ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging/(crediting):

year ended 31 March

11-month period ended 31 March

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

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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.

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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.

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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.

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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

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

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

Page 17

JAMIESON CORPORATE FINANCE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


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

Page 18

JAMIESON CORPORATE FINANCE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


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

Page 19

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

Page 20

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.

Page 21

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).

Page 22

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

Page 23

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.

Page 24