Limited Liability Partnership Registration No. OC349860 (England and Wales)
Vine Street Capital LLP
Annual report and unaudited financial statements
for the year ended 31 March 2025
Vine Street Capital LLP
Limited liability partnership information
Designated members
Neil Murphy
Mark Perryman
Limited liability partnership number
OC349860
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Bankers
Barclays Bank plc
Floor 27
1 Churchill Place
London
E14 5HP
Vine Street Capital LLP
Contents
Page
Members' report
1
Accountants' report
3
Statement of comprehensive income
4
Statement of financial position
5
Reconciliation of members' interests
6 - 7
Notes to the financial statements
8 - 11
Vine Street 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.

Principal activities

The principal activity of the limited liability partnership continued to be that of the the provision of private investment management services. No third party funds are managed. The limited liability partnership expects to continue its current activities. The results for the year and the financial position at the year end were considered satisfactory by the members who expect continued growth in the foreseeable future.

The financial statements are for the year ended 31 March 202 5. Comparative amounts are presented for the nine month period ended 3 1 March 2024 and so are not entirely comparable.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of profit and the financing requirement of the l imited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Neil Murphy
Mark Perryman
Approved by the members on 31 October 2025 and signed on behalf by:
31 October 2025
Mark Perryman
Designated Member
Vine Street Capital LLP
Members' responsibilities statement
For the year ended 31 March 2025
2

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 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 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.

Vine Street Capital LLP
Accountants' report to the Members on the preparation of the unaudited statutory financial statements of Vine Street Capital LLP for the year ended 31 March 2025
3

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Vine Street Capital LLP for the year ended 31 March 2025 set out on pages 4 to 11 from the limited liability partnership’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the members of Vine Street Capital LLP, as a body, in accordance with the terms of our engagement letter dated 13 September 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Vine Street Capital LLP and state those matters that we have agreed to state to the limited liability partnership's members of Vine Street Capital LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vine Street Capital LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Vine Street Capital LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vine Street Capital LLP. You consider that Vine Street Capital LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Vine Street Capital LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Saffery LLP
31 October 2025
71 Queen Victoria Street
London
EC4V 4BE
Vine Street Capital LLP
Statement of comprehensive income
For the year ended 31 March 2025
4
2025
2024
£
£
Turnover
235,548
136,258
Administrative expenses
(15,625)
(14,380)
Profit for the financial year before members' remuneration and profit shares
219,923
121,878
Members' remuneration charged as an expense
-
-
Profit for the financial year available for discretionary division among members
219,923
121,878
Vine Street Capital LLP
Statement of financial position
As at 31 March 2025
5
2025
2024
Notes
£
£
£
£
Current assets
Debtors
4
15,110
18,678
Cash at bank and in hand
146,476
91,055
161,586
109,733
Creditors: amounts falling due within one year
5
(25,605)
(28,675)
Net current assets and net assets attributable to members
135,981
81,058
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
35,981
(51,942)
Members' other interests
Members' capital classified as equity
100,000
133,000
135,981
81,058

For the financial year ended 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships' regime.

The financial statements were approved by the members and authorised for issue on 31 October 2025 and are signed on their behalf by:
31 October 2025
Mark Perryman
Designated member
Limited Liability Partnership Registration No. OC349860
Vine Street Capital LLP
Reconciliation of members' interests
For the year ended 31 March 2025
6
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 reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Amounts due to members
(51,942)
Members' interests at 1 April 2024
133,000
-
133,000
(51,942)
(51,942)
81,058
Profit for the financial year available for discretionary division among members
-
219,923
219,923
-
-
219,923
Members' interests after profit for the year
133,000
219,923
352,923
(51,942)
(51,942)
300,981
Allocation of profit for the financial year
-
-
-
219,923
219,923
219,923
Other divisions of profits
-
(219,923)
(219,923)
-
-
(219,923)
Reclassifications
(33,000)
-
(33,000)
33,000
33,000
-
Drawings
-
-
-
(165,000)
(165,000)
(165,000)
Members' interests at 31 March 2025
100,000
-
100,000
35,981
35,981
135,981
Amounts due to members
35,981
Vine Street Capital LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2025
7
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 reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amounts due to members
(64,616)
Members' interests at 1 July 2023
133,000
-
133,000
(64,616)
(64,616)
68,384
Profit for the period available for discretionary division among members
-
121,878
121,878
-
-
121,878
Members' interests after profit for the period
133,000
121,878
254,878
(64,616)
(64,616)
190,262
Allocation of profit for the period
-
-
-
121,878
121,878
121,878
Other divisions of profits
-
(121,878)
(121,878)
-
-
(121,878)
Drawings
-
-
-
(109,204)
(109,204)
(109,204)
Members' interests at 31 March 2024
133,000
-
133,000
(51,942)
(51,942)
81,058
Amounts due to members
(51,942)
Vine Street Capital LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2025
8
1
Critical accounting 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.

2
Accounting policies
Limited liability partnership information

Vine Street Capital LLP is a limited liability partnership incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

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

2.1
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 applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

2.3
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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Vine Street Capital LLP
Notes to the financial statements
For the year ended 31 March 2025
2
Accounting policies (continued)
9
2.4
Cash at bank and in hand

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 or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.5
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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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 profit or loss.

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.

Vine Street Capital LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
2
Accounting policies (continued)
10
Classification of financial liabilities

Financial liabilities and equity instruments 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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

2.6
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
-
0
-
0
Vine Street Capital LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
11
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
14,000
17,568
Other debtors
1,110
1,110
15,110
18,678
5
Creditors: amounts falling due within one year
2025
2024
£
£
Taxation and social security
16,105
9,675
Other creditors
9,500
19,000
25,605
28,675
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