Limited Liability Partnership registration number OC337633 (England and Wales)
SODITIC ASSET MANAGEMENT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SODITIC ASSET MANAGEMENT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
SAM Holdings (UK) Ltd
J. H. S. Denham
LLP registration number
OC337633
Registered office
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Auditor
WP Audit Services LLP
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
5-10 Bolton Street
London
W1J 8BA
SODITIC ASSET MANAGEMENT LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 16
SODITIC ASSET MANAGEMENT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The Designated Members present their report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the LLP in the year under review was that of the provision of investment management and advisory services.

Financial Conduct Authority

The LLP is regulated by the Financial Conduct Authority and must therefore adhere to the rules set out by the Financial Conduct Authority. The Designated Members of the LLP have undertaken to review the LLP's procedures regularly to ensure that they are fully compliant with the rules of the Financial Conduct Authority.

Financial Instruments

During the period under review, the LLP's financial instruments comprised bank balances and various other financial instruments which have arisen directly from its operations.

Designated members

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

SAM Holdings (UK) Ltd
J. H. S. Denham

Policy on members' drawings

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. Each member is entitled to a minimum level of drawings as set out in their individual Terms of Admission to the LLP and where there are not sufficient profits available to cover these minimum drawings, the excess is treated as a loan to that partner.

A member's capital requirement is linked to their share of profit and the financing requirement of the LLP. There is no opportunity for appreciation of the capital subscribed so any repayment of capital will be repaid at "par".

Auditor

WP Audit Services LLP were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.

SODITIC ASSET MANAGEMENT LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Statement of members' responsibilities

The Designated Members are responsible for preparing the financial statements in accordance with applicable law and regulations.

Company law (as applied to limited liability partnerships by regulation 3 of the Limited Liability Partnerships Regulations 2001) requires the Designated Members to prepare financial statements for each financial year. Under that law the Designated Members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that year. In preparing those financial statements, the Designated Members are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable 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 LLP will continue in business.

The Designated Members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied to limited liability partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

- so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

- the members have taken all the steps that they o ught to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

Approved by the members on 24 April 2026 and signed on behalf by:
J.H.S. Denham
On behalf of:
SAM Holdings (UK) Ltd
Designated Member
SODITIC ASSET MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SODITIC ASSET MANAGEMENT LLP
- 3 -
Opinion

We have audited the financial statements of Soditic Asset Management LLP (the 'limited liability partnership') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the reconciliation of members' interests, 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 limited liability partnership's affairs as at 31 December 2025 and of its 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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members 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.

SODITIC ASSET MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SODITIC ASSET MANAGEMENT LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

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

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement set out on page 1 the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine 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 members are responsible for assessing the limited liability partnership’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership 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.

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

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the company, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Companies Act 2006, FRS102, and the LLP SORP.

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the company’s operations and to avoid material penalties, including FCA regulations, the General Data Protection Regulation, health and safety, and employment law.

Having reviewed the laws and regulations applicable to the LLP, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

- Selected a team with sector experience for completing the audit;

- Obtained an understanding of the laws and regulations applicable to the LLP;

- Obtained and reviewed internal policy and procedure documents;

- Made enquiries of management regarding their procedures for ensuring compliance with laws and regulations, and whether there had been any actual or suspected non-compliance;

- Obtained and reviewed meeting minutes;

- Obtained and reviewed correspondence with the regulator;

- Reviewed legal expense accounts to identify costs which may indicate possible legal or regulatory issues; and

- Reviewed the completeness and accuracy of any disclosures made in the financial statements.

SODITIC ASSET MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SODITIC ASSET MANAGEMENT LLP
- 5 -

We assessed the susceptibility of the LLP’s financial statements to material misstatement, including considering how fraud might occur. This was performed by:

- Made an assessment of the LLP’s systems and controls, including identifying any weaknesses and the risk of management override of controls;

- Assessed the susceptibility of the LLP’s financial statements to material misstatements, including how fraud could occur;

- Considered if there are any incentives or opportunities for management to manipulate financial results;

- Obtained and evaluated the member's assessment of the risk of fraud, and whether they were aware of any actual or suspected fraud or non-compliance;

- Reviewed the accounting policies and significant accounting estimates for any signs of management bias;

- Identified key risks relating to irregularities including the risk of fraud relating to revenue recognition and management override of controls; and

- Obtained sufficient appropriate audit evidence in relation to the risks identified, by performing substantive testing on all material income streams, reviewing journal entries and accounting policies for signs of management bias or override of controls.

We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams, reviewing journal entries and accounting estimates.

The audit has been planned and performed in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it.

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 limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Healey FCA
Senior Statutory Auditor
For and on behalf of WP Audit Services LLP
24 April 2026
Chartered Accountants
Statutory Auditor
North House
198 High Street
Tonbridge
Kent
TN9 1BE
SODITIC ASSET MANAGEMENT LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
As restated
Notes
£
£
Revenue
1,355,111
1,449,647
Administrative expenses
(1,556,552)
(1,558,848)
Operating loss
3
(201,441)
(109,201)
Investment income
6
86,639
134,682
(Loss)/profit for the financial year before members' remuneration and profit shares
(114,802)
25,481
Members' remuneration charged as an expense
5
114,802
(25,481)
Result for the financial year available for discretionary division among members
-
-

The income statement has been prepared on the basis that all operations are continuing operations.

SODITIC ASSET MANAGEMENT LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
7
2,219
1,431
Current assets
Trade and other receivables
8
334,230
279,861
Cash and cash equivalents
2,207,990
3,604,066
2,542,220
3,883,927
Current liabilities
9
(39,406)
(716,238)
Net current assets
2,502,814
3,167,689
Total assets less current liabilities and net assets attributable to members
2,505,033
3,169,120
Represented by:
Loan and other debts (due from)/due to members within one year
Amounts due in respect of profits
(664,087)
(148,003)
Other amounts
626,401
774,404
(37,686)
626,401
Members' other interests
Members' capital classified as equity
2,542,719
2,542,719
2,505,033
3,169,120
The financial statements were approved by the members and authorised for issue on 24 April 2026 and are signed on their behalf by:
SAM Holdings (UK) Ltd
Designated member
Limited Liability Partnership registration number OC337633 (England and Wales)
SODITIC ASSET MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classfied as equity)
Other amounts
Total
2025
£
£
£
Amounts due to members
626,401
Members' interests at 1 January 2025
2,542,719
626,401
3,169,120
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(114,802)
(114,802)
Members' interests after loss and remuneration for the year
2,542,719
511,599
3,054,318
Drawings on account and distributions of profit
-
(549,285)
(549,285)
Members' interests at 31 December 2025
2,542,719
(37,686)
2,505,033
Amounts (due from)/due to members
(37,686)
(37,686)
SODITIC ASSET MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
As restated prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
2024
£
£
£
Members' interests at 1 January 2024
2,542,719
774,404
3,317,123
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
25,481
25,481
Members' interests after loss and remuneration for the year
2,542,719
799,885
3,342,604
Drawings on account and distributions of profit
-
(173,484)
(173,484)
Members' interests at 31 December 2024
2,542,719
626,401
3,169,120
Amounts due to members
626,401
626,401
SODITIC ASSET MANAGEMENT LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
As restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
15
(931,222)
514,202
Investing activities
Purchase of property, plant and equipment
(2,208)
(1,454)
Interest received
86,639
134,682
Net cash generated from investing activities
84,431
133,228
Financing activities
Payments to members
(549,285)
(173,484)
Net cash used in financing activities
(549,285)
(173,484)
Net (decrease)/increase in cash and cash equivalents
(1,396,076)
473,946
Cash and cash equivalents at beginning of year
3,604,066
3,130,120
Cash and cash equivalents at end of year
2,207,990
3,604,066
SODITIC ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Limited liability partnership information

Soditic Asset Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is North House, 198 High Street, Tonbridge, Kent, TN9 1BE.

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

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the true limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover is stated net of value added tax and is attributable to the supply of investment management and advisory services. Fees are recognised on a receivable basis.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

SODITIC ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Property, plant and equipment

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% straight line
Computer equipment
33.33% straight line
1.6
Cash and cash equivalents

Cash and cash equivalents 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.

1.7
Financial instruments

The Limited Liability Partnership only has financial instruments which are classified as basic financial instruments.

Short-term receivables and payables are measured at the settlement value. Any losses from impairment are recognised in the income statement.

1.8
Retirement benefits and post retirement payments to members

The Limited Liability Partnership operates a defined contribution scheme for the benefit of its employees. Contributions payable are chargeable to the profit and loss account in the year they are payable.

1.9
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.

1.10
Profit Share Allocation

Total net profits and losses of the LLP are allocated to members in accordance with the Limited Liability Partnership Agreement dated 5 December 2008. The different constituent parts making up the net profit (including costs) are allocated to corporate and non corporate members as determined by the Designated Members and the Partnership agreement.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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.

SODITIC ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
3
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
136,191
(23,486)
Research costs
-
0
19,472
Fees payable to the LLP's auditors for the audit of the LLP's annual accounts
16,192
15,427
Fees payable to the LLP's auditor in respect of non-audit services
2,858
2,723
Depreciation of owned property, plant and equipment
1,420
1,323
4
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Office
8
9

Their aggregate remuneration comprised:

As restated
2025
2024
£
£
Wages and salaries
939,958
1,062,795
Social security costs
135,896
136,939
Pension costs
21,717
23,188
1,097,571
1,222,922
5
Members' remuneration
2025
2024
Number
Number
Average number of members during the year
2
2
6
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
86,639
134,682
SODITIC ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
7
Property, plant and equipment
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2025
31,243
30,026
61,269
Additions
-
0
2,208
2,208
Disposals
-
0
(3,536)
(3,536)
At 31 December 2025
31,243
28,698
59,941
Depreciation and impairment
At 1 January 2025
31,243
28,595
59,838
Depreciation charged in the year
-
0
1,420
1,420
Eliminated in respect of disposals
-
0
(3,536)
(3,536)
At 31 December 2025
31,243
26,479
57,722
Carrying amount
At 31 December 2025
-
0
2,219
2,219
At 31 December 2024
-
0
1,431
1,431
8
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
285,276
229,032
Other receivables
10,024
12,514
Prepayments and accrued income
38,930
38,315
334,230
279,861
9
Current liabilities
2025
2024
£
£
Other payables
10,398
11,133
Accruals and deferred income
29,008
705,105
39,406
716,238
SODITIC ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
10
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,717
23,188

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

11
Loans and other debts (due from)/due to members
2025
2024
£
£
Analysis of loans
Amounts falling due within one year
(37,686)
626,401
In the event of winding up the amounts included in "Loans and other debts (due from)/due to members" will rank equally with unsecured creditors. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interest'.
12
Related party transactions

The total remuneration of key management personnel, who are considered to be the members of the LLP including the directors of corporate members, was £713,835 (2024: £692,760), all of which has been recognised as employee remuneration.

13
Ultimate controlling party

The controlling member is SAM Holdings (UK) Ltd, a company incorporated in the United Kingdom, and this is the smallest group within which the results of the LLP are consolidated. The financial statements of SAM Holdings (UK) Ltd can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

The largest group within which the results of the LLP are consolidated is the group headed by Soditic Asset Management Holdings Limited. The ultimate parent undertaking is JEJ Limited, a company incorporated in the British Virgin Islands. The LLP's ultimate controlling party is JEJ Foundation. The financial statements of Soditic Asset Management Holdings Limited, JEJ Limited and JEJ Foundation are not available to the public.

14
Restatement of prior period financial statements

During the preparation of the 2025 financial statements, it was noted that salaried members' remuneration had incorrectly been classified as salaries rather than members' remuneration charged as an expense. An adjustment has therefore been made to remove the cost associated with the members' salary from the profit/loss before members' remuneration in 2024 as restated. There has been no impact on the statement of financial position.

SODITIC ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
15
Cash (absorbed by)/generated from operations
As restated
2025
2024
£
£
(Loss)/profit after taxation
(114,802)
25,481
Adjustments for:
Investment income recognised in profit or loss
(86,639)
(134,682)
Depreciation and impairment of property, plant and equipment
1,420
1,323
Movements in working capital:
Increase in trade and other receivables
(54,369)
(31,987)
(Decrease)/increase in trade and other payables
(676,832)
654,067
Cash (absorbed by)/generated from operations
(931,222)
514,202
16
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
3,604,066
(1,396,076)
2,207,990
Loans and other debts due to members:
- Other amounts due to members
(626,401)
664,087
37,686
Balances including members' debt
2,977,665
(731,989)
2,245,676
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