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REGISTERED NUMBER: OC341157 (England and Wales)

| Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| RCAPITAL PARTNERS LLP |

RCAPITAL PARTNERS LLP (REGISTERED NUMBER: OC341157)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

General Information | 1 |

Abridged Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

RCAPITAL PARTNERS LLP

General Information

for the Year Ended 31 March 2025

| DESIGNATED MEMBERS: | J Constable

| P R Emmerson

| C Campbell

| A C A Reek

| REGISTERED OFFICE: | 4th Floor

| 24 Old Bond Street

| Mayfair

| London

| W1S 4AW

| REGISTERED NUMBER: | OC341157 (England and Wales)

| AUDITORS: | Pembroke Briggs Chartered Accountants

| Beacon House

| South Road

| Weybridge

| Surrey

| KT13 9DZ

RCAPITAL PARTNERS LLP (REGISTERED NUMBER: OC341157)

Abridged Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 357,105 |  | 420,257 |  |

Investments | 5 | - |  | 3,051,000 |  |

357,105 |  | 3,471,257 |  |

CURRENT ASSETS

Debtors | 6 | 664,307 |  | 7,429,939 |  |

Cash at bank | 1,116,749 |  | 495,749 |  |

1,781,056 |  | 7,925,688 |  |

CREDITORS

Amounts falling due within one year | 494,480 |  | 442,648 |  |

NET CURRENT ASSETS | 1,286,576 |  | 7,483,040 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,643,681 |  | 10,954,297 |  |

CREDITORS

Amounts falling due after more than one year | - |  | 6,560,178 |  |

NET ASSETS ATTRIBUTABLE TO MEMBERS | 1,643,681 |  | 4,394,119 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 7 | 1,643,681 |  | 4,394,119 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 7 | 1,643,681 |  | 4,394,119 |  |

RCAPITAL PARTNERS LLP (REGISTERED NUMBER: OC341157)

Abridged Balance Sheet - continued

31 March 2025

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 23 July 2025 and were signed by:

P R Emmerson - Designated member

RCAPITAL PARTNERS LLP (REGISTERED NUMBER: OC341157)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| RCapital Partners LLP ('the LLP') is principally engaged in advising funds. The LLP is authorised and regulated by the Financial Conduct Authority (FCA). The LLP is a limited liability partnership incorporated in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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.

| The functional and presentational currency of the LLP is £ Sterling.

| The following principal accounting policies have been consistently applied:

| Turnover and revenue recognition

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

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured.

| Tangible fixed assets

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

| Plant and machinery etc | - | 10% on cost

RCAPITAL PARTNERS LLP (REGISTERED NUMBER: OC341157)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The LLP only enters into basic financial instrument transactions that result in the recording of financial assets and liabilities.

| (i) Financial assets

| Basic financial assets, including trade debtors and other debtors, are initially recognised at initial transaction price, 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.

| Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Income Statement.

| (ii) Financial liabilities

| Basic financial liabilities, including trade creditors and other creditors 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 receipts discounted at a market rate of interest.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| (iii) Offsetting

| 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.

| Pension costs and other post-retirement benefits

| The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

RCAPITAL PARTNERS LLP (REGISTERED NUMBER: OC341157)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3. | EMPLOYEE INFORMATION

| The average number of employees during the year was 11 (2024 - 10 ) .

4. | TANGIBLE FIXED ASSETS

| Totals

£ |

| COST

| At 1 April 2024 | 599,610 |  |

| Additions | 2,715 |  |

| At 31 March 2025 | 602,325 |  |

| DEPRECIATION

| At 1 April 2024 | 179,353 |  |

| Charge for year | 65,867 |  |

| At 31 March 2025 | 245,220 |  |

| NET BOOK VALUE

| At 31 March 2025 | 357,105 |  |

| At 31 March 2024 | 420,257 |  |

RCAPITAL PARTNERS LLP (REGISTERED NUMBER: OC341157)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | FIXED ASSET INVESTMENTS

| Information on investments other than loans is as follows:

| Totals

£ |

| COST

| At 1 April 2024 | 3,051,000 |  |

| Disposals | (3,051,000 | ) |

| At 31 March 2025 | - |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | 3,051,000 |  |

6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Other debtors | - |  | 6,560,178 |  |

7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

| Loans and other debts due to members are treated as payable after all amounts due to other creditors have been satisfied.

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| S Briggs (Senior Statutory Auditor)

| for and on behalf of Pembroke Briggs Chartered Accountants

9. | STATEMENT OF CHANGES IN EQUITY

| RCapital Partners LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting By Limited Partnerships" , has not presented a statement of changes in equity.