Newcore Capital Management LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC368756 (England and Wales)

Newcore Capital Management LLP

Financial Statements For The Year Ended 31 March 2026

Page

General Information

1

Balance Sheet

2

Reconciliation of Members' Interests

3

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

H W J Llewelyn

A Baum

H Savory

T G Thorp

REGISTERED OFFICE:

First Floor

50 Marshall Street

London

W1F 9BQ

REGISTERED NUMBER:

OC368756 (England and Wales)

SENIOR STATUTORY AUDITOR:

Richard Behan FCA

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

FIXED ASSETS

Tangible assets

4

10,456

18,686

Investments

5

3

10,461

18,689

CURRENT ASSETS

Debtors

6

2,829,977

2,020,879

Cash at bank

117,921

84,233

2,947,898

2,105,112

CREDITORS

Amounts falling due within one year

7

2,064,083

1,902,877

NET CURRENT ASSETS

883,815

202,235

TOTAL ASSETS LESS CURRENT
LIABILITIES

894,276

220,924

CREDITORS

Amounts falling due after more than one
year

8

748,877

-

NET ASSETS ATTRIBUTABLE TO
MEMBERS

145,399

220,924

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

145,312

220,824

MEMBERS' OTHER INTERESTS

Capital accounts

87

100

145,399

220,924

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

145,312

220,824

Members' other interests

87

100

Amounts due from members

6

(2,140,786

)

(942,854

)

(1,995,387

)

(721,930

)

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 July 2026 and were signed by:

H W J Llewelyn - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 April 2025

100

-

100

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

-

Profit for the financial year available for discretionary
division among members

-

496,286

Members' interests after profit for the year

100

496,286

496,386

Other divisions of profit

-

(496,286

)

(496,286

)

Introduced by members

(13

)

-

(13

)

Drawings on account and distributions of profit

-

Balance at 31 March 2026

87

-

87

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

220,824

Amount due from members

(942,854

)

Balance at 1 April 2025

(722,030

)

(721,930

)

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

2,341,862

Profit for the financial year available for discretionary
division among members

-

496,286

Members' interests after profit for the year

1,619,832

2,116,218

Other divisions of profit

496,286

-

Introduced by members

-

(13

)

Drawings on account and distributions of profit

(4,111,592

)

(4,111,592

)

Amount due to members

145,312

Amount due from members

(2,140,786

)

Balance at 31 March 2026

(1,995,474

)

(1,995,387

)

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 January 2024

100

-

100

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

-

Profit for the financial year available for discretionary
division among members

-

244,131

Members' interests after profit for the year

100

244,131

244,231

Other divisions of profit

-

(244,131

)

(244,131

)

Drawings on account and distributions of profit

-

Balance at 31 March 2025

100

-

100

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

358,250

Amount due from members

(900,635

)

Balance at 1 January 2024

(542,385

)

(542,285

)

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

2,491,116

Profit for the financial year available for discretionary
division among members

-

244,131

Members' interests after profit for the year

1,948,731

2,192,962

Other divisions of profit

244,131

-

Drawings on account and distributions of profit

(2,914,892

)

(2,914,892

)

Amount due to members

220,824

Amount due from members

(942,854

)

Balance at 31 March 2025

(722,030

)

(721,930

)

1.	STATUTORY INFORMATION

Newcore Capital 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" including the provisions of Section 1A "Small Entities" 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.

These financial statements reflect a 12 month period from 1 April 2025 to 31 March 2026. The prior period ran from 1 January 2024 to 31 March 2025. Therefore the current period and prior period results presented are not entirely comparable.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Revenue comprises amounts receivable in respect of advisory and operational services provided by the LLP.

Advisory and operational fees are recognised over the period in which the services were provided.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements - Across the lease term

Office equipment - 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Hire purchase and 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.

Going concern

The financial statements have been prepared on the going concern basis.

In assessing the appropriateness of the going concern basis of accounting, the designated members have considered the LLP's financial position, forecast trading performance, cash flow projections and funding requirements for a period of at least twelve months from the date of approval of these financial statements.

At 31 March 2026, the LLP reports negative total members' interests. This position has arisen principally as a result of capital and other equity transactions associated with the retirement of former members, rather than from trading losses.

The LLP has remained profitable throughout the year and continues to generate strong positive operating cash flows from its investment management activities. The Designated Members have reviewed detailed financial forecasts which demonstrate that the LLP is expected to continue to generate sufficient cash to meet its liabilities as they fall due and to fund its ongoing operations.

The Designated Members are satisfied that the LLP has adequate financial resources and expects the business to continue to operate profitably for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Foreign currency translation

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Operating leases: the LLP as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on re-measurements are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on re-measurements are recognised in profit or loss for the period.

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled, or substantially all the risks and rewards of the ownership of the asset are transferred to another party or despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Judgments in applying accounting policies and key sources of estimation uncertainty

The LLP exercises judgment in respect of the allocation of salary costs and overheads that are charged to Newcore Capital Management Finance LLP, an entity under common control, by Newcore Capital Management LLP. Allocations of the salary costs of the employees of Newcore Capital Management LLP are made based on an assessment of the proportion of time spent by members and employees undertaking services for Newcore Capital Management Finance LLP. Allocations of overheads for shared office space between Newcore Capital Management Finance LLP and Newcore Capital Management LLP are made based on these salary allocations as a proportion of overall payroll cost.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 16 (2025 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 April 2025

33,459

42,436

75,895

Additions

-

3,942

At 31 March 2026

33,459

46,378

79,837

DEPRECIATION

At 1 April 2025

27,059

30,150

57,209

Charge for year

5,191

6,981

12,172

At 31 March 2026

32,250

37,131

69,381

NET BOOK VALUE

At 31 March 2026

1,209

9,247

10,456

At 31 March 2025

6,400

12,286

18,686

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2026

2025

£

Balance brought forward

3

Additions

2

-

5

3

Associates

The following were associates of the LLP:

Name

Registered Office

Holding

NSS V GP LLP

England & Wales

50%

NSS IV GP LLP

England & Wales

50%

NS IIF GP LLP

England & Wales

50%

NSS VI GP LLP

England & Wales

50%

NSSIP GP LLP

England & Wales

50%

6.

DEBTORS

2026

2025

£

Amounts falling due within one year:

Trade debtors

1,200

9,700

Amounts due from members

2,140,786

942,854

Other debtors

151,201

482,630

Prepayments and accrued income

268,213

284,232

2,561,400

1,719,416

Amounts falling due after more than one year:

Amounts owed by associates

100,000

-

Prepayments and accrued income

168,577

301,463

268,577

301,463

Aggregate amounts

2,829,977

2,020,879

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

45,006

338,008

Social security and other taxes

59,354

59,023

VAT

76,411

39,525

Other creditors

1,444,748

783,835

Amounts owed to NCMF

213,120

518,184

Accruals and deferred income

225,444

164,302

2,064,083

1,902,877

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

Other loans - 2-5 years

500,000

-

Other creditors

248,877

-

748,877

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

Within one year

208,849

141,515

Between one and five years

365,200

35,379

574,049

176,894

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to member rank equally with debts due to ordinary creditors in the event of a winding up. 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.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Behan FCA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

12.	OTHER FINANCIAL COMMITMENTS

During the period, Newcore Capital Management LLP entered into a financial commitment with a company for the provision of consultancy services at £9,375 per month. This commitment runs until August 2029 and at the year end the total commitment outstanding was £375,000 (2025: £Nil).

13.	RELATED PARTY DISCLOSURES

During the year Newcore Capital Management LLP paid a related charity £48,250 (2025: £5,000) to support the foundation's charitable goals.

During the period, Newcore Capital Management issued an interest free loan of £100,000 to an entity under common control. The loan is unsecured, interest free and repayable on demand.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the LLP during the current and prior year was H Llewelyn, by virtue of majority equity share in the LLP.