Devonshire Warwick Capital LLP LLP accounts

REGISTERED NUMBER: OC398053

Devonshire Warwick Capital LLP

Unaudited Financial Statements

31 March 2026

Devonshire Warwick Capital LLP

Financial Statements

Year ended 31 March 2026

Contents	Page

Members' report	1

Statement of comprehensive income	2

Statement of financial position	3

Reconciliation of members' interests	5

Statement of cash flows	7

Notes to the financial statements	8

Devonshire Warwick Capital LLP

Members' Report

Year ended 31 March 2026

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

Principal activities

The principal activity of the company during the year was that of fundraising for hedge funds.

Designated members

The designated members who served the LLP during the year were as follows:

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 21 July 2026 and signed on behalf of the members by:

Mr C Utkan

Member

Registered office:

4th Floor

100 Fenchurch Street

London

EC3M 5JD

Devonshire Warwick Capital LLP

Statement of Comprehensive Income

Year ended 31 March 2026

		2026	2025
Note		£	£
Turnover	4	188,447	163,937

Cost of sales	61,932	53,308
	---------	---------
Gross profit	126,515	110,629

Administrative expenses		80,621	86,658
		---------	---------
Operating profit	6	45,894	23,971

	---------	---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members	45,894	23,971
	---------	---------

All the activities of the LLP are from continuing operations.

Devonshire Warwick Capital LLP

Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Tangible assets	7	132	132

Current assets

Debtors	8	–	93
Cash at bank and in hand		10,541	3,584
		--------	-------
		10,541	3,677

Creditors: amounts falling due within one year	9	–	3,500
		--------	-------
Net current assets		10,541	177
		--------	----
Total assets less current liabilities		10,673	309
		--------	----
Net assets		10,673	309
		--------	----

Represented by:

Loans and other debts due to members

Other amounts	10	10,673	309
		--------	----

Members' other interests

Other reserves, including the fair value reserve	–	–
	--------	----
	10,673	309
	--------	----

Total members' interests

Amounts due from members		–	(93)
Loans and other debts due to members	10	10,673	309
Members' other interests		–	–
		--------	----
		10,673	216
		--------	----

For the year ending 31 March 2026 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

Devonshire Warwick Capital LLP

Statement of Financial Position (continued)

31 March 2026

These financial statements were approved by the members and authorised for issue on 21 July 2026 , and are signed on their behalf by:

Mr C Utkan

Member

Registered number: OC398053

Devonshire Warwick Capital LLP

Reconciliation of Members' Interests

Year ended 31 March 2026

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves, including the fair value reserve	Total	Other amounts	Total	Total 2026
	£	£	£	£	£
Balance at 1 April 2025	–	–	216	216	216
Profit for the financial year available for discretionary division among members	45,894	45,894			45,894
	--------	--------	----	----	--------
Members' interests after profit for the year	45,894	45,894	216	216	46,110
Other division of profits	(45,894)	(45,894)	45,894	45,894	–
Introduced by members		–	–	–	–
Drawings			(35,437)	(35,437)	(35,437)
	--------	--------	--------	--------	--------
Balance at 31 March 2026	–	–	10,673	10,673	10,673
	--------	--------	--------	--------	--------

Devonshire Warwick Capital LLP

Reconciliation of Members' Interests (continued)

Year ended 31 March 2026

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves, including the fair value reserve	Total	Other amounts	Total	Total 2025
	£	£	£	£	£
Amounts due to members			–	–
Amounts due from members			–	–
			----	----
Balance at 1 April 2024	–	–	–	–	–
Profit for the financial year available for discretionary division among members	23,971	23,971			23,971
	--------	--------	----	----	--------
Members' interests after profit for the year	23,971	23,971	–	–	23,971
Other division of profits	(23,971)	(23,971)	23,971	23,971	–
Introduced by members		–	309	309	309
Drawings			(24,064)	(24,064)	(24,064)
			--------	--------
Amounts due to members			309	309
Amounts due from members			(93)	(93)
	--------	--------	--------	--------	--------
Balance at 31 March 2025	–	–	216	216	216
	--------	--------	--------	--------	--------

Devonshire Warwick Capital LLP

Statement of Cash Flows

Year ended 31 March 2026

	2026	2025
	£	£

Cash flows from operating activities

Profit for the financial year	45,894	23,971

Adjustments for:
Depreciation of tangible assets	( 132)	3,035
Accrued income	( 3,500)	( 17,313)

Changes in:
Trade and other debtors	–	17,948
	--------	--------
Cash generated from operations	42,262	27,641
	--------	--------
Net cash from operating activities	42,262	27,641
	--------	--------

Cash flows from financing activities

Capital introduced by members	–	309
Payments to members representing a return on amounts subscribed or otherwise contributed	(35,437)	(24,064)
	--------	--------
Net cash used in financing activities	( 35,437)	( 23,755)
	--------	--------

Net increase in cash and cash equivalents	6,825	3,886
Cash and cash equivalents at beginning of year	3,584	7
	--------	-------
Cash and cash equivalents at end of year	10,409	3,893
	--------	-------

Devonshire Warwick Capital LLP

Notes to the Financial Statements

Year ended 31 March 2026

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 4th Floor, 100 Fenchurch Street, London, EC3M 5JD.

2.	Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' 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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Turnover

The whole of the turnover is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.

5.	Staff costs

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:

	2026	2025
	No.	No.

The aggregate employment costs incurred during the year (excluding members) were:

	2026	2025
	£	£
Wages and salaries	11,204	9,017
Other pension costs	4,006	1,575
	--------	--------
	15,210	10,592
	--------	--------

6.	Operating profit

Operating profit or loss is stated after charging/crediting:

	2026	2025
	£	£
Depreciation of tangible assets	–	3,035
Impairment of trade debtors	–	18,479
Foreign exchange differences	( 569)	( 3,395)
	----	--------

7.	Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2025 and 31 March 2026	11,489	658	12,147
	--------	----	--------
Depreciation
At 1 April 2025	11,489	658	12,147
Charge for the year	157	(289)	( 132)
	--------	----	--------
At 31 March 2026	11,646	369	12,015
	--------	----	--------
Carrying amount
At 31 March 2026	( 157)	289	132
	--------	----	--------
At 31 March 2025	–	–	–
	--------	----	--------

8.	Debtors

	2026	2025
	£	£
Amounts due from members	–	93
	----	----

9. Creditors: amounts falling due within one year

	2026	2025
	£	£
Accruals and deferred income	–	3,500
	----	-------

10.	Loans and other debts due to members

	2026	2025
	£	£
Loans from members	216	309
Amounts owed to members in respect of profits	10,457	–
	--------	----
	10,673	309
	--------	----

11.	Analysis of changes in net debt

	At 1 Apr 2025	Cash flows	At 31 Mar 2026
	£	£	£
Cash at bank and in hand	3,584	6,957	10,541
	-------	-------	--------
Net debt (before members' debt)	3,584	6,957	10,541
	-------	-------	--------
Loans and other debts due to members
Other amounts	(309)	(10,364)	(10,673)
	-------	--------	--------
Net debt	3,275	( 3,407)	( 132)
	-------	--------	--------