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Registered number: 09455491 LONGEVITY PARTNERS LIMITED AUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LONGEVITY PARTNERS LIMITED COMPANY INFORMATION
Directors | Mr R Baumann
| Mr E J Cadestin
| Mr C L Lavidas (appointed 24 October 2024)
| Mr J C A F Napoleon Bonaparte (appointed 24 October 2024)
| Ms R Shroff (appointed 24 October 2024, resigned 23 February 2026)
| Mr C Steinbaugh (appointed 24 October 2024)
| Mr J Woyton (appointed 24 October 2024)
| Mr M S Youtsos (appointed 23 June 2025)
| The Hon. W W Astor (resigned 24 October 2024)
| Mr J S Aumonier (resigned 24 October 2024)
| Ms J S Francisco (appointed 22 October 2025)
| Mr S Kolluri (appointed 23 February 2026)
Company secretary | TMF Corporate Administration Services Limited
Registered number | 09455491
Registered office | C/O Tmf Group 13th Floor
| One Angel Court
| London
| United Kingdom
| EC2R 7HJ
Independent auditors | Wellden Turnbull Limited
| Chartered Accountants & Statutory Auditors
| Albany House
| Claremont Lane
| Esher
| Surrey
| KT10 9FQ
LONGEVITY PARTNERS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10
Company Balance Sheet | 11
Consolidated Statement of Changes in Equity | 12
Company Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14
Consolidated Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 33
LONGEVITY PARTNERS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The Directors present their Strategic Report for Longevity Partners Limited ("the Company") and its subsidiary undertakings (collectively "the Group") for the year ended 31 December 2024.
Business review
The revenue trajectory in 2024 reflected challenging market conditions. While year-on-year turnover declined by £2.7m, operating loss increased by only £0.6m, reflecting the significant actions undertaken to align the Group’s cost base with market outlook. These actions have continued into 2025. Ownership and governance In November 2024, Leon Capital and Nuveen Private Equity Impact completed their majority investment in Longevity Partners. Upon completion, the new ownership group undertook a comprehensive review of the business and initiated a programme of value creation measures to implement, including significant investments to further professionalize the business, upgrade the quality of the management team, accelerate its geographical expansion, broaden its service offering, and further utilize technology through digital and AI tools. A new non-executive chairman (John Woyton) was appointed in November 2024, and a new Chief Executive Officer (Jessica Francisco) was appointed in September 2025, replacing the founder (Etienne Cadestin), who remains on the board. Leadership renewal A significant investment was made during 2025 in strengthening the senior leadership team. Since March 2025, the Group has hired a new Chief Executive Officer, a new Chief Financial Officer, a new Chief Growth Officer, a new Managing Director for the US, a new Managing Director for France, a new Managing Director for Germany, a new Director for the Nordics, a new Director for the US Longevity Power division, and a new Chief Digital Officer. Collectively, these appointments represent a material upgrade in commercial and operational leadership across all key geographies. These senior hires are still ramping into their mandates and their revenue impact is expected to materialise from 2026 onwards. Operational improvements In addition to the leadership changes and cost discipline described above, the Group made material progress in several operational areas during 2025, with significant improvements in staff utilization, project profitability, and qualify of client deliverables.Quality assurance processes were strengthened with the Group now having achieved ISO-9001 certification. Outlook The directors are confident in the prospects for the Group. The contracted backlog entering 2026 was approximately double that entering 2025, providing significantly improved revenue visibility. Market conditions in commercial real estate are improving: transaction volumes are recovering, multifamily and industrial sectors remain resilient, and regulatory drivers (including mandatory ESG disclosure and energy performance requirements) continue to underpin demand for the Group’s services. With the appointment of a new CEO and the organisational, digital, and commercial foundations now in place, the directors believe the Group is well positioned to deliver sustained profitable growth. Financial performance The Group delivered management reported turnover growth of 2.4% for the year ended 31 December 2025. This was achieved despite the challenging market conditions that persisted through 2025. Revenue in the second half of 2025 was £6.2m, representing a 34% increase compared with £4.6m in the second half of 2024, demonstrating the positive impact of the leadership changes and operational improvements implemented during the year. The Group undertook significant restructuring activity during 2025, including changes to the senior leadership team, strategic recruitments across multiple geographies, and one-off property and operational charges. These items are non-recurring in nature and are excluded from normalised EBITDA to provide a clearer view of underlying trading performance. On a normalised basis, the Group's EBITDA margin in the second half of 2025 was +9% (H2 2024: +12%), a significant improvement in the profitability trajectory of the business. Page 1
LONGEVITY PARTNERS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
Key risks to the business relate to the appetite for advisory spend by clients in the property sector. This risk is mitigated by the strength of relationships with key clients, which provide information on, and a degree of protection against, cyclical changes in appetite. Given its size, the group also has to manage a degree of key person dependency. This risk is mitigated by key staff being formally incentivised to deliver medium to long term business growth.
Financial key performance indicators
The Group’s main Financial KPI’s are Contracted Sales, Gross Revenue/Billings, EBITDA, Cashflow and Staff Utilisation. EBITDA is tracked against plans and prior year and is reviewed by management and the Board on a monthly basis. All other KPI’s are published weekly against plans and prior year, and discussed with the Board on a monthly basis.
Other key performance indicators
The Group’s main Non-Financial KPI’s relate to client opinions of work completed, and are published and reviewed on a quarterly basis. This report was approved by the board and signed on its behalf.
Mr M S Youtsos Directors
Date: 14 April 2026
Page 2
LONGEVITY PARTNERS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Group's financial statements 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the Company and Group is the provision of consulting services.
Results and dividends
The loss for the year, after taxation, amounted to £5,474,000 (2023 - loss £4,686,000). No dividends were declared or paid in the current and prior period.
Directors
The Directors who served during the year were:
Mr R Baumann
Mr E J Cadestin
Mr C L Lavidas (appointed 24 October 2024)
Mr J C A F Napoleon Bonaparte (appointed 24 October 2024)
Ms R Shroff (appointed 24 October 2024, resigned 23 February 2026)
Mr C Steinbaugh (appointed 24 October 2024)
Mr J Woyton (appointed 24 October 2024)
The Hon. W W Astor (resigned 24 October 2024)
Mr J S Aumonier (resigned 24 October 2024)
Qualifying third-party indemnity provisions
An insurance policy is in place which covers Directors and Officers claims. Page 3
LONGEVITY PARTNERS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Directors is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the Directors has taken all the steps that ought to have been taken as a Directors in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
Refer to note 26 for details of post balance sheet events.
Auditors
The auditors, Wellden Turnbull Limited, were appointed in the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr M S Youtsos Directors
Date: 14 April 2026
Page 4
LONGEVITY PARTNERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGEVITY PARTNERS LIMITED
Opinion
We have audited the financial statements of Longevity Partners Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 Group's or the Parent 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. Page 5
LONGEVITY PARTNERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGEVITY PARTNERS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company 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' Responsibilities Statement set out on page 3, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
LONGEVITY PARTNERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGEVITY PARTNERS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company's operations and reputation. The Companies Act 2006, employee legislation, UK company tax law and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance as to actual and potential litigation and claims; ∙Enquiry of management and those charged with governance as to identify any instances of non-compliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws, regulations and accounting standards; ∙Reviewing, including assessing the reasonableness of any assumptions, the valuation of fixed asset investments and intercompany receivables for indicators of impairment; ∙Assessing the reasonableness of revenue recognised in the period based on underlying contractual terms and obligations and the requirements of accounting standards, ensuring that sales are recorded in the correct period; and ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business , and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditors' Report. Page 7
LONGEVITY PARTNERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGEVITY PARTNERS LIMITED (CONTINUED)
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 Auditors' 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. Thomas Clark ACA (Senior Statutory Auditor) for and on behalf of Wellden Turnbull Limited Chartered Accountants Statutory Auditors Albany House Claremont Lane Esher Surrey KT10 9FQ Date: 14 April 2026 Page 8
LONGEVITY PARTNERS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £000 | £000
Turnover | 4 | 10,888 | 13,590
Cost of sales |  | (751) | (800)
Gross profit |  | 10,137 | 12,790
Administrative expenses |  | (14,551) | (16,575)
Operating loss | 5 | (4,414) | (3,785)
Interest payable and similar expenses | 9 | (1,054) | (769)
Loss before taxation |  | (5,468) | (4,554)
Tax on loss | 10 | (6) | (132)
Loss for the financial year |  | (5,474) | (4,686)
Exchange differences on translation of foreign subsidiaries |  | (64) | -
Total comprehensive loss for the year |  | (5,538) | (4,686)
Loss for the year attributable to: |  |  |
Owners of the parent Company |  | (5,474) | (4,686)
|  | (5,474) | (4,686)
There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
The notes on pages 16 to 33 form part of these financial statements.
Page 9
LONGEVITY PARTNERS LIMITED REGISTERED NUMBER: 09455491 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 630 |  | -
Tangible assets | 12 |  | 118 |  | 223
|  |  | 748 |  | 223
Current assets |  |  |  |  |
Stocks | 14 | - |  | 8 |
Debtors: amounts falling due within one year | 15 | 4,532 |  | 4,192 |
Cash at bank and in hand | 16 | 1,163 |  | 946 |
|  | 5,695 |  | 5,146 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (4,649) |  | (10,464) |
Net current assets/(liabilities) |  |  | 1,046 |  | (5,318)
Total assets less current liabilities |  |  | 1,794 |  | (5,095)
Creditors: amounts falling due after more than one year | 18 |  | (11,000) |  | -
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 | (23) |  | (23) |
|  |  | (23) |  | (23)
Net liabilities |  |  | (9,229) |  | (5,118)
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 1,427 |  | -
Foreign exchange reserve | 22 |  | (64) |  | -
Profit and loss account | 22 |  | (10,592) |  | (5,118)
Equity attributable to owners of the parent Company |  |  | (9,229) |  | (5,118)
|  |  | (9,229) |  | (5,118)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr M S Youtsos
Directors
Date: 14 April 2026
The notes on pages 16 to 33 form part of these financial statements. Page 10
LONGEVITY PARTNERS LIMITED REGISTERED NUMBER: 09455491 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible fixed assets | 11 |  | 630 |  | -
Tangible assets | 12 |  | 55 |  | 137
Investments | 13 |  | 319 |  | 200
|  |  | 1,004 |  | 337
Current assets |  |  |  |  |
Stocks | 14 | - |  | 8 |
Debtors: amounts falling due within one year | 15 | 2,257 |  | 6,301 |
Cash at bank and in hand | 16 | 687 |  | 187 |
|  | 2,944 |  | 6,496 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (2,499) |  | (8,952) |
Net current assets/(liabilities) |  |  | 445 |  | (2,456)
Total assets less current liabilities |  |  | 1,449 |  | (2,119)
Creditors: amounts falling due after more than one year | 18 |  | (11,000) |  | -
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 | (23) |  | (23) |
|  |  | (23) |  | (23)
Net liabilities |  |  | (9,574) |  | (2,142)
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 1,427 |  | -
Profit and loss account brought forward | 22 | (2,142) |  | 280 |
Loss for the year | 22 | (8,859) |  | (2,422) |
Profit and loss account carried forward | 22 |  | (11,001) |  | (2,142)
|  |  | (9,574) |  | (2,142)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr M S Youtsos
Directors
Date: 14 April 2026
The notes on pages 16 to 33 form part of these financial statements. Page 11
LONGEVITY PARTNERS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Foreign exchange reserve | Profit and loss account | Total equity
| £000 | £000 | £000 | £000
At 1 January 2023 | - | - | (432) | (432)
Comprehensive loss for the year |  |  |  |
Loss for the year | - | - | (4,686) | (4,686)
Total comprehensive loss for the year | - | - | (4,686) | (4,686)
At 1 January 2024 | - | - | (5,118) | (5,118)
Comprehensive loss for the year |  |  |  |
Loss for the year | - | - | (5,474) | (5,474)
Exchange differences on translation of foreign subsidiaries | - | (64) | - | (64)
Total comprehensive loss for the year | - | (64) | (5,474) | (5,538)
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 1,427 | - | - | 1,427
At 31 December 2024 | 1,427 | (64) | (10,592) | (9,229)
| The notes on pages 16 to 33 form part of these financial statements.
Page 12
LONGEVITY PARTNERS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 January 2023 | - | 280 | 280
Comprehensive loss for the year |  |  |
Loss for the year | - | (2,422) | (2,422)
At 1 January 2024 | - | (2,142) | (2,142)
Comprehensive loss for the year |  |  |
Loss for the year | - | (8,859) | (8,859)
Shares issued during the year | 1,427 | - | 1,427
At 31 December 2024 | 1,427 | (11,001) | (9,574)
| The notes on pages 16 to 33 form part of these financial statements.
Page 13
LONGEVITY PARTNERS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £000 | £000
Cash flows from operating activities |  |
Loss for the financial year | (5,474) | (4,686)
Adjustments for: |  |
Amortisation of intangible assets | 137 | -
Depreciation of tangible assets | 111 | 90
Loss on disposal of tangible assets | (3) | -
Interest paid | 1,054 | 769
Taxation charge | 6 | -
Decrease in stocks | 8 | -
Increase in debtors | (199) | (429)
Increase in creditors | 3,301 | 805
Foreign exchange | (64) | -
Net cash generated from operating activities | (1,123) | (3,451)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (767) | -
Purchase of tangible fixed assets | (9) | (105)
Net cash from investing activities | (776) | (105)
Cash flows from financing activities |  |
Issue of ordinary shares | 1,427 | -
New shareholder loans including interest | - | 3,568
Repayment of shareholder loans including accrued interest | (10,311) | -
Issue of preference shares presented as debt | 11,000 | -
Net cash used in financing activities | 2,116 | 3,568
Net increase in cash and cash equivalents | 217 | 12
Cash and cash equivalents at beginning of year | 946 | 934
Cash and cash equivalents at the end of year | 1,163 | 946
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,163 | 946
| 1,163 | 946
The notes on pages 16 to 33 form part of these financial statements.
Page 14
LONGEVITY PARTNERS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | Non-cash changes | At 31 December 2024
| £000 | £000 | £000 | £000
Cash at bank and in hand | 946 | 217 | - | 1,163
Debt due after 1 year | - | (11,000) | - | (11,000)
Debt due within 1 year | (7,708) | 10,311 | (2,603) | -
| (6,762) | (472) | (2,603) | (9,837)
The notes on pages 16 to 33 form part of these financial statements.
Page 15
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Longevity Partners Limited is a private company, limited by shares and incorporated in England and Wales, registration number 09455491. The registered office address is C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. These financial statements are rounded to the nearest £'000 unless otherwise stated. The following principal accounting policies have been applied:
| 2.2 | Compliance with Accounting Standards
The financial statements have been prepared using FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland. There were no material departures from that standard.
| 2.3 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 16
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Going concern
These financial statements have been prepared on a going concern basis which contemplates the realisation of assets and settlement of liabilities in the ordinary course of business. The Group has net liabilities of £9,229,000 (2023: net liabilities £5,118,000) and net current assets of £1,046,000 (2023: net current liabilities of £5,318,000) at the reporting date. The business plan for the current year has been reviewed and there are sufficient funds available to pay the company's fixed overheads for the foreseeable future. The business plan for the current year has been reviewed. Taking account of any likely delays caused by pipeline delivery this year, the directors are satisfied at the reporting date that the company has sufficient cash reserves and short-term loan facility with its related undertaking, Longa LP, to operate its normal course of business for the foreseeable future. Longa LP has provided a letter of support confirming its intent to provide financial support if required. Following the financial losses in 2024, management have taken further measures in 2025 to improve performance of the Group by implementing cost savings to drive profitability. Pricing has also been reviewed in the year and management of the pipeline of work is driving higher utilisation rates in the client delivery team. Metrics are being closely monitored by management on a weekly basis, and by the Board each month, to ensure that financial performance is in line with the business plan, and that liabilities can be met without the need for funding beyond that available from Longa LP. On this basis, the Directors are satisfied that the Company and Group can meet its liabilities as they fall due and the financial statements should be prepared on a going concern basis.
| 2.5 | Foreign currency translation
Functional and presentation currency The Company'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. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.6 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. Page 17
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 18
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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 | - | 33% | straight line
|  |  |  | Computer equipment | - | 33% | straight line
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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 19
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | 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.
| 2.16 | 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. Page 20
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements. Page 21
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
The whole of the turnover is attributable to the Group's principal activity. Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| United Kingdom | 1,191 | 1,894
| Rest of Europe | 6,315 | 4,776
| Rest of the world | 3,382 | 6,920
|  | 10,888 | 13,590
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Operating lease rentals | 1,017 | 674
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 59 | 110
| Fees payable to the Company's auditors for the provision of non-audit services | 3 | 10
Page 22
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Wages and salaries | 7,978 | 9,650 | 3,261 | 3,685
| Social security costs | 1,309 | 1,438 | 362 | 410
| Cost of defined contribution scheme | 443 | 606 | 203 | 222
|  | 9,730 | 11,694 | 3,826 | 4,317
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Directors | 3 | 3 | 1 | 1
|  | Other staff | 152 | 173 | 65 | 70
|  |  | 155 | 176 | 66 | 71
8. | Directors' remuneration
| Only one Director was remunerated in the year (2023 - 1).
| The highest paid Director received remuneration of £391,000 (2023 - £496,000).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £20,000 (2023 - £18,000).
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Other loan interest payable | 1,054 | 769
Page 23
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 10 | -
|  | 10 | -
| Foreign tax |  |
| Foreign tax on income for the year | (4) | 132
| Total current tax | 6 | 132
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Loss on ordinary activities before tax | (5,468) | (4,554)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | (1,367) | (1,070)
| Effects of: |  |
| Expenses not deductible for tax purposes | 9 | 2
| Utilised tax losses carried forward | 1,023 | 611
| Deferred tax not recognised | 341 | 589
| Total tax charge for the year | 6 | 132
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 24
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Intangible assets
| Group and Company
|  | Computer software
|  | £000
| Cost |
| At 1 January 2024 | -
| Additions | 767
| At 31 December 2024 | 767
| Amortisation |
| At 1 January 2024 | -
| Charge for the year on financed assets | 137
| At 31 December 2024 | 137
| Net book value |
| At 31 December 2024 | 630
| At 31 December 2023 | -
Page 25
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tangible fixed assets
| Group
|  | Fixtures and fittings | Computer equipment | Total
|  | £000 | £000 | £000
| Cost or valuation |  |  |
| At 1 January 2024 | 195 | 367 | 562
| Additions | - | 9 | 9
| Disposals | (4) | - | (4)
| At 31 December 2024 | 191 | 376 | 567
| Depreciation |  |  |
| At 1 January 2024 | 96 | 243 | 339
| Charge for the year on owned assets | 33 | 78 | 111
| Disposals | (1) | - | (1)
| At 31 December 2024 | 128 | 321 | 449
| Net book value |  |  |
| At 31 December 2024 | 63 | 55 | 118
| At 31 December 2023 | 99 | 124 | 223
Page 26
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12.Tangible fixed assets (continued)
| Company
|  | Fixtures and fittings | Computer equipment | Total
|  | £000 | £000 | £000
| Cost or valuation |  |  |
| At 1 January 2024 | 135 | 277 | 412
| Additions | - | 1 | 1
| Disposals | (4) | - | (4)
| At 31 December 2024 | 131 | 278 | 409
| Depreciation |  |  |
| At 1 January 2024 | 81 | 194 | 275
| Charge for the year on owned assets | 24 | 56 | 80
| Disposals | (1) | - | (1)
| At 31 December 2024 | 104 | 250 | 354
| Net book value |  |  |
| At 31 December 2024 | 27 | 28 | 55
| At 31 December 2023 | 54 | 83 | 137
Page 27
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 January 2024 | 200
| Additions | 119
| At 31 December 2024 | 319
| Subsidiary undertakings
| The Group owns 100% of the issued share capital of the companies listed below. All entities meet the definition of a subsidiary. During the year the Company invested, via debt for equity conversion, a further £119,000 into Longevity Partners SRL, the Company's subsidiary undertaking incorporated in Italy. The Company's subsidiary, Longevity Power Limited (registered number: 13148939), has taken exemption from the requirement to have an audit of its financial statements for the year ended 31 December 2024 under section 479A of the Companies Act 2006. The Company has provided a guarantee in respect of the liabilities of this entity.
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Longevity Power Ltd | C/O Tmf Group 13th Floor, One Angel Court, London, United Kingdom, EC2R 7HJ | Ordinary | 100%
| Longevity Partners B.V. | Hekelveld 8, 1012 SN Amsterdam, The Netherlands | Ordinary | 100%
| Longevity Partners SAS | 34 Avenue de l'Opéra, 75002 Paris, France | Ordinary | 100%
| Longevity Partners GmbH | Herzogspitalstraße 24, 80331 München, Bavaria, Germany | Ordinary | 100%
| Longevity Partners Inc | 823 Congress Ave #205, Austin, TX 78701, USA | Ordinary | 100%
| Longevity Partners KK | 2-2-1 Marunouchi Chiyoda-ku Tokyo 100-0005, Japan | Ordinary | 100%
| Longevity Partners SRL | Via San Damiano 9, 20122 Milan, Italy | Ordinary | 100%
| Longevity Partners Italy Ltd | C/O Tmf Group 13th Floor, One Angel Court, London, United Kingdom, EC2R 7HJ | Ordinary | 100%
Page 28
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Stocks
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Finished goods | - | 8 | - | 8
| The carrying value of stocks are stated net of impairment losses totalling £8,000 (2023 - £NIL). Impairment losses totalling £8,000 (2023 - £NIL) were recognised in the consolidated statement of comprehensive income.
15. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Due within one year |  |  |  |
| Trade debtors | 2,678 | 3,097 | 1,055 | 1,255
| Amounts owed by group undertakings | - | - | 727 | 4,581
| Other debtors | 779 | 333 | 81 | 159
| Prepayments and accrued income | 1,075 | 762 | 394 | 306
|  | 4,532 | 4,192 | 2,257 | 6,301
| Included within amounts owed by group undertakings are intercompany loans of £727,000 (2023: £4,581,000) which attract interest ranging from 2% - 8% per annum and are repayable on demand. During the year, the Directors assessed the recoverable value of amounts owed by group undertakings and recorded an impairment provision of £6,214,000 (2023: £NIL). The Directors will undertake an annual review of the recoverability of these amounts and if circumstances change, reverse the impairment provision recorded.
16. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Cash at bank and in hand | 1,163 | 946 | 687 | 187
Page 29
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Trade creditors | 469 | 469 | 329 | 346
| Amounts owed to group undertakings | - | 7,708 | 170 | 7,920
| Corporation tax | - | 110 | - | 5
| Other taxation and social security | 641 | 889 | 145 | 193
| Other creditors | 1,027 | 120 | 586 | 160
| Accruals and deferred income | 2,512 | 1,168 | 1,269 | 328
|  | 4,649 | 10,464 | 2,499 | 8,952
| Group Amounts owed to group undertakings comprises an interest bearing loan owed to the previous parent undertaking which was repaid in full in the year. Company Amounts owed to group undertakings comprises the following: ∙An intercompany loan of £170,000 (2023 - £212,000) owed to one of the Company's subsidiary undertakings. The loan is repayable on demand and attracts interest at a rate of 6% per annum; and ∙An intercompany loan of £NIL (2023 - £7,708,000) owed to the previous parent undertaking which was interest bearing and repaid in full in the year.
18. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Other loans | 11,000 | - | 11,000 | -
Other loans comprise preference shares which meet the definition of a debt instrument rather than an equity instrument due to the mandatory accrual of dividends. Dividends are accrued at a rate of 15% to 20% per annum and are presented as interest. Page 30
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. | Financial instruments
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Financial assets |  |  |  |
| Financial assets measured at amortised cost | 5,695 | 5,138 | 2,944 | 6,488
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | (15,008) | (9,465) | (13,355) | (8,754)
| Financial assets measured at amortised cost comprise trade and other debtors, amounts owed by group undertakings and cash and cash equivalents.
| Financial liabilities measured at amortised cost comprise trade and other creditors, amounts owed to group undertakings and other loans.
20. | Deferred taxation
| Group and Company
|  | 2024
|  | £000
| At beginning of year | (23)
| At end of year | (23)
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Accelerated capital allowances | (23) | (23) | (23) | (23)
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LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2023 - 0) Ordinary (Class A) shares of £0.001 each | 100 | -
|  | 25,000 (2023 - 0) Ordinary (Class B) shares of £0.001 each | 25 | -
|  | 1,427,200 (2023 - 0) Preferred Ordinary shares of £1.000 each | 1,427,200 | -
|  | 0 (2023 - 100) Ordinary shares of £1.000 each | - | 100
|  |  | 1,427,325 | 100
During the year, as part of the acquisition of the Company by Longa Bidco Limited, the Ordinary shares were subdivided into 100,000 Ordinary Class A shares of £0.001 and 25,000 Ordinary Class B shares of £0.001, each at par. In addition, 1,427,200 Preferred Ordinary shares of £1 each were issued at par.
22. | Reserves
Foreign exchange reserve The foreign exchange reserve represents cumulative exchange differences arising on the translation of the financial statements of foreign subsidiaries into the presentational currency of the Group. These differences are recognised in other comprehensive income and included in the foreign exchange reserve. Profit and loss account The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
23. | Pension commitments
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Contributions totalling £25,000 (2023: £35,000) were payable to the fund at the reporting date. Page 32
LONGEVITY PARTNERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. | Commitments under operating leases
| At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £000 | £000
| Not later than 1 year | 804 | 798
| Later than 1 year and not later than 5 years | 504 | 947
|  | 1,308 | 1,745
25. | Related party transactions
| The Company is exempt under the terms of Financial Reporting Standard 102 (FRS 102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly-owned within the Group. Refer to note 8 for details of Directors remuneration. In addition to the amounts disclosed, one of the Directors received fees of £7,500 (2023 - £7,500) for management services performed to the Group. During the year, the Group was charged a fee of £105,000 (2023: £NIL) by Leon Capital LP, a related party that provides key management personnel services. At the year end £105,000 (2023: £NIL) was accrued for in respect of these services.
26. | Post balance sheet events
In May 2025, the Company issued 75,000 B Ordinary Shares at nominal value of £0.001 and 2,499,925 Preference Shares at nominal value of £1. Cash totalling £2,500,000 was received in exchange for the share issue. In November 2025, the Company issued a further 300,000 B Ordinary Shares at nominal value of £0.001 and 3,499,700 Preference Shares at nominal value of £1. Cash totalling £3,500,000 was received in exchange for the share issue.
27. | Controlling party
The Company's immediate parent undertaking is Longa Bidco Limited, a company registered in Jersey. The Company's intermediate parent undertaking is Leon Capital GP Limited as general partner of Longa LP, a limited partnership registered in Jersey. The ultimate parent and controlling party is the Teachers Insurance and Annuity Association of America, an entity incorporated in the United States of America.
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