REGISTERED NUMBER: OC365551 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DAEDALUS PARTNERS LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Reconciliation of Members' Interests

13

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

18

DESIGNATED MEMBERS:

Growthdeck DM1 Limited

Growthdeck DM2 Limited

REGISTERED OFFICE:

Seebeck Place

1 Seebeck House

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

REGISTERED NUMBER:

OC365551 (England and Wales)

AUDITORS:

FKCA Limited

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

The members present their report with the financial statements of the LLP for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of the provision of investment products.

The Partnership is regulated by the Financial Conduct Authority (with firm reference (564221) and has permissions to act as a small authorised UK alternative investment fund manager ("AIFM").

DESIGNATED MEMBERS

The designated members during the year under review were:

Growthdeck DM1 Limited

Growthdeck DM2 Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £26,295 (2023 - £6,628 loss).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

CHANGES IN MEMBERS IN THE YEAR

Growthdeck Limited was an appointed member until 27/09/2024. Your Personal VC Limited was appointed on 27/09/2024

PRINCIPAL RISKS AND UNCERTAINTIES

As identified in the Partnerships internal capital adequacy assessment procedure ("ICAAP") the principal risks to the business are operational risk, business & strategic risk , liquidity risk and regulatory risk.

Operational Risk

Operational risk is the risk that failure of people, processes, systems or external events result in financial loss, damage to the reputation of the Partnership, or adverse regulatory intervention or fines. The Partnership has exposure to a number of operational risks which would threaten the Partnership's ability to meet its business objectives such as business disruption & system failure, cyber-attack, outsourced service failure, financial crime, proves failure, investment & fund management and financial and tax management. Operational risks are managed in accordance with the Partnership's operational risk standards, the risks and controls are assessed, and the Partnership considers residual risk against its risk appetite.

Business & Strategic Risk

Business risk is the risk caused by uncertainty in the macroeconomic environment, impacting the firm's ability to carry out its business plan or desired strategy. The firm adopts conservative assumptions in all its business and strategic planning. Changes to the wider business environment and business and strategic risks are monitored by the designated members.

Liquidity risk

This is the risk that Daedalus Partners LLP either does not have available sufficient financial resources to enable it to meet its obligations as they fall due or can only secure such resources at excessive cost. The Partnership maintains liquid resources which are adequate, both as to the amount and quality, to ensure there is no significant risk that we are unable to meet out liabilities as they fall due. We are required to have robust strategies, policies and processes and systems to enable us to identify, manage and monitor liquidity risk over and appropriate set of time horizons to ensure that we maintain adequate levels of liquidity buffers. The liquidity risk tolerance has been approved by the designated members and is reviewed on an annual basis.

Regulatory Risk

Regulatory risk is defined as failure to meet the regulatory obligations and standards required by the regulator. This includes corporate culture, ethical standards and fiduciary duties. The Partnership's compliance officer is responsible for monitoring and ensuring compliance with the relevant regulations with the support of external consultants and legal counsel as required.

ENERGY AND CARBON REPORTING

Due to its size, the LLP falls within the disclosure requirements for streamlined energy and carbon reporting (SECR). Daedalus partners LLP has taken advantage of the exemption available to it to not provide the SECR disclosures as the LLP consumed less than 40,000 Kwh of energy during the period for which the report would be prepared, it qualifies as a low energy user and therefore no SECR reporting disclosures are given.

S172 STATEMENT

During the financial period to 31 December 2024, the active designated members have considered the needs of the Partnership's stakeholders as part of their decision-making process. Specifically, the active designated members consider the likely consequences of its key decisions in the long term and the need to act fairly between its stakeholders. The Partnership's key stakeholders, why they are important to the Partnership and how they have been engaged are;

Partners: Delivering for the Partnership's partners ensures that the business continues to be successful in the long term and can therefore continue to deliver for all our stakeholders. As the partners are actively engaged on a full-time basis in the management of Daedalus Partners LLP then there is naturally complete transparency in operation.

Clients: Clients are central to the business - without them the Partnership would not exist. The Partnership aims to deliver a consistently high performance in an efficient and continuously improving way so as to meet the customer's needs. The Partnership's engagement in the early stages of client's business allows the Partnership to add the most value, providing the client with the right advice or funding structure for their business. Feedback is sought throughout the engagement.

Suppliers: Building strong relationships with suppliers enables the Partnership to obtain the best value, service and quality. The Partnership works with suppliers who understand our business and adhere to our ways of working. The active designated members work hard to understand our supply chain and develop deeper and more strategic relationships with key suppliers.

Communities: What the Partnership does is an integral part of the start-up entrepreneur community and the community ultimately provides our customers with deal-flow. Poor relationships can damage and even destroy our reputation. Good relationships win goodwill. The Partnership seeks to actively engage with the start-up entrepreneur communities and seeks to reduce the environmental impact of our operations.

MEMBERS' RESPONSIBILITIES STATEMENT

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 legislation applicable to limited liability partnerships 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 judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

ON BEHALF OF THE MEMBERS:

Growthdeck DM2 Limited - Designated member

30 September 2025

Opinion

We have audited the financial statements of Daedalus Partners LLP (the 'LLP') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 LLP's affairs as at 31 December 2024 and of its 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 LLPs 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 LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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 four, 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 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and regulations; and

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the following key risks:

-

Related party transactions and associated disclosures.

-

Management bias through the override of controls by management.

-

Revenue recognition and associated disclosures, and

-

Appropriateness and completeness of disclosures.

To address the risk of fraud through related parties, we:

-

Enquired of management and those charged with governance a full listing of all individuals and entities related to the business.

-

Reviewed the underlying records to determine whether the disclosures were correct.

-

Reviewed transactions throughout the year with related parties, and

-

Confirmed all outstanding related party balances as at the end of the year.

To address the risk of fraud through management bias and override of controls, we:

-

Performed analytical procedures to identify any unusual or unexpected relationships between financial and non financial information.

-

Tested journal entries to identify unusual transactions based on the nature of the journal or the owners of the journals, and

-

Investigated the rationale behind significant or unusual transactions.

To address the risk of fraud in relation to revenue recognition, we:

-

Performed detailed substantive testing to address completeness and accuracy of income, and

-

Assessed the appropriateness and application of the accounting policy concerning income recognition.

To address the disclosure risks, we:

-

Ensured that each element of the statements was disclosed in line with the applicable framework.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Auditors.

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 to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application 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 a Report of the Auditors 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.

Stephen Mason BSc FCA (Senior Statutory Auditor)

for and on behalf of FKCA Limited

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

30 September 2025

TURNOVER

3

475,651

34,000

Direct costs

14,911

17,500

GROSS PROFIT

460,740

16,500

Administrative expenses

434,067

24,716

26,673

(8,216

)

Other income

1,019

2,390

OPERATING PROFIT/(LOSS)

5

27,692

(5,826

)

Interest payable

6

1,397

802

PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

26,295

(6,628

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

26,295

(6,628

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

26,295

(6,628

)

CURRENT ASSETS

Debtors

8

331,669

79,178

Cash at bank

27,280

57,809

358,949

136,987

CREDITORS

Amounts falling due within one year

9

96,448

40,978

NET CURRENT ASSETS

262,501

96,009

TOTAL ASSETS LESS CURRENT LIABILITIES

262,501

96,009

CREDITORS

Amounts falling due after more than one year

10

6,716

16,519

NET ASSETS ATTRIBUTABLE TO MEMBERS

255,785

79,490

LOANS AND OTHER DEBTS DUE TO MEMBERS

12

26,295

6,659

MEMBERS CAPITAL

Members capital

229,490

72,831

255,785

79,490

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

12

26,295

6,659

Members capital

229,490

72,831

255,785

79,490

The financial statements were approved by the members of the LLP and authorised for issue on 30 September 2025 and were signed by:

Growthdeck DM2 Limited - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 January 2024

72,831

-

72,831

Profit for the financial year available for discretionary division among members

-

26,295

26,295

Members' interests after profit for the year

72,831

26,295

99,126

Other divisions of profit

-

(26,295

)

(26,295

)

Introduced by members

156,659

-

156,659

Balance at 31 December 2024

229,490

-

229,490

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

6,659

Amount due from members

-

Balance at 1 January 2024

6,659

79,490

Profit for the financial year available for discretionary division among members

-

26,295

Members' interests after profit for the year

6,659

105,785

Other divisions of profit

26,295

-

Introduced by members

(6,659

)

150,000

Amount due to members

26,295

Amount due from members

-

Balance at 31 December 2024

26,295

255,785

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 January 2023

72,831

-

72,831

Loss for the financial year available for discretionary division among members

-

(6,628

)

(6,628

)

Members' interests after loss for the year

72,831

(6,628

)

66,203

Other divisions of loss

-

6,628

6,628

Balance at 31 December 2023

72,831

-

72,831

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

13,287

Amount due from members

-

Balance at 1 January 2023

13,287

86,118

Loss for the financial year available for discretionary division among members

-

(6,628

)

Members' interests after loss for the year

13,287

79,490

Other divisions of loss

(6,628

)

-

Amount due to members

6,659

Amount due from members

-

Balance at 31 December 2023

6,659

79,490

Cash flows from operating activities

Cash generated from operations

2

(169,881

)

9,606

Interest paid

(1,397

)

(802

)

Net cash from operating activities

(171,278

)

8,804

Transactions with members and former

members

Capital introduced by members

150,000

-

Repayments of borrowings

-

(9,847

)

Loan proceeds from group undertakings

-

6,100

150,000

(3,747

)

Cash flows from other financing activities

Loan repayments in year

(9,251

)

-

Net cash from financing activities

140,749

(3,747

)

(Decrease)/increase in cash and cash equivalents

(30,529

)

5,057

Cash and cash equivalents at beginning of year

3

57,809

52,752

Cash and cash equivalents at end of year

3

27,280

57,809

1.	CLASSIFICATION OF SHARE OF PROFITS

The Parnership's distributable profits are allocated according to members' agreed share of profits.

2.	RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members

26,295

(6,628

)

Finance costs

1,397

802

27,692

(5,826

)

(Increase)/decrease in trade and other debtors

(252,491

)

18,771

Increase/(decrease) in trade and other creditors

54,918

(3,339

)

Cash generated from operations

(169,881

)

9,606

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

27,280

57,809

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

57,809

52,752

4.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

57,809

(30,529

)

27,280

57,809

(30,529

)

27,280

Debt

Debts falling due

within 1 year

(10,096

)

(552

)

-

(10,648

)

Debts falling due

after 1 year

(16,519

)

9,803

-

(6,716

)

(26,615

)

9,251

-

(17,364

)

Net funds (before

members' debt)

31,194

(21,278

)

-

9,916

Loans and other debts

due to members

Other amounts

due to members

(6,659

)

6,659

(26,295

)

(26,295

)

Net funds/(debt)

24,535

(14,619

)

(26,295

)

(16,379

)

1.	STATUTORY INFORMATION

Daedalus Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards. The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The members have reviewed the activities of the Group and Partnership to date including the current working capital position of the group and the ability to reduce certain cost. The members currently believe the group can manage their cash flow for the year ahead. The Group and Partnership therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Judgement is applied when assessing the point at which the LLP obtains the right to consideration to determine if revenue and costs should be recognised in the current period, degree of completion and whether payment is likely or not to justify revenue recognition.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The total turnover of the LLP for the year has been derived from its principal activity wholly undertaken in the United Kingdom. Turnover included amounts receivable for sale of services in relation to alternative investment opportunities and products net of value added tax. Turnover in respect of service contracts and management fees of investment funds are recognised when the LLP obtains the rights to consideration and the fund has closed.

Financial instruments

Financial assets

Financial assets are recognised when the entity becomes a party to the contractual provisions of the financial instrument.

Loans and receivables

Loans and other receivables are initially recognised at the amount advanced and subsequently measured at amortised cost. At each reporting date the carrying amounts are reviewed for evidence of impairment. Where there is objective evidence that the loan is not recoverable, an impairment loss is recognised immediately in the profit and loss account.

Financial liabilities and equity instruments.

Financial liabilities and equity are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Other financial liabilities (including borrowing and trade and other payables) are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

Foreign currencies

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

Taxation

Taxation on the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the agreement of members in respect of amounts subscribed or otherwise contributed, remuneration and profits.

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

3.

TURNOVER

The turnover and profit (2023 - loss) for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Fees earned

475,651

34,000

475,651

34,000

4.	EMPLOYEE INFORMATION

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

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

5.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024

2023

£

£

Auditors' remuneration

8,776

9,400

Write off of loan to member (included in admin expenses)

369,327

-

EXCEPTIONAL ITEM

During the year, the LLP recognised an expense of £369,327 in respect of the write-off of a loan to a member (at the time the loan was made). The amount has been included within "administrative expenses" in the profit and loss account in accordance with the requirements of FRS102 section 11.

6.	INTEREST PAYABLE

2024

2023

£

£

Bank loan interest

1,397

802

7.	INFORMATION IN RELATION TO MEMBERS

2024

2023

The average number of members during the year was

3

3

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

53,180

1,833

Amounts owed by group undertakings

258,650

17,600

Other debtors

19,211

58,015

VAT

-

1,221

Prepayments and accrued income

628

509

331,669

79,178

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 11)

10,648

10,096

Trade creditors

12,206

2,132

VAT

8,695

-

Accruals and deferred income

64,899

28,750

96,448

40,978

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 11)

6,716

16,519