REGISTERED NUMBER: OC371652 (England and Wales)

Report of the Members and

Financial Statements

For The Year Ended 31 March 2025

for

Marl Partners LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Reconciliation of Members' Interests

10

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DESIGNATED MEMBERS:

R Cattet

M Ehrler

REGISTERED OFFICE:

Betchworth House

57-65 Station Road

Redhill

Surrey

RH1 1DL

REGISTERED NUMBER:

OC371652 (England and Wales)

AUDITORS:

Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

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 limited liability partnership ("LLP") continued to be that of consultancy on the raising of leveraged debt facilities, and acting as a financial intermediary.

DESIGNATED MEMBERS

The designated members during the year under review were:

R Cattet

M Ehrler

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £9,199,789 (2024 - £13,515,551 profit).

MEMBERS' INTERESTS

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 business.

A member's capital requirement is linked to their share of profit and the financing requirement of the limited 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".

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;

-	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, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

M Ehrler - Designated member

17 December 2025

Opinion

We have audited the financial statements of Marl Partners LLP (the 'LLP') for the year ended 31 March 2025 which comprise the Income Statement, Other 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:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Members, and inspection of the entity's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

The entity is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The entity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. Laws and regulations which are applicable include but are not limited to: Financial Services & Markets Act 2000, regulations of Financial Conduct Authority (FCA) Handbook, Money Laundering and Proceeds of Crime legislation, The Data Protection Act, Business Contract Terms and Regulations, employment laws, GDPR and other laws and regulations recognising the nature of the entity's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Members and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

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.

Emma Steward FCCA (Senior Statutory Auditor)

for and on behalf of Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

18 December 2025

TURNOVER

4

20,323,407

24,256,816

Administrative expenses

11,066,105

11,819,637

9,257,302

12,437,179

Other operating income

5

-

1,075,000

OPERATING PROFIT

7

9,257,302

13,512,179

Interest receivable and similar income

8

97,280

118,126

9,354,582

13,630,305

Interest payable and similar expenses

9

154,793

114,754

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

9,199,789

13,515,551

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

9,199,789

13,515,551

Members' remuneration charged as an expense

10

(1,143,459

)

(1,596,909

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

8,056,330

11,918,642

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

8,056,330

11,918,642

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

8,056,330

11,918,642

FIXED ASSETS

Tangible assets

11

239,396

237,554

CURRENT ASSETS

Debtors

12

7,888,839

6,496,064

Cash at bank

5,957,757

7,777,436

13,846,596

14,273,500

CREDITORS

Amounts falling due within one year

13

9,062,812

5,299,579

NET CURRENT ASSETS

4,783,784

8,973,921

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

5,023,180

9,211,475

LOANS AND OTHER DEBTS DUE TO MEMBERS

15

4,898,180

9,086,475

MEMBERS' OTHER INTERESTS

Capital accounts

125,000

125,000

5,023,180

9,211,475

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

15

4,898,180

9,086,475

Members' other interests

125,000

125,000

5,023,180

9,211,475

The financial statements were approved by the members of the LLP and authorised for issue on 17 December 2025 and were signed by:

M Ehrler - Designated member

R Cattet - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2024

125,000

-

125,000

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

-

-

-

Profit for the financial year available for discretionary division among members

-

8,056,330

8,056,330

Members' interests after profit for the year

125,000

8,056,330

8,181,330

Other divisions of profit

-

(8,056,330

)

(8,056,330

)

Introduced by members

-

-

-

Repayments of debt (including members' capital classified as a liability)

-

-

-

Drawings on account and distributions of profit

-

-

-

Balance at 31 March 2025

125,000

-

125,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Members'

capital

(classified

Other

as debt)

amounts

Total

Total

£

£

£

£

Amount due to members

(2,125,248

)

10,714,801

8,589,553

Amount due from members

-

-

-

Balance at 1 April 2024

(2,125,248

)

10,714,801

8,589,553

8,714,553

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

-

1,143,459

1,143,459

1,143,459

Profit for the financial year available for discretionary division among members

-

-

-

8,056,330

Members' interests after profit for the year

(2,125,248

)

11,858,260

9,733,012

17,914,342

Other divisions of profit

-

8,056,330

8,056,330

-

Introduced by members

(2,691,319

)

-

(2,691,319

)

(2,691,319

)

Repayments of debt (including members' capital classified as a liability)

2,125,248

-

2,125,248

2,125,248

Drawings on account and distributions of profit

-

(12,325,091

)

(12,325,091

)

(12,325,091

)

Amount due to members

(2,691,319

)

7,589,499

4,898,180

Amount due from members

-

-

-

Balance at 31 March 2025

(2,691,319

)

7,589,499

4,898,180

5,023,180

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 February 2023

125,000

-

125,000

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

-

-

-

Profit for the financial year available for discretionary division among members

-

11,918,642

11,918,642

Members' interests after profit for the year

125,000

11,918,642

12,043,642

Other divisions of profit

-

(11,918,642

)

(11,918,642

)

Introduced by members

-

-

-

Repayments of debt (including members' capital classified as a liability)

-

-

-

Drawings on account and distributions of profit

-

-

-

Balance at 31 March 2024

125,000

-

125,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Members'

capital

(classified

Other

as debt)

amounts

Total

Total

£

£

£

£

Amount due to members

(1,864,949

)

7,288,621

5,423,672

Amount due from members

-

-

-

Balance at 1 February 2023

(1,864,949

)

7,288,621

5,423,672

5,548,672

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

-

1,596,909

1,596,909

1,596,909

Profit for the financial year available for discretionary division among members

-

-

-

11,918,642

Members' interests after profit for the year

(1,864,949

)

8,885,530

7,020,581

19,064,223

Other divisions of profit

-

11,918,642

11,918,642

-

Introduced by members

(2,125,247

)

847,330

(1,277,917

)

(1,277,917

)

Repayments of debt (including members' capital classified as a liability)

1,864,948

-

1,864,948

1,864,948

Drawings on account and distributions of profit

-

(10,439,779

)

(10,439,779

)

(10,439,779

)

Amount due to members

(2,125,248

)

11,211,723

9,086,475

Amount due from members

-

-

-

Balance at 31 March 2024

(2,125,248

)

11,211,723

9,086,475

9,211,475

Cash flows from operating activities

Cash generated from operations

2

11,762,740

12,587,499

Net cash from operating activities

11,762,740

12,587,499

Cash flows from investing activities

Purchase of tangible fixed assets

(136,823

)

(296,957

)

Interest received

97,280

118,126

Net cash from investing activities

(39,543

)

(178,831

)

Cash flows from financing activities

Transactions with members and

former members

Repayment of debt to members

(2,125,348

)

(1,864,947

)

Capital introduced

-

847,330

Payments to former members

-

(66,535

)

Payments to members

(8,549,369

)

(8,574,831

)

Interest paid

(2,868,159

)

(158,126

)

Net cash from financing activities

(13,542,876

)

(9,817,109

)

(Decrease)/increase in cash and cash equivalents

(1,819,679

)

2,591,559

Cash and cash equivalents at beginning of year

3

7,777,436

5,185,877

Cash and cash equivalents at end of year

3

5,957,757

7,777,436

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

The LLP classifies cash flows relating to members’ share of profits in the Statement of Cash Flows in accordance with FRS 102 Section 7 and based on the substance of the members’ entitlements under the LLP agreement.

Amounts paid to members which are treated as an expense in arriving at operating profit (including profit shares attributable to salaried members) are classified as cash flows from operating activities.

Amounts paid to members which represent a distribution of profits to equity members and are not recognised as an expense in arriving at operating profit are classified as cash flows from financing activities.

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

Period

1.2.23

Year Ended

to

31.3.25

31.3.24

£

£

Profit for the financial year available for discretionary division among members

8,056,330

11,918,642

Members' remuneration charged as an expense

1,143,459

1,596,909

-

66,535

Depreciation charges

134,980

122,014

Loss on disposal of fixed assets

-

2,311

Finance costs

154,793

114,754

Finance income

(97,280

)

(118,126

)

9,392,282

13,703,039

Increase in trade and other debtors

(1,392,775

)

(153,919

)

Increase/(decrease) in trade and other creditors

3,763,233

(961,621

)

Cash generated from operations

11,762,740

12,587,499

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

5,957,757

7,777,436

Period ended 31 March 2024

31.3.24

1.2.23

£

£

Cash and cash equivalents

7,777,436

5,185,877

4.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

7,777,436

(1,819,679

)

5,957,757

7,777,436

(1,819,679

)

5,957,757

Net funds (before

members' debt)

7,777,436

(1,819,679

)

-

5,957,757

Loans and other debts

due to members

Members' capital

2,125,248

566,071

-

2,691,319

Other amounts

due to members

(10,714,801

)

12,325,091

(9,199,789

)

(7,589,499

)

Net (debt)/funds

(812,117

)

11,071,483

(9,199,789

)

1,059,577

1.	STATUTORY INFORMATION

Marl Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention.

Turnover

Turnover represents the invoiced value agreed with clients on transactions that have been signed or closed during the year. Turnover also includes accrued income which relates to deals that either completed by the year end but invoiced in the current year, or deals that haven't completed by work has been done in accordance with the engagement letter.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold Improvements 33% Straight Line

Computer Equipment 33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

The limited liability partnership only has basic financial instruments measured at amortised cost, with no financial instruments classified as 'other' or basic instruments measured at fair value.

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.

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 through 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.

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.