Limited Liability Partnership Registration No. SO304581 (Scotland)
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
LIMITED LIABILITY PARTNERSHIP INFORMATION
Members
Ms F A Laver
Mr R Oja
Mr C J Fontenla (Designated member)
Mr P N Cockburn (Designated member)
Dunwich Limited
Harrock Capital Partners (appointed 23 December 2024)
Limited liability partnership number
SO304581
Registered office
Auditor
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh
EH3 7PE
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
CONTENTS
Page
Members' report
1 - 2
Members' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Reconciliation of members' interests
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 18
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

During the year, the LLP changed its name from Clear Peak Capital LLP to Highlight Investment Management LLP.

Principal activities

The principal activity of Highlight Investment Management LLP (the "LLP") is investment management. The LLP is regulated by the Financial Conduct Authority (FCA). The LLP acts as an investment adviser to VT Highlight British Companies Fund (formerly VT Clear Peak Capital UK Long/Short Equity Fund) which launched in July 2019. During the year, it was appointed as investment manager to the Mossylea Fund, a non-UCITS retail scheme.

The loss for the year and the financial position at the year end were considered satisfactory by the members and in line with budget.

Results for the year and allocation to members

The results for the year are shown in the statement of comprehensive income on page 8. Any profits/losses of the LLP are shared among the members in accordance with the LLP agreement signed by the members.

Members' drawings, allocation of losses, contributions and repayments

In the event that the LLP has incurred losses in respect of any accounting period, such losses shall be allocated and debited to the capital account of the investor member, provided that no such allocation of losses shall be made to the extent that the effect of such allocation (and the consequential debiting of the investor member’s capital account) would reduce the amount standing to the credit of the investor member’s capital account below zero.

Capital contributions are retained at the absolute discretion of the LLP except on winding up. Members are permitted to make drawings in anticipation of future profits.

Members

The members of the LLP during the year and up to the date of this report are listed on the limited liability partnership information page.

Going concern

The LLP has adequate financial resources and, as a consequence, the members believe that the LLP is well placed to manage its business risks successfully.

The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

In assessing the LLP’s ability to continue as a going concern the members have considered the support available from the LLP's investor member.

Qualifying third party indemnity provisions

The limited liability partnership has made qualifying third party indemnity provisions for the benefit of its members during the year. These provisions remain in force at the reporting date.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

- so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

- the members have taken all the steps that they o ught to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

Approved by the members on 23 July 2025 and signed on behalf by:
23 July 2025
Mr P N Cockburn (Designated member)
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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 limited liability partnership and of the profit or loss of the limited liability partnership for that year.

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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
- 4 -
Opinion

We have audited the financial statements of Highlight Investment Management LLP (formerly Clear Peak Capital LLP) (the 'LLP'') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Reconciliation of Members' Interests, the Statement of Cash Flows and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 March 2025 and of its loss 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 as applied to limited liability partnerships.

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 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 other information comprises the information included in the Annual Report and Financial Statements, 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, except to the extent otherwise explicitly stated in our report, 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.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
- 5 -
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 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 3, 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.

Auditor 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
- 6 -

Auditor responsibilities for the audit of the financial statements (continued)

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the limited liability partnership, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

- Companies Act 2006, as applied to limited liability partnerships;

- Statement of Recommended Practice Accounting by Limited Liability Partnerships;

- Financial Services Legislation;

- UK Tax Legislation; and

- UK Generally Accepted Accounting Practice.

We gained an understanding of how the LLP is complying with these laws and regulations by making enquiries of the members. We corroborated these enquiries through our review of any relevant correspondence with regulatory bodies, review of board minutes and review of the limited liability partnership’s breaches register.

We assessed the susceptibility of the limited liability partnership’s financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where it was considered there was susceptibility to fraud. This evaluation also considered how the members were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how the members oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

- Management override of controls;

- The accuracy of revenue from investment management services;

- The accuracy and occurrence of reimbursed research expenditure under Research Payment Account arrangement; and

- The accuracy of the Ongoing Charges Figure (OCF) paid to VT Highlight British Companies Fund (formerly VT Clear Peak Capital UK Long/Short Equity Fund).

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

- Reviewing the level of and reasoning behind the LLP's procurement of legal and professional services;

- Performing audit work procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;

- Performing a recalculation of the expected investment management fee in full based on client agreements confirming if the income recognised by the LLP is in line with that expectation and ascertaining if there is any reimbursement of research expenditure due based on the Research Payment Account agreement and verification of research costs incurred;

- Performing a recalculation of the OCF rebate in full based on the OCF rebate agreement confirming if the rebate expensed in the year by the limited liability partnership is in line with that expectation;

- Completion of appropriate checklists and use of our experience to assess the limited liability partnership's compliance with the Companies Act 2006 as applied to limited liability partnerships; and

- Agreement of the financial statement disclosures to supporting documentation.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
- 7 -

Auditor responsibilities for the audit of the financial statements (continued)

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission, or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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. Our audit work has been undertaken so that we might state to the limited liability partnership'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.

David McBain (Senior Statutory Auditor)
for and on behalf of Johnston Carmichael LLP
23 July 2025
Statutory Auditor
7-11 Melville Street
Edinburgh
EH3 7PE
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
105,758
12,249
Administrative expenses
(121,456)
(133,712)
Exceptional cost
4
(71,687)
(97,872)
Loss for the financial year before members' remuneration and profit shares
(87,385)
(219,335)
Members' remuneration charged as an expense
87,385
219,335
Result for the financial year available for discretionary division among members
-
-

All activities are derived from continuing operations.

The LLP has no recognised gains and losses other than the loss shown above.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
7
2,517
-
Current assets
Debtors
8
398,116
669,076
Cash at bank and in hand
135,013
108,894
533,129
777,970
Creditors: amounts falling due within one year
9
(54,678)
(52,742)
Net current assets
478,451
725,228
Total assets less current liabilities and net assets attributable to members
480,968
725,228
Represented by:
Members' other interests
Members' capital classified as equity
480,968
725,228
480,968
725,228
Total members' interests
Amounts due from members
(345,000)
(646,875)
Members' other interests
480,968
725,228
135,968
78,353
The financial statements were approved by the members and authorised for issue on 23 July 2025 and are signed on their behalf by:
23 July 2025
Mr P N Cockburn (Designated member)
Limited Liability Partnership Registration No. SO304581
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other amounts
Total
Total
2025
£
£
£
£
Amounts due from members
(646,875)
Members' interests at 1 April 2024
725,228
(646,875)
(646,875)
78,353
Members' remuneration charged as an expense
(87,385)
-
-
(87,385)
Members interests after loss and remuneration for the year
637,843
(646,875)
(646,875)
(9,032)
Capital introduced by members
490,000
-
-
490,000
Transfer to equity from amounts due from members
(646,875)
646,875
646,875
-
Drawings
-
(345,000)
(345,000)
(345,000)
Members' interests at 31 March 2025
480,968
(345,000)
(345,000)
135,968
Amounts due to members
-
Amounts due from members, included in debtors
(345,000)
(345,000)
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other amounts
Total
Total
2024
£
£
£
£
Amounts due from members
(366,562)
Members' interests at 1 April 2023
439,563
(366,562)
(366,562)
73,001
Members' remuneration charged as an expense
(219,335)
-
-
(219,335)
Members interests after loss and remuneration for the year
220,228
(366,562)
(366,562)
(146,334)
Capital introduced by members
505,000
-
-
505,000
Drawings
-
(280,313)
(280,313)
(280,313)
Members' interests at 31 March 2024
725,228
(646,875)
(646,875)
78,353
Amounts due to members
-
Amounts due from members, included in debtors
(646,875)
(646,875)
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
10
(115,226)
(203,042)
Investing activities
Purchase of tangible fixed assets
(3,655)
-
Net cash used in investing activities
(3,655)
-
Financing activities
Capital introduced by members (classified as equity)
490,000
505,000
Members' drawings
(345,000)
(280,313)
Net cash generated from financing activities
145,000
224,687
Net increase in cash and cash equivalents
26,119
21,645
Cash and cash equivalents at beginning of year
108,894
87,249
Cash and cash equivalents at end of year
135,013
108,894
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Limited liability partnership information

Highlight Investment Management LLP (formerly Clear Peak Capital LLP) is a limited liability partnership incorporated in Scotland. The registered office is .

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been prepared on a going concern basis.

After making appropriate enquires, the members of the LLP have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and for at least twelve months from the date of these financial statements. For these reasons, they continue to adopt the going concern basis in preparing the LLP’s financial statements.

In assessing the LLP’s ability to continue as a going concern the members have considered the support available from the investor member.

1.3
Turnover

Turnover represents the amounts recoverable for investment management services. Investment management fees are amounts due for the management of funds under management. They are recognised as the services are provided, on an accrual basis.

Research fee income that represents a reimbursement of costs incurred under a Research Payment Account is not shown as turnover as the related research costs are not an obligation of the LLP. Any research costs in excess of the Research Payment Account are included in administrative expenses.

Interest income is recognised in the statement of comprehensive income as it accrues.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, 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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity. Members' capital is treated as equity as the members' have no right to repayment from the LLP per the terms of the membership agreement.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -

Members' participating interested (continued)

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

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, according to whether the LLP has, in each case, an unconditional right to refuse payment.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Straight line 3 years
Computers
Straight line 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of comprehensive income.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are all short-term and are therefore measured at transaction price including transactions costs.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including all current liabilities, are recognised at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8

Exceptional items

Exceptional items are separately disclosed in the financial statements when the LLP has assessed that the individual item of income or expenditure is material by virtue of size or incidence and separate presentation is relevant to an understanding of the LLP's financial performance.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The designated members believe there are no significant judgments or estimates made which would have a material impact on these financial statements.

HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Management fees
105,758
12,249
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
105,758
12,249
4
Exceptional cost
2025
2024
£
£
OCF rebate paid to VT Highlight British Companies Fund (formerly VT Clear Peak Capital UK Long/Short Equity Fund)
71,687
97,872
5
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,138
202
6
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
11,081
10,800
For other services
Audit-related assurance services
3,000
-
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
7
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
4,486
27,000
31,486
Additions
-
3,655
3,655
At 31 March 2025
4,486
30,655
35,141
Depreciation and impairment
At 1 April 2024
4,486
27,000
31,486
Depreciation charged in the year
-
1,138
1,138
At 31 March 2025
4,486
28,138
32,624
Carrying amount
At 31 March 2025
-
2,517
2,517
At 31 March 2024
-
-
-
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by members
345,000
646,875
Other debtors
8,509
14,330
Prepayments and accrued income
44,607
7,871
398,116
669,076
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
25,138
97
Other taxation and social security
3,834
-
Accruals
25,706
52,645
54,678
52,742
HIGHLIGHT INVESTMENT MANAGEMENT LLP (FORMERLY CLEAR PEAK CAPITAL LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
10
Cash absorbed by operations
2025
2024
£
£
Loss for the year
(87,385)
(219,335)
Adjustments for:
Depreciation of tangible fixed assets
1,138
202
Movements in working capital:
(Increase)/decrease in debtors
(30,915)
6,939
Increase in creditors
1,936
9,152
Cash absorbed by operations
(115,226)
(203,042)
11
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
108,894
26,119
135,013
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