REGISTERED NUMBER: OC325178 (England and Wales)

REPORT OF THE MEMBERS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

HYBRIDAN LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

11

Statement of Comprehensive Income

15

Statement of Financial Position

16

Reconciliation of Members' Interests

17

Notes to the Financial Statements

19

DESIGNATED MEMBERS:

Ms C L Noyce

Constance Securities Limited

REGISTERED OFFICE:

2 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

REGISTERED NUMBER:

OC325178 (England and Wales)

AUDITORS:

Barber & Company (Statutory Auditors)

A trading name of PCM Accounting Limited

2 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of brokers undertaking corporate finance and corporate broking, including fund raising activities for public and private small cap companies.

REVIEW OF BUSINESS

The members note the financial results for the period for the Partnership show an almost identical level of revenue, but higher levels of net profit managed through good cost control on admin expenses, and active management on cash deposits, despite an ongoing inflationary environment for advisory service businesses. Market conditions in listed (small and midcap) companies continues to be tough with an ongoing decline in the overall number of listed companies, few new companies coming to the market and a decline in the fundraising environment. Investors continue to withdraw their money from UK equities coupled with a backdrop of persistent inflation, complex regulation, and fiscal uncertainty; a lower business volume environment is persisting.

During the calendar year 2024, one of our core markets, AIM, had just 11 new listings which was the lowest number of Initial Public Offerings (IPOs) in the markets in a 30-year history, and only 18 companies listed on the London Stock Exchange markets (Main and AIM in 2024.). The lack of new listings and increase of de-listings and cancellations means that the number of companies listed on the AIM market is now at a more than 20-year low, with just 595 businesses currently quoted on AIM (as of end April 2025). Some decline from the heights of more than circa 1,700 AIM quoted companies at any one time at its peak in 2007. There are only 1,178 listed UK companies as at the end of April 2025 (LSEG AIM, Main and AQSE market excluding investment companies and secondary listings.) There was an exodus from the public markets as investors still grapple with toppy inflation at 4.1%, continue to seek the haven of cash savings accounts paying 3-4% interest, unemployment begins to creep in, and private equity and overseas investors feast on the low valuations of UK listed and quoted companies.

The Partnership continues to strive for professional excellence and variety also in its corporate client base, market activities, markets it is active in and type of client mandates. The Partnership continues to be relationship driven corporate finance led corporate broker, interacting with both private and listed corporate clients to a diverse investor base.

The Partnership started increasing its fees from mid-2021, but now sees downward pressure to 2019/2020 level of fees as its competitors - in the face of delistings of their clients - are looking to rebuild their client base and cut fees to compete and survive. The City backdrop is back to levels worse than those in 2019 which the Partnership notes was tough. The small cap ecosystem is now sub-scale and the structural market issues have to be resolved. Whilst sentiment is slowly improving, that is yet to translate into meaningful IPOs, fundraises, and positive performance and sentiment across the market, to justify the UK as a destination for growing and listing companies publicly.

The members are aiming for the Partnership to have steady levels of business in the next financial year from April, 2025 to March, 2026. The members look forward to growing the number of corporate clients both in the listed and also in the unlisted environment. A lot depends on how the IPO and fundraising market fares over the next few months.

The members believe that 2025/26 will continue to hold further uncertainty that has prevailed since 2022, but diversity of client base and revenue streams will be key to maintaining the current levels of business, as well as a tight control of costs and seeking to sign new relationships on more favourable terms where possible. Business diversification becomes harder as structural changes are made in the market to encourage IPOs (though these efforts have not yet resulted in any encouraging signs) which in turn limit smaller advisors involvement, for instance in acting as Financial Adviser on the Standard Listing of the Main Market (with the Main Market having disposed of the Standard List). Hybridan acts as a Nominated Broker for AIM purposes and is a member of the London Stock Exchange. Hybridan acts as an AQSE Corporate Adviser and AQSE Corporate Broker for AQSE purposes.

The financial instruments and key performance indicators used by the Limited Liability Partnership arise wholly and directly from its activities and they comprise of turnover, turnover by segment, profitability, cash at bank and creditors, as well as pipeline opportunities.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mrs C L Noyce

Constance Securities Limited

In addition to the designated members, the non-designated members during the year were:

A J Barber

E K Ford

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £392,684 (2024 - £313,371 profit).

MEMBERS' INTERESTS

Details of members' interests are set out in detail in the notes to the financial statements.

PILLAR 3 DISCLOSURE

1. INTRODUCTION

The Basel II Accord has been implemented by the European Union through the Capital Requirements Directive ("CRD"). The CRD details the standard regulatory capital framework for the financial services industry within the EU and consists of three pillars:

Pillar 1 specifies the minimum capital requirements of firms to cover credit, market, and operational risk;

Pillar 2 requires firms to assess the need to hold additional capital to cover risks not covered under Pillar 1; and

Pillar 3 requires a set of disclosures to be made which enable market participants to access information on a firm's capital, risk exposures and risk management procedures.

The following is Hybridan LLP's Pillar 3 disclosure in accordance with the requirements of the Financial Conduct Authority ("FCA") Rules.

Hybridan LLP is authorised and regulated by the Financial Conduct Authority ("FCA").

Hybridan's Part IV Permission allows it to advise on, arrange (bring about) deals in, make arrangements with a view to transactions in, and deal as agent in, investments for, Professional Clients and Eligible Counterparties. Hybridan cannot hold or control Client Money or hold or control Client Assets. Hybridan has no direct market access and is not involved in direct market broking or trading activities, market making, or any fund management.

From 1 January 2022, Hybridan was designated as a Small and Non-Interconnected (SNI) MiFIDPRU firm under the FCA Prudential Sourcebook for MiFID Investment Firms ("MIFIDPRU"). SMI Firms have lighter prudential requirements and must meet specific thresholds such as not dealing on own account, holding less than £75 million in assets under management, and not holding client money unless specific conditions are met. MiFIDPRU applies broadly to all MiFID firms, and specific risk factors (e.g., K-factors).

MiFIDPRU introduces new concepts like the Internal Capital and Risk Assessment (ICARA) process and a tiered remuneration code, replacing the older IFPRU requirements like the Internal Capital Adequacy Assessment Process (ICAAP).

Compliance with the Capital Requirements Directive ensures that the amount and quality of regulatory capital that it holds is commensurate with the risks it is exposed to.

Hybridan has applied a Corporate Finance Only limitation since 10 January 2023.

2. DATE OF DISCLOSURE

This disclosure is based on Hybridan's financial position as reported to the FCA at 31st March 2025.

3. SCOPE OF APPLICATION

Hybridan LLP is authorised and regulated by the FCA and is a member firm of the London Stock Exchange plc, and a member firm of the Aquis Stock Exchange (AQSE) and its two markets.

4. RISK MANAGEMENT

The Managing Partner and Partners are responsible for identifying risk and setting risk appetite.

As there is no Market Risk and Credit Risk (including Concentration Risk) will only relate to receivables in the form of trade debtors and prepayments, and these will be tightly controlled by the Managing Partner, the focus of the Hybridan risk management framework will be on Operational and other associated risks. A full list of risk factors considered by the firm's Managing Partner is set out below.

4.1 Inflationary pressures and lower growth environment

Existing cash reserves and stability in the business, have provided Hybridan LLP with a sustainable financial position for both the short and medium terms.

The board continues to closely monitor and assess developments, and the listed SMEs (our client base) continue to face challenges in this environment of further regulatory and audit changes, changes in the primary and secondary markets' structures and also ongoing inflation and other pressures related to the performance of SMEs from a share price perspective and also when it comes to the number of potential investors that invest in listed micro and small cap companies.

4.2 Key person risk and hiring

Hybridan's business strategy is dependent on generating sufficient income from transactional revenues and retainer income. The firm is dependent on several key individuals. The business is focused on hiring those who are both well connected in the small cap market and who have the ability to generate revenues and introduce new corporate clients, and the next generation of enthusiastic salespeople, corporate brokers and corporate financiers. Hybridan is committed to Diversity and Inclusion (D&I) and focused on hiring both the best from a diverse broad base of candidates always. The current climate and push to ESG policies and best practice means it is a great time to keep D&I at the forefront of driving one's business forward.

Diversity: Hybridan recognises the benefits of a diverse workforce and management team in terms of decision making. Diversity is promoted through hiring practices and objectives established by the Board.

4.3 Negligence Risk

As the firm will be providing advisory services to corporate clients, there is a risk that negligent advice may be given to a client. Additionally, as investors may rely upon the firm to carry out due diligence on investee companies, there is a risk that the due diligence may be negligent. These factors could result in legal action being taken against the firm for negligence (with a substantial monetary impact) and / or reputational damage to the firm (again with loss of business leading to monetary impact). These risks can never be fully mitigated but with strong project management discipline and a "four eyes" policy, (whereby all but the most insignificant matters are discussed, reviewed, and agreed by the Managing Partner and senior members of staff) a high degree of professionalism is assured.

The expertise of the Managing Partner over several decades covers different disciplines such as research, sales and trading, corporate broking, but other senior employees bring corporate broking, sales, trading, management consultancy and accountancy, however the maintenance of appropriate levels of expertise (whether sourced internally or externally) can also go some way to mitigating risks. We believe that our internal systems and controls will reduce the possibility of these risks crystallising.

Hybridan subscribes to a full program of training for the Managing Partner and her staff. The firm is also a member firm of the Quoted Companies Alliance (QCA) and the Managing Partner is Deputy Chair of the QCA, to keep a close eye on market changes and regulatory updates. The Managing Partner and junior members of the team are members of the Chartered Institute for Securities & Investment (CISI) for training and learning purposes. All members of the team are encouraged to attend Legal and Accounting led market teach ins. Learning, training and building on best practice is a great way of not only motivating staff, but building on their knowledge as a natural hedge to erroneously providing incorrect commercial advice. The Managing Partner also sits on the AQSE advisory panel.

4.4 Investor Risk

There is a risk that an investor that commits to participate in a fundraising (typically by signing a placing letter) defaults on its contractual obligations to subscribe for the relevant securities. This risk is mitigated by only accepting orders from investors that the Partnership considers to be in good standing and repute in the market and by ensuring that Hybridan's liability to corporate clients to remit the proceeds of a fundraising is limited only to the extent to which investors have remitted cleared funds.

The greatest risk is lack of liquidity for smaller companies in volatile inflationary ridden markets forcing investors to go up the market capitalisation curve away from small and mid-caps.

4.5 Corporate Risk

There is a risk that we are misled by corporate clients for which we raise funds. We mitigate this risk by performing our own due diligence on the materials provided by the corporate client (which is subject to our four eyes policy), making third party checks as we consider appropriate and in the case of fundraising for new clients or on IPOs taking personal warranties from the client's directors, as well as always from the company, in a placing agreement prepared by Hybridan's lawyers. Lawyers are always retained by Hybridan on a secondary fundraise. In the case of a subsequent fundraising, a placing agreement would still be required but the warranties and indemnities are likely to be sought from the corporate client only, although directors' warranties are often sought and a limited scope on director undertakings are always obtained. It is important that Company communications have relevant disclosures carving out Hybridan's responsibility for the materials and Hybridan indeed provides its corporate client with the relevant disclaimer.

4.6 Business Continuity and Disaster Recovery

Hybridan's business activities are not materially dependent on technology and rely more on the expertise and skills of the individuals running the business. The availability of adequate infrastructure is a risk that is always present but due to the nature of the business activities being undertaken (in terms of volume and processes) alternative arrangements can and have easily been implemented. All electronic data is now stored in the cloud. The firm uses Microsoft 365 One Drive with two factor step authentication and all employees have laptops with two factor passwords and pin numbers. IT back up and support arrangements are in place and individuals can work both from home efficiently and in an office environment. Hybridan is also monitoring cyber risks with new key processes, and with new systems of reporting and data capture in compliance. Hybridan has a daily back up system in the cloud and offsite.

4.7 Performance and reputational risks

As with any business, there is performance risk that may also lead to reputational risk. Hybridan is exposed to the reputational risk of lower than expected levels of investment returns that will lead to reduced investor interest and will therefore affect income streams and profitability. Hybridan is a boutique firm and the Managing Partner has close control over ongoing profitability - if it appears that income streams are reduced, action can be taken very quickly to try to mitigate this risk, although in this inflationary environment, with firms tending to gravitate away from "small is beautiful", this becomes harder. It is also hard to cut costs beyond a certain point where a question of being sub scale will pervade the business environment. However, if there is a sustained and material impact on the firm's ability to generate sufficient income and doubts as to whether the business remains a going concern, the ultimate reaction would be to wind down in an orderly fashion. As Hybridan will not have market positions and only books income on a prudent basis, the level of Fixed Overhead Requirement gives the firm three months wind down costs - this is appropriate in the extreme circumstance noted above. Hybridan's Managing Partner keeps a close eye on these wind-up costs and goes through a thorough analysis once a year.

4.8 Market risks

Hybridan is exposed to the health of the financial markets and to the AIM market and Aquis exchange, given the Partnership's reliance on raising equity for companies from institutional investors. This risk is mitigated by the firm's membership of the LSE, which enables it to be a Broker for AIM listed companies, and membership of Aquis as a Corporate Adviser to Aquis companies and build retainer income on that basis. With AIM and Aquis experiencing lower levels of business and suffering from liquidity issues of companies on its market, the listed landscape is getting harder still to navigate.

Given the firm's simplicity and the diversity of expertise of the Managing Partner and senior staff, a range of mandates can also be secured within the M&A and private company advisory and consultancy areas. Regulation affects the Partnership and the Partnership's clients' businesses and there is still a lot of it that everyone has had to get to grips with. Hybridan has taken a market wide view regardless of AIM, or Aquis in terms of retained clients and fundraising.

Hybridan in the prior financial year decided not to take on any new UK listed but non UK domiciled business for a number of reasons, namely 1) that these types of businesses do not align with the Managing Partner's wider ambitions to support and grow the UK economy with its small input as an organisation into the SME landscape of companies and 2) there is an increased risk in acting for non UK domiciled business. At the period end under review, Hybridan now only acts for one non UK (we include non UK mainland as UK) domiciled company.

4.9 Risk Appetite

Hybridan's risk appetite is low. Hybridan does not take principal positions and manages the risks outlined above to mitigate as much risk as possible.

4.10 Other risks

The government work-based pension's scheme is working well at Hybridan. Hybridan retains consultants to manage the scheme for itself to reduce the risks associated with getting a date or detail incorrect.

There is no concentration risk exposure.

5. SUMMARY PILLAR 1 AND PILLAR 2 CALCULATIONS

Hybridan LLP: Summary capital position as reported to the FCA at 31st March 2025:

Pillar 1

ICAAP

Minimum capital (£'000)

Pillar 2 Capital (£'000)

Base requirement

75

n/a

Credit risk

0

0

Market risk

0

0

Operational risk

n/a

0

Fixed overhead requirement (FOR)

84

n/a

Pillar 1 total

84

n/a

Pillar 2 operational risk

n/a

n/a

Pillar 2 business risk

n/a

n/a

Pillar 2 legal and reputational risk

n/a

n/a

Additional capital to cover stress testing / scenario analysis (see later section)

n/a

-

ICAAP capital requirement

84

84

Capital resources

1,501

1,501

Surplus (= total capital less ICAAP capital)

1,417

1,417

MiFIDPRU introduces new concepts like the Internal Capital and Risk Assessment (ICARA) process and a tiered remuneration code, replacing the older IFPRU requirements like the Internal Capital Adequacy Assessment Process (ICAAP).

Compliance with the Capital Requirements Directive ensures that the amount and quality of regulatory capital that it holds is commensurate with the risks it is exposed to.

Internal Capital Adequacy and Risk Assessment (ICARA) process

The Firm's risk appetite is determined by the Board and reviewed at least annually as part of its review and documentation of its Internal Capital Adequacy and Risk Assessment (ICARA) process as required under MIFIDPRU. The Partners consider the Firm's business to be low risk reflecting the advisory based nature of its services, the absence of any trading or capital risk activities, the contractual nature of its income and the experience of its Partners and senior employees.

Firms authorised by the FCA must always meet the 'overall financial adequacy rule'. This states that a firm must, at all times, hold own funds and liquid assets which are adequate, both in their amount and quality, to make sure the firm is able to remain financially viable throughout the economic cycle, with the ability to address any material potential harm that may result from its ongoing activities. In addition, a firm must ensure that it has adequate own funds and liquid assets such that its business can be wound down in an orderly manner.

The Firm assesses the adequacy of its own funds in accordance with the prescribed permanent minimum capital, fixed overheads, and applicable K-factor requirements and through the ICARA process required by MIFIDPRU. The ICARA process requires a firm to consider what own funds and liquid assets it might need over and above the prescribed minima to (i) address the material risks and potential harms associated with its ongoing business operations and (ii) facilitate an orderly wind-down of the business.

Under the ICARA process, the Firm's Partners have concluded that its own funds and liquid assets are sufficient to meet these requirements and that no additional own funds or liquid assets are required.

The Firm has opted to make voluntary disclosures relating to risk management with an explanation of its minimum capital, fixed overheads, and applicable K-factor requirements and with respect to remuneration.

In accordance with FCA rules, the firm prepares Management Accounts and reports its' own funds, capital adequacy and liquid assets on a quarterly basis, then reconciles to its' accounting reference date, which is 31st March.

The firm's own funds, capital adequacy and liquid assets at 31st March 2025, is summarised, as follows:

OWN FUNDS:

£'000

£'000

Own funds held

1,501

Own funds requirement, lower of:

Permanent minimum requirement

75

Fixed overhead requirement

84

84

Excess of own funds

1,417

Own funds coverage percentage

1,787%

LIQUID ASSETS:

£'000

£'000

Core liquid assets held

1,449

Liquid asset threshold requirement

84

Excess core liquid assets

1,365

Own funds coverage percentage

1,725%

STATEMENT OF MEMBERS' RESPONSIBILITIES

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;

-	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 or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Barber & Company (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

Ms C L Noyce - Designated member

10 June 2025

Opinion

We have audited the financial statements of Hybridan LLP (the 'LLP') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests and 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 March 2025 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; or

-	the members were not entitled to prepare the financial statements in accordance with the small LLPs regime.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page nine, 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 the audit was considered capable of detecting irregularities including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and date protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias, and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

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 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.

Michael Chapman (Senior Statutory Auditor)

for and on behalf of Barber & Company (Statutory Auditors)

A trading name of PCM Accounting Limited

2 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

10 June 2025

REVENUE

749,152

750,761

Cost of sales

98,341

75,975

GROSS PROFIT

650,811

674,786

Administrative expenses

295,465

363,722

OPERATING PROFIT

4

355,346

311,064

Interest receivable and similar income

37,338

2,307

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

392,684

313,371

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

392,684

313,371

FIXED ASSETS

Property, plant and equipment

6

2,953

3,752

CURRENT ASSETS

Debtors

7

152,033

100,381

Cash at bank

1,449,245

1,380,853

1,601,278

1,481,234

CREDITORS

Amounts falling due within one year

8

141,616

151,385

NET CURRENT ASSETS

1,459,662

1,329,849

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,462,615

1,333,601

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

1,390,615

1,261,601

MEMBERS' OTHER INTERESTS

Capital accounts

72,000

72,000

1,462,615

1,333,601

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

1,390,615

1,261,601

Members' other interests

72,000

72,000

1,462,615

1,333,601

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 10 June 2025 and were signed by:

Ms C L Noyce - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2024

72,000

-

72,000

Profit for the financial year available for discretionary division among members

-

392,684

392,684

Members' interests after profit for the year

72,000

392,684

464,684

Other divisions of profit

-

(392,684

)

(392,684

)

Drawings on account and distributions of profit

-

-

-

Balance at 31 March 2025

72,000

-

72,000

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

1,261,602

Amount due from members

-

Balance at 1 April 2024

1,261,602

1,333,602

Profit for the financial year available for discretionary division among members

-

392,684

Members' interests after profit for the year

1,261,602

1,726,286

Other divisions of profit

392,684

-

Drawings on account and distributions of profit

(263,671

)

(263,671

)

Amount due to members

1,390,615

Amount due from members

-

Balance at 31 March 2025

1,390,615

1,462,615

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2023

72,000

-

72,000

Profit for the financial year available for discretionary division among members

-

313,371

313,371

Members' interests after profit for the year

72,000

313,371

385,371

Other divisions of profit

-

(313,371

)

(313,371

)

Drawings on account and distributions of profit

-

-

-

Balance at 31 March 2024

72,000

-

72,000

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

1,521,470

Amount due from members

-

Balance at 1 April 2023

1,521,470

1,593,470

Profit for the financial year available for discretionary division among members

-

313,371

Members' interests after profit for the year

1,521,470

1,906,841

Other divisions of profit

313,371

-

Drawings on account and distributions of profit

(573,240

)

(573,240

)

Amount due to members

1,261,601

Amount due from members

-

Balance at 31 March 2024

1,261,601

1,333,601

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

TURNOVER

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

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. The Members note that there are no forex bank accounts.

3.	EMPLOYEE INFORMATION

31.3.25

31.3.24

£

£

Wages and salaries

212,830

243,928

Social security costs

20,088

23,672

232,918

267,600

The average number of employees during the year was as follows:

31.3.25

31.3.24

Corporate Finance and Corporate Broking

3

4

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

984

1,251

5.	INFORMATION IN RELATION TO MEMBERS

31.3.25

31.3.24

The average number of members during the year was

4

4

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 April 2024

13,278

Additions

185

At 31 March 2025

13,463

DEPRECIATION

At 1 April 2024

9,526

Charge for year

984

At 31 March 2025

10,510

NET BOOK VALUE

At 31 March 2025

2,953

At 31 March 2024

3,752

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

116,734

69,914

Other debtors

5,760

4,485

Prepayments and accrued income

29,539

25,982

152,033

100,381

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

2,460

1,238

Social security and other taxes

42,541

54,974

Other creditors

20,000

10,000

Accruals and deferred income

76,615

85,173

141,616

151,385

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25

31.3.24

£

£

Within one year

28,800

13,455

Between one and five years

12,000

-

40,800

13,455

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members represent allocated profits not yet paid to members and rank equally with unsecured creditors in the event of a winding up.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Ms C L Noyce.