Company No: OC446083 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Investments	3	3,668,948		3,656,948
		3,668,948		3,656,948
Current assets
Debtors	4	0		2,586
Cash at bank and in hand	5	1,049		0
		1,049		2,586
Creditors: amounts falling due within one year	6	( 4,110)		( 4,080)
Net current liabilities		(3,061)		(1,494)
Total assets less current liabilities		3,665,887		3,655,454
Net assets attributable to members		3,665,887		3,655,454
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability	7	3,673,954		3,657,534
		3,673,954		3,657,534
Members' other interests
Members' capital classified as equity		2,000		2,000
Other reserves		(10,067)		(4,080)
		(8,067)		(2,080)
		3,665,887		3,655,454
Total members' interests
Amounts due from members (included in debtors)		0		(2,000)
Loans and other debts due to members		3,673,954		3,657,534
Members' other interests		(8,067)		(2,080)
		3,665,887		3,653,454

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, 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 LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cannonical LLP (registered number: OC446083) were approved and authorised for issue by the Board of Directors on 04 September 2025. They were signed on its behalf by:

Dr Norman Macaskill Fraser Designated member

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 period, unless otherwise stated.

General information and basis of accounting

Cannonical LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, 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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

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

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP 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.

Reporting period length

The accounts for the prior period were for 02/03/2023 to 31/03/2024, being the period from incorporation to the chosen year-end. The prior year information is therefore not a 12 month period, and may not be directly comparable.

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. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

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.

2. Employees

	Year ended 31.03.2025		Period from 02.03.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	0		0

3. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	3,656,948		3,656,948
Additions	12,000		12,000
At 31 March 2025	3,668,948		3,668,948
Carrying value at 31 March 2025	3,668,948		3,668,948
Carrying value at 31 March 2024	3,656,948		3,656,948

4. Debtors

	31.03.2025		31.03.2024
	£		£
Amounts owed by members	0		2,000
Other debtors	0		586
	0		2,586

5. Cash and cash equivalents

	31.03.2025		31.03.2024
	£		£
Cash at bank and in hand	1,049		0

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Accruals	4,110		4,080

7. Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.