Limited Liability Partnership Registration No. OC389207 (England and Wales)
Cornerstone Corporate Finance LLP
Annual report and unaudited financial statements
for the year ended 31 March 2025
Cornerstone Corporate Finance LLP
Limited liability partnership information
Designated members
David Lilley
Christopher Collins
LLP registration number
OC389207
Registered office
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Cornerstone Corporate Finance LLP
Contents
Page
Members' report
1
Accountants' report
2
Statement of comprehensive income
3
Statement of financial position
4
Reconciliation of members' interests
5 - 6
Notes to the financial statements
7 - 10
Cornerstone Corporate Finance LLP
Members' report
For the year ended 31 March 2025
1

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

Principal activities

The principal activity of the limited liability partnership is that of providing corporate finance services.

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 were as follows:

David Lilley
Christopher Collins
Statement of members' responsibilities

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.

Approved by the members on 5 December 2025 and signed on behalf by:
05 December 2025
David Lilley
Designated Member
Cornerstone Corporate Finance LLP
Accountants' report to the Members on the preparation of the unaudited statutory financial statements of Cornerstone Corporate Finance LLP for the year ended 31 March 2025
2

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 Cornerstone Corporate Finance LLP for the year ended 31 March 2025 set out on pages 3 to 10 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 Cornerstone Corporate Finance LLP, as a body, in accordance with the terms of our engagement letter dated 29 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Cornerstone Corporate Finance LLP and state those matters that we have agreed to state to the limited liability partnership's members of Cornerstone Corporate Finance 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 Cornerstone Corporate Finance LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Cornerstone Corporate Finance 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 Cornerstone Corporate Finance LLP. You consider that Cornerstone Corporate Finance 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 Cornerstone Corporate Finance 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
5 December 2025
71 Queen Victoria Street
London
EC4V 4BE
Cornerstone Corporate Finance LLP
Statement of comprehensive income
For the year ended 31 March 2025
3
2025
2024
£
£
Turnover
350,000
-
Cost of sales
(117,876)
-
Gross profit
232,124
-
Administrative expenses
(15,067)
(27,205)
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members
217,057
(27,205)

The income statement has been prepared on the basis that all operations are continuing operations.

Cornerstone Corporate Finance LLP
Statement of financial position
As at 31 March 2025
4
2025
2024
Notes
£
£
£
£
Current assets
Debtors
4
468
21,138
Cash at bank and in hand
18,545
930
19,013
22,068
Creditors: amounts falling due within one year
5
(28,248)
(18,360)
Net current (liabilities)/assets and net (liabilities)/assets attributable to members
(9,235)
3,708
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(59,235)
(46,292)
Members' other interests
Members' capital classified as equity
50,000
50,000
(9,235)
3,708

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 5 December 2025 and are signed on their behalf by:
05 December 2025
David Lilley
Designated member
Limited Liability Partnership registration number OC389207 (England and Wales)
Cornerstone Corporate Finance LLP
Reconciliation of members' interests
For the year ended 31 March 2025
5
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
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Members' interests at 1 April 2024
50,000
-
50,000
(46,292)
(46,292)
3,708
Profit for the financial year available for discretionary division among members
-
217,057
217,057
-
-
217,057
Members' interests after profit for the year
50,000
217,057
267,057
(46,292)
(46,292)
220,765
Allocation of profit for the financial year
-
-
-
217,057
217,057
217,057
Other divisions of profits
-
(217,057)
(217,057)
-
-
(217,057)
Drawings on account and distributions of profit
-
-
-
(230,000)
(230,000)
(230,000)
Members' interests at 31 March 2025
50,000
-
50,000
(59,235)
(59,235)
(9,235)
Cornerstone Corporate Finance LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2025
6
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
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
50,000
-
50,000
(39,786)
(39,786)
10,214
Loss for the financial year available for discretionary division among members
-
(27,205)
(27,205)
-
-
(27,205)
Members' interests after loss for the year
50,000
(27,205)
22,795
(39,786)
(39,786)
(16,991)
Allocation of loss for the financial year
-
-
-
(27,205)
(27,205)
(27,205)
Other divisions of losses
-
27,205
27,205
-
-
27,205
Introduced by members
-
-
-
132,699
132,699
132,699
Drawings on account and distributions of profit
-
-
-
(112,000)
(112,000)
(112,000)
Members' interests at 31 March 2024
50,000
-
50,000
(46,292)
(46,292)
3,708
Cornerstone Corporate Finance LLP
Notes to the financial statements
For the year ended 31 March 2025
7
1
Accounting policies
Limited liability partnership information

Cornerstone Corporate Finance LLP is a limited liability partnership incorporated in England and Wales. The registered office is .

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

1.1
Accounting convention

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

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 on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

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

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

Cornerstone Corporate Finance LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
8
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

Cornerstone Corporate Finance LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
9
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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Cornerstone Corporate Finance LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
10
1.9
Taxation
Members are personally liable for UK taxation on their share of the partnership profits. Consequently no provision for taxation is made in these accounts, and profits are shown within Members' interests without any deduction for tax.
2
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.

3
Employees

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

2025
2024
Number
Number
Total
-
0
-
0
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
468
361
Other debtors
-
20,000
Prepayments and accrued income
-
777
468
21,138
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
10,800
Accruals and deferred income
28,248
7,560
28,248
18,360
2025-03-31 2024-04-01 false false CCH Software CCH Accounts Production 2024.301 false OC389207 2024-04-01 2025-03-31 OC389207 bus:PartnerLLP1 2024-04-01 2025-03-31 OC389207 bus:PartnerLLP2 2024-04-01 2025-03-31 OC389207 2025-03-31 OC389207 2023-04-01 2024-03-31 OC389207 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC389207 bus:FRS102 2024-04-01 2025-03-31 OC389207 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 OC389207 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP