ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Period ended 31 December 2024

Year ended 31 March 2024

Registered number: OC387588

KIRKOSWALD CAPITAL PARTNERS LLP

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

KIRKOSWALD CAPITAL PARTNERS LLP

INFORMATION

Designated Members	Kirkoswald Capital Services (UK) Ltd
	R D Price (resigned 31 December 2024)
	D F Gilbert
Member	S J Atkinson

LLP registered number

OC387588

Registered office

39 Sloane Street

London

SW1X 9LP

Independent auditor

Blick Rothenberg Audit LLP

Chartered Accountants

16 Great Queen Street

London

WC2B 5AH

KIRKOSWALD CAPITAL PARTNERS LLP

MEMBERS' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2024

The members present their annual report together with the audited financial statements of Kirkoswald Capital Partners LLP (the "LLP") for the 9-month period ended 31 December 2024. Effective 17 December 2024, the LLP has changed its accounting reference period from a 31 March year end to a 31 December year end.

Principal activities

The principal activity during the period was the provision of investment management services. The LLP is authorised by the Financial Conduct Authority (FCA).

Designated Members

Kirkoswald Capital Services (UK) Ltd, R D Price and D F Gilbert were designated members of the LLP throughout the period. R D Price resigned on 31 December 2024.

Policy with respect to members' drawings and subscription and repayment of members' capital

Members share profits and losses in accordance with profit sharing arrangements.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 of the profit or loss of the LLP 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 LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Pursuant to the LLP’s current limited liability partnership deed, the members have delegated the responsibility of the preparation and approval of the LLP’s annual accounts, together with this annual report, to the LLP’s management committee, in each case in accordance with applicable law and regulations. The LLP’s designated members have responsibility for signing the LLP’s annual accounts and filing them with the Registrar of Companies.

Page 1

KIRKOSWALD CAPITAL PARTNERS LLP

MEMBERS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

Disclosure of information to auditor

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 LLP's auditor is 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 LLP's auditor is aware of that information.

Auditor

The auditor, Blick Rothenberg Audit LLP, has indicated their willingness to continue in office. The members will propose a motion re-appointing the auditor at a meeting of the members.

This report was approved by the members on 18 August 2025 and signed on their behalf by:

Matthew Press

Director of Kirkoswald Capital Services (UK) Ltd, Designated Member

Page 2

KIRKOSWALD CAPITAL PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL PARTNERS LLP

FOR THE PERIOD ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Kirkoswald Capital Partners LLP (the 'LLP') for the period ended 31 December 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the reconciliation of members' interests and the related notes, 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 LLP's affairs as at 31 December 2024 and of its profit for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 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 auditor's 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

KIRKOSWALD CAPITAL PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL PARTNERS LLP (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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 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 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 auditor's 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 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 noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the LLP's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the LLP’s policies 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 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 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 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.
A particular focus area included 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 statements of the 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

Page 4

KIRKOSWALD CAPITAL PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL PARTNERS LLP (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The LLP was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the LLP and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the LLP.
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 directors 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 auditor's 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 auditor's 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

London

WC2B 5AH

18 August 2025

Page 5

KIRKOSWALD CAPITAL PARTNERS LLP

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Period ended 31 Dec 2024	Year ended 31 March 2024
Note	£	£


Turnover	3	23,484,208	21,771,406
Gross profit		23,484,208	21,771,406
Administrative expenses		(18,860,387)	(13,654,254)
Operating profit	4	4,623,821	8,117,152
Interest receivable and similar income		70,249	133,105
Profit before tax		4,694,070	8,250,257
Profit for the period before members' remuneration and profit shares available for discretionary division among members		4,694,070	8,250,257

There was no other comprehensive income for Period ended 31 Dec 2024 (Year ended 31 March 2024:£NIL).

The notes on pages 10 to 16 form part of these financial statements.

Page 6

REGISTERED NUMBER:OC387588

KIRKOSWALD CAPITAL PARTNERS LLP

BALANCE SHEET

AS AT 31 DECEMBER 2024


	Period ended 31 Dec 2024	Year ended 31 March 2024
Note	£	£

Fixed assets
Tangible fixed assets	7		143,009		159,877
Current assets
Debtors: amounts falling due within one year	8	29,977,693		25,062,241
Bank and cash balances		3,129,511		4,565,359
		33,107,204		29,627,600
Creditors: Amounts Falling Due Within One Year	9	(8,920,335)		(5,090,315)
Net current assets			24,186,869		24,537,285
Total assets less current liabilities			24,329,878		24,697,162

Net assets attributable to members			24,329,878		24,697,162

Represented by:
Loans and other debts due to members within one year
Other amounts	10	14,279,878	14,647,162
Members' other interests
Members' capital classified as equity		10,050,000	10,050,000
		24,329,878	24,697,162

Total members' interests
Loans and other debts due to members	10	14,279,878	14,647,162
Members' other interests		10,050,000	10,050,000
		24,329,878	24,697,162

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 18 August 2025.

Matthew Press

Director of Kirkoswald Capital Services (UK) Ltd, Designated Member

The notes on pages 10 to 16 form part of these financial statements.

Page 7

KIRKOSWALD CAPITAL PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE PERIOD ENDED 31 DECEMBER 2024


	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				11,660,391	11,660,391
Balance at 1 April 2023	10,050,000	-	10,050,000	11,660,391	11,660,391	21,710,391
Profit for the period available for discretionary division among members	-	8,250,257	8,250,257	-	-	8,250,257
Members' interests after profit for the period	10,050,000	8,250,257	18,300,257	11,660,391	11,660,391	29,960,648
Allocations of profits	-	(8,250,257)	(8,250,257)	8,250,257	8,250,257	-
Drawings	-	-	-	(1,536,729)	(1,536,729)	(1,536,729)
Other movements	-	-	-	(3,726,757)	(3,726,757)	(3,726,757)
Amounts due to members				14,647,162	14,647,162
Balance at 31 March 2024	10,050,000	-	10,050,000	14,647,162	14,647,162	24,697,162
Profit for the period available for discretionary division among members	-	4,694,070	4,694,070	-	-	4,694,070
Members' interests after profit for the period	10,050,000	4,694,070	14,744,070	14,647,162	14,647,162	29,391,232
Allocations of profits	-	(4,694,070)	(4,694,070)	4,694,070	4,694,070	-
Drawings	-	-	-	(1,263,703)	(1,263,703)	(1,263,703)
Other movements	-	-	-	(3,797,651)	(3,797,651)	(3,797,651)
Amounts due to members				14,279,878	14,279,878
Balance at 31 December Period ended 31 Dec 2024	10,050,000	-	10,050,000	14,279,878	14,279,878	24,329,878

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 8

KIRKOSWALD CAPITAL PARTNERS LLP

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2024


			Period ended 31 December 2024	Year ended 31 March 2024
			£	£

Cash flows from operating activities
Profit for the financial period	4,694,070	8,250,257
Adjustments for:
Depreciation of tangible assets	67,802	65,070
Interest receivable	(70,249)	(133,105)
Decrease/(increase) in debtors	16,570,599	(9,681,969)
(Increase)/decrease in amounts owed by associates	(21,486,050)	-
Decrease in creditors	4,147,837	(54,577)
(Decrease)/increase in amounts owed to associates	(317,818)	-
Net cash generated from operating activities	3,606,191	(1,554,324)

Cash flows from investing activities
Purchase of tangible fixed assets	(50,934)	(139,445)
Interest received	70,249	133,105
Net cash from investing activities	19,315	(6,340)
Cash flows from financing activities
Distribution paid to members	(5,061,354)	(5,263,486)
Net loan provided to ultimate controlling party	-	(60,000)
Net cash used in financing activities	(5,061,354)	(5,323,486)
Net (decrease) in cash and cash equivalents	(1,435,848)	(6,884,150)
Cash and cash equivalents at beginning of period	4,565,359	11,449,509
Cash and cash equivalents at the end of period	3,129,511	4,565,359

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	3,129,511	4,565,359
	3,129,511	4,565,359

The notes on pages 10 to 16 form part of these financial statements.

Page 9

KIRKOSWALD CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Kirkoswald Capital Partners LLP is a limited liability partnership incorporated in the UK and registered in England and Wales. Effective 17 December 2024, the LLP has changed its accounting reference period from a 31 March year end to a 31 December year end.
The LLP's registered address is 39 Sloane Street, London, SW1X 9LP.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies. Management do not consider there to be any significant accounting estimates or key judgements in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

During the year, the LLP has continued to be profitable. The ultimate parent company has also agreed to provide such funding as may be necessary for the LLP to meet its liabilities as they fall due. Accordingly the members continue to adopt the going concern basis in preparing these accounts.

2.3

Turnover

Turnover comprises revenue recognised by the LLP in respect of investment management fees, which are recognised when they are earned based on the underlying contract.

2.4

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:

Computer equipment

3 years straight line

2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.6

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 10

KIRKOSWALD CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Financial instruments (continued)

2.7

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Turnover

The whole of the turnover is attributable to the principal activity of the LLP.

All turnover arose within the United Kingdom.

Fees payable to the LLP's auditor and its associates for the audit of the LLP's annual financial statements	35,775	59,063
Fees payable to the LLP's auditor and is associates for other services	21,413	46,870
Exchange differences	12,105	518,212
Other operating lease rentals	322,394	414,044

Page 11

KIRKOSWALD CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

5.	Employees
		Period ended 31 December 2024	Year ended 31 March 2024
		£	£

Wages and salaries	6,341,425	8,103,345
Social security costs	1,179,569	1,116,454
Cost of defined contribution scheme	130,722	111,047
	7,651,716	9,330,846

The average monthly number of persons employed during the period was as follows:

	2024	2024
	No.	No.

Employees	32	23


The average number of members during the period was	4	4


					Period ended 31 December 2024	Year ended 31 March 2024
					£	£

	The amount of profit attributable to the member with the largest entitlement was	3,222,335	6,143,433

Page 12

KIRKOSWALD CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

7.	Tangible fixed assets

		Computer equipment
		£
	Cost
	At 1 April 2024	313,245
	Additions	50,934
	At 31 December 2024	364,179
	Depreciation
	At 1 April 2024	153,368
	Charge for the period	67,802
	At 31 December 2024	221,170
	Net book value
	At 31 December 2024	143,009
	At 31 March 2024	159,877

Debtors


					Period ended 31 December 2024	Year ended 31 March 2024
					£	£


Trade debtors	-	11,813
Amounts owed by entities under common control	26,333,016	4,846,966
Other debtors	779,645	734,164
Prepayments and accrued income	2,865,032	19,469,298
	29,977,693	25,062,241

Page 13

KIRKOSWALD CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Trade creditors	303,235	89,167
Amounts owed to entities under common control	16,751	334,569
Other taxation and social security	948,437	186,264
Other creditors	38,247	-
Accruals and deferred income	7,613,665	4,480,315
	8,920,335	5,090,315


Amounts due to members in respect of undrawn profits	14,279,878	14,647,162
	14,279,878	14,647,162

Loans and other debts due to members may be further analysed as follows:


					Period ended 31 December 2024	Year ended 31 March 2024
					£	£


Falling due within one year	14,279,878	14,647,162
	14,279,878	14,647,162

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 14

KIRKOSWALD CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

11.	Analysis of net debt

		At 1 April 2024	Arising from cash flows	Other non-cash changes	At 31 December 2024
		£	£	£	£

Cash at bank and in hand	4,565,359	(1,435,848)	-	3,129,511
Net funds (before members' debt)	4,565,359	(1,435,848)	-	3,129,511
Loans and other debts due to members
Other amounts due to members	(14,647,162)	1,263,703	(896,419)	(14,279,878)
Net debt	(10,081,803)	(172,145)	(896,419)	(11,150,367)

Not later than 1 year	452,601	424,810
Later than 1 year and not later than 5 years	103,745	416,663
	556,346	841,473

Page 15

KIRKOSWALD CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

13.

Related party transactions

Transactions with Kirkoswald Capital Services (UK) Ltd, a related party by virtue of the fact that it has control over the LLP, are included within the Reconciliation of Members' Interests.
During the year the LLP received investment management fees totaling £19,801,734 (31 March 2024: £16,298,701) from Kirkoswald Asset Management Ltd, a company which is incorporated in the Cayman Islands and under common control. At the year end £1,210,132 (31 March 2024: £18,900,264) was outstanding and is included in accrued income and amounts owed by entities under common control.
During the year the LLP was recharged costs of £300,827 (31 March 2024: £506,188) by Kirkoswald Asset Management Limited ('KAM'), a related party by virtue of common control through KSL. At the year end £nil (31 March 2024: £289,565) was outstanding and is included in amounts owed to entities under common control.
At the balance sheet date an amount of £16,751 (31 March 2024: £45,004) was due to Kirkoswald Asset Management LLC, a company incorporated in the United States of America. £nil (31 March 2024: £416,716) was due from Kirkoswald (Italy) S.P.A, a company incorporated in Italy. £3,925,814 (31 March 2024: £3,082,692) was due from Kirkoswald Asset Management Asia PTE. LTD., a company incorporated in Singapore and £18,331,638 (31 March 2024: £nil) was due from Kirkoswald Group Holdings Limited, a company incorporated in the Cayman Islands. All are entities under common control.
During the year loans totaling £nil (31 March 2024: £4,217,592) were advanced to G Coffey, the ultimate controlling party. The loans were interest free and repayable on demand. The total outstanding at the balance sheet date in respect of these amounts was £nil (31 March 2024: £60,000) and is included in other debtors.

14.	Controlling party

The immediate parent company is Kirkoswald Capital Services (UK) Ltd, a company incorporated in England and Wales. Kirkoswald Capital Services (UK) Ltd produces consolidated accounts, copies of which are available from Companies House.
The ultimate parent company is Kirkoswald Group Holdings Limited.
The ultimate controlling party is G Coffey.

Page 16