REGISTERED NUMBER: OC304288 (England and Wales)

Report of the Members and

Audited Financial Statements

for the Year Ended 31 March 2025

for

PEMBROKE ASSET MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Reconciliation of Members' Interests

9

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DESIGNATED MEMBERS:

S J Day

K C Day

N J Batchelor

REGISTERED OFFICE:

1 Pembroke Road

Clifton

Bristol

BS8 3AU

REGISTERED NUMBER:

OC304288 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Bath House

6 - 8 Bath Street

Bristol

BS1 6HL

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 financial advisors.

DESIGNATED MEMBERS

The designated members during the year under review were:

S J Day

K C Day

N J Batchelor

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £1,714,253 (2024 - £1,505,640 profit).

MEMBERS' INTERESTS

Members agree the level of drawings from time to time after consideration of the requirements of the business.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

K C Day - Designated member

23 July 2025

Opinion

We have audited the financial statements of Pembroke Asset Management LLP (the 'LLP') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 31 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.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

(i) We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined the following laws and regulations of most significance were: Companies Act 2006 as applicable to LLPs and UK GAAP.

(ii) We obtained an understanding of how the LLP complies with those legal and regulatory frameworks by making inquiries of management.We have collaborated our enquires through our review of board minutes and other relevant meeting minutes.

(iii) We assessed the susceptibility of the LLPs financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

- assessing the extent of compliance with the relevant laws and regulations.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Bracher FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Bath House

6 - 8 Bath Street

Bristol

BS1 6HL

23 July 2025

TURNOVER

3

2,190,569

1,906,489

Cost of sales

(8,171

)

(5,066

)

GROSS PROFIT

2,182,398

1,901,423

Administrative expenses

(468,505

)

(397,283

)

1,713,893

1,504,140

Other operating income

360

1,500

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

1,714,253

1,505,640

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

1,714,253

1,505,640

Members' remuneration charged as an expense

6

(1,714,253

)

(1,505,640

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

-

-

FIXED ASSETS

Tangible assets

7

8,542

12,073

CURRENT ASSETS

Debtors

8

212,170

215,641

Cash at bank and in hand

487,490

401,315

699,660

616,956

CREDITORS

Amounts falling due within one year

9

(168,367

)

(160,323

)

NET CURRENT ASSETS

531,293

456,633

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

539,835

468,706

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

539,835

468,706

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

539,835

468,706

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

K C Day - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

468,706

Amount due from members

-

Balance at 1 April 2024

-

468,706

468,706

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

1,714,253

1,714,253

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

-

2,182,959

2,182,959

Drawings on account and distributions of profit

-

(1,643,124

)

(1,643,124

)

Amount due to members

539,835

Amount due from members

-

Balance at 31 March 2025

-

539,835

539,835

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

459,923

Amount due from members

-

Balance at 1 April 2023

-

459,923

459,923

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

1,505,640

1,505,640

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

-

1,965,563

1,965,563

Introduced by members

-

10,000

10,000

Drawings on account and distributions of profit

-

(1,506,857

)

(1,506,857

)

Amount due to members

468,706

Amount due from members

-

Balance at 31 March 2024

-

468,706

468,706

Cash flows from operating activities

Cash generated from operations

2

1,729,299

1,506,281

Net cash from operating activities

1,729,299

1,506,281

Cash flows from investing activities

Purchase of tangible fixed assets

-

(4,329

)

Net cash from investing activities

-

(4,329

)

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(1,643,124

)

(1,506,857

)

Contributions by members

-

10,000

Net cash from financing activities

(1,643,124

)

(1,496,857

)

Increase in cash and cash equivalents

86,175

5,095

Cash and cash equivalents at beginning of year

3

401,315

396,220

Cash and cash equivalents at end of year

3

487,490

401,315

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Members' profit shares are treated as remuneration and charged as an expense. This has been treated consistently in the cash flow statement for both the current and comparative periods. For more details of the policy, see note 6 to the financial statements.

2.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit for the financial year available for discretionary division among members

-

-

Members' remuneration charged as an expense

1,714,253

1,505,640

Depreciation charges

3,531

4,704

1,717,784

1,510,344

Decrease/(increase) in trade and other debtors

3,471

(42,161

)

Increase in trade and other creditors

8,044

38,098

Cash generated from operations

1,729,299

1,506,281

3.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

487,490

401,315

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

401,315

396,220

4.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

and in hand

401,315

86,175

487,490

401,315

86,175

487,490

Net funds (before

members' debt)

401,315

86,175

-

487,490

Loans and other debts

due to members

Other amounts

due to members

(468,706

)

1,643,124

(1,714,253

)

(539,835

)

Net debt

(67,391

)

1,729,299

(1,714,253

)

(52,345

)

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" 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 presentation currency for the financial statements is pound sterling, rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis. The members have reviewed and considered relevant information in making their assessment. Based on these assessments, and the current resources available, the members have concluded that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

Judgements and estimates

In the application of the entity's accounting policies the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities. The estimates and assumptions are based on historical data and other factors that are considered to be relevant.

The key estimate for the LLP is trade debtors. A significant part of this is calculated by taking the management fee as a percentage of the value of investments and taking an appropriate proportion of income due between the previous calculation and the year end.

Turnover

Turnover represents commissions and fees on the sale and management of investment products net of VAT. Commission income is recognised at the point where deals are completed. Management income is recognised when earned based on contractual agreements with the clients.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Cash and cash equivalents

Cash and cash equivalents 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.

Financial instruments

Financial instruments are measured at fair value.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Allocation of profits

The net profits of the business shall automatically be divided among the members in percentages dictated by the members agreement.

3.

TURNOVER

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

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

2025

2024

£

£

Commission income

65,979

85,089

Management and advice income

2,121,267

1,821,400

Valuation fees

3,323

-

2,190,569

1,906,489

4.	EMPLOYEE INFORMATION

2025

2024

£

£

Wages and salaries

159,744

116,736

Social security costs

12,364

7,348

Other pension costs

12,890

10,790

184,998

134,874

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

2025

2024

Administration

4

3

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

30,076

29,252

Depreciation - owned assets

3,531

4,704

Auditors' remuneration

12,100

9,585

Auditors' remuneration -

taxation compliance

services

1,155

2,895

Auditors' remuneration - other

non-audit services

-

900

6.	INFORMATION IN RELATION TO MEMBERS

2025

2024

£

£

Members' remuneration charged as an expense

Profit for the financial year

available for discretionary di

vision among members

1,714,253

1,505,640

Total remuneration

1,714,253

1,505,640

2025

2024

£

£

The amount of profit attributable to the member with the largest entitlement was

811,605

715,350

2025

2024

The average number of members during the year was

4

4

In the year only members were key management personnel.

Members' remuneration charged as an expense represents remuneration that is payable to a member which falls to be treated as a charge against profits and not an allocation of profits. The treatment of members' remuneration in the profit and loss account is determined by reference to the nature of participation rights that give rise to the remuneration. Where members' remuneration gives rise to a liability in accordance with FRS 102, it is charged as an expense.

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

and 31 March 2025

8,784

52,590

38,909

100,283

DEPRECIATION

At 1 April 2024

4,692

45,886

37,632

88,210

Charge for year

614

1,676

1,241

3,531

At 31 March 2025

5,306

47,562

38,873

91,741

NET BOOK VALUE

At 31 March 2025

3,478

5,028

36

8,542

At 31 March 2024

4,092

6,704

1,277

12,073

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

202,450

209,941

Other debtors

4,302

2

Prepayments and accrued income

5,418

5,698

212,170

215,641

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,252

444

Social security and other taxes

4,208

2,649

VAT

137,562

131,869

Accruals and deferred income

25,345

25,361

168,367

160,323

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

£

Amounts owed to members in respect of profits

539,835

468,706

Falling due within one year

539,835

468,706

11.	OTHER FINANCIAL COMMITMENTS

The LLP has an agreement to pay annuities to former members M J Butterfield and S Butterfield for a term of the shorter of 15 years or death at a rate of 5.76% per annum of the net profits. There are 3 years remaining on this agreement.

12.	RELATED PARTY DISCLOSURES

Investment fees of £8,793 (2024 - £7,875) payable by the partners and close family members were waived by the LLP.

13.	CLIENT FUNDS

The value of clients` assets held by Pembroke Nominees Limited, including monies held in bank accounts of £3,257,295 (2024 - £1,881,429), was £94,728,115 (2024 - £84,906,197) at the Balance Sheet date. Pembroke Nominees Limited is a nominee company with the sole purpose of holding and investing clients` assets on behalf of Pembroke Asset Management LLP.

14.	FINANCIAL RISK MANAGEMENT

Liquidity risk

The objective of the LLP in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The LLP expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations it is expected that the LLP would be able to obtain credit facilities.