REGISTERED NUMBER: OC304288 (England and Wales)

Report of the Members and

Audited Financial Statements

for the Year Ended 31 March 2026

for

PEMBROKE ASSET MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Reconciliation of Members' Interests

9

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DESIGNATED MEMBERS:

S J Day

K C Day

N J Batchelor

REGISTERED OFFICE:

1 Pembroke Road

Clifton

Bristol

BS8 3AU

REGISTERED NUMBER:

OC304288 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

2nd Floor, South

One Castle Park

Tower Hill

Bristol

BS2 0JA

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of financial advisors.

DESIGNATED MEMBERS

The designated members during the year under review were:

S J Day

K C Day

N J Batchelor

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £1,895,991 (2025 - £1,714,253 profit).

MEMBERS' INTERESTS

Members agree the level of drawings from time to time after consideration of the requirements of the business.

STATEMENT OF MEMBERS' RESPONSIBILITIES

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

Legislation applicable to limited liability partnerships requires 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 legislation applicable to limited liability partnerships 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 LLP and of the profit or loss of the LLP for that period. 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 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 members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and 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 LLPs by the 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

K C Day - Designated member

17 July 2026

Opinion

We have audited the financial statements of Pembroke Asset Management LLP (the 'LLP') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 LLP's affairs as at 31 March 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 LLP'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 in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

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.

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 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.

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 LLPs 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 Statement of Members' Responsibilities set out on page two, 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 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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:

(i) We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined the following laws and regulations of most significance were: Companies Act 2006 as applicable to LLPs and UK GAAP.

(ii) We obtained an understanding of how the LLP complies with those legal and regulatory frameworks by making enquiries of management. We have elaborated our enquiries through our review of board minutes and other relevant meeting minutes.

(iii) We assessed the susceptibility of the LLPs financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- challenging assumptions and judgments made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

- assessing the extent of compliance with the relevant laws and regulations.

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 Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs 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 LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

2nd Floor, South

One Castle Park

Tower Hill

Bristol

BS2 0JA

17 July 2026

TURNOVER

3

2,421,205

2,190,569

Cost of sales

(5,608

)

(8,171

)

GROSS PROFIT

2,415,597

2,182,398

Administrative expenses

(519,606

)

(468,505

)

1,895,991

1,713,893

Other operating income

-

360

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

1,895,991

1,714,253

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

1,895,991

1,714,253

Members' remuneration charged as an expense

6

(1,895,991

)

(1,714,253

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

-

-

FIXED ASSETS

Tangible assets

7

30,778

8,542

CURRENT ASSETS

Debtors

8

217,539

212,170

Cash at bank and in hand

625,943

487,490

843,482

699,660

CREDITORS

Amounts falling due within one year

9

(173,682

)

(168,367

)

NET CURRENT ASSETS

669,800

531,293

TOTAL ASSETS LESS CURRENT LIABILITIES

700,578

539,835

PROVISIONS FOR LIABILITIES

10

(5,000

)

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

695,578

539,835

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

695,578

539,835

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

695,578

539,835

The financial statements were approved and authorised for issue by the members of the LLP and authorised for issue on 17 July 2026 and were signed by:

K C Day - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

539,835

Amount due from members

-

Balance at 1 April 2025

-

539,835

539,835

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

1,895,991

1,895,991

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

-

2,435,826

2,435,826

Introduced by members

-

25,231

25,231

Drawings on account and distributions of profit

-

(1,765,479

)

(1,765,479

)

Amount due to members

695,578

Amount due from members

-

Balance at 31 March 2026

-

695,578

695,578

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

468,706

Amount due from members

-

Balance at 1 April 2024

-

468,706

468,706

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

1,714,253

1,714,253

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

-

2,182,959

2,182,959

Drawings on account and distributions of profit

-

(1,643,124

)

(1,643,124

)

Amount due to members

539,835

Amount due from members

-

Balance at 31 March 2025

-

539,835

539,835

Cash flows from operating activities

Cash generated from operations

2

1,901,567

1,729,299

Net cash from operating activities

1,901,567

1,729,299

Cash flows from investing activities

Purchase of tangible fixed assets

(25,231

)

-

Sale of tangible fixed assets

2,365

-

Net cash from investing activities

(22,866

)

-

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(1,765,479

)

(1,643,124

)

Contributions by members

25,231

-

Net cash from financing activities

(1,740,248

)

(1,643,124

)

Increase in cash and cash equivalents

138,453

86,175

Cash and cash equivalents at beginning of year

3

487,490

401,315

Cash and cash equivalents at end of year

3

625,943

487,490

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Members' profit shares are treated as remuneration and charged as an expense. This has been treated consistently in the cash flow statement for both the current and comparative periods. For more details of the policy, see note 6 to the financial statements.

2.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit for the financial year available for discretionary division among members

-

-

Members' remuneration charged as an expense

1,895,991

1,714,253

Increase in provisions

5,000

-

Depreciation charges

2,122

3,531

Profit on disposal of fixed assets

(1,492

)

-

1,901,621

1,717,784

(Increase)/decrease in trade and other debtors

(5,369

)

3,471

Increase in trade and other creditors

5,315

8,044

Cash generated from operations

1,901,567

1,729,299

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

625,943

487,490

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

487,490

401,315

4.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.4.25

Cash flow

changes

At 31.3.26

£

£

£

£

Net cash

Cash at bank

and in hand

487,490

138,453

625,943

487,490

138,453

625,943

Net funds (before

members' debt)

487,490

138,453

-

625,943

Loans and other debts

due to members

Other amounts

due to members

(539,835

)

1,740,248

(1,895,991

)

(695,578

)

Net debt

(52,345

)

1,878,701

(1,895,991

)

(69,635

)

1.	STATUTORY INFORMATION

Pembroke Asset Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The presentation currency for the financial statements is pound sterling, rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis. The members have reviewed and considered relevant information in making their assessment. Based on these assessments, and the current resources available, the members have concluded that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

Judgements and estimates

In the application of the entity's accounting policies the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities. The estimates and assumptions are based on historical data and other factors that are considered to be relevant.

The key estimate for the LLP is trade debtors. A significant part of this is calculated by taking the management fee as a percentage of the value of investments and taking an appropriate proportion of income due between the previous calculation and the year end.

Turnover

Turnover represents commissions and fees on the sale and management of investment products net of VAT. Commission income is recognised at the point where deals are completed. Management income is recognised when earned based on contractual agreements with the clients.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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. Bank overdrafts are shown

within borrowings in current liabilities.

Financial instruments

Financial instruments are measured at fair value.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Allocation of profits

The net profits of the business shall automatically be divided among the members in percentages dictated by the members agreement.

Provisions for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.

TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by class of business is given below:

2026

2025

£

£

Commission income

25,828

65,979

Management and advice income

2,395,076

2,121,267

Valuation fees

301

3,323

2,421,205

2,190,569

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

2,421,205

2,190,569

2,421,205

2,190,569

4.	EMPLOYEE INFORMATION

2026

2025

£

£

Wages and salaries

166,081

159,744

Social security costs

11,738

12,364

Other pension costs

14,390

12,890

192,209

184,998

The average number of employees during the year was as follows:

2026

2025

Administration

4

4

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Other operating leases

29,664

30,076

Depreciation - owned assets

2,122

3,531

Profit on disposal of fixed assets

(1,492

)

-

Auditors' remuneration

15,139

12,100

Auditors' remuneration -

tax services

1,300

1,155

6.	INFORMATION IN RELATION TO MEMBERS

2026

2025

£

£

Members' remuneration charged as an expense

Profit for the financial year

available for discretionary di

vision among members

1,895,991

1,714,253

Total remuneration

1,895,991

1,714,253

2026

2025

£

£

The amount of profit attributable to the member with the largest entitlement was

915,006

811,605

2026

2025

The average number of members during the year was

4

4

In the year only members were key management personnel.

Members' remuneration charged as an expense represents remuneration that is payable to a member which falls to be treated as a charge against profits and not an allocation of profits. The treatment of members' remuneration in the profit and loss account is determined by reference to the nature of participation rights that give rise to the remuneration. Where members' remuneration gives rise to a liability in accordance with FRS 102, it is charged as an expense.

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2025

8,784

52,590

38,909

100,283

Additions

-

25,231

-

25,231

Disposals

-

(20,700

)

-

(20,700

)

At 31 March 2026

8,784

57,121

38,909

104,814

DEPRECIATION

At 1 April 2025

5,306

47,562

38,873

91,741

Charge for year

522

1,564

36

2,122

Eliminated on disposal

-

(19,827

)

-

(19,827

)

At 31 March 2026

5,828

29,299

38,909

74,036

NET BOOK VALUE

At 31 March 2026

2,956

27,822

-

30,778

At 31 March 2025

3,478

5,028

36

8,542

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

211,983

202,450

Other debtors

312

4,302

Prepayments and accrued income

5,244

5,418

217,539

212,170