Company No: 08146624 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Current assets
Investments	4, 8	12,591,396		10,396,611
Cash at bank and in hand		158,701		188,020
		12,750,097		10,584,631
Creditors: amounts falling due within one year	5	( 6,087,404)		( 5,608,921)
Net current assets		6,662,693		4,975,710
Total assets less current liabilities		6,662,693		4,975,710
Provision for liabilities		( 1,138,000)		( 890,000)
Net assets		5,524,693		4,085,710
Capital and reserves
Called-up share capital	6	510,771		153,290
Share premium account		387,229		48,710
Profit and loss account		4,626,693		3,883,710
Total shareholders' funds		5,524,693		4,085,710

Included within the company's profit and loss account are non-distributable reserves which comprise of unrealised gains and losses on financial instruments held at fair value, together with any deferred tax provided on these unrealised amounts. At 31 March 2026, the total amount included in the profit and loss account which was non-distributable equalled £3,801,489 (2025: £3,095,831).

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

Directors' responsibilities:

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

The financial statements of Ladderstream Asset Management Limited (registered number: 08146624) were approved and authorised for issue by the Board of Directors on 19 October 2026. They were signed on its behalf by:

Dr J J Inglis-Jones Director

1. Accounting policies

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

General information and basis of accounting

Ladderstream Asset Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Denham Lodge, Buckland Monachorum, Yelverton, PL20 7NR, United Kingdom.

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

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

Going concern

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

Foreign currency

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

Dividend income

Dividend income is recognised when the company's right to receive payment has been established.

Taxation

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

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Office equipment

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

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

Financial instruments

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

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

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

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

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

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

Other basic financial liabilities are measured at amortised cost.

2. Employees

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

3. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 April 2025	1,722		1,722
At 31 March 2026	1,722		1,722
Accumulated depreciation
At 01 April 2025	1,722		1,722
At 31 March 2026	1,722		1,722
Net book value
At 31 March 2026	0		0
At 31 March 2025	0		0

4. Current asset investments

	2026		2025
	£		£
Listed investments – at fair value	10,477,296		8,956,384
Other investments – at fair value	2,114,100		1,440,227
	12,591,396		10,396,611

The listed investments held by the company were revalued to their fair value on 31 March 2026 using freely available market prices for each assets as on that date.

The other investments at fair value comprises physical gold and unlisted shares. They are held at fair value as their market value is quantifiable using readily available pricing data.

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Amounts owed to directors	5,658,844		5,347,692
Accruals	428,560		261,229
	6,087,404		5,608,921

6. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
110,771 Ordinary A shares of £ 1.00 each (2025: 101,290 shares of £ 1.00 each)	110,771		101,290
399,000 Ordinary B shares of £ 1.00 each (2025: 51,000 shares of £ 1.00 each)	399,000		51,000
1,000 Ordinary C shares of £ 1.00 each	1,000		1,000
	510,771		153,290

During the year, 9,481 Ordinary A shares and 348,000 Ordinary B shares were allotted and issued. Some of these shares were issued at par, whilst others were issued at premium. The rights attached to each class of shares are as set out in the Articles of Association adopted 10 July 2024 and filed at Companies House.

7. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Director	5,658,844		5,347,692

A loan existed between a director and the company during the year. Interest has been accrued on this loan at 1% (2025: 0.5%) below the Bank of England base rate from 1 April 2025 and is repayable on demand.

8. Fixed asset investmetns

	2026		2025
	£		£
Balance brought forward	10,396,611		9,575,109
Additions	1,013,635		117,068
Fair value movement	1,181,150		704,434
	12,591,396		10,396,611

The financial assets held by the company were revalued to fair value on 31 March 2026 using freely available market prices for each asset as on that date.