ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging/(crediting):

Registered number: OC404233

BROAD REACH INVESTMENT MANAGEMENT LLP

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

BROAD REACH INVESTMENT MANAGEMENT LLP

INFORMATION

Designated Members	P Remiao
	B Wickens
	Broad Reach Investment Management Services Limited
	E Steel
Member	D Worth

LLP registered number

OC404233

Registered office

50 Great Marlborough Street

London

W1F 7JS

Independent auditor

Blick Rothenberg Audit LLP

Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH

BROAD REACH INVESTMENT MANAGEMENT LLP

MEMBERS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The members present their annual report together with the audited financial statements of Broad Reach Investment Management LLP (the "LLP") for the ended 31 March 2025.

Principal activities

The principal activity of the LLP is the provision of investment management services. The LLP is authorised by the Financial Conduct Authority ("FCA").

Designated Members

P Remiao, B Wickens, Broad Reach Investment Management Services Limited and E Steel were designated members of the LLP throughout the year.

Policy with respect to members' drawings and subscription and repayment of members' capital

Members' capital and drawings are determined by the regulatory capital requirements of the FCA and any trading needs of the LLP.

Public disclosures

The firm has documented the disclosures required by the FCA under MIFIDPRU. These are available at www.broadreachllp.com.

Members' responsibilities statement

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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 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 judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK 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 to 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 the 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.

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BROAD REACH INVESTMENT MANAGEMENT LLP

MEMBERS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

Each of the persons who are members at the time when this members' report is approved has confirmed that:

∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.

Auditor

The auditor, Blick Rothenberg Audit LLP, has indicated its willingness to continue in office. The Designated members will propose a motion re-appointing the auditor at a meeting of the members.

This report was approved by the members on 23 July 2025 and signed on their behalf by:

B Wickens

Designated member

Page 2

BROAD REACH INVESTMENT MANAGEMENT LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROAD REACH INVESTMENT MANAGEMENT LLP

FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Broad Reach Investment Management LLP (the 'LLP') for the year ended 31 March 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the reconciliation of members' interests and the related notes, 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 limited liability partnerships 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.

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BROAD REACH INVESTMENT MANAGEMENT LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROAD REACH INVESTMENT MANAGEMENT LLP (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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 members' responsibilities statement set out on page 1, 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 is 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of the Designated Members concerning the LLP’s policies with regards identifying, evaluating and complying with laws and regulations and whether the Designated Members are aware of any instances of non-compliance; enquiring of the Designated Members concerning the LLP’s policies for detecting and responding to the risks of fraud and whether the Designated Members have knowledge of any actual, suspected or alleged fraud; enquiring of the Designated Members concerning the LLP’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the LLP operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the LLP. The key laws and regulations we considered in this context included the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the applicable rules of the Financial Conduct Authority, United Kingdom taxation laws and anti-money laundering legislation.

As a result of performing the above, we identified the manipulation of revenues, compliance with the rules of the Financial Conduct Authority and override of controls by the designated members as particular focus areas.

Our procedures to respond to risks identified included the following: performing analytical procedures to identify

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BROAD REACH INVESTMENT MANAGEMENT LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROAD REACH INVESTMENT MANAGEMENT LLP (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the LLP for evidence of any large or unusual activity which may be indicative of fraud or the inadvertent receipt of client monies; enquiring of the Designated Members in relation to any potential litigation and claims; and, in addressing the risk of fraud through override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgements made in making accounting estimates are indicative of potential bias, although in the LLP’s case there are no particularly significant accounting estimates.

An additional focus area was the risk of fraud linked to revenue recognition. Our procedures to respond to the risk identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; obtaining third party confirmations of inputs used in revenue calculations; and performing recalculations of revenue earned during the year with reference to the respective management agreements for evidence of any misstatements due to fraud.

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 Designated Members 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 auditor's report.

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 by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications 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 an auditor's report 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.

Anthony Howe (senior statutory auditor)

for and on behalf of

Blick Rothenberg Audit LLP

Chartered Accountants

Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH

24 July 2025

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BROAD REACH INVESTMENT MANAGEMENT LLP

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	3	33,150,843	19,695,815
Administrative expenses		(9,450,058)	(7,977,019)
Operating profit	4	23,700,785	11,718,796
Interest receivable and similar income		99,187	49,069
Interest payable and similar expenses		(348)	(1,205)
Profit for the year before members' remuneration and profit shares available for discretionary division among members		23,799,624	11,766,660

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 10 to 18 form part of these financial statements.

Page 6

REGISTERED NUMBER:OC404233

BROAD REACH INVESTMENT MANAGEMENT LLP

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	7		1,066		1,654
Tangible assets	8		82,862		126,218
Investments	9		86,813		86,813
			170,741		214,685
Current assets
Debtors: amounts falling due within one year	10	3,035,107		1,736,104
Cash at bank and in hand		3,661,744		2,130,100
		6,696,851		3,866,204
Creditors: amounts falling due within one year	11	(600,743)		(531,305)
Net current assets			6,096,108		3,334,899
Net assets attributable to members			6,266,849		3,549,584

Represented by:
Loans and other debts due to members within one year
Other amounts	12		4,661,607		1,944,342
Members' other interests
Members' capital classified as equity		3,221,456		3,221,456
Other reserves classified as equity		(1,616,214)		(1,616,214)
			1,605,242		1,605,242
			6,266,849		3,549,584

Total members' interests
Loans and other debts due to members	12	4,661,607	1,944,342
Members' other interests		1,605,242	1,605,242
		6,266,849	3,549,584

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 July 2025.

B Wickens

Designated member

The notes on pages 10 to 18 form part of these financial statements.

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BROAD REACH INVESTMENT MANAGEMENT LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE YEAR ENDED 31 MARCH 2025


	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total
	£	£	£	£	£	£
Amounts due to members				1,824,917	1,824,917
Balance at 1 April 2023	2,721,456	(1,616,214)	1,105,242	1,824,917	1,824,917	2,930,159
Profit for the year available for discretionary division among members	-	11,766,660	11,766,660	-	-	11,766,660
Members' interests after profit for the year	2,721,456	10,150,446	12,871,902	1,824,917	1,824,917	14,696,819
Other division of profits	-	(11,766,660)	(11,766,660)	11,766,660	11,766,660	-
Conversion of members' capital to debt	500,000	-	500,000	(500,000)	(500,000)	-
Drawings	-	-	-	(11,147,235)	(11,147,235)	(11,147,235)
Amounts due to members				1,944,342	1,944,342
Balance at 31 March 2024	3,221,456	(1,616,214)	1,605,242	1,944,342	1,944,342	3,549,584
Profit for the year available for discretionary division among members	-	23,799,624	23,799,624	-	-	23,799,624
Members' interests after profit for the year	3,221,456	22,183,410	25,404,866	1,944,342	1,944,342	27,349,208
Other division of profits	-	(23,799,624)	(23,799,624)	23,799,624	23,799,624	-
Drawings	-	-	-	(21,082,359)	(21,082,359)	(21,082,359)
Amounts due to members				4,661,607	4,661,607
Balance at 31 March 2025	3,221,456	(1,616,214)	1,605,242	4,661,607	4,661,607	6,266,849

The notes on pages 10 to 18 form part of these financial statements.

The ability of the members of the LLP to reduce the amount of members' other interests is restricted by the regulatory capital requirements of the FCA.

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BROAD REACH INVESTMENT MANAGEMENT LLP

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	23,799,624	11,766,660
Adjustments for:
Amortisation of intangible assets	588	587
Depreciation of tangible assets	79,831	71,486
Loss on disposal of tangible assets	-	274
Interest paid	348	1,205
Interest receivable	(99,187)	(49,069)
(Increase) in debtors	(1,299,003)	(178,986)
Increase in creditors	69,438	131,670
Amounts paid to members	(21,082,359)	(11,147,235)
Net cash generated from operating activities	1,469,280	596,592

Cash flows from investing activities
Purchase of tangible fixed assets	(36,475)	(95,359)
Interest received	99,187	49,069
Net cash from / (used in) investing activities	62,712	(46,290)
Cash flows from financing activities
Interest paid	(348)	(1,205)
Net cash used in financing activities	(348)	(1,205)
Net increase in cash and cash equivalents	1,531,644	549,097
Cash and cash equivalents at beginning of year	2,130,100	1,581,003
Cash and cash equivalents at the end of year	3,661,744	2,130,100

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,661,744	2,130,100

The notes on pages 10 to 18 form part of these financial statements.

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Broad Reach Investment Management LLP is a limited liability partnership incorporated in the UK and registered in England & Wales with company number OC404233. Its registered address is 50 Great Marlborough Street, London W1F 7JS.

The LLP's principal activity is the provision of investment management services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" published in December 2021.

Management do not consider there to be any significant accounting estimates or any material judgemental areas in applying the accounting policies.

2.2

Exemption from preparing consolidated financial statements

The LLP is exempt from the requirement to prepare consolidated financial statements as the subsidiary undertaking may be excluded from consolidation as its inclusion is not material for the purpose of giving a true and fair view.

2.3

Going concern

The members have prepared forecasts which, taking account of reasonably possible changes in trading performance, indicate that the LLP should be cash generative and able to meet its liabilities as they fall due and maintain a regulatory capital surplus. The members therefore have a reasonable expectation that the LLP has adequate resources to continue in operation for the foreseeable future. Thus they adopt the going concern basis of accounting in preparing the annual financial statements.

2.4

Revenue

Revenue represents fees receivable during the period for discretionary investment management services. Management fees are recognised over the period over which management services are provided. Performance fees, which are based on the investment performance achieved for certain client portfolios relative to predefined benchmarks, are recognised as revenue at the end of the period over which the performance is measured.

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Trademarks

years

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements	-	period of the lease
Office equipment	-	3 years
Computer equipment	-	3 years

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Financial instruments

The LLP does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

The LLP's cash holdings comprise on demand and monthly deposit balances. All cash is held with reputable UK regulated banks.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

As the LLP only has short term receivables and payables, its net current asset position after taking account of amounts due to members is a reasonable measure of its liquidity at any given time.

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

2.10

Operating leases: the LLP as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.11

Tax provisions

Any tax payable on the results of the LLP is the personal liability of the members.

2.12

Members' remuneration and profit allocations

A member's discretionary share in the profit or the loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves."

2.13

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Turnover

The whole of the turnover is attributable to the principal business activity.

All turnover arose within the United Kingdom.

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Depreciation of tangible fixed assets	79,831	71,486
Amortisation of intangible assets	588	587
Auditors' remuneration - audit	15,000	15,750
Auditors remuneration - non-audit	34,765	40,823
Exchange differences	55,720	(30,154)
Other operating lease rentals	185,282	183,363

Wages and salaries	5,346,441	3,939,110
Social security costs	737,782	537,825
Cost of defined contribution pension scheme	163,473	57,968
	6,247,696	4,534,903

The average monthly number of persons employed during the year was as follows:

	2025	2024
	No.	No.

Administration	19	16

6.	Information in relation to members
		2025	2024
		Number	Number

	The average number of members during the year was	5	5

					2024	2024
					£	£

	The amount of profit attributable to the member with the largest entitlement was	12,903,202	6,277,914

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Intangible assets

		Trademarks
		£
	Cost
	At 1 April 2024	5,878
	At 31 March 2025	5,878
	Amortisation
	At 1 April 2024	4,224
	Charge for the year on owned assets	588
	At 31 March 2025	4,812
	Net book value
	At 31 March 2025	1,066
	At 31 March 2024	1,654

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Tangible fixed assets

	Leasehold improvements	Office equipment	Computer equipment	Total
	£	£	£	£
Cost
At 1 April 2024	193,828	118,893	117,792	430,513
Additions	-	8,990	27,485	36,475
At 31 March 2025	193,828	127,883	145,277	466,988
Depreciation
At 1 April 2024	154,804	100,501	48,990	304,295
Charge for the year	33,107	11,280	35,444	79,831
At 31 March 2025	187,911	111,781	84,434	384,126
Net book value
At 31 March 2025	5,917	16,102	60,843	82,862
At 31 March 2024	39,024	18,392	68,802	126,218

9.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2024	86,813
	At 31 March 2025	86,813

Subsidiary undertaking
The following was a subsidiary undertaking of the LLP:
Name	Registered office	Class of shares	Holding

Broad Reach Investment Management (US) LLC

850 New Burton Road, Suite 201, Dover, Delaware 19904

Ordinary

100%

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Subsidiary undertaking (continued)

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves $	Profit/(Loss) $

Broad Reach Investment Management (US) LLC

141,605

(8,503)

10.

Debtors

					2025	2024
					£	£


Trade debtors	1,163,478	189,895
Amounts owed by group undertakings	232,239	-
Other debtors	260,867	466,821
Prepayments and accrued income	1,378,523	1,079,388
	3,035,107	1,736,104

Other debtors includes a deposit related to the rental of the LLP's offices of £58,500 (2024: £58,500) that is due in greater than one year.

11.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	172,627	72,783
Other taxation and social security	94,204	232,216
Other creditors	14,800	20,437
Accruals and deferred income	319,112	205,869
	600,743	531,305

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


	Other amounts due to members is respect of allocated profit	4,661,607	1,944,342

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

13.	Analysis of net (debt) / funds

		At 1 April 2024	Arising from cash flows	Profit allocation	At 31 March 2025
		£	£	£	£

Cash at bank and in hand	2,130,100	1,531,644	-	3,661,744
Net funds (before members' debt)	2,130,100	1,531,644	-	3,661,744
Loans and other debts due to members
Other amounts due to members	(1,944,342)	21,082,359	(23,799,624)	(4,661,607)
Net funds	185,758	22,614,003	(23,799,624)	(999,863)

Not later than 1 year	195,000	195,000
Later than 1 year and not later than 5 years	209,959	14,959
	404,959	209,959

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BROAD REACH INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.

Related party transactions

Turnover of £31,209,294 (2024: £17,361,012) was derived from an entity under common control. At the balance sheet date £1,925,206 (2024: £732,359) was due from this entity in relation to this income, and is included in accrued income and trade debtors (note 10).

The LLP's subsidiary charged expenses of £348,044 (2024: £762,654) to the LLP during the year. The amount due to the subsidiary at the year end was £61,156 (2024: £93,873), and is included in accruals (note 11)

In addition the LLP loaned an an amount of USD 300,000 to the subsidiary during the year. At the year end £232,239 (2024: £nil) was outstanding in relation to this loan (note 10).

16.	Controlling party

The ultimate controlling party is B Wickens.

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