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Registered number: OC308682 JAMIESON CORPORATE FINANCE LLP ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
JAMIESON CORPORATE FINANCE LLP INFORMATION
Designated Members | I Jamieson
| E C Jamieson
Members | S J Coventry
| T R W Burton
| J M Greenland
| A Cox
| J J Jones
| D J Kirkpatrick
| S R Maxwell
| W A Gayford (appointed 1 April 2025)
LLP registered number | OC308682
Registered office | Southwest House 11a Regent Street London SW1Y 4LR
Independent auditors | Blick Rothenberg Audit LLP 16 Great Queen Street Covent Garden London WC1B 5AH
Bankers | Royal Bank of Scotland London Threadneedle Street Branch PO Box 412 62-63 Threadneedle Street London EC2R 8LA
Solicitors | Macfarlanes 10 Norwich Street London EC4A 1BD
JAMIESON CORPORATE FINANCE LLP MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The members present their annual report together with the audited consolidated financial statements of Jamieson Corporate Finance LLP (the "LLP") and its subsidiary undertakings Jamieson Corporate Finance US LLC, JCF US LLC and Jamieson GmbH (the "Group") for the year ended 31 March 2025. Principal activities The principal activity of the LLP and the Group is that of corporate finance advisory. The members intend to continue to develop the business. The LLP is authorised and regulated by the Financial Conduct Authority ('FCA') to carry on investment business. Designated Members I Jamieson and E C Jamieson were designated members of the LLP throughout the period. Policy regarding members' drawings and the subscription and repayment of members' capital Members' capital and drawings are determined by the regulatory capital requirements of the FCA and any trading needs of the LLP. Members' capital can only be repaid if further capital is available to replace it. Members' responsibilities statement The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with 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). The members 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 LLP and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the members are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments 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 Group will continue in business. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 1
JAMIESON CORPORATE FINANCE LLP MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Disclosure of information to auditors Each of the persons who are members at the time when this members' report is approved has confirmed that: ∙so far as that member is aware, there is no relevant audit information of which the Group's auditors are unaware, and ∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information. Auditors The auditors, Blick Rothenberg Audit LLP, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members. This report was approved by the members and signed on their behalf by:
I Jamieson Designated member
Date: 25 July 2025
Page 2
JAMIESON CORPORATE FINANCE LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMIESON CORPORATE FINANCE LLP FOR THE YEAR ENDED 31 MARCH 2025
Opinion
We have audited the consolidated financial statements of Jamieson Corporate Finance LLP (the 'LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the consolidated statement of comprehensive income, the consolidated and LLP balance sheets, the consolidated and LLP reconciliations of members' interests, the consolidated statement of cash flows and the notes to the financial statements, 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 Group's and of the LLP's affairs as at 31 March 2025 and of the Group's 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
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 Group 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 members' 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 Group's or the parent LLP'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 members 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 members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and 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 3
JAMIESON CORPORATE FINANCE LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMIESON CORPORATE FINANCE LLP (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent LLP financial statements are not in agreement with the accounting records and returns; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the members' responsibilities statement set out on page 1, the members 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 members 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 members are responsible for assessing the Group's and the parent LLP'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 members either intend to liquidate the Group or the parent LLP or to cease operations, or have no realistic alternative but to do so.
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 Group 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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the parent LLP’s policies with regards to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the parent LLP’s policies for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the parent LLP’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the parent LLP operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the parent LLP. The key laws and regulations we considered in this context included the UK Companies Act 2006 and the Financial Services and Markets Act 2000. One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank Page 4
JAMIESON CORPORATE FINANCE LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMIESON CORPORATE FINANCE LLP (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 statements of the parent LLP for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments. An additional focus area was the risk of fraud linked to revenue recognition. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; agreeing a sample of transactions to the underlying contracts and agreeing the receipt to the bank statement. 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 members and other management and the inspection of regulatory and legal correspondence, if any. 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 LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP'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 WC1B 5AH Date: 25 July 2025 Page 5
JAMIESON CORPORATE FINANCE LLP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| year ended 31 March | 11-month period endd 31 March
| 2025 | 2024
Note | £ | £
Turnover | 3 | 23,683,877 | 17,121,204
Cost of sales |  | (156,633) | (70,336)
Gross profit |  | 23,527,244 | 17,050,868
Administrative expenses |  | (10,759,550) | (7,796,034)
Operating profit | 4 | 12,767,694 | 9,254,834
Interest receivable and similar income |  | 290,930 | 200,855
Profit before tax |  | 13,058,624 | 9,455,689
Tax on profit | 7 | (482,653) | (161,373)
Profit before members' remuneration and profit shares available for discretionary division among members |  | 12,575,971 | 9,294,316
Other comprehensive income for the year/period |  |  |
Foreign exchange differences on translation of net assets of overseas subsidiary undertakings |  | (158,964) | (258,415)
Total comprehensive income for the year/period |  | 12,417,007 | 9,035,901
Profit for the year attributable to: |  |  |
Owners of the LLP |  | 12,575,971 | 9,294,316
The notes on pages 14 to 24 form part of these financial statements.
Page 6
|  | REGISTERED NUMBER:OC308682
JAMIESON CORPORATE FINANCE LLP CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 8 |  | 61,166 |  | 71,016
Investments | 9 |  | 93,539 |  | 46,377
|  |  | 154,705 |  | 117,393
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 4,221,465 |  | 4,488,701 |
Cash at bank and in hand |  | 14,589,075 |  | 11,669,253 |
|  | 18,810,540 |  | 16,157,954 |
Creditors: amounts falling due within one year | 11 | (5,928,604) |  | (4,749,048) |
Net current assets |  |  | 12,881,936 |  | 11,408,906
Total assets less current liabilities |  |  | 13,036,641 |  | 11,526,299
Net assets |  |  | 13,036,641 |  | 11,526,299
Capital and reserves |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts |  |  | - |  | 123,759
|  |  | - |  | 123,759
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 260,001 |  | 245,001 |
Other reserves classified as equity |  | 12,776,640 |  | 11,157,539 |
|  |  | 13,036,641 |  | 11,402,540
|  |  | 13,036,641 |  | 11,526,299
Total members' interests |  |  |  |  |
Loans and other debts due to members |  |  | - |  | 123,759
Members' other interests |  |  | 13,036,641 |  | 11,526,299
|  |  | 13,036,641 |  | 11,650,058
Page 7
|  | REGISTERED NUMBER:OC308682
JAMIESON CORPORATE FINANCE LLP CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the members and were signed on their behalf on 25 July 2025.
I Jamieson
Designated member
The notes on pages 14 to 24 form part of these financial statements. Page 8
|  | REGISTERED NUMBER:OC308682
JAMIESON CORPORATE FINANCE LLP LLP BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 8 |  | 23,967 |  | 22,045
Investments | 9 |  | 117,967 |  | 70,805
|  |  | 141,934 |  | 92,850
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 3,025,536 |  | 3,244,570 |
Cash at bank and in hand |  | 8,510,840 |  | 7,177,803 |
|  | 11,536,376 |  | 10,422,373 |
Creditors: amounts falling due within one year | 11 | (2,910,024) |  | (2,432,518) |
Net current assets |  |  | 8,626,352 |  | 7,989,855
Total assets less current liabilities |  |  | 8,768,286 |  | 8,082,705
Net assets attributable to members |  |  | 8,768,286 |  | 8,082,705
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts |  |  | - |  | 123,759
|  |  | - |  | 123,759
Members' other interests |  |  |  |  |
Members' capital classified as equity |  |  | 260,001 |  | 245,001
Other reserves classified as equity brought forward |  | 7,713,945 |  | 9,317,990 |
Profit for the year available for discretionary division among members |  | 11,592,246 |  | 8,247,582 |
Other movements in other reserves |  | (10,797,906) |  | (9,851,627) |
Other reserves classified as equity carried forward |  |  | 8,508,285 |  | 7,713,945
|  |  | 8,768,286 |  | 8,082,705
Total members' interests |  |  |  |  |
Loans and other debts due to members |  |  | - |  | 123,759
Members' other interests |  |  | 8,768,286 |  | 7,958,946
|  |  | 8,768,286 |  | 8,082,705
Page 9
|  | REGISTERED NUMBER:OC308682
JAMIESON CORPORATE FINANCE LLP LLP BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the members and were signed on their behalf on 25 July 2025.
I Jamieson
Designated member
The notes on pages 14 to 24 form part of these financial statements. Page 10
JAMIESON CORPORATE FINANCE LLP CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2025
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves | Total | Other amounts | Total | Total
| £ | £ | £ | £ | £ | £
Amounts due to members |  |  |  | 730,523 | 730,523 |
Balance at 1 May 2023 | 245,001 | 11,973,265 | 12,218,266 | 730,523 | 730,523 | 12,948,789
Profit for the year available for discretionary division among members | - | 9,294,316 | 9,294,316 | - | - | 9,294,316
Members' interests after profit for the year | 245,001 | 21,267,581 | 21,512,582 | 730,523 | 730,523 | 22,243,105
Other division of profits | - | (9,851,627) | (9,851,627) | 9,851,627 | 9,851,627 | -
Foreign Exchange | - | (258,415) | (258,415) | - | - | (258,415)
Drawings on account and distribution of profit | - | - | - | (10,458,391) | (10,458,391) | (10,458,391)
Amounts due to members |  |  |  | 123,759 | 123,759 |
Balance at 31 March 2024 | 245,001 | 11,157,539 | 11,402,540 | 123,759 | 123,759 | 11,526,299
Profit for the year available for discretionary division among members | - | 12,575,971 | 12,575,971 | - | - | 12,575,971
Members' interests after profit for the year | 245,001 | 23,733,510 | 23,978,511 | 123,759 | 123,759 | 24,102,270
Other division of profits | - | (10,797,906) | (10,797,906) | 10,797,906 | 10,797,906 | -
Foreign Exchange | - | (158,964) | (158,964) | - | - | (158,964)
Amounts introduced by members | 15,000 | - | 15,000 | - | - | 15,000
Drawings on account and distribution of profit | - | - | - | (10,921,665) | (10,921,665) | (10,921,665)
Other movements | - | - | - | - | - | -
Balance at 31 March 2025 | 260,001 | 12,776,640 | 13,036,641 | - | - | 13,036,641
Page 11
JAMIESON CORPORATE FINANCE LLP LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2025
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves | Total | Other amounts | Total | Total
| £ | £ | £ | £ | £ | £
Amounts due to members |  |  |  | 730,523 | 730,523 |
Balance at 1 May 2023 | 245,001 | 9,317,990 | 9,562,991 | 730,523 | 730,523 | 10,293,514
Profit for the year available for discretionary division among members | - | 8,247,582 | 8,247,582 | - | - | 8,247,582
Members' interests after profit for the year | 245,001 | 17,565,572 | 17,810,573 | 730,523 | 730,523 | 18,541,096
Other division of profits | - | (9,851,627) | (9,851,627) | 9,851,627 | 9,851,627 | -
Drawings on account and distribution of profit | - | - | - | (10,458,391) | (10,458,391) | (10,458,391)
Amounts due to members |  |  |  | 123,759 | 123,759 |
Balance at 31 March 2024 | 245,001 | 7,713,945 | 7,958,946 | 123,759 | 123,759 | 8,082,705
Profit for the year available for discretionary division among members | - | 11,592,246 | 11,592,246 | - | - | 11,592,246
Members' interests after profit for the year | 245,001 | 19,306,191 | 19,551,192 | 123,759 | 123,759 | 19,674,951
Other division of profits | - | (10,797,906) | (10,797,906) | 10,797,906 | 10,797,906 | -
Amounts introduced by members | 15,000 | - | 15,000 | - | - | 15,000
Drawings on account and distribution of profit | - | - | - | (10,921,665) | (10,921,665) | (10,921,665)
Balance at 31 March 2025 | 260,001 | 8,508,285 | 8,768,286 | - | - | 8,768,286
The ability of the members of the LLP to reduce the amount of Members' other interests is restricted by the regulatory capital requirements of the FCA.
Page 12
JAMIESON CORPORATE FINANCE LLP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | year ended 31 March 2025 | 11-month period ended 31 March 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial period | 12,575,971 | 9,294,316
Adjustments for: |  |
Depreciation of tangible assets | 46,863 | 112,423
Interest receivable | (290,930) | (200,855)
Taxation charge | 482,653 | 161,373
Decrease/(increase) in debtors | 271,660 | (1,676,997)
Increase in amounts owed by group undertakings | (4,424) | -
Increase in creditors | 857,299 | 425,568
Corporation tax paid | (155,236) | (216,411)
Amounts withdrawn by members | (10,921,665) | (10,458,391)
Net cash generated/(used) from operating activities | 2,862,191 | (2,558,974)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (42,173) | (20,734)
Sale of other fixed asset investment | - | 30,000
Investments in a subsidiary company | (47,162) | -
Interest received | 290,930 | 200,855
Net cash from investing activities | 201,595 | 210,121
Cash flows from financing activities |  |
Members' capital contributed | 15,000 | -
Net cash used in financing activities | 15,000 | -
Net increase/(decrease) in cash and cash equivalents | 3,078,786 | (2,348,853)
Cash and cash equivalents at beginning of period | 11,669,253 | 14,276,521
Foreign exchange differences | (158,964) | (258,415)
Cash and cash equivalents at the end of period | 14,589,075 | 11,669,253
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 14,589,075 | 11,669,253
The notes on pages 14 to 24 form part of these financial statements.
Page 13
JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Jamieson Corporate Finance LLP is a limited liability partnership incorporated in the UK. The LLP's registered address is Southwest House, 11a Regent Street, London, SW1Y 4LR. 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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" published in December 2021. As a qualifying entity under Financial Reporting Standard 102, the parent Limited Liability Partnership has taken advantage of the exemptions from preparing a cash flow statement and certain disclosures around financial instruments on the basis that equivalent information is provided on a consolidated basis in these financial statements. As permitted by section 408(3) of the Companies Act 2006, as applied to limited liability partnerships, the parent LLP's individual profit and loss account has not been included in these financial statements. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP and Group's accounting policies. The designated members do not consider there to be any key accounting estimates or judgements that materially affect the financial statements. The Group's reporting date has changed from 30 April to 31 March for commercial reasons in prior financial period. The prior reporting period in the financial statements is therefore 11 months. The comparative amounts presented, including the related notes, are not entirely comparable.
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The LLP has satisfactory capital position and as a consequence the members believe that the LLP is well placed to manage its business risks successfully and has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.4 | Revenue
Revenue comprises amounts recognised by the Group in respect of services supplied, exclusive of value added tax. Fees which are contingent on certain events occurring are only recognised when the transaction completes. Other fees are recognised over the period in which the services are provided. Page 14
JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | over the life of the lease
|  |  |  | Fixtures and fittings | - | over 4-7 years
|  |  |  | Office equipment | - | over 1-4 years
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Valuation of investments
Investments in subsidiaries are valued at cost less provision for permanent diminution in value. Other fixed asset investments are measured at fair value.
| 2.8 | Financial instruments
The Group does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The Group does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. The Group's cash holdings comprise on demand balances only. All cash is held with banks with strong external credit ratings. Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the Group only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time. Page 15
JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Foreign currency translation
Functional and presentation currency The LLP's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.11 | Members' remuneration and profit allocation
A members' discretionary share in the profit or the loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves".
| 2.12 | Taxation
The taxation payable on profits of the LLP is the personal liability of the members during the year. Tax is recognised in profit or loss 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. 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 LLP and the Group operate and generate income. The tax charge recorded in the income statement relates to tax payable in foreign jurisdictions in respect of profits generated by trading subsidiaries. Page 16
JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Turnover
The turnover and operating profit for the year/period was derived from the Group's principal continuing activity. Analysis of turnover by region of origination:
|  |  |  |  | year ended 31 March | 11-month period ended 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 16,886,737 | 11,880,265
| Rest of Europe | 2,405,970 | 1,810,925
| Rest of the world | 4,391,170 | 3,430,014
|  | 23,683,877 | 17,121,204
4. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | year ended 31 March | 11-month period ended 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 46,863 | 112,423
| Exchange differences | 22,409 | (9,267)
| Operating lease rentals - land and buildings | 447,570 | 253,853
| Fees payable to the Group's auditor for the audit of the Group's annual financial statements | 30,000 | 14,500
| Fees payable to the Group's auditor for non audit services | 17,775 | 15,295
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JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Employees
| Staff costs were as follows:
|  |  |  |  | year ended 31 March 2025 | 11-month period ended 31 March 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,117,051 | 5,547,356
| Staff national insurance | 613,573 | 375,480
| Cost of defined contribution scheme | 24,329 | 19,347
|  | 7,754,953 | 5,942,183
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 7,117,051 | 5,547,356 | 3,221,311 | 2,546,133
| Social security costs | 613,573 | 375,480 | 400,665 | 174,785
| Cost of defined contribution scheme | 24,329 | 19,347 | 24,329 | 19,347
|  | 7,754,953 | 5,942,183 | 3,646,305 | 2,740,265
| The average monthly number of persons employed during the year was as follows:
|  |  | Group | Group | LLP | LLP
|  |  | 31 March | 31 March | 31 March | 31 March
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Number of employees | 49 | 42 | 21 | 17
6. | Information in relation to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | Number | Number
| The average number of members during the year was | 9 | 9
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| The amount of profit attributable to the member with the largest entitlement was | 2,500,000 | 2,000,000
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JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Foreign tax |  |
| Foreign tax on income for the year | 482,653 | 161,373
| Total current tax | 482,653 | 161,373
8. | Tangible fixed assets
| Group
|  | Leasehold improvements | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 177,593 | 98,069 | 332,194 | 607,856
| Additions | 10,455 | 667 | 31,051 | 42,173
| Exchange adjustments | - | - | (367) | (367)
| At 31 March 2025 | 188,048 | 98,736 | 362,878 | 649,662
| Depreciation |  |  |  |
| At 1 April 2024 | 173,616 | 86,295 | 276,929 | 536,840
| Charge for the year | 7,027 | 5,137 | 34,699 | 46,863
| Exchange adjustments | - | - | 4,793 | 4,793
| At 31 March 2025 | 180,643 | 91,432 | 316,421 | 588,496
| Net book value |  |  |  |
| At 31 March 2025 | 7,405 | 7,304 | 46,457 | 61,166
| At 31 March 2024 | 3,977 | 11,774 | 55,265 | 71,016
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JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 8.Tangible fixed assets (continued)
| LLP
|  | Leasehold improvements | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 177,593 | 87,213 | 267,956 | 532,762
| Additions | 10,455 | 667 | 29,267 | 40,389
| At 31 March 2025 | 188,048 | 87,880 | 297,223 | 573,151
| Depreciation |  |  |  |
| At 1 April 2024 | 173,616 | 75,439 | 261,662 | 510,717
| Charge for the year | 7,027 | 5,137 | 26,303 | 38,467
| At 31 March 2025 | 180,643 | 80,576 | 287,965 | 549,184
| Net book value |  |  |  |
| At 31 March 2025 | 7,405 | 7,304 | 9,258 | 23,967
| At 31 March 2024 | 3,977 | 11,774 | 6,294 | 22,045
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JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Fixed asset investments
| Group
|  | Investments in subsidiary companies | Other fixed asset investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | - | 46,377 | 46,377
| Additions | 47,162 | - | 47,162
| Transfer to investments in subsidiary companies | 23,300 | (23,300) | -
| At 31 March 2025 | 70,462 | 23,077 | 93,539
| LLP
|  | Investments in subsidiary companies | Other fixed asset investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 24,428 | 46,377 | 70,805
| Additions | 47,162 | - | 47,162
| Transfer to investments in subsidiary companies | 23,300 | (23,300) | -
| At 31 March 2025 | 94,890 | 23,077 | 117,967
| As at 31 March 2024, other fixed asset investments comprised of investment in Jamieson & Basabe, SL of £23,300 and investment in preference share of £23,077. During the year, investment in Jamieson & Basabe, SL was transferred to investments in subsidiary companies due to acquisition of remaining holding of the entity and resulted in 100% ownership of the subsidiary. Investment in preference share is measured at fair value.
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JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the LLP:
| Name | Registered office | Principal activity | Holding
| JCF US LLC | USA | Non-trading | 100%
| Jamieson Corporate Finance US LLC (indirectly owned via JCF US LLC) | USA | Corporate Finance | 100%
| Jamieson GmbH | Germany | Advisory | 100%
| Jamieson & Basabe, SL | Spain | Advisory | 100%
| The registered office address of Jamieson GmbH is Freiherr-vom-Stein-Strasse 7, 60323 Frankfurt am Main, Frankfurt. The registered office address of JCF US LLC and Jamieson Corporate Finance US LLC is 410 Park Avenue, New York NY 10022, USA. At 31 March 2024 the LLP also had a 50% holding in Jamieson & Basabe, SL, a company incorporated in Spain with registered address Calle Principe de Vergara 63, 4D, 28006 Madrid. On 4 February 2025, the LLP acquired the remaining 50% holding in Jamieson & Basabe, SL, and Jamieson & Basabe, SL became a wholly owned subsidiary of the LLP. Transactions relating to this company have not been included in the consolidated accounts on the grounds that they are not material to the group. The investment cost is included under other fixed assets investment.
10. | Debtors
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 3,847,758 | 3,884,029 | 2,637,499 | 2,956,753
| Amounts owed by group undertakings | 4,424 | - | 160,036 | 94,142
| Other debtors | 157,543 | 433,944 | 39,520 | 25,916
| Prepayments and accrued income | 211,740 | 169,360 | 188,481 | 167,759
| Tax recoverable | - | 1,368 | - | -
|  | 4,221,465 | 4,488,701 | 3,025,536 | 3,244,570
| Trade debtors, accrued income and other debtors (excluding Prepayments) constitute the Group's only financial assets measured at amortised cost. The aggregate carrying value was £4,060,232 (2024: £4,333,508).
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JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Creditors: Amounts falling due within one year
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 190,785 | 192,416 | 154,581 | 92,035
| Overseas corporation tax | 601,196 | 273,779 | - | -
| Other taxation and social security | 772,997 | 855,680 | 612,609 | 631,732
| Other creditors | 216,273 | 1,153,063 | 216,154 | 104,171
| Accruals and deferred income | 4,147,353 | 2,274,110 | 1,926,680 | 1,604,580
|  | 5,928,604 | 4,749,048 | 2,910,024 | 2,432,518
| The Group's financial liabilities measured at amortised cost comprise the trade creditors, taxation, other creditors and accruals. The aggregate carrying value of these liabilities is £5,928,604 (2024: £4,749,048).
| 12. | Analysis of net debt (Group)
|  |  | At 1 April 2024 | Arising from cash flows | Other non-cash changes | At 31 March 2025
|  |  | £ | £ | £ | £
| Cash at bank and in hand | 11,669,253 | 3,078,786 | (158,964) | 14,589,075
| Loans and other debts due to members |  |  |  |
| Other amounts due to members | (123,759) | 10,921,665 | (10,797,906) | -
|  | 11,545,494 | 14,000,451 | (10,956,870) | 14,589,075
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JAMIESON CORPORATE FINANCE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Operating lease commitments
| At 31 March 2025 the Group and the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | LLP | LLP
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 561,011 | 235,603 | 348,764 | 28,681
| Later than 1 year and not later than 5 years | 1,835,043 | 1,930,368 | 1,046,291 | 1,395,819
|  | 2,396,054 | 2,165,971 | 1,395,055 | 1,424,500
14. | Controlling party
The ultimate controlling party is I Jamieson.
15. | Subsequent events
On 1 April 2025, W A Gayford was admitted as a member of the LLP.
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