ACCOUNTS - Final Accounts

Registered number: 12264370

NTMR LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

NTMR LTD

CONTENTS

	Page
Company information	1
Strategic report	2 - 3
Directors' report	4
Directors' responsibilities statement	5
Independent auditors' report	6 - 9
Statement of comprehensive income	10
Balance sheet	11
Statement of changes in equity	12
Notes to the financial statements	13 - 24

NTMR LTD

COMPANY INFORMATION

Directors	A Jimenez (resigned 19 January 2026)
	R Rasamny (appointed 19 January 2026)


Registered number	12264370


Registered office	30 St. James's Square
	London
	England
	SW1Y 4AL


Independent auditors	Blick Rothenberg Audit LLP
	Chartered Accountants & Statutory Auditor
	16 Great Queen Street
	Covent Garden
	London
	WC2B 5AH

Page 1

NTMR LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Director presents the strategic report for the year ended 31 March 2025.

Business review

The principal activity of NTMR Ltd (the "Company") is that of a holding company. The company owns four investments directly. The investments' principal activities are the provision of investment advisory and discretionary services to a range of high-net-worth, ultra-high-net-worth and institutional clients based in various jurisdictions. The principal activities of the Company and the group undertakings will remain the same for the foreseeable future.

As a holding company, the Company has generated revenue through consultancy services being provided to one of the group undertakings in the amount of £300,000 (2024: £Nil). Its primary asset is a 52.2% interest in Plurimi Wealth LLP (see note 10), which is the main contributor to the Company's share of results from the group undertakings. For the year ended 31 March, this resulted in a profit of £1,263,604 (2024: loss of £131,774).

The group undertakings experienced growth in client numbers, assets under advisory management and in advisory revenues during the year. The company recorded a profit before taxation of £803,388 (2024: Loss before taxation of £53,005).

Overall, the group undertakings continue to expand their service offerings and enhance operational capabilities, while maintaining a close focus on financial discipline as it builds an infrastructure to support the growth.

Principal risks and uncertainties

As the company acts as an intermediary holding company there are no specific risks and uncertainties relevant to the Company.

The Company's investment activities are funded by its parent company and the wider group undertakings.

Operating risks of the trading subsidiaries are managed by the board of each business.

Going concern

The Director has made an assessment of the going concern for a period of 12 months from the date of signing this report and financial statements, taking into account both the Company's and group's current performance and outlook, using information available up to the date of issue of these financial statements.

As a result of the assessment, the Director has a reasonable expectation that the Company and the group have adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing this report and financial statements, thus the Company has adopted the going concern basis of accounting in preparing the financial statements.

Outlook and future developments

The future profitability of the Company is dependent on the group undertakings maintaining a consistent level of assets under advisory and discretionary management from which to generate future revenues. This level of assets under management is subject to market volatility and the withdrawal of funds by clients.

The group undertakings plan to continue their expansion strategy, focusing on organic growth by recruiting additional high-quality financial professionals across all its licensed businesses. The group undertakings will also explore new product offerings to diversify revenue streams. The Director of the Company remains optimistic about its future prospects and those of the group undertakings and is committed to steady expansion in the coming years.

Page 2

NTMR LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Directors' statement of compliance with duty to promote the success of the Company

The Director has 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 and the community. The Company 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 20 October 2026 and signed on its behalf.

R Rasamny

Director

Page 3

NTMR LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The director presents his report and the financial statements for the year ended 31 March 2025.

Principal activity

The principal activity of the company is that of a holding company. The company owns four investments directly. The investments' principal activities are the provision of investment advisory and discretionary services to a range of high-net-worth, ultra-high-net-worth and institutional clients based in various jurisdictions.

Director

The director who served during the year was:

A Jimenez (resigned 19 January 2026)

R Rasamny was appointed as a director on 19 January 2026.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, 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 and signed on its behalf.

R Rasamny

Director

Date: 20 October 2026

Page 4

NTMR LTD

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

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.

Page 5

NTMR LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTMR LTD

FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of NTMR Ltd (the 'Company') for the year ended 31 March 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, 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 Company's affairs as at 31 March 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 auditors' 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.

Page 6

NTMR LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTMR LTD (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Opinion 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 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.

Matters on which we are required to report by exception

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.

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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 5, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Page 7

NTMR LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTMR LTD (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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 an auditors' 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 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 Company, including the Companies Act 2006 and 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;

∙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

∙review of legal and professional expenditure in order to identify any undisclosed actual and potential litigation and claims.

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.

Page 8

NTMR LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTMR LTD (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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 auditors' report.

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 auditors' 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.

Anthony Howe (senior statutory auditor)

for and on behalf of

Blick Rothenberg Audit LLP

Chartered Accountants

Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH

20 October 2026

Page 9

NTMR LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	5	300,000	-
Cost of sales		(80,000)	-
Gross profit		220,000	-
Administrative expenses		(310,918)	(51,542)
Operating loss		(90,918)	(51,542)
Income from shares in group undertakings		1,263,604	(131,774)
Interest receivable and similar income		4,642	130,311
Interest payable and similar expenses		(373,940)	-
Profit/(loss) before tax		803,388	(53,005)
Tax on profit/(loss)	8	(260,864)	(73,790)
Profit/(loss) for the financial year		542,524	(126,795)

Other comprehensive income for the year
Total comprehensive income for the year		542,524	(126,795)

The notes on pages 13 to 24 form part of these financial statements.

Page 10

REGISTERED NUMBER:12264370

NTMR LTD

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Fixed asset investments	9		33,729,745		32,128,366
			33,729,745		32,128,366
Current assets
Debtors due within 1 year	11	9,192,757		6,972,698
Cash at bank and in hand		272,517		-
		9,465,274		6,972,698
Creditors: amounts falling due within one year	12	(2,780,524)		(3,229,093)
Net current assets			6,684,750		3,743,605
Total assets less current liabilities			40,414,495		35,871,971
Creditors: amounts falling due after more than one year	13		(4,000,000)		-

Net assets			36,414,495		35,871,971

Capital and reserves
Called up share capital	14	1	1
Other reserves	15	32,364,000	32,364,000
Profit and loss account	15	4,050,494	3,507,970
Net equity		36,414,495	35,871,971

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2026.

R Rasamny

Director

The notes on pages 13 to 24 form part of these financial statements.

Page 11

NTMR LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	1	32,364,000	3,634,765	35,998,766
Comprehensive income for the year
Loss for the year	-	-	(126,795)	(126,795)
Total comprehensive loss for the year	-	-	(126,795)	(126,795)

At 1 April 2024	1	32,364,000	3,507,970	35,871,971
Comprehensive income for the year
Profit for the year	-	-	542,524	542,524
Total comprehensive income for the year	-	-	542,524	542,524
At 31 March 2025	1	32,364,000	4,050,494	36,414,495

The notes on pages 13 to 24 form part of these financial statements.

Page 12

NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

NTMR Ltd is a private company limited by shares incorporated in England and Wales. The
address of its registered office is 30 St. James's Square, London, SW1Y 4AL.

The financial statements are presented in British Pound Sterling (£), which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements and reduced disclosures

The entity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of the group prepares publicly available consolidated financial statements, which includes the Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has therefore taken advantage of the exemptions from the following disclosure requirements for parent company information presented within the parent consolidated financial statements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments': Carrying amounts, interest income/expense, and net gains/losses for each category of financial instrument, basis of determining fair value, details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 33 'Related Party Disclosures': Compensation of key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

NTMR Ltd is a wholly owned subsidiary of NTM Investments Ltd and the results of NTMR Ltd are included in the consolidated financial statements of NTM Investments Ltd which are available from 30 St. James's Square, London, SW1Y 4AL.

Page 13

NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Going concern

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.8

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes 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.

The Company’s policies for its major classes of financial assets and financial liabilities are set out below.

Page 14

NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

Financial instruments (continued)

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 15

NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

Financial instruments (continued)

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

2.9

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 16

NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgments, 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.

Critical accounting estimates and assumptions
The company makes estimates and assumptions about future events. By their nature, such estimates and assumptions rarely equal the actual outcomes. In the director's opinion, there are no judgments with a significant risk of materiality affecting the carrying amounts of assets and liabilities.

The company has recognised estimates in its financial statements, which require management to make judgments for.

Carrying value of investment in subsidiaries
The directors assess the carrying value of investment for impairment at each reporting period, with reference to the value in use of that investment. This requires management to use estimates in respect of future cash flows and an appropriate discounting rate.

4.	Share of profits from group undertakings

Share of results from group undertakings in the amount of £1,263,604 (2024: Loss of £131,774) relate to the Company's participation in group undertakings.

Turnover

The whole of the turnover is attributable to advisory revenue earned from Plurimi Wealth LLP earned in the United Kingdom.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	1	1

Page 17

NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	6,000	10,000
	6,000	10,000

The above amount relates to director's services provided to several group entities including this entity. It is not practicable to determine the amounts attributable to each company.

Similarly, in the prior year the remuneration costs of the director were borne by another group company in relation to their work for this company. It was not practicable to determine the amounts which were attributable to this company.

8.	Taxation

		2025	2024
		£	£

Corporation tax
Current tax on profits for the year	260,864	73,790
	260,864	73,790

Total current tax	260,864	73,790

	Deferred tax
	Total deferred tax	-	-


	Tax on profit/(loss)	260,864	73,790

Page 18

NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.Taxation (continued)

Factors affecting tax charge for the year
The tax assessed for the year is the same as the standard rate of corporation tax in the UK of 25%. The differences are explained below:
	2025	2024
	£	£

Profit/(loss) on ordinary activities before tax

803,388

(53,005)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%	200,847	(13,251)
Effects of:
Expenses not deductible for tax purposes	340	2,551
Group relief	-	(9,771)
Other permanent differences	63,185	90,133
Under/(Over) provided in prior years	(3,508)	4,128
Total tax charge for the year	260,864	73,790

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	32,128,366
	Additions	1,830,156
	At 31 March 2025	33,958,522
	Impairment
	Charge for the period	228,777
	At 31 March 2025	228,777

During the year, R Rasamny transferred his personal interest of 100% ownership of Westport Bay Ltd to NTMR Ltd for the net asset value of £1,814,556, being the difference between the fair value of the underlying property and the loan attached to the underlying property. The transfer was made in order to settle directors loans owing to the Company. An additional amount of £14,400 was capitalised as transaction costs.

During the year the Company impaired investments in Plurimi Wealth Solutions Limited and Plurimi Wealth (Dubai) Limited for a total value of £228,777.

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NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


10.	Subsidiary undertakings

	The following were subsidiary undertakings of the Company:
	Name	Registered office	Principal activity	Class of shares	Holding

Plurimi Wealth LLP	30 St. James's Square, London, SW1Y 4AL	Investment management and advisory services	Members' interest	52.20%
Plurimi Wealth Monaco Ltd	Europa Residence, Place des Moulins, 98000, Monaco	Investment management and advisory services	Ordinary	*52.49%
Plurimi Wealth (Dubai) Limited	Unit office No 202, Level 2, Gate Village Building 6, Dubai International Financial Centre, Dubai, 507094, United Arab Emirates	Investment management and advisory services	Ordinary	60%
Plurimi Services (UK) Ltd	30 St. James's Square, London, SW1Y 4AL	Investment management and advisory services	Ordinary	60%
Westport Bay Ltd	Woodbourne Hall, Road Town, Tortola VG1110, British Virgin Islands	Investment property	Ordinary	100%

* The company indirectly owns the shareholding.

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NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.

Debtors

					2025	2024
					£	£


Amounts owed by group undertakings	4,758,277	3,605,263
Directors loan	3,177,519	2,110,474
Directors loan tax recoverable	1,256,961	1,256,961
	9,192,757	6,972,698

Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable
on demand.

12.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	36	-
Trade creditors	386	-
Amounts owed to group undertakings	-	606,101
Corporation tax	2,596,035	2,335,171
Other creditors	2,358	256,986
Accruals and deferred income	181,709	30,835
	2,780,524	3,229,093

Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable
on demand.

13.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Loan payable	4,000,000	-
	4,000,000	-

The loan provided is based on multiple facilities by individuals totaling £4,000,000. The purpose of the loan is for corporate structuring and capital management.

The loan is unsecured and repayable on 31 March 2027. The loan accrues interest payable at 4.5% plus 6m SONIA as determined by the Bank of England. Interest payable is accrued and paid semi-annually.

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NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £0.01 each	1	1

15.

Reserves

Other Reserve

On 20 January 2020, R Rasamny gifted his interest in Plurimi Wealth LLP to the Company. Upon execution of that agreement, £32,364,000 was transferred to other reserves.

Profit and loss account

The reserve includes all current year and prior year accumulated profits and losses.

16.

Related party transactions

During the year, £2,917,277 (2024: £2,240,785) was advanced to and £1,850,232 (2024: £3,605,263) was repaid by R Rasamny, the ultimate controlling party. As at year end, an amount of £3,177,519 (2024: £2,110,474) is due to the Company from R Rasamny.

During the year, an amount of £184,830 owing by the Company to R Rasamny was assigned to NTM Investments Ltd. The Company has transferred all rights to the receivables and retains no continuing involvement or entitlement to the underlying cash flows. As at year end, an amount of £3,451,981 (2024: £3,605,263) is due to the Company from NTM Investments Ltd.

During the year an amount of £184,830 owing to R Rasamny was used to pay off a directors loan owed by R Rasamny to NTM Investments Ltd as well £72,156 used to pay off a directors loan owed by R Ramsamny to NTMR Ltd. At year end, the Company owed R Rasamny £nil (2024: £256,986) in relation to the investments of Plurimi Wealth (Dubai) and Plurimi Wealth Solutions Limited that were transferred on 20 January 2020.

During the year, the Company provided consulting services to Plurimi Wealth LLP for an amount of £300,000 (2024: £nil). The transaction was conducted on normal commercial terms and in the ordinary course of the business. The Company additionally received a profit allocation from Plurimi Wealth LLP amounting to £1,263,604 (2024: Loss allocation of £131,774). As at year end, an amount of £1,128,159 is due to the Company from Plurimi Wealth LLP. (2024: £606,101 was owed to Plurimi Wealth LLP)

During the year, the Company paid expenditure amounting to £178,137 (2024: £Nil) on behalf of Westport Bay Ltd. As at year end, Westport Bay Ltd owed the Company £178,137 (2024: £Nil).

During the prior year, the Company made available an unsecured loan facility of up to £5,000,000 to the shareholder. The facility has not been drawn, once drawn the loan incurs an interest rate of 5% per annum. The facility terminates on 1 April 2026.

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NTMR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Post balance sheet events

Subsequent to year-end, the director declared and paid a dividend of £690,000, the payments were made in two tranches on the 11th April and 28th April 2025.

Additionally, the Director made several director's loan repayments between July and December 2025 and repaid a total of £2,796,000.

18.	Controlling party

The immediate and ultimate parent company of the entity is NTM Investments Ltd. The registered office address of NTM Investments Ltd is, 30 St. James's Square, London, SW1Y 4AL.

NTM Investments Ltd is the smallest and largest group for which consolidated financial statements are prepared and copies can be obtained from its registered office, 30 St. James's Square, London, SW1Y 4AL.

The ultimate controlling party is R Rasamny by virtue of the fact he owns the entire share capital of NTM Investments Ltd.

Page 24