation (as at 30.06.2026):

Fixed Overhead Requirement

June 2026 Management Report - 12 months to June 2026

£

Operating Expenses

884,917

Other Expenses (Depreciation and Donations)

33,359

Salaries & Related Costs

2,833,800

3,752,076

Total Opex

@ 25% Total Capital required

938,019

IPRU-INV - Pillar 1 Capital Requirement

Capital Requirement Calculation (as at 30.06.2026):

£

£

Base Capital of EUR125,000

107,666

A

(converted using ECB rate for 30.06.2026 = 1.161)

Funds under management requirement:

UIL

304,529,000

UEM

566,681,000

PHCBF = n/a as UCITS

-

PHDBF

12,446,320

Pentagon Capeo

10,727,968

Less EUR250 million

(215,331,611

)

Less value of assets invested by UIL into UEMT

(26,335,567

)

SUBTOTAL TO USE FOR CALCULATION

652,717,110

0.02% of relevant funds exceeding EUR250 million

130,543

130,543

B

Calculation of (A) + (B)

238,209

A+B

Fixed Overheads (i.e. 25% of annual amount)

938,019

C

Higher of (A) + (B) or Fixed Overheads (C)

938,019

Plus: Additional own funds (PII)

65,272

Total Capital required

1,003,291

The higher of the two calculations is £1,003,291 which shall be applied to ICMIM regulatory calculation requirements and is also in line with AIFMD requirements.

ICARA Capital Requirement

ICARA capital should be calculated to include any additional capital to be maintained against any risks that are not adequately covered under the requirement under MIFIDPRU and IPRU-INV. For ICMIM the ICARA Capital requirement is considered to be nil on the basis that capital calculated under MIFIDPRU and IPRU-INV is deemed to be sufficient.

SECTION 172(1) STATEMENT

Under Section 172 of the Companies Act 2006, the board has a duty to promote the success of the group for the benefit of its members as a whole in both the long and short term, having regard to the interests of other stakeholders in the group, and to do so with an understanding of the impact on the community and environment and with high standards of business conduct, which includes acting fairly between members of the group.

The board has identified the group's principal stakeholders as:

- the company's parent company ICM Limited;

- the wholly owned subsidiaries ICM Capital Research Limited and ICM Latin America Investimentos Ltda;

- the funds that the company manages held by Utilico Emerging Markets Trust plc and UIL Limited; and

- external professional advisers and regulators, including auditors, tax advisers, legal advisers and the Financial Conduct Authority.

The board engages with these stakeholders through regular communication and consultation with professional advisers and regulators where appropriate.

Employee engagement is encouraged through regular communication, performance management processes, training and development opportunities, and the provision of competitive remuneration and benefits. The board values the contribution made by employees and seeks to foster a positive and inclusive working environment.

When considering strategic decisions and other matters, the directors had regard to:

- the long-term nature and prospects of investments;

- the strategic interests of the group's shareholder;

- the need to maintain high standards of governance and business conduct; and

- the financial position of the group.

The directors believe that the decisions taken during the year were consistent with promoting the long-term success of the group for the benefit of its stakeholders.

FUTURE DEVELOPMENTS

The directors do not believe there are any material future developments for disclosure.

ON BEHALF OF THE BOARD:

S J Pope - Director

20 October 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2026.

PRINCIPAL ACTIVITY

The principal activity of the company is acting as the Alternative Investment Fund Manager regulated by the FCA providing investment management services to Utilico Emerging Markets Trust plc and UIL Limited. The company is also appointed sub-investment manager to Pentagon High Conviction Bond Fund, Pentagon Global Diversified Bond Fund Limited, and Capeo Pentagon Credit Select Fund.

The sole activity of ICM Capital Research Limited ('ICMCR') is to carry out investment research and provide investment research and support services within the global capital markets to ICM Limited ('ICM'). The company charges ICM for all its operational costs plus a 7.5% markup. ICM is an international Fund Manager and Corporate Finance Adviser headquartered in Bermuda.

The principal activity of ICM Latin America Investimentos Ltda ('ICMLA') is the provision of asset management and investment consultancy services in Brazil. The company is regulated by the Comissão de Valores Mobiliários (CVM) and is subject to ANBIMA's self-regulatory codes. In January 2026, ICMLA received authorisation from the CVM to act fully as an asset manager. ICMLA currently acts as consultant to the 4UM ICM Infraestrutura fund ('4UM'), a Brazilian fixed income fund, and is in the process of establishing a co-management structure for the fund with 4UM asset manager.

DIVIDENDS

The total distribution of dividends for the year ended 30 June 2026 was £Nil (2025: £Nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2025 to the date of this report.

S J Pope

C D O Jillings

STREAMLINED ENERGY AND CARBON REPORTING

The group has consumed less than 40,000 kWh of energy during the year and is therefore not required to disclose information relating to greenhouse gas emissions, energy consumption or energy efficiency actions under paragraph 20D of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S J Pope - Director

20 October 2026

Opinion

We have audited the financial statements of ICM Investment Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2026 which comprise the Consolidated Statement of 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 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 30 June 2026 and of the group's loss 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 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 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors 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 Directors 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 Directors.

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 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 Directors' Responsibilities Statement set out on pages five and six, 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 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 directors either intend to liquidate the group or the parent 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.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group including legislation such as the Companies Act 2006 , taxation legislation and the Financial Conduct Authority regulations;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators and the group's legal advisors, where applicable.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

20 October 2026

TURNOVER

3

5,597,687

3,341,510

Administrative expenses

6,321,939

5,027,075

OPERATING LOSS

5

(724,252

)

(1,685,565

)

Interest receivable and similar income

58,021

49,574

LOSS BEFORE TAXATION

(666,231

)

(1,635,991

)

Tax on loss

6

2,387

-

LOSS FOR THE FINANCIAL YEAR

(668,618

)

(1,635,991

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(668,618

)

(1,635,991

)

Loss attributable to:

Owners of the parent

(671,205

)

(1,635,991

)

Non-controlling interests

2,587

-

(668,618

)

(1,635,991

)

Total comprehensive income attributable to:

Owners of the parent

(671,205

)

(1,636,189

)

Non-controlling interests

2,587

198

(668,618

)

(1,635,991

)

FIXED ASSETS

Intangible assets

8

43,428

101,333

Tangible assets

9

82,535

110,482

Investments

10

-

-

125,963

211,815

CURRENT ASSETS

Debtors

11

2,266,928

2,091,117

Cash at bank

542,830

718,571

2,809,758

2,809,688

CREDITORS

Amounts falling due within one year

12

2,720,320

2,137,484

NET CURRENT ASSETS

89,438

672,204

TOTAL ASSETS LESS CURRENT LIABILITIES

215,401

884,019

CAPITAL AND RESERVES

Called up share capital

14

943,985

943,985

Share premium

15

3,808,570

3,808,570

Retained earnings

15

(4,539,939

)

(3,868,734

)

SHAREHOLDERS' FUNDS

212,616

883,821

NON-CONTROLLING INTERESTS

2,785

198

TOTAL EQUITY

215,401

884,019

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2026 and were signed on its behalf by:

S J Pope - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

52,833

63,686

Investments

10

109,695

109,695

162,528

173,381

CURRENT ASSETS

Debtors

11

2,234,558

2,051,260

Cash at bank

503,954

677,846

2,738,512

2,729,106

CREDITORS

Amounts falling due within one year

12

665,673

547,107

NET CURRENT ASSETS

2,072,839

2,181,999

TOTAL ASSETS LESS CURRENT LIABILITIES

2,235,367

2,355,380

CAPITAL AND RESERVES

Called up share capital

14

943,985

943,985

Share premium

15

3,808,570

3,808,570

Retained earnings

15

(2,517,188

)

(2,397,175

)

SHAREHOLDERS' FUNDS

2,235,367

2,355,380

Company's loss for the financial year

(120,013

)

(998,862

)

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2026 and were signed on its behalf by:

S J Pope - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 July 2024

943,984

(2,232,743

)

2,808,571

Changes in equity

Issue of share capital

1

-

999,999

Total comprehensive income

-

(1,635,991

)

-

Balance at 30 June 2025

943,985

(3,868,734

)

3,808,570

Changes in equity

Total comprehensive income

-

(671,205

)

-

Balance at 30 June 2026

943,985

(4,539,939

)

3,808,570

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 July 2024

1,519,812

-

1,519,812

Changes in equity

Issue of share capital

1,000,000

-

1,000,000

Total comprehensive income

(1,635,991

)

198

(1,635,793

)

Balance at 30 June 2025

883,821

198

884,019

Changes in equity

Total comprehensive income

(671,205

)

2,587

(668,618

)

Balance at 30 June 2026

212,616

2,785

215,401

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 July 2024

943,984

(1,398,313

)

2,808,571

2,354,242

Changes in equity

Issue of share capital

1

-

999,999

1,000,000

Total comprehensive income

-

(998,862

)

-

(998,862

)

Balance at 30 June 2025

943,985

(2,397,175

)

3,808,570

2,355,380

Changes in equity

Total comprehensive income

-

(120,013

)

-

(120,013

)

Balance at 30 June 2026

943,985

(2,517,188

)

3,808,570

2,235,367

Cash flows from operating activities

Cash generated from operations

18

(225,409

)

(999,546

)

Tax paid

-

(43,938

)

Net cash from operating activities

(225,409

)

(1,043,484

)

Cash flows from investing activities

Purchase of tangible fixed assets

(8,289

)

(53,929

)

Sale of tangible fixed assets

-

28,298

Interest received

58,021

49,574

Net cash from investing activities

49,732

23,943

Cash flows from financing activities

Amount introduced by directors

15,090

14,363

Amount withdrawn by directors

(15,154

)

(14,111

)

Share issue

-

1,000,000

Net cash from financing activities

(64

)

1,000,252

Decrease in cash and cash equivalents

(175,741

)

(19,289

)

Cash and cash equivalents at beginning of year

19

718,571

737,860

Cash and cash equivalents at end of year

19

542,830

718,571

1.	STATUTORY INFORMATION

ICM Investment Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08421482 and the registered office address is Ridgecourt, The Ridge, Epsom, Surrey, KT18 7EP.

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.

The financial statements are presented in Sterling, which is also a functional currency of the company.

The functional currency of ICM Capital Research Limited ('ICMCR') is Euros and for ICM Latin America Investimentos Ltda ('ICMLAI') is Brazilian Real. The results of ICMCR and ICMLAI have been converted into Sterling on consolidation.

Basis of consolidation

The group financial statements consolidate the financial statements of ICM Investment Management Limited and its subsidiary undertakings drawn up to the balance sheet date.

Subsidiaries are consolidated from the date of their acquisition, being the date on which ICM Investment Management Limited obtains control, and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the subsidiary so as to obtain benefit from its activities.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have considered the overall business plan, including cashflows, of the group and the availability of financial support from its ultimate parent company and are confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company and its subsidiaries are dependent on financial support from its ultimate parent company to enable them to continue as a going concern and to meet its day-to-day obligations as they fall due. ICM Limited has confirmed that it will provide such financial assistance and has the financial capacity to do so.

Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover represents amounts chargeable in respect of the sale of services to customers, and the fair value of the right to consideration in exchange for the performance of its contractual obligations.

The revenue is recognised in the period to which the service provided relates.

Performance fees are recognised once the fees have been agreed and become payable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Share capital and distributions to equity holders

Ordinary shares are classified as equity. Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.