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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2026
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QUADRATURE CAPITAL LIMITED
COMPANY INFORMATION
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QUADRATURE CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their strategic report together with the financial statements of Quadrature Capital Limited (the "Company" or "QCL") for the year ended 31 January 2026.
The results of the Company for the year are shown in the statement of comprehensive income on page 9 and the financial position is set out in the statement of financial position on page 10.
The Company receives remuneration for investment management services. Revenue and profitability are driven by the performance and assets of the funds under management.
The principal activity of the Company is the provision of investment management services. A portion of revenue is based on a fixed fee structure, and the rest is calculated by reference to the performance of the funds under management. As a result, the fixed portion is relatively stable, and is sufficient to cover the current operational expenses of the Company.
From an operational perspective, the key risks to the Company relate to operational and control errors, which may impact the Company’s investment related activities, and potential non-compliance with applicable regulations. These risks are managed respectively through applicable controls and periodic reviews of the effectiveness of the Company's operational and compliance framework.
The directors consider that the Company's turnover, profit and financial position are the relevant financial key performance indicators.
The directors have considered the requirements of section 172(1) of the Companies Act 2006 throughout the year. Long term consequences of decisions are considered as well as the impact of decisions on employees, stakeholders, the community and environment. QCL is committed to high standards of business conduct and ensures all members of the company are treated fairly.
This report was approved by the board on 19 May 2026 and signed on its behalf.
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QUADRATURE CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors have assessed the Company’s ability to continue as a going concern, taking into account its current financial position, cash flow forecasts, and available resources for a period of at least twelve months from the date of approval of these financial statements.
Subsequent to the year end, the Company notified the Financial Conduct Authority (“FCA”) and the U.S. Securities and Exchange Commission (“SEC”) of its intention to withdraw its AIFM permissions and transition its activities to focus on managing owner-managed funds. The Directors have considered the impact of this strategic change on the Company’s operations, revenue streams, and cost base. The revised business model is expected to reduce regulatory and operating costs and does not materially impact the Company’s ability to generate sufficient income and cash flows to meet its liabilities as they fall due. Based on this assessment, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
The profit for the year, after taxation, amounted to £730.7 million (2025: £410.7 million)
Dividends of £836.1 million (2025: £360.1 million) were paid during the year as set out in note 9 to the accounts.
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QUADRATURE CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
The directors who served during the year were:
The Company ensures that relationships with suppliers, customers and others are considered throughout the year.
To calculate greenhouse gas (GHG) emissions, the Company has used the GHG Protocol Corporate Standard methodology. Conversion factors applied are sourced from the UK Government Department for Environment, Food & Rural Affairs (DEFRA). Energy consumption data is sourced from utility invoices, sub-meter readings and supplier portals (Equinix). The reporting boundary covers UK operations only.
The intensity ratio used by the Company to track its energy efficiency performance is: Tonnes of CO2 per £ million of income. For the year ended 31 January 2026, the intensity ratio is 0.42 (2025: 0.79).
The Company takes responsibility for any direct climate impacts during the period by estimating total carbon emissions, including those from the production of computer hardware. It's the Company's policy to offset total emissions where possible. The Company is very aware of the environmental impact of running a company and strives to reduce this impact as much as possible.
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QUADRATURE CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 19 May 2026 and signed on its behalf.
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QUADRATURE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
QUADRATURE CAPITAL LIMITED
FOR THE YEAR ENDED 31 JANUARY 2026
We have audited the financial statements of Quadrature Capital Limited (the 'Company') for the year ended 31 January 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
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QUADRATURE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
QUADRATURE CAPITAL LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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QUADRATURE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
QUADRATURE CAPITAL LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
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.
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:
• 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 Company through discussions with directors and other management, and from our commercial knowledge and experience of the investment management industry; • 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 Company, including the Companies Act 2006, the Financial Services and Markets Act 2000 and applicable taxation legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 Company’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 a sample of journal entries to identify unusual transactions; • assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 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 HM Revenue and Customs and relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Auditor's Report.
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QUADRATURE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
QUADRATURE CAPITAL LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
WC2B 5AH
19 May 2026
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QUADRATURE CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026
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QUADRATURE CAPITAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2026.
The notes on pages 14 to 26 form part of these financial statements.
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