Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 false 2 2024-04-01 the provision of investment management services 2 false true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC424625 2024-04-01 2025-03-31 OC424625 2023-04-01 2024-03-31 OC424625 2025-03-31 OC424625 2024-03-31 OC424625 c:FurnitureFittings 2024-04-01 2025-03-31 OC424625 c:FurnitureFittings 2025-03-31 OC424625 c:FurnitureFittings 2024-03-31 OC424625 c:OfficeEquipment 2024-04-01 2025-03-31 OC424625 c:OfficeEquipment 2025-03-31 OC424625 c:OfficeEquipment 2024-03-31 OC424625 c:CurrentFinancialInstruments 2025-03-31 OC424625 c:CurrentFinancialInstruments 2024-03-31 OC424625 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 OC424625 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC424625 d:FRS102 2024-04-01 2025-03-31 OC424625 d:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 OC424625 d:FullAccounts 2024-04-01 2025-03-31 OC424625 d:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC424625 d:PartnerLLP1 2024-04-01 2025-03-31 OC424625 c:OtherCapitalInstrumentsClassifiedAsEquity 2025-03-31 OC424625 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC424625 c:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 OC424625 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC424625 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Registered number: OC424625 BIRCHLANE CAPITAL LLP UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
BIRCHLANE CAPITAL LLP CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BIRCHLANE CAPITAL LLP FOR THE YEAR ENDED 31 MARCH 2025 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 Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Birchlane Capital LLP for the year ended 31 March 2025 which comprise the Statement of Financial Position and the related notes from the LLP'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 https://www.icaew.com /regulation. This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Birchlane Capital LLP and state those matters that we have agreed to state to the Birchlane Capital LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Birchlane Capital LLP and its members for our work or for this report. It is your duty to ensure that Birchlane Capital 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 result of Birchlane Capital LLP. You consider that Birchlane Capital LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Birchlane Capital 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 financial statements. Wilson Partners Ltd Windsor House, Station Court Station Road Great Shelford Cambridge CB22 5NE 9 January 2026 Page 1
BIRCHLANE CAPITAL LLP REGISTERED NUMBER: OC424625 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 10,000 |  | 48,743 |
Cash at bank and in hand | 7 | 40,925 |  | 161,224 |
|  | 50,925 |  | 209,967 |
Creditors: Amounts Falling Due Within One Year | 8 | (3,678) |  | (11,648) |
Net current assets |  |  | 47,247 |  | 198,319
Total assets less current liabilities |  |  | 47,247 |  | 198,319
Net assets |  |  | 47,247 |  | 198,319
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts | 9 |  | (218,267) |  | (67,195)
|  |  | (218,267) |  | (67,195)
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 265,514 |  | 265,514 |
|  |  | 265,514 |  | 265,514
|  |  | 47,247 |  | 198,319
Total members' interests |  |  |  |  |
Loans and other debts due to members | 9 |  | (218,267) |  | (67,195)
Members' other interests |  |  | 265,514 |  | 265,514
|  |  | 47,247 |  | 198,319
Page 2
BIRCHLANE CAPITAL LLP REGISTERED NUMBER: OC424625 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime. The entity 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. 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. The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The entity has opted not to file the income statement in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
................................................ Fajr Bouguettaya
Designated member
Date: 9 January 2026
The notes on pages 4 to 10 form part of these financial statements. Page 3
BIRCHLANE CAPITAL LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Birchlane Capital LLP (''the LLP'') is a Limited Liability Partnership incorporated in England and Wales. The address of its registered office and primary place of business is Berkeley Square House, Berkeley Square, London, W1J 6BD.. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The following principal accounting policies have been applied: 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". The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 4). The following principal accounting policies have been applied:
| 2.2 | Turnover and revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover, which is stated net of any value added tax, represents management fees and performance fees charged under an investment management agreement with Birchlane Credit Alternatives Fund, an Exempted Company incorporated in the Cayman Islands. Management fees are recognised monthly and are agreed to at the time of the subscription. Performance fees are calculated based on profits exceeding a predetermined benchmark.
| 2.3 | Taxation
No provision has been made for taxation in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP. Tax is assessed on the individual members and not on the LLP. Page 4
BIRCHLANE CAPITAL LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Going concern
The members have indicated their intention to continue in business and have undertaken to provide any funding necessary for the LLP to meet its liabilities as they fall due for the foreseeable future. Therefore, the members have continued to adopt the going concern basis in preparing these financial statements. After considering the development of the business and likely future trading conditions, the members have formed a judgment at the time of approving the financial statements, that the partnership should wind down its investment management services business. The partnership has deregistered from the FCA. It is the intention of the members to relaunch the business providing consultancy services. Considering the above, the members have reviewed the LLP's forecasts and considered the impact on going concern, concluding that the going concern basis remains an appropriate basis of preparation for these financial statements given the likely cash flows from operations 12 months from the date of signing this report.
| 2.5 | Foreign currency translation
Functional and presentation currency The LLP's functional and presentational currency is GBP. 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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. 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 except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
| 2.6 | 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. Page 5
BIRCHLANE CAPITAL LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Division and distribution of profits
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period. An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making. The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in . Profits of the LLP which are not yet divided among the members are shown under 'Other reserves' on the Statement of Financial Position, pending a discretionary decision to divide the profits. In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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:
|  |  |  | Fixtures and fittings | - | 3 years
|  |  |  | Office equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 6
BIRCHLANE CAPITAL LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Members’ capital and profit allocation
Capital contributions received from members are classified as capital where there is no fixed repayment or repayment of capital is at the discretion of the LLP. Discretionary profit allocations are recognised as a deduction from equity in the period that the allocation is approved by the LLP. Unallocated profits and losses are included within ‘other reserves’ in equity. Any drawings paid in respect of those unallocated profits are included within debtors.
| 3. | Analysis of net debt
|  |  | Balance at beginning of the period | Arising from cash flows | Balance at end of year
|  |  | £ | £ | £
| Cash at bank and in hand | 161,224 | (120,299) | 40,925
| Other amounts due to members | 67,195 | 151,072 | 218,267
| Total net debt | 228,419 | 30,773 | 259,192
4. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the LLP’s accounting policies, the members are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The members’ judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years. Page 7
BIRCHLANE CAPITAL LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 833 | 20,339 | 21,172
| At 31 March 2025 | 833 | 20,339 | 21,172
| Depreciation |  |  |
| At 1 April 2024 | 833 | 20,339 | 21,172
| At 31 March 2025 | 833 | 20,339 | 21,172
| Net book value |  |  |
| At 31 March 2025 | - | - | -
| At 31 March 2024 | - | - | -
Page 8
BIRCHLANE CAPITAL LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 10,000 | 37,331
| Prepayments and accrued income | - | 11,412
|  | 10,000 | 48,743
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 40,925 | 161,224
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,028 | 7,148
| Accruals and deferred income | 2,650 | 4,500
|  | 3,678 | 11,648
Page 9
BIRCHLANE CAPITAL LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Loans and other debts due to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other amounts due to members | (218,267) | (67,195)
|  | (218,267) | (67,195)
Loans and other debts due to members may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Falling due within one year | (218,267) | (67,195)
|  | (218,267) | (67,195)
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
10. | Controlling party
The ultimate controlling party is Fajr Bouguettaya.
Page 10