Nursery Road Capital Management Limited

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Cash Flow Statement	11
Notes to the Cash Flow Statement	12
Notes to the Financial Statements	13—19

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

Review of the Business

The principal activity of the Company is to provide investment advisory services to a number of Separately Managed Accounts (“SMAs”).

The current environment for investment advisory companies is extremely competitive and delivering attractive investment returns for clients remains critical to success. The Company has continued to evolve its investment strategy and build a pipeline of potential investment opportunities to meet these demands with investment into trading infrastructure and research resources to ensure the firm is able to select the best investments for its clients.

The directors are encouraged by the operational infrastructure developed during the year, which provides scalability and helps mitigate operational risk.

During the year, turnover increased from £1.73m to £3.69m and profit before taxation increased from £0.42m to £1.52m. This was driven by increased investment advisory fee income from new and existing client mandates.

The directors consider the financial performance for the year to be satisfactory, reflecting increased recurring advisory fee income whilst maintaining an appropriate cost base.

The Company continues to operate within the investment advisory sector and focuses on maintaining service quality and client relationships.

Principal Risks and Uncertainties

The directors consider the following to be the principal risks and uncertainties facing the company:

Foreign currency risk

The company earns its investment advisory fees in US Dollars whilst the majority of operating expenditure is incurred in Pounds Sterling. Accordingly, movements in exchange rates may impact reported profitability.

Credit risk

Credit risk principally relates to outstanding investment advisory fees due from managed client accounts. The directors monitor recoverability on an ongoing basis and consider credit risk to be low.

Liquidity risk

The company is not exposed to significant liquidity risk and maintains sufficient cash resources to meet its operational obligations.

Cash balances increased to £1.42m at the year end, providing the company with a strong liquidity position to support future operations.

Regulatory risk

The company operates within the investment advisory sector and is required to comply with applicable regulatory requirements. Management monitor regulatory developments on an ongoing basis to ensure continued compliance.

Development and performance

The company continued to expand its investment advisory activities during the year, resulting in significant growth in turnover, profitability and cash reserves.

During the year, the company has continued to develop its operational infrastructure, enhancing its ability to support existing and future business activities. This development is expected to provide a stable platform for future growth.

The directors expect the company to continue developing its investment advisory activities whilst maintaining existing client relationships and pursuing further growth opportunities.

Key performance indicators

The directors monitor turnover, operating profit, profitability and cash generation as the principal measures of performance.

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Nursery Road Capital Management Limited

Strategic Report (continued)

For The Year Ended 31 March 2026

Key performance indicators	2026	2025
Turnover	£3,693,102	£1,727,846
Operating profit	£1,505,563	£415,115
Profit before taxation	£1,520,086	£415,958
Cash at bank	£1,418,455	£364,223

Directors’ responsibility statement

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 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.

On behalf of the board

William Sher

Director

24/07/2026

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Nursery Road Capital Management Limited

Company No. 13126020

Directors' Report For The Year Ended 31 March 2026

Directors' Report

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

Principal Activity

The principal activity of the company is the provision of investment advisory services to SMAs.

Dividends

During the year dividends of £37,700 (2025: £37,700) were paid to the shareholder.

Political and Charitable Donations

The company made no political or charitable donations during the year.

Directors

The directors who held office during the year were as follows:

William Sher
David Binnion	Resigned	02/03/2026
Nicholas Lewis	Appointed	12/09/2025

Small company provisions

Since the company is authorised as an investment firm under MiFIDPRU (MiFID Investment Firm Prudential Regime), it is classified as a regulated investment business. Accordingly, even though the company meets the numerical small-company thresholds, it is excluded from using the small-company regime under UK law, and therefore the full disclosure requirements continue to apply.

Accordingly, the company has prepared full financial statements in accordance with FRS 102 and the Companies Act 2006.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, KWSR & Co Limited, Statutory Auditor, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

William Sher

Director

24/07/2026

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Independent Auditor's Report

to the Members of

Nursery Road Capital Management Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Nursery Road Capital Management Limited for the year ended 31 March 2026 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit/(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 Auditor's 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 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

The directors have assessed the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. This assessment included consideration of cash flow forecasts, expected future trading, available cash resources and financing arrangements.

Based on this assessment, the directors have concluded that the company has adequate resources to continue in operational existence and that the going concern basis of preparation remains appropriate. The directors have not identified any material uncertainties that may cast significant doubt on the company's ability to continue as a going concern.

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.

In connection with our audit of the financial statements, 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 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Nursery Road Capital Management Limited

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 or 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 page 3, 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.

Auditor's 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 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.

Audit procedures included substantive testing of investment advisory fee income, journal testing, review of significant unusual transactions, assessment of related party transactions and consideration of management override of controls.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• The most significant laws and regulations applicable to the company are the Companies Act 2006, FRS 102, applicable UK tax legislation and regulations applicable to FCA-regulated investment advisory businesses.

• We gained an understanding of how the Company complied with its legal and regulatory framework through discussions with management and review of relevant policies, procedures and supporting documentation.

• The audit team, which is experienced in the audit of entities, considered the company's susceptibility to material misstatement and how fraud may occur. Our considerations include the risk of management override.

• Specific audit procedures were performed over related party transactions, including the director's loan account and transactions with related undertakings. Journal entries and other adjustments were reviewed to identify unusual or non-routine transactions.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 that 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.

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Independent Auditor's Report (continued)

to the Members of

Nursery Road Capital Management Limited

Susan Rahman BSc FCA (Senior Statutory Auditor)

for and on behalf of KWSR & Co Limited, Statutory Auditor , Statutory Auditor

24/07/2026

KWSR & Co Limited, Statutory Auditor

136 Merton High Street

London

SW19 1BA

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Nursery Road Capital Management Limited

Profit and Loss Account

For The Year Ended 31 March 2026

Profit and Loss Account

		2026	2025
	Notes	£	£
TURNOVER	3	3,693,102	1,727,846
Cost of sales		(659,397 )	(475,738 )

GROSS PROFIT		3,033,705	1,252,108

Administrative expenses		(1,528,142 )	(836,993 )

OPERATING PROFIT	4	1,505,563	415,115
Loss on disposal of fixed assets		-	(898 )
Other interest receivable and similar income	8	14,724	1,741
Interest payable and similar charges	9	(201 )	-

PROFIT BEFORE TAXATION		1,520,086	415,958
Tax on Profit	10	(397,751 )	(103,922 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,122,335	312,036

The notes on pages 12 to 19 form part of these financial statements.

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Nursery Road Capital Management Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2026

Statement of Comprehensive Income

	2026	2025
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,122,335	312,036
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,122,335	312,036

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Nursery Road Capital Management Limited

Balance Sheet

As At 31 March 2026

Balance Sheet

Registered number: 13126020

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		30,047		12,607
Investments	12		146,377		-

			176,424		12,607
CURRENT ASSETS
Debtors	13	860,026		341,045
Cash at bank and in hand		1,418,455		364,223

		2,278,481		705,268
Creditors: Amounts Falling Due Within One Year	14	(708,269 )		(318,443 )

NET CURRENT ASSETS (LIABILITIES)			1,570,212		386,825

TOTAL ASSETS LESS CURRENT LIABILITIES			1,746,636		399,432

PROVISIONS FOR LIABILITIES
Deferred Taxation	15		(7,512 )		(3,152 )

NET ASSETS			1,739,124		396,280

CAPITAL AND RESERVES
Called up share capital	16		258,210		1
Profit and Loss Account			1,480,914		396,279

SHAREHOLDERS' FUNDS			1,739,124		396,280

The financial statements were approved by the board of directors on 24 July 2026 and were signed on its behalf by:

William Sher

Director

The notes on pages 12 to 19 form part of these financial statements.

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Nursery Road Capital Management Limited

Statement of Changes in Equity

For The Year Ended 31 March 2026

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2024	1	121,943	121,944
Profit for the year and total comprehensive income	-	312,036	312,036

Dividends paid	-	(37,700)	(37,700)

As at 31 March 2025 and 1 April 2025	1	396,279	396,280


Profit for the year and total comprehensive income	-	1,122,335	1,122,335

Dividends paid	-	(37,700)	(37,700)
Arising on shares issued during the period	258,209	-	258,209

As at 31 March 2026	258,210	1,480,914	1,739,124

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Nursery Road Capital Management Limited

Cash Flow Statement

For The Year Ended 31 March 2026

Cash Flow Statement

		2026	2025
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,659,461	424,190
Interest paid		(201 )	-
Tax paid		(176,882 )	-
Adjustment - Accounting Standard Transition		-	(3,488)

Net cash generated from operating activities		1,482,378	420,702

Cash flows from investing activities
Purchase of tangible assets		(28,374 )	(4,717 )
Purchase of other fixed asset investments		(146,377 )	-
Interest received		14,724	1,741

Net cash used in investing activities		(160,027 )	(2,976 )

Cash flows from financing activities
Proceeds from issue of share capital		258,209	-
Equity dividends paid		(37,700 )	(37,700 )
Amount withdrawn by directors		(488,628)	(171,726)

Net cash used in financing activities		(268,119 )	(209,426 )



Increase in cash and cash equivalents		1,054,232	208,300
Cash and cash equivalents at beginning of year	2	364,223	155,923

Cash and cash equivalents at end of year	2	1,418,455	364,223

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Nursery Road Capital Management Limited

Notes to the Cash Flow Statement

For The Year Ended 31 March 2026

Notes to the Cash Flow Statement

1. Reconciliation of profit for the financial year to cash generated from operations

	2026	2025
	£	£
Profit for the financial year	1,122,335	312,036
Adjustments for:
Tax on profit	397,751	103,922
Interest expense	201	-
Interest income	(14,724 )	(1,741 )
Depreciation of tangible assets	10,934	6,766
Loss on disposal of tangible assets	-	898
Foreign exchange (gains)/losses	(34,689)	7,670
Movements in working capital:
Increase in trade and other debtors	(30,353 )	(147,521 )
Increase in trade and other creditors	208,006	142,160

Net cash generated from operations	1,659,461	424,190

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2026	2025
	£	£
Cash at bank and in hand	1,418,455	364,223

3. Analysis of changes in net funds

	As at 1 April 2025	Cash flows	As at 31 March 2026
	£	£	£
Cash at bank and in hand	364,223	1,054,232	1,418,455

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Nursery Road Capital Management Limited

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

Nursery Road Capital Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13126020 . The registered office is 7 Bell Yard, London, England, WC2A 2JR.

The financial statements are presented in pounds sterling, which is also the functional currency of the company. The financial statements are rounded to the nearest pound.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and 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 company is an FCA-regulated investment firm subject to the MiFID Investment Firm Prudential Regime and is therefore not eligible for the small or medium-sized companies' disclosure exemptions available under the Companies Act 2006. Full financial statements have accordingly been prepared.

2.2. Going Concern Disclosure

The financial statements have been prepared on the going concern basis. The directors have considered the company's forecasts, available cash resources and expected future trading and have concluded that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on the going concern basis.

2.3. Significant judgements and estimations

The preparation of the financial statements in conformity with FRS102 requires the directors to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from

other sources. The estimates and underlying assumptions are based on historical experience and other factors

considered to be relevant. Actual results may differ from these estimates.

The directors have considered the carrying value of the investment in Nursery Road Capital Management (Singapore) Pte. Ltd. together with the recoverability of related party balances. No significant judgements or estimation uncertainties requiring separate disclosure have been identified.

2.4. Turnover

Revenue comprises investment advisory fees earned from providing advisory services to SMAs. Revenue is recognised over time as the related advisory services are performed in accordance with the underlying contractual arrangements.

Deferred Income

Deferred income represents advisory fees received in advance of the related services being provided and is recognised as income over the period in which the services are performed.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided on a straight-line basis over the expected useful lives of the assets as follows:

Plant & Machinery	3 years
Fixtures & Fittings	5 years

Items of property, plant and equipment are reviewed for impairment where events or changes in circumstances indicate that their carrying value may not be recoverable.

2.6. Investments

Investments in shares are initially recognised at cost and subsequently measured at cost less any impairment. The Company assesses investments for indicators of impairment at each reporting date and recognises an impairment loss where the recoverable amount is less than the carrying amount, in accordance with FRS 102 Section 14.

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Nursery Road Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.7. Cash and Cash Equivalents

Cash and cash equivalents comprise cash held at bank and cash on hand.

2.8. Financial Instruments

Basic financial assets comprise trade receivables, related party balances and cash and are measured at amortised cost less impairment. Basic financial liabilities comprise trade creditors, taxation and other payables and are measured at amortised cost.

2.9. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange gains and losses arising on settlement or translation are recognised within the Income Statement in the period in which they arise.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of timing differences that have originated but not reversed by the reporting date. Deferred tax assets are recognised only to the extent that recovery is probable. Deferred tax is measured using tax rates enacted or substantively enacted at the reporting date.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.11. Provisions and Contingencies

Provisions are recognised where the company has a present legal or constructive obligation arising from a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Contingent liabilities are disclosed unless the possibility of an outflow of resources is remote.

2.12. Pensions

The company operates a defined contribution pension scheme. Contributions are recognised as an expense in the period to which they relate.

3. Turnover

Revenue represents investment advisory fees earned from the provision of investment advisory services to Separately Managed Accounts. All revenue arose within the United Kingdom.

Turnover comprises investment advisory fees earned from the provision of investment advisory services.

	2026	2025
	£	£
United Kingdom	3,693,102	1,727,846

	3,693,102	1,727,846

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Nursery Road Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

4. Operating Profit

The operating profit is stated after charging:

	2026	2025
	£	£
Operating lease rentals	87,191	67,088
Exchange differences	(34,689 )	7,670
Depreciation of tangible fixed assets	10,934	6,766

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2026	2025
	£	£
Audit Services
Audit of the company's financial statements	17,115	15,645

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2026	2025
	£	£
Wages and salaries	998,101	358,120
Social security costs	121,302	41,467
Other pension costs	7,502	4,153

	1,126,905	403,740

7. Average Number of Employees

The average monthly number of employees, including directors, during the year was: 12 (2025: 5)

8. Interest Receivable and Similar Income

	2026	2025
	£	£
Bank interest receivable	14,724	1,741

Interest receivable represents interest earned on bank deposits held during the year.

9. Interest Payable and Similar Charges

	2026	2025
	£	£
Other finance charges	201	-

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Nursery Road Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Tax on Profit

	Tax Rate		2026	2025
The tax charge on the profit for the year was as follows:
	2026	2025	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	397,751	103,922


Total tax charge for the period			397,751	103,922


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2026	2025
			£	£
Profit before tax			1,520,086	415,958

Tax on profit at 25% (UK standard rate)			397,751	103,922
Total tax charge for the period			397,751	103,922

The tax charge for the year is consistent with the standard UK corporation tax rate.

11. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 April 2025	13,315	14,207	27,522
Additions	22,673	5,701	28,374

As at 31 March 2026	35,988	19,908	55,896

Depreciation
As at 1 April 2025	6,188	8,727	14,915
Provided during the period	7,189	3,745	10,934

As at 31 March 2026	13,377	12,472	25,849

Net Book Value
As at 31 March 2026	22,611	7,436	30,047

As at 1 April 2025	7,127	5,480	12,607

Additions during the year principally relate to office equipment and fixtures purchased to support the company's operations.

Depreciation is calculated on a straight-line basis over the useful economic lives disclosed in Note 2.5.

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Nursery Road Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

12. Investments

	Other
	£
Cost or Valuation
As at 1 April 2025	-
Additions	146,377

As at 31 March 2026	146,377

Provision
As at 1 April 2025	-

As at 31 March 2026	-

Net Book Value
As at 31 March 2026	146,377

As at 1 April 2025	-

The investment comprises ordinary shares held in Nursery Road Capital Management (Singapore) Pte. Ltd., a related undertaking. The investment is carried at cost less impairment.

The directors have considered the carrying value of the investment at the reporting date and are satisfied that no impairment is required.

The investment was acquired during the year and accordingly no comparative balance exists.

The directors have considered indicators of impairment in accordance with FRS 102 Section 27 and are satisfied that no impairment provision is required at 31 March 2026.

The investment is carried at cost.

13. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	66,161	118,598
Prepayments and accrued income	63,008	70,453
Other debtors	69,826	7,896
VAT	28,305	-
Directors' loan accounts	632,726	144,098

	860,026	341,045

14. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	64,325	50,087
Corporation tax	374,161	153,292
Other taxes and social security	167,743	46,449
VAT	-	46,817
Other creditors	4,007	11,873
Accruals and deferred income	98,033	9,925

	708,269	318,443

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Nursery Road Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

15. Deferred Taxation

The provision for deferred tax is made up as follows:

	2026	2025
	£	£
Other timing differences	7,512	3,152

Deferred taxation arises principally from timing differences relating to capital allowances.

16. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
258,210 Ordinary Shares of £ 1.00 each	258,210	1


Shares issued during the period:	£
258,209 Ordinary Shares of £ 1.00 each	258,209

During the year the company issued 258,209 ordinary shares of £1 each.

17. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £7,502 (2025: £4,153).

No pension contributions were outstanding at the reporting date (2025: Nil).

18. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2026
	£	£	£	£	£
Mr William Sher	(144,098 )	(488,628 )	-	-	(632,726 )

The Director's Current Account is unsecured and repayable on demand.

No amounts were written off or waived during the year.

19. Dividends

	2026	2025
	£	£
On equity shares:
Final dividend paid	37,700	37,700

Dividends of £37,700 (2025: £37,700) were paid during the financial year.

20. Post Balance Sheet Events

On 21 April 2026, William Sher transferred his shareholding in the company to Nursery Road Holdings Pte. Ltd. As a result, Nursery Road Holdings Pte. Ltd. became the company's immediate and ultimate person with significant control. Following completion of the transaction, William Sher ceased to be the person with significant control. These events occurred after the reporting date and represent non-adjusting events under FRS 102. Accordingly, no adjustment has been made to the amounts recognised at 31 March 2026.

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Nursery Road Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

21. Related Party Disclosures

During the year the company incorporated Nursery Road Capital Management (Singapore) Pte. Ltd.

Details of the investment are disclosed in Note 12.

The exemption under FRS 102 Section 33.1A is not available, transactions and balances with Nursery Road Capital

Management (Singapore) Pte. Ltd. have been disclosed within this note.

During the year, the company entered into transactions with related parties in the ordinary course of business.

Director's Loan Account

During the year, transactions took place with William Sher, who was the company's immediate and ultimate controlling party at the reporting date. Details of the Director's Loan Account are disclosed in Note 18.

Nursery Road Capital Management (Singapore) Pte. Ltd.

During the year an intercompany loan of £56,679.54 was advanced to Nursery Road Capital Management (Singapore) Pte. Ltd. The balance outstanding at 31 March 2026 was £56,679.54.

All related party transactions were undertaken in the normal course of business.

22. Controlling Parties

At 31 March 2026, William Sher was the company's immediate and ultimate controlling party by virtue of his ownership of the issued share capital.

Subsequent to the reporting date, on 21 April 2026, William Sher transferred his entire shareholding in the company to Nursery Road Holdings Pte. Ltd. This transaction occurred after the reporting date and has therefore been treated as a non-adjusting event.

23. Subsequent Events

Subsequent to 31 March 2026, William Sher ceased to be the person with significant control following the transfer of the company's issued share capital.

On 21 April 2026, William Sher transferred his shareholding in the company to Nursery Road Holdings Pte. Ltd. As this transaction occurred after the reporting date, it represents a non-adjusting event under FRS 102 and no adjustment has been made to the amounts recognised at 31 March 2026.

Following the share transfer, changes were made to the person with significant control in accordance with Companies House filings. These changes occurred after the reporting date and therefore have not been reflected in the financial statements at 31 March 2026.

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