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Registration number: OC318626

Apposite Capital LLP
Annual Report and Consolidated Financial Statements
for the Year Ended 31 March 2026

Apposite Capital LLP

Contents

Limited liability partnership information | 1
Members' Report | 2
Statement of Members' Responsibilities | 3
Independent Auditor's Report | 4 to 7
Consolidated Financial Statements | 8 to 25
Consolidated Profit and Loss Account | 8
Consolidated Balance Sheet | 9
Balance Sheet | 10
Consolidated Statement of Changes in Members’ Interests | 11
Statement of Changes in Members’ Interests | 13
Consolidated Cash Flow Statement | 15
Notes to the Financial Statements | 16

Apposite Capital LLP

Limited liability partnership information

Designated members | Ford David Porter Samuel Gray

Registered office | Second Floor 89 Charterhouse Street London EC1M 6HR

Auditors | EVMS Partners LLP Chartered Accountants 45 Ludgate Hill London EC4M 7JU

Bankers | Natwest Moorgate 94 Moorgate London EC2M 6UR

Apposite Capital LLP

Members' Report for the Year Ended 31 March 2026

The members present their report and the consolidated financial statements for the year ended 31 March 2026.

Principal activities

The LLP is regulated by the Financial Conduct Authority ("FCA").
The principal activity of the LLP and its subsidiaries during the year was that of investment management. The members intend to continue to develop the business.

Designated members

The designated members who held office during the year were as follows:

Ford David Porter

Samuel Gray

Members' drawings and the subscription and repayment of members' capital

Members are permitted to make drawings by way of an interest free loan from the LLP on account of that individual's entitlement to the profits of the LLP. The amount of such drawings is determined by individual agreements between the members and the LLP.
Members' capital and drawings are determined by the regulatory capital requirements of the FCA and any trading needs of the LLP. Members' capital is not repayable except where allowed under FCA rules.

Results

The trading results for the year, and the LLP's financial position at the end of the year, are shown in the attached accounts.

Disclosure of information to the auditors

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

EVMS Partners LLP has indicated its willingness to continue in office and the designated members will propose a motion re-appointing them at a meeting of members.

The report was approved by the members on 9 July 2026 and signed on their behalf by:

......................................... Samuel Gray Designated member

Apposite Capital LLP

Statement of Members' Responsibilities for the Year Ended 31 March 2026

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships, Partnerships and Groups (Accounts & Audit) Regulations 2016 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members 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 group and limited liability partnership and of the profit or loss of the group and limited liability partnership for that year. In preparing these financial statements, the members are required to:

• | select suitable accounting policies and then apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with 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, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships. They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Apposite Capital LLP

Independent Auditor's Report to the Members of Apposite Capital LLP

Opinion

We have audited the financial statements of Apposite Capital LLP (the ‘limited liability partnership’) and its subsidiaries (the ‘group’) for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Members’ Interests, Statement of Changes in Members’ Interests, Consolidated Cash Flow Statement, and Notes to the Financial Statements, 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 limited liability partnership's affairs as at 31 March 2026 and of the group's profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and 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 group's or 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 members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Apposite Capital LLP

Independent Auditor's Report to the Members of Apposite Capital LLP

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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 by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or
• | the limited liability partnership 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 Statement of Members' Responsibilities set out on page 3, 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 group’s and 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 group or the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Apposite Capital LLP

Independent Auditor's Report to the Members of Apposite Capital LLP

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of the members concerning the group's and limited liability partnership's policies with regard to identifying, evaluating and complying with laws and regulations and whether the members are aware of any instances of non-compliance; enquiring of the members concerning the group's and the limited liability partnership's policies for detecting and responding to the risks of fraud and whether the members have knowledge of any actual, suspected or alleged fraud; enquiring of the members concerning the group's and limited liability partnership's policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the group and the limited liability partnership operate in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group and the limited liability partnership.
The key laws and regulations we considered in this context included the Companies Act 2006 as applied to limited liability partnerships, the applicable rules of the Financial Conduct Authority, United Kingdom taxation laws and anti-money laundering legislation.

As a result of performing the above, we identified particular focus areas being: manipulation of revenues; non-compliance with the rules of the Financial Conduct Authority; and override of controls by the members.
Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the group and the limited liability partnership for evidence of any large or unusual activity which may be indicative of fraud or the inadvertent receipt of client monies; enquiring of the members in relation to any potential litigation and claims; and, in addressing the risk of fraud through override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgements made in making accounting estimates are indicative of potential bias, although in the group's and the limited liabilty partnership's cases there are no particularly significant accounting estimates.
Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The limited liability partnership was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the limited liability partnership and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the limited liability partnership.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and the inspection of regulatory and legal correspondence, if any.

Apposite Capital LLP

Independent Auditor's Report to the Members of Apposite Capital LLP

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 group and limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships, Partnerships and Groups (Accounts & Audit) Regulations 2016. Our audit work has been undertaken so that we might state to the group and 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 group and limited liability partnership, and the group and limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Alex Macpherson (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor
45 Ludgate HillLondon
EC4M 7JU

13 July 2026

Apposite Capital LLP

Consolidated Profit and Loss Account for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Turnover | 2 | 5,675,411 | 5,711,219
Cost of sales |  | (497,348) | (335,901)
Gross profit |  | 5,178,063 | 5,375,318
Administrative expenses |  | (2,780,150) | (2,667,331)
Other operating income |  | 109,849 | -
Operating profit | 3 | 2,507,762 | 2,707,987
Other interest receivable and similar income |  | 195,188 | 161,695
Profit for the year before members' remuneration and profit shares |  | 2,702,950 | 2,869,682
Members' remuneration charged as an expense |  | (2,702,950) | (2,869,682)
Profit/(loss) for the year available for discretionary division among members |  | - | -

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the year other than the results above.

Apposite Capital LLP

(Registration number: OC318626)
Consolidated Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 8 | 4,091 | 20,250
Current assets |  |  |
Debtors | 10 | 1,418,095 | 1,325,414
Investments | 11 | - | 1,000,000
Cash and short-term deposits |  | 6,252,066 | 4,367,294
|  | 7,670,161 | 6,692,708
Creditors: Amounts falling due within one year | 12 | (756,369) | (610,049)
Net current assets |  | 6,913,792 | 6,082,659
Net assets attributable to members |  | 6,917,883 | 6,102,909
Represented by: |  |  |
Loans and other debts due to members |  |  |
Other amounts | 14 | 6,227,883 | 5,497,909
Members’ other interests |  |  |
Members' capital classified as equity |  | 100 | 100
Other reserves classified as equity |  | 689,900 | 604,900
|  | 690,000 | 605,000
|  | 6,917,883 | 6,102,909
Total members' interests |  |  |
Loans and other debts due to members |  | 6,227,883 | 5,497,909
Equity |  | 690,000 | 605,000
|  | 6,917,883 | 6,102,909

The financial statements of Apposite Capital LLP (registered number OC318626) were approved by the members and authorised for issue on 9 July 2026. They were signed on behalf of the limited liability partnership by:

Samuel Gray Designated member

Apposite Capital LLP

(Registration number: OC318626)
Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 8 | 4,091 | 20,250
Investments | 9 | 4 | 4
|  | 4,095 | 20,254
Current assets |  |  |
Debtors | 10 | 1,418,095 | 1,325,414
Investments | 11 | - | 1,000,000
Cash and short-term deposits |  | 6,252,066 | 4,367,294
|  | 7,670,161 | 6,692,708
Creditors: Amounts falling due within one year | 12 | (756,373) | (610,053)
Net current assets |  | 6,913,788 | 6,082,655
Net assets attributable to members |  | 6,917,883 | 6,102,909
Represented by: |  |  |
Loans and other debts due to members |  |  |
Other amounts | 14 | 6,227,883 | 5,497,909
Members’ other interests |  |  |
Members' capital classified as equity |  | 100 | 100
Other reserves classified as equity |  | 689,900 | 604,900
|  | 690,000 | 605,000
|  | 6,917,883 | 6,102,909
Total members' interests |  |  |
Loans and other debts due to members |  | 6,227,883 | 5,497,909
Equity |  | 690,000 | 605,000
|  | 6,917,883 | 6,102,909

The LLP's profit for the year avaliable for discretionary division among members was £nil (2025: £nil).

The financial statements of Apposite Capital LLP (registered number OC318626) were approved by the members and authorised for issue on 9 July 2026. They were signed on behalf of the limited liability partnership by:

Samuel Gray Designated member

Apposite Capital LLP

Consolidated Statement of Changes in Members’ Interests
At 31 March 2026

| Equity |  | Loans and other debts due to/(from) members |  |
| Members' capital £ | Other reserves £ | Total equity £ | Members' other amounts £ | Total debt £ | Total 2026 £
Members' interest at 1 April 2025 | 100 | 604,900 | 605,000 | 5,497,909 | 5,497,909 | 6,102,909
Members' remuneration charged as an expense | - | - | - | 2,702,950 | 2,702,950 | 2,702,950
Members' interests after total comprehensive income | 100 | 604,900 | 605,000 | 8,200,859 | 8,200,859 | 8,805,859
Drawings on account and distributions of profit | - | - | - | (1,887,976) | (1,887,976) | (1,887,976)
Members' debt transferred to members' equity | - | 85,000 | 85,000 | (85,000) | (85,000) | -
At 31 March 2026 | 100 | 689,900 | 690,000 | 6,227,883 | 6,227,883 | 6,917,883

Apposite Capital LLP

Consolidated Statement of Changes in Members’ Interests
At 31 March 2026

| Equity |  | Loans and other debts due to/(from) members |  |
| Members' capital £ | Other reserves £ | Total equity £ | Members' other amounts £ | Total debt £ | Total 2025 £
Members' interest at 1 April 2024 | 100 | 4,900 | 5,000 | 5,092,826 | 5,092,826 | 5,097,826
Members' remuneration charged as an expense | - | - | - | 2,869,682 | 2,869,682 | 2,869,682
Members' interests after total comprehensive income | 100 | 4,900 | 5,000 | 7,962,508 | 7,962,508 | 7,967,508
Drawings on account and distributions of profit | - | - | - | (1,864,599) | (1,864,599) | (1,864,599)
Members' debt transferred to members' equity | - | 600,000 | 600,000 | (600,000) | (600,000) | -
At 31 March 2025 | 100 | 604,900 | 605,000 | 5,497,909 | 5,497,909 | 6,102,909

Other than the requirements of the Financial Conduct Authority, there are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of members' other interests.

Apposite Capital LLP

Statement of Changes in Members’ Interests
At 31 March 2026

| Equity |  | Loans and other debts due to/(from) members |  |
| Members' capital £ | Other reserves £ | Total equity £ | Members' other amounts £ | Total debt £ | Total 2026 £
Members' interest at 1 April 2025 | 100 | 604,900 | 605,000 | 5,497,909 | 5,497,909 | 6,102,909
Members' remuneration charged as an expense | - | - | - | 2,702,950 | 2,702,950 | 2,702,950
Members' interests after total comprehensive income | 100 | 604,900 | 605,000 | 8,200,859 | 8,200,859 | 8,805,859
Drawings on account and distribution of profit | - | - | - | (1,887,976) | (1,887,976) | (1,887,976)
Members' debt transferred to members' equity | - | 85,000 | 85,000 | (85,000) | (85,000) | -
At 31 March 2026 | 100 | 689,900 | 690,000 | 6,227,883 | 6,227,883 | 6,917,883

Apposite Capital LLP

Statement of Changes in Members’ Interests
At 31 March 2026

| Equity |  | Loans and other debts due to/(from) members |  |
| Members' capital £ | Other reserves £ | Total equity £ | Members' other amounts £ | Total debt £ | Total 2025 £
Members' interest at 1 April 2024 | 100 | 4,900 | 5,000 | 5,092,826 | 5,092,826 | 5,097,826
Members' remuneration charged as an expense | - | - | - | 2,869,682 | 2,869,682 | 2,869,682
Members' interests after total comprehensive income | 100 | 4,900 | 5,000 | 7,962,508 | 7,962,508 | 7,967,508
Drawings on account and distribution of profit | - | - | - | (1,864,599) | (1,864,599) | (1,864,599)
Members' debt transferred to members' equity | - | 600,000 | 600,000 | (600,000) | (600,000) | -
At 31 March 2025 | 100 | 604,900 | 605,000 | 5,497,909 | 5,497,909 | 6,102,909

Other than the requirements of the Financial Conduct Authority, there are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of members' other interests.

Apposite Capital LLP

Consolidated Cash Flow Statement for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Net cash inflow from operating activities | 15 | 682,491 | 1,238,102
Cash flows from investing activities |  |  |
Purchase of tangible fixed assets |  | (2,476) | (5,143)
Interest received |  | 204,757 | 161,695
Net cash flows from investing activities |  | 202,281 | 156,552
Cash flows from financing activities |  |  |
Movement in deposit accounts with maturity greater than three months |  | 1,000,000 | (995,000)
Net cash flows from financing activities |  | 1,000,000 | (995,000)
Net increase in cash and cash equivalents |  | 1,884,772 | 399,654
Cash and cash equivalents at 1 April |  | 4,367,294 | 3,967,640
Cash and cash equivalents at 31 March |  | 6,252,066 | 4,367,294

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

1 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applied to limited liability partnerships and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'.

General information and basis of accounting

The limited liability partnership is incorporated under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the group's and the limited liability partnership’s operations and their principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Apposite Capital LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
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. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Management are also required to exercise judgement in applying the limited liability partnership's accounting policies. Due to the straightforward nature of the business, management consider that no critical judgements have been made in applying the limited liability partnership's accounting policies.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the limited liability partnership and its subsidiary undertakings drawn up to 31 March 2026.

Inter-company transactions, balances and unrealised gains on transactions between the limited liability partnership and its subsidiaries are eliminated in full.

Summary of disclosure exemptions

The LLP has taken advantage of the exemption allowed under FRS 102 paragraph 1.12(b) for preparing a parent LLP statement of cash flows on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the parent LLP's cash flows.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

Members' remuneration and division of profits

Automatic allocations of profit to members are included as an expense in the profit and loss account as members' remuneration.
Unallocated profits and losses are included within "Other reserves".

Foreign currency

The LLP's functional and presentational currency is GBP.
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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | over 3 years
Office equipment | over 3 years
Computer equipment | over 3 years
Leasehold improvements | over the remainder of the lease term

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Current asset investments

Short term deposits are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method.

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 which include short term deposits for which notice has been given at the balance sheet date to convert to cash, or which mature in no more than three months from the date of acquisition, and are readily convertible to known amounts of cash with insignificant risk of change in value.
All cash is held with banks with strong external credit ratings.

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

Financial Instruments: debtors and creditors

The LLP does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contains in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
Trade and other creditors and accruals are initially recognised at transaction value as none represents a financing transaction. They are only derecognised when they are extinguished. As the LLP predominantly has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Consolidated Profit and Loss Account on a straight line basis over the lease term.

Pensions and other post retirement obligations

Where the LLP makes payments into the personal pension plans of its employees, the amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

2 | Turnover

The turnover and operating profit for the year was derived from the limited liability partnership's principal continuing activity. All turnover arose within the United Kingdom.

3 | Operating profit

Operating profit is stated after charging /(crediting):

| 2026 £ | 2025 £
Operating leases - other assets | 132,729 | 71,362
Foreign currency losses | 2,780 | 1,388
Loss on disposal of tangible fixed assets | 13,934 | 825
Depreciation of owned assets | 4,701 | 14,322
Auditors remuneration | 28,520 | 33,545

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

4 | Particulars of employees

The average number of persons employed by the group and the limited liability partnership during the year, analysed by category, was as follows:

| 2026 No. | 2025 No.
Administration and support | 12 | 11
| 12 | 11

The aggregate payroll costs for the group and the limited liability partnership were as follows:

| 2026 £ | 2025 £
Wages and salaries | 1,546,782 | 1,456,253
Social security costs | 220,520 | 194,946
Defined contribution pension | 126,011 | 112,756
| 1,893,313 | 1,763,955

5 | Members' remuneration

| 2026 | 2025
Average number of members during the year | 3 | 3

The profit attributable to the member with the largest entitlement was £1,213,856 (2025: £1,295,970).

6 | Auditor's remuneration

| 2026 £ | 2025 £
Audit of the financial statements | 21,840 | 27,620
Fees payable to the LLP's auditor and its associates for other services: |  |
Taxation compliance services | 2,600 | 3,835
Other services | 4,080 | 2,090
| 6,680 | 5,925

7 | Profit of the partnership

The partnership has taken advantage of Section 408 of the Companies Act 2006 as applied by the Limited Liability Partnerships, Partnerships and Groups (Accounts & Audit) Regulations 2016 and has not included its own profit and loss account in these financial statements. Its own profit for the year before members' remuneration charged as an expense was £2,702,950 (2025 - £2,869,682) with an equivalent amount being treated as members' remuneration charged as an expense.

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

8 | Tangible fixed assets

Group and limited liability partnership

| Leasehold improvements £ | Office equipment £ | Fixtures and fittings £ | Computer equipment £ | Total £
Cost |  |  |  |  |
At 1 April 2025 | 31,548 | 4,182 | 17,168 | 21,406 | 74,304
Additions | - | - | - | 2,476 | 2,476
Disposals | (31,548) | - | (9,442) | (283) | (41,273)
At 31 March 2026 | - | 4,182 | 7,726 | 23,599 | 35,507
Depreciation |  |  |  |  |
At 1 April 2025 | 17,406 | 3,909 | 15,827 | 16,912 | 54,054
Charge for the year | 1,088 | 273 | 461 | 2,879 | 4,701
Eliminated on disposals | (18,494) | - | (8,562) | (283) | (27,339)
At 31 March 2026 | - | 4,182 | 7,726 | 19,508 | 31,416
Net book value |  |  |  |  |
At 31 March 2026 | - | - | - | 4,091 | 4,091
At 31 March 2025 | 14,142 | 273 | 1,341 | 4,494 | 20,250

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

9 | Fixed Asset Investments

LLP

The LLP owns the entire share capital of Apposite CP1 (GP) Limited. The company is incorporated in Scotland and was a general partner during the year.
The LLP also owns the entire share capital of Apposite Healthcare II Member Limited. The company is incorporated in England and was a corporate member during the year.
Apposite Healthcare II Member Limited directly owns 99% of the capital of the two limited liability partnerships: Apposite Healthcare II GP LLP, incorporated in England, and Apposite CP II GP LLP, incorporated in Scotland; both of which were general partners during the year.
The LLP owns 97% of the issued capital of four limited liability partnerships: Apposite Healthcare III GP LLP and Apposite Healthcare Growth I GP LLP, both incorporated in England, and Apposite CP III GP LLP and Apposite Growth I CP GP LLP, both incorporated in Scotland; all of which were general partners during the year.
All of the above subsidiaries are included in these consolidated financial statements.
The following entities are exempt from the requirement of the Companies Act 2006 relating to the audit of accounts under section 479A of the Act:
Apposite Healthcare II Member Limited (Registered number: 09778608)
Apposite Healthcare III GP LLP (Registered number: OC432287)
Apposite CP III GP LLP (Registered number: SO306979)

10 | Debtors

| Group | LLP
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Trade debtors | 203,804 | 33,403 | 203,804 | 33,403
Other debtors | 841,219 | 518,444 | 841,219 | 518,444
Prepayments and accrued income | 373,072 | 773,567 | 373,072 | 773,567
| 1,418,095 | 1,325,414 | 1,418,095 | 1,325,414

Included within other debtors above for both the group and LLP is £53,805 (2025: £nil) which is due in more than one year.

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

11 | Current asset investments

| Group | LLP
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Current asset investments | - | 1,000,000 | - | 1,000,000

Current asset investments of £nil (2025: £1,000,000) comprise deposit accounts with an original maturity date exceeding three months from initial deposit.

12 | Creditors: Amounts falling due within one year

| Group | LLP
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Trade creditors | 339,268 | 93,595 | 339,268 | 93,595
Other taxes and social security | 46,968 | 47,831 | 46,968 | 47,831
Other creditors | 45,767 | 51,952 | 45,771 | 51,956
Accruals and deferred income | 324,366 | 416,671 | 324,366 | 416,671
| 756,369 | 610,049 | 756,373 | 610,053

13 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| Group and LLP
| 2026 £ | 2025 £
Not later than one year | 153,600 | 21,466
Later than one year and not later than five years | 107,730 | -
| 261,330 | 21,466

14 | Loans and other debts due to members

| Group | LLP
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Money owed to members by the LLP in respect of profits | 6,227,883 | 5,497,909 | 6,227,883 | 5,497,909

Other amounts due to members relate to profits allocated in excess of drawings.
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

15 | Cash flow statement

Group

| 2026 £ | 2025 £
Operating profit | 2,507,762 | 2,707,987
Depreciation charges | 4,701 | 14,322
Loss on disposal of fixed assets | 13,934 | 825
(Increase)/decrease in debtors | (102,250) | 356,453
Increase in creditors | 146,320 | 23,114
Drawings paid to members | (1,887,976) | (1,864,599)
Net cash inflow from operating activities | 682,491 | 1,238,102

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

16 | Analysis of changes in net debt

Group

| At 1 April 2025 £ | Cash flows £ | Members' remuneration £ | Other non-cash movements £ | At 31 March 2026 £
Cash at bank | 4,367,294 | 1,884,772 | - | - | 6,252,066
Liquid investments | 1,000,000 | (1,000,000) | - | - | -
Net debt (before members’ debt) | 5,367,294 | 884,772 | - | - | 6,252,066
Loans and other debts due to members |  |  |  |  |
Other amounts due to members | (5,497,909) | 1,887,976 | (2,702,950) | 85,000 | (6,227,883)
Net debt | (130,615) | 2,772,748 | (2,702,950) | 85,000 | 24,183

Other non-cash changes arise from the capitalisation of amounts due to members as equity.

Apposite Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

17 | Related party transactions

During the year the LLP's wholly owned subsidiary, Apposite Healthcare II Member Limited, received income totalling £2,375,640 (2025: £2,375,640) from its subsidiaries Apposite Healthcare II GP LLP and Apposite CP II GP LLP.
During the year the LLP received income of £4,000 (2025: £4,000) from its subsidiary Apposite Healthcare III GP LLP.
During the year, the LLP received income of £100 (2025: £100) from its subsidiary Apposite CP III GP LLP.

18 | Control

The LLP is controlled by its members.