Company No: OC431368 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Notes to the Financial Statements

DESIGNATED MEMBERS	C R Blunn
	P C Heslington
	A T Shall

REGISTERED OFFICE	1 Fore Street Avenue
	London
	EC2Y 9DT
	United Kingdom

REGISTERED NUMBER

OC431368 (England and Wales)

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	12,970		14,768
		12,970		14,768
Current assets
Debtors	5	924,953		760,205
Cash at bank and in hand	6	458,878		324,411
		1,383,831		1,084,616
Creditors: amounts falling due within one year	7	( 1,362,672)		( 1,007,014)
Net current assets		21,159		77,602
Total assets less current liabilities		34,129		92,370
Creditors: amounts falling due after more than one year	8	0		( 31,028)
Net assets attributable to members		34,129		61,342
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		186		8,143
Other amounts		3,943		23,199
		4,129		31,342
Members' other interests
Members' capital classified as equity		30,000		30,000
		30,000		30,000
		34,129		61,342
Total members' interests
Loans and other debts due to members		4,129		31,342
Members' other interests		30,000		30,000
		34,129		61,342

For the financial year ending 31 March 2025 the LLP 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Praxis Advisory LLP (registered number: OC431368) were approved and authorised for issue by the Board of Directors on 06 January 2026. They were signed on its behalf by:

C R Blunn Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Praxis Advisory LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 1 Fore Street Avenue, London, EC2Y 9DT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments 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. Amounts 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' 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. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	12		8

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

	2025		2024
	Number		Number
Average number of members during the financial year	3		3

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	31,571		31,571
Additions	7,445		7,445
At 31 March 2025	39,016		39,016
Accumulated depreciation
At 01 April 2024	16,803		16,803
Charge for the financial year	9,243		9,243
At 31 March 2025	26,046		26,046
Net book value
At 31 March 2025	12,970		12,970
At 31 March 2024	14,768		14,768

5. Debtors

	2025		2024
	£		£
Trade debtors	471,946		565,326
Other debtors	453,007		194,879
	924,953		760,205

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	458,878		324,411

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	23,533		24,989
Trade creditors	106,754		104,784
Amounts owed to associates	1,115,772		614,154
Amounts owed to connected persons	144		179
Other taxation and social security	110,926		177,227
Other creditors	5,543		85,681
	1,362,672		1,007,014

Bank loans are secured by way of a fixed and floating charge over the assets of the LLP.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	0		31,028

Bank loans are secured by way of a fixed and floating charge over the assets of the LLP.

9. Financial commitments

Pensions

The LLP operates a defined contribution pension scheme for the members and employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	3,071		2,431

10. Related party transactions

Transactions with the entity's members

	2025		2024
	£		£
Loan (from)/to a company under common control	(1,115,772)		(614,154)
Fees payable to a company under common control	733,000		713,980

The loan from a company under the control of the members is interest free, unsecured and repayable on demand.