Financial Statements

for the Year Ended 31 December 2024

for

Ankura Sovereign Advisors LLP

Previously known as

Newstate Partners LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

Ankura Consulting (Europe) Limited

Ankura Consulting (APAC) PTE. Ltd

REGISTERED OFFICE:

1 Angel Court

3rd Floor

London

EC2R 7HJ

REGISTERED NUMBER:

OC346618 (England and Wales)

AUDITORS:

Williams & Co Epsom LLP

Statutory Auditors

8-10 South Street

Epsom

Surrey

KT18 7PF

FIXED ASSETS

Tangible assets

4

450

2,007

CURRENT ASSETS

Debtors

5

577,520

551,000

Cash at bank

6

709,400

582,526

1,286,920

1,133,526

CREDITORS

Amounts falling due within one year

7

671,319

191,995

NET CURRENT ASSETS

615,601

941,531

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

616,051

943,538

LOANS AND OTHER DEBTS DUE TO MEMBERS

467,551

795,038

MEMBERS' OTHER INTERESTS

Capital accounts

148,500

148,500

616,051

943,538

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

467,551

795,038

Members' other interests

148,500

148,500

616,051

943,538

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 April 2025 and were signed by:

Ankura Consulting (Europe) Limited - Designated member

1.	STATUTORY INFORMATION

Newstate Partners LLP is a limited liability partnership incorporated in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The LLP came under new ownership in the year which has resulted in changes to how the existing business was run. These changes are not expected to have any impact on the profitability of the LLP going forward and the members have prepared budgets and forecasts for the next few years to plan ahead.

The new parent organisation has also pledged financial support to the LLP and as a result, the accounts continue to be drawn up on a going concern basis.

Turnover

Turnover, which is stated net of value added tax, represents advisory fees charged in accordance with the client contract. Fees are recognised on the accruals basis as they fall or when conditions within a customer contract are met so the fees become due for payment.

Tangible fixed assets

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

Plant and machinery etc

-

Straight line over 3 years

Foreign currencies

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Taxation

No provision has been made for taxation in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP. Tax is assessed on the individual members and not on the LLP.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

11,295

Disposals

(2,573

)

At 31 December 2024

8,722

DEPRECIATION

At 1 January 2024

9,288

Charge for year

1,557

Eliminated on disposal

(2,573

)

At 31 December 2024

8,272

NET BOOK VALUE

At 31 December 2024

450

At 31 December 2023

2,007

The LLP vacated its premises in the previous year and is now run from new offices owned by its new owners.

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

441,578

369,736

Other debtors

135,942

168,764

577,520

538,500

Amounts falling due after more than one year:

Other debtors

-

12,500

Aggregate amounts

577,520

551,000

6.	CASH AT BANK

2024

2023

£

£

Cash at bank and in hand

709,400

582,526

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

57,935

37,402

Other creditors

613,384

154,593

671,319

191,995

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Smith BA FCA (Senior Statutory Auditor)

for and on behalf of Williams & Co Epsom LLP

9.	PENSION COMMITMENTS

The company participates in a money purchase pension plan. The pension cost charged during the period was £27,089 (2023 £18,123). At the year end there were no outstanding contributions to the scheme (2023: £Nil).

10.	POST BALANCE SHEET EVENTS

On April 15 2025, the LLP changed its name from Newstate Partners LLP to Ankura Sovereign Advisors LLP.

11.	ULTIMATE CONTROLLING PARTY

The controlling party of the LLP is Ankura Consulting ( Europe ) Limited. This company does not have any persons of significant control.