Pygmalion Capital Advisers LLP - Period Ending 2026-03-31

Registration number: OC419445

Pygmalion Capital Advisers LLP

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2026

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

Pygmalion Capital Advisers LLP

Contents

Limited liability partnership information	1
Members' Report	2
Statement of Members' Responsibilities	3
Independent Auditor's Report	4 to 6
Consolidated Profit and Loss Account	7
Consolidated Statement of Financial Position	8
Statement of Financial Position	9
Consolidated Statement of Changes in Members’ Interests	10 to 11
Statement of Changes in Members’ Interests	12 to 13
Consolidated Cash Flow Statement	14
Notes to the Financial Statements	15 to 26

Pygmalion Capital Advisers LLP

Limited liability partnership information

Designated members

C S J Beauvilain

Members

Perenne Investments Limited

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Principal place of business

Alfred House
23–24 Cromwell Place
2nd Floor
London
SW7 2LD

Auditors

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

Pygmalion Capital Advisers 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.

Firm structure

The LLP is a limited liability partnership registered in England and Wales.

Principal activity

The principal activity of the limited liability partnership is that of investment advisory and asset management services for hotel investments.

Designated members

The member who held office during the year was as follows:

C S J Beauvilain

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

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 and in accordance with terms agreed with individual members, 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 may be invited to subscribe for further

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.

Approved by the Board on 30 July 2026 and signed on its behalf by:

.........................................
C S J Beauvilain
Designated member

Pygmalion Capital Advisers 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 (issued January 2017). 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.

These responsibilities are exercised by the Board on behalf of the members.

Pygmalion Capital Advisers LLP

Independent Auditor's Report to the Members of Pygmalion Capital Advisers LLP

Opinion

We have audited the financial statements of Pygmalion Capital Advisers 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 Statement of Financial Position, Statement of Financial Position, 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 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 entity's ability to continue as a going concern for a period of at least twelve months from when the original 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, 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 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.

Pygmalion Capital Advisers LLP

Independent Auditor's Report to the Members of Pygmalion Capital Advisers LLP

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 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.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.

•	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.

•

Conclude on the appropriateness of the members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the limited liability partnership's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the limited liability partnership to cease to continue as a going concern.

Pygmalion Capital Advisers LLP

Independent Auditor's Report to the Members of Pygmalion Capital Advisers LLP

•	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and event in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of Brebners, Statutory Auditor

130 Shaftesbury AvenueLondon
W1D 5AR

30 July 2026

Pygmalion Capital Advisers LLP

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

	Note	2026 £	2025 £
Turnover	3	2,604,858	1,430,723
Wages and salaries		(944,605)	(720,049)
Social security costs		(138,757)	(98,068)
Other pension costs		(64,517)	(11,139)
Depreciation and other amounts written off tangible and intangible fixed assets		(13,533)	(1,503)
Other operating expenses		(1,196,726)	(476,609)
Operating profit	4	246,720	123,355
Other interest receivable and similar income		11	-
Interest payable and similar expenses	5	(50,810)	(13,878)
Profit for the year before taxation and members' remuneration charged as an expense		195,921	109,477
Taxation		(22,781)	(4,030)
Profit for the year before members' remuneration and profit shares		173,140	105,447
Profit for the year available for discretionary division among members		173,140	105,447

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.

Pygmalion Capital Advisers LLP

Consolidated Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	9	148,386	6,863
Investments	10	135,579	135,578
		283,965	142,441
Current assets
Debtors	11	1,959,432	1,110,478
Cash and short-term deposits		396,755	303,263
		2,356,187	1,413,741
Creditors: Amounts falling due within one year	12	(1,723,035)	(690,709)
Net current assets		633,152	723,032
Total assets less current liabilities		917,117	865,473
Creditors: Amounts falling due after more than one year	13	(168,524)	(209,912)
Provisions for liabilities
Other provisions		(23,773)	-
Net assets attributable to members		724,820	655,561
Represented by:
Members’ other interests
Members' capital classified as equity		559,000	559,000
Other reserves		165,820	96,561
		724,820	655,561
		724,820	655,561
Total members' interests
Amounts due to / (from) members		439,763	(172,817)
Equity and other reserves		724,820	655,561
		1,164,583	482,744

The financial statements of Pygmalion Capital Advisers LLP (registered number OC419445) were approved by the Board and authorised for issue on 30 July 2026. They were signed on behalf of the limited liability partnership by:

.........................................
C S J Beauvilain
Designated member

Registration number: OC419445

Pygmalion Capital Advisers LLP

Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	9	146,973	4,707
Investments	10	156,790	146,378
		303,763	151,085
Current assets
Debtors	11	1,904,286	1,075,951
Cash and short-term deposits		251,597	217,921
		2,155,883	1,293,872
Creditors: Amounts falling due within one year	12	(1,600,297)	(564,342)
Net current assets		555,586	729,530
Total assets less current liabilities		859,349	880,615
Creditors: Amounts falling due after more than one year	13	(168,524)	(209,912)
Provisions for liabilities
Other provisions		(23,773)	-
Net assets attributable to members		667,052	670,703
Represented by:
Members' other interests
Members' capital classified as equity		559,000	559,000
Other reserves		108,052	111,703
		667,052	670,703
Total members' interests
Amounts due to / (from) members		439,763	(172,817)
Equity and other reserves		667,052	670,703
		1,106,815	497,886

The LLP's own profit for the year, available for discretionary division among members, was £108,052 (2025: £111,703).

The financial statements of Pygmalion Capital Advisers LLP (registered number OC419445) were approved by the Board and authorised for issue on 30 July 2026. They were signed on behalf of the limited liability partnership by:

.........................................
C S J Beauvilain
Designated member

Registration number: OC419445

Pygmalion Capital Advisers 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 £	Members' other amounts £	Total members' interests 2026 £
Members' interest at 1 April 2025	559,000	96,561	655,561	(172,817)	482,744
Profit for the financial year available for discretionary division	-	173,140	173,140	-	173,140
Members' interests after profit for the year	559,000	269,701	828,701	(172,817)	655,884
Foreign exchange translation difference	-	7,823	7,823	-	7,823
Members' interests after total comprehensive income	559,000	277,524	836,524	(172,817)	663,707
Allocated (losses)/profits in respect of the prior year	-	(111,704)	(111,704)	111,703	(1)
Other amounts introduced by members	-	-	-	512,087	512,087
Drawings (including tax payments)	-	-	-	(11,210)	(11,210)
At 31 March 2026	559,000	165,820	724,820	439,763	1,164,583

The notes on pages 15 to 26 form an integral part of these financial statements.

Page 10

Pygmalion Capital Advisers LLP

Consolidated Statement of Changes in Members’ Interests
At 31 March 2025

	Equity			Loans and other debts due to/(from) members
	Members' capital £	Other reserves £	Total £	Members' other amounts £	Total members' interests 2025 £
Members' interest at 1 April 2024	155,000	(243,853)	(88,853)	67,465	(21,388)
Profit for the financial year available for discretionary division among members	-	105,447	105,447	-	105,447
Members' interests after profit for the year	155,000	(138,406)	16,594	67,465	84,059
Foreign exchange translation difference	-	(2,784)	(2,784)	-	(2,784)
Members' interests after total comprehensive income	155,000	(141,190)	13,810	67,465	81,275
Allocated profits/(losses) in respect of the prior year	-	237,751	237,751	(237,751)	-
Members’ capital introduced	404,000	-	404,000	-	404,000
Other amounts introduced by members	-	-	-	3,572	3,572
Drawings (including tax payments)	-	-	-	(6,103)	(6,103)
At 31 March 2025	559,000	96,561	655,561	(172,817)	482,744

The notes on pages 15 to 26 form an integral part of these financial statements.

Page 11

Statement of Changes in Members’ Interests
At 31 March 2026

	Equity			Loans and other debts due to/(from) members
	Members' capital £	Other reserves £	Total £	Members' other amounts £	Total members' interests 2026 £
Members' interest at 1 April 2025	559,000	111,703	670,703	(172,817)	497,886
Profit for the financial year available for discretionary division among members	-	108,052	108,052	-	108,052
Members' interests after total comprehensive income	559,000	219,755	778,755	(172,817)	605,938
Allocated profits/(losses) in respect of the prior period	-	(111,703)	(111,703)	111,703	-
Other amounts introduced by members	-	-	-	512,087	512,087
Drawings (including tax payments)	-	-	-	(11,210)	(11,210)
At 31 March 2026	559,000	108,052	667,052	439,763	1,106,815

Statement of Changes in Members’ Interests
At 31 March 2025

	Equity			Loans and other debts due to/(from) members
	Members' capital £	Other reserves £	Total £	Members' other amounts £	Total members' interests 2025 £
Members' interest at 1 April 2024	155,000	(237,751)	(82,751)	67,465	(15,286)
Profit for the financial year available for discretionary division among members	-	111,703	111,703	-	111,703
Members' interests after total comprehensive income	155,000	(126,048)	28,952	67,465	96,417
Allocated profits/(losses) in respect of the prior year	-	237,751	237,751	(237,751)	-
Members’ capital introduced	404,000	-	404,000	-	404,000
Other amounts introduced by members	-	-	-	3,572	3,572
Drawings (including tax payments)	-	-	-	(6,103)	(6,103)
At 31 March 2025	559,000	111,703	670,703	(172,817)	497,886

Pygmalion Capital Advisers LLP

Consolidated Cash Flow Statement for the Year Ended 31 March 2026

	Note	2026 £	2025 £
Cash flows from operating activities
Operating profit		246,720	123,355
Depreciation, amortisation and impairment	9	13,533	1,503
(Increase)/decrease in debtors		(1,021,771)	(557,972)
Increase/(decrease) in creditors		504,979	(572,823)
Income tax expense		22,780	(4,030)
Increase in provisions		23,773	-
Net cash flows from operating activities		(209,986)	(1,009,967)
Cash flows from investing activities
Purchase of tangible fixed assets	9	(155,056)	(5,851)
Interest received		11	-
Interest paid		-	(13,878)
Income taxes paid		(3,542)	-
Net cash flows from investing activities		(158,587)	(19,729)
Cash flows from financing activities
Repayment of loans or borrowings		(131,139)	265,768
Value of new loans obtained during the period		100,150	-
Payments to or on behalf of members		(11,210)	(6,103)
Capital contributions by members		-	404,000
Other amounts introduced by members		512,087	-
Net cash flows from financing activities		469,888	663,665
Net increase/(decrease) in cash and cash equivalents		101,315	(366,031)
Cash and cash equivalents at 1 April		303,263	666,510
Effect of foreign exchange rate changes		(7,823)	2,784
Cash and cash equivalents at 31 March		396,755	303,263

Pygmalion Capital Advisers LLP

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

1	General information

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is:

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the group is that of investment advisory and asset management services for hotel investments.

2	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, the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

Basis of preparation

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 Pygmalion Capital Advisers 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.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 each year.

The LLP has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Pygmalion Capital Advisers LLP has adopted the exemption from the requirement to present its own statement of cash flow and related notes.

Pygmalion Capital Advisers LLP

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

A subsidiary is an entity controlled by the limited liability partnership. Control is achieved where the limited liability partnership has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the profit and loss account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

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

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The group made a profit for the year ended 31 March 2026 and had net assets of £724,820 at that date. Subsequent to 31 March 2026 the group has continued to traded profitably.

The group generates the majority of its revenue from contracted investment services provided to a fund which has been recently renewed and is due to close in December 2028. The LLP is also actively working on a number of other opportunities to increase assets under management and thus increase revenue. Investors continue to be cautious, but enquiry levels have since increased and the members are confident that there is a significant market opportunity in relation to distressed hotel assets. The LLP has no third party debts in place.

The members have also produced a forecast of the projected financial performance of the LLP for the 12 months from the date of approval of the financial statements which demonstrate that the LLP has sufficient working capital under different strategic scenarios.

On this basis the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Revenue shown in the profit and loss account represents amounts received or receivable for investment advisory and management services rendered exclusive of Value added Tax recognised on an accruals basis. Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Pygmalion Capital Advisers LLP

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

Members' remuneration and division of profits

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.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are re-translated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are re-translated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not re-translated.

The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position are presented in Sterling.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Pygmalion Capital Advisers LLP

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

Tax as presented within these financial statements represents tax arising from other group undertakings.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period from the group entities. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible fixed 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 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
Office equipment	3 - 4 years straight line
Leasehold improvements	Straight line over lease period

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Pygmalion Capital Advisers LLP

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

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Recognition and Measurement

A financial asset or a financial liability is recognised only when the entity 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.

Impairment of financial assets

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.

Pygmalion Capital Advisers LLP

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

3

Turnover

The analysis of the group's revenue for the year is as follows:

	2026 £	2025 £
Rendering of services	2,604,858	1,430,723

No geographical analysis of turnover has been prepared as the members are of the opinion that no part of the group's worldwide market is substantially different from any other and therefore no geographical analysis is required.

4	Operating profit

Operating profit is stated after charging /(crediting):

	2026 £	2025 £
Operating leases - plant and machinery	1,110	713
Foreign currency (gain)/loss	(1,326)	2,558
Depreciation of owned assets	13,533	1,503

5	Interest payable and similar charges

	2026 £	2025 £
Interest on other loans	50,810	13,878

Pygmalion Capital Advisers LLP

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

6	Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:

	2026 No.	2025 No.
Administration and support	3	1
Sales and marketing	3	2
Distribution	1	1
	7	4

The aggregate payroll costs were as follows:

	2026 £	2025 £
Wages and salaries	944,605	720,049
Social security costs	138,757	98,068
Defined contribution pension	64,517	11,139
	1,147,879	829,256

LLP

In respect of the year ended 31 March 2026, the total amount of remuneration awarded to all staff of Pygmalion Capital Advisers LLP was £644,848, of which £528,462 comprised the fixed component of remuneration, and £116,386 comprised the variable component. For these purposes, ‘staff’ is defined broadly, and includes, employees of the Firm itself, partners, employees of joint service companies, and secondees.

7	Members' remuneration

Profit earned in any given reporting period is not allocated until the following reporting period, in accordance with the accounting policies and the LLP deed.

8	Auditor's remuneration

	2026 £	2025 £

Audit of the financial statements	16,002	14,000
Other non-audit services	29,800	28,500

Pygmalion Capital Advisers LLP

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

9	Tangible fixed assets

Group

	Leasehold improvements £	Office equipment £	Total £
Cost
At 1 April 2025	-	28,492	28,492
Additions	122,242	32,814	155,056
At 31 March 2026	122,242	61,306	183,548
Depreciation
At 1 April 2025	-	21,629	21,629
Charge for the year	7,732	5,801	13,533
At 31 March 2026	7,732	27,430	35,162
Net book value
At 31 March 2026	114,510	33,876	148,386
At 31 March 2025	-	6,863	6,863

Pygmalion Capital Advisers LLP

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

LLP

	Leasehold improvements £	Office equipment £	Total £
Cost
At 1 April 2025	-	25,299	25,299
Additions	122,242	32,814	155,056
At 31 March 2026	122,242	58,113	180,355
Depreciation
At 1 April 2025	-	20,592	20,592
Charge for the year	7,732	5,058	12,790
At 31 March 2026	7,732	25,650	33,382
Net book value
At 31 March 2026	114,510	32,463	146,973
At 31 March 2025	-	4,707	4,707

10

Investments

Group

	Investments in funds £	Total £
Cost
At 1 April 2025	135,578	135,578
Additions	1	1
At 31 March 2026	135,579	135,579
Net book value
At 31 March 2026	135,579	135,579
At 31 March 2025	135,578	135,578

The investments in funds represents the group's direct interest in funds none of which exceed 1%.

Pygmalion Capital Advisers LLP

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

LLP

Subsidiary undertakings
£

Investments in funds
£

Total
£

Cost

At 1 April 2025

10,800

135,578

146,378

Additions

10,412

-

10,412

At 31 March 2026

21,212

135,578

156,790

Net book value

At 31 March 2026

21,212

135,578

156,790

At 31 March 2025

10,800

135,578

146,378

Details of subsidiary undertakings

			Proportion held
	Registered Office	Class of share	2026	2025	Business
Pygmalion Capital Advisers Iberia, SL	AV Diagonal 640, 608017, Barcelona, Spain	Ordinary	100%	100%	Investment services
Pygmalion European Opportunistic Hotel Fund II GP S.à r.l.	42-44 Avenue de la Gare, Luxembourg 1610	Ordinary	100%	100%	Managing partner of Fund
Pygmalion European Hotel Fund III GP S.à r.l.	42-44 Avenue de la Gare, Luxembourg 1610	Ordinary	100%	-	Managing partner of Fund

The investments in funds represents the LLP's direct interest in funds none of which exceed 1%.

11

Debtors

	Group		LLP
	2026 £	2025 £	2026 £	2025 £
Trade debtors	1,129,202	630,577	1,094,659	630,882
Amounts due from members	-	172,817	-	172,817
Other debtors	723,768	253,848	703,165	219,016
Prepayments and accrued income	106,462	53,236	106,462	53,236
	1,959,432	1,110,478	1,904,286	1,075,951

Pygmalion Capital Advisers LLP

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

12	Creditors: Amounts falling due within one year

	Group		LLP
	2026 £	2025 £	2026 £	2025 £
Other loans	117,066	55,856	117,066	55,856
Trade creditors	144,952	86,822	162,428	95,190
Amounts due to members	439,763	-	439,763	-
Other taxes and social security	129,013	76,043	97,770	63,060
Other creditors	735,521	122,460	659,235	708
Accruals and deferred income	156,720	349,528	124,035	349,528
	1,723,035	690,709	1,600,297	564,342

13	Creditors: Amounts falling due after more than one year

	Group		LLP
	2026 £	2025 £	2026 £	2025 £
Other loans	168,524	209,912	168,524	209,912

14	Commitments and guarantees

The total of future minimum lease payments not reflected in the statement of financial position is as follows:

	Group
	2026 £	2025 £
Not later than one year	99,582	15,992
Later than one year and not later than five years	291,985	-
	391,567	15,992

The amount of non-cancellable operating lease payments recognised as an expense in the group during the year was £105,164 (2025: £106,542).

Pygmalion Capital Advisers LLP

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

15	Provisions

Group

	Other provisions £
Additional provisions in year	23,773
At 31 March 2026	23,773

LLP

	Other provisions £
Additional provisions in year	23,773
At 31 March 2026	23,773

The provision relates to estimated dilapidation costs in respect of leased office premises and represents management's best estimate of the expenditure required to settle the obligation at the end of the lease term.

16	Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £64,517 (2025: £11,139).

17	Related party transactions

In accordance with FRS102 paragraph 33.1A exemption is taken not to disclose transactions in the year, or amounts falling due, between undertakings where 100% of voting rights are controlled within the group.

18

Control

The members consider the ultimate controlling party to be Christophe Beauvilain.

	Subsidiary undertakings £	Investments in funds £	Total £
Cost
At 1 April 2025	10,800	135,578	146,378
Additions	10,412	-	10,412
At 31 March 2026	21,212	135,578	156,790
Net book value
At 31 March 2026	21,212	135,578	156,790
At 31 March 2025	10,800	135,578	146,378