Company registration number 12095661 (England and Wales)
LONGFIELD INVESTMENT PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
LONGFIELD INVESTMENT PARTNERS LIMITED
COMPANY INFORMATION
Directors
W MacLeod
S Todd
A Grant
Secretary
A Grant
Company number
12095661
Registered office
73 Cornhill
London
United Kingdom
EC3V 3QQ
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
LONGFIELD INVESTMENT PARTNERS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
5 - 6
Independent auditor's report
2 - 4
Statement of comprehensive income
7
Balance sheet
9
Statement of changes in equity
8
Statement of cash flows
10
Notes to the financial statements
11 - 22
LONGFIELD INVESTMENT PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Review of the business

The company made a profit after tax of £128,003 (2024: £107,140) for the year and turnover was £376,656 (2024: £337,782). Assets under management increased by 3% (2024: 6%) over the period.

The company derives revenue from management fees based upon the value of assets under management. The company also invests its surplus capital in various interest-bearing accounts.

The company’s profitability tends to be variable in nature and is closely aligned to the performance of the company’s investment strategy of investing in a diversified portfolio of global equities.

The company has prepared forecasts for the period to the December 2025 which indicate that the firm will remain profitable depending upon the global equites markets that it invests in.

The company is optimistic about the investment climate, and the prospect of additional investor interest and continues to actively pursue opportunities to develop its client base.

The main risk factor facing the company is the exposure to the global equities market. The company mitigates this risk by actively managing the equity portfolio under management.

Promoting the success of the company

Section 172 of the Companies Act 2006 requires the directors to take into consideration the interest of its stakeholders in their decision making and their statement should be read in conjunction with the Strategic Report in its entirety.

The directors continue to have regard to the interests of the company’s stakeholders including the impact of its activities on the community and the environment in which it operates, when making decisions. The directors act in good faith and fairly between the company’s members and considers the steps that are most likely to promote the success of the company in the long term for its members. The directors continue to strive to maintain the company’s reputation for high standards of business conduct.

The company has long-established channels of communication within the organisation and we continue to embrace diversity within our business. Our principal stakeholders including our shareholders, clients and suppliers are engaged on a regular basis.

The results for the year are set out on page 7.

On behalf of the board

W MacLeod
Director
17 October 2025
LONGFIELD INVESTMENT PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LONGFIELD INVESTMENT PARTNERS LIMITED
- 2 -
Opinion

We have audited the financial statements of Longfield Investment Partners Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 30 June 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.

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 company 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 directors' 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 company'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 directors 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 directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

LONGFIELD INVESTMENT PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LONGFIELD INVESTMENT PARTNERS LIMITED (CONTINUED)
- 3 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

The extent to which the audit was considered capable of detecting irregularities including fraud

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:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

- Enquiring of management of whether they are aware of any non-compliance with laws and regulations.

- Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.

- Enquiring of management their internal controls established to mitigate risk related to fraud or
  non-compliance with laws and regulations.

- Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in posting of unusual journals.

- Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, Tax legislation, Employment Law and FCA regulation.

LONGFIELD INVESTMENT PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LONGFIELD INVESTMENT PARTNERS LIMITED (CONTINUED)
- 4 -

Audit response to risks identified

Fraud due to management override

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships.

- Audited the risk of management override of controls, including through testing journal entries for
  appropriateness.

- Investigated the rationale behind significant or unusual transactions.

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation.

- Enquiring of management as to actual and potential litigation claims.

- Reviewed correspondence with FCA and tested compliance with regulations.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the director.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company'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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rowan Lindsay (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP, Statutory Auditor
Accountants
73 Cornhill
London
EC3V 3QQ
17 October 2025
LONGFIELD INVESTMENT PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of managing a long only global equity portfolio for investors for an advisory fee based on AUM with no performance fee. The company is authorised by the Financial Conduct Authority (FCA) in the UK.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

W MacLeod
S Todd
A Grant
Auditor

The auditor, Gerald Edelman LLP, was deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

LONGFIELD INVESTMENT PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
Directors' Indemnities

The company maintains insurance cover with respect to directors' and officers' liabilities.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The net assets at year end 30 June 202 5 are £368,260 (202 4: £240,257).

On behalf of the board
W MacLeod
A Grant
Director
Director
17 October 2025
LONGFIELD INVESTMENT PARTNERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
Year
Period
ended
ended
30 June
30 June
2025
2024
Notes
£
£
Turnover
3
376,656
337,782
Cost of sales
(53,309)
(50,601)
Gross profit
323,347
287,181
Administrative expenses
(142,375)
(164,352)
Operating profit
4
180,972
122,829
Interest receivable and similar income
8
74
525
Interest payable and similar expenses
9
(1)
(38)
Fair value gain/(loss) on listed investments
10
(5,655)
7,994
Profit before taxation
175,390
131,310
Tax on profit
11
(47,387)
(24,170)
Profit for the financial year
128,003
107,140

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LONGFIELD INVESTMENT PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2023
327
188,801
(56,011)
133,117
Period ended 30 June 2024:
Profit and total comprehensive income
-
-
107,140
107,140
Balance at 30 June 2024
327
188,801
51,129
240,257
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
128,003
128,003
Balance at 30 June 2025
327
188,801
179,132
368,260
LONGFIELD INVESTMENT PARTNERS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
-
0
609
Tangible assets
13
242
1,038
242
1,647
Current assets
Debtors
14
27,150
74,752
Investments
16
378,220
214,182
Cash at bank and in hand
46,206
2,977
451,576
291,911
Creditors: amounts falling due within one year
17
(76,723)
(45,232)
Net current assets
374,853
246,679
Total assets less current liabilities
375,095
248,326
Creditors: amounts falling due after more than one year
18
(6,250)
(6,250)
Provisions for liabilities
Deferred tax liability
20
585
1,819
(585)
(1,819)
Net assets
368,260
240,257
Capital and reserves
Called up share capital
21
327
327
Share premium account
188,801
188,801
Profit and loss reserves
179,132
51,129
Total equity
368,260
240,257
The financial statements were approved by the board of directors and authorised for issue on 17 October 2025 and are signed on its behalf by:
W MacLeod
A Grant
Director
Director
Company registration number 12095661 (England and Wales)
LONGFIELD INVESTMENT PARTNERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
235,516
73,392
Interest paid
(1)
(38)
Income taxes paid
(22,351)
-
0
Net cash inflow from operating activities
213,164
73,354
Investing activities
Purchase of investments
(169,693)
(115,637)
Interest received
74
525
Net cash used in investing activities
(169,619)
(115,112)
Net increase/(decrease) in cash and cash equivalents
43,545
(41,758)
Cash and cash equivalents at beginning of year
2,660
44,417
Cash and cash equivalents at end of year
46,206
2,659
Relating to:
Cash at bank and in hand
46,206
2,977
Bank overdrafts included in creditors payable within one year
-
0
(317)
LONGFIELD INVESTMENT PARTNERS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Longfield Investment Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, United Kingdom, EC3V 3QQ. The principal place of business is 25 Eccleston Place, Knightsbridge, London, SW1W 9NF.

2.1
Reporting period

The current year's financial statements cover the year to 30th June 2025. Last year the reporting period was shortened by 1 month from 31st July to 30th June, t his change in the reporting period was implemented to align the company's year-end with strategic business objectives and operational cycles. Consequently, the comparative figures presented in these financial statements are for the 1 1-month period from 1st August 202 3 to 3 0th Ju ne 202 4.

2.2
Basis of preparation

These financial statements have been prepared in accordance 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 company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.4
Turnover

Turnover reflects the advisory fees earned from managing the global equity portfolio. The advisory fees are calculated as a percentage of the AUM and are recognised on an accrual basis over the period in which the services are provided. No performance fees are charged.

LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 12 -
2.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Straight line over 5 years
LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 13 -
2.6
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:

Computers
33% Straight Line basis

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.

2.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.8
Cash and cash equivalents

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

2.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 14 -
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.

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 company 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 15 -
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 s ubsequently 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 being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

2.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2.12
Employee benefits

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

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

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

2.13
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.

LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Investment Advisory Fees
376,656
337,782
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
18,557
12,561
Jersey
358,099
325,221
376,656
337,782
2025
2024
£
£
Other revenue
Interest income
74
525
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
318
145
Depreciation of tangible fixed assets
795
1,439
Amortisation of intangible assets
609
1,420
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
11,000
For other services
All other non-audit services
8,500
5,685
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
1
2
LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
46,250
33,516
Social security costs
5,539
1,239
51,789
34,755

The directors are key management personnel of the company and the remuneration includes all compensation and benefits.

7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
46,250
33,516
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
74
525
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Other interest
1
38
10
Fair value gains/(losses) on listed investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(5,655)
7,994
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
48,621
22,351
LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
11
Taxation
2025
2024
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
(1,234)
1,819
Total tax charge
47,387
24,170

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
175,390
131,310
Expected tax charge based on the standard rate of corporation tax in the UK of 24.60% (2024: 22.96%)
43,146
30,149
Tax effect of expenses that are not deductible in determining taxable profit
4,045
2,918
Tax effect of utilisation of tax losses not previously recognised
-
0
(9,228)
Depreciation on assets not qualifying for tax allowances
196
331
Taxation charge for the year
47,387
24,170
12
Intangible fixed assets
Software
£
Cost
At 1 July 2024 and 30 June 2025
7,760
Amortisation and impairment
At 1 July 2024
7,151
Amortisation charged for the year
609
At 30 June 2025
7,760
Carrying amount
At 30 June 2025
-
0
At 30 June 2024
609
LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
13
Tangible fixed assets
Computers
£
Cost
At 1 July 2024 and 30 June 2025
7,549
Depreciation and impairment
At 1 July 2024
6,511
Depreciation charged in the year
795
At 30 June 2025
7,307
Carrying amount
At 30 June 2025
242
At 30 June 2024
1,038
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
31,180
Unpaid share capital
117
117
Other debtors
6,267
21,684
Prepayments and accrued income
20,766
21,771
27,150
74,752
15
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Measured at cash value
123
46,272
Measured at fair value
378,220
214,182
Carrying amount of financial liabilities
Measured at cash value
34,352
27,115

Financial assets measured at cash value include debtors. Financial assets measured at fair value compromise of listed investments. Financial liabilities measured at cash value include trade and other payables.

16
Current asset investments
2025
2024
£
£
Listed investments
378,220
214,182
LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
19
-
0
317
Trade creditors
7,403
384
Corporation tax
48,621
22,351
Other taxation and social security
-
0
2,016
Other creditors
5,998
5,964
Accruals and deferred income
14,701
14,200
76,723
45,232
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
19
6,250
6,250
19
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
-
0
317
Loans from related parties
6,250
6,250
6,250
6,567
Payable within one year
-
0
317
Payable after one year
6,250
6,250

There are no terms as to interest or repayment of this amount.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Revaluations
585
1,819
LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
20
Deferred taxation
(Continued)
- 21 -
2025
Movements in the year:
£
Liability at 1 July 2024
1,819
Credit to profit or loss
(1,234)
Liability at 30 June 2025
585
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary A Shares of 1p each
22,903
22,903
229
229
Ordinary B Shares of 1p each
9,814
9,814
98
98
32,717
32,717
327
327
22
Related party transactions

Included within turnover is revenue derived from services provided to a director and his family.

23
Directors' transactions

Included in creditors is the sum of £5,763 (2024 - £5,763) due to W MacLeod, a director of the company.

There are no terms as to interest or repayment of this amount.

24
Ultimate controlling party

The directors regard W MacLeod as the ultimate controlling party of the company.

25
Analysis of changes in net funds/(debt)
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
2,977
43,229
46,206
Bank overdrafts
(317)
317
-
0
2,660
43,546
46,206
Borrowings excluding overdrafts
(6,250)
-
(6,250)
(3,590)
43,546
39,956
LONGFIELD INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
26
Cash generated from operations
2025
2024
£
£
Profit after taxation
128,003
107,140
Adjustments for:
Taxation charged
47,387
24,170
Finance costs
1
38
Investment income
(74)
(525)
Amortisation and impairment of intangible assets
609
1,420
Depreciation and impairment of tangible fixed assets
795
1,439
Other gains and losses
5,655
(7,994)
Movements in working capital:
Decrease/(increase) in debtors
47,602
(37,582)
Increase/(decrease) in creditors
5,538
(14,714)
Cash generated from operations
235,516
73,392
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