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Company registration number:OC396445
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FOR THE YEAR ENDED
31 DECEMBER 2025
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INFORMATION
Designated Members
Lakestar Holding AG
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Limited Liability Partnership registered number
OC396445
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Registered office
4th Floor, 95 Gresham Street, London, EC2V 7AB
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Trading address
First Floor, 65 Grosvenor Street, London, W15 3JH
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Independent auditor
PricewaterhouseCoopers CI LLP, Royal Bank Place, 1 Glatengy Esplanade, St Peter Port, Guernsey, GY1 4ND
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Bankers
Credit Suisse, One Cabot Square, London, E14 4QJ
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Accountants
Menzies LLP, 3000a Parkway, Whiteley, Fareham, Hampshire, PO15 7FX
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Members present their Annual Report and Audited Financial Statements of Lakestar Advisors UK LLP (the "LLP") for the year ended 31 December 2025.
Principal activities
The principal activity of the LLP continued to be that of providing advisory and financial consultancy services to other group companies.
The LLP is regulated by the Financial Conduct Authority.
Designated Members
The Designated Members who held office during the year and up to the date of signature of the Financial Statements were as follows:
Lakestar Advisors GMBH
Lakestar Holding AG
Members' drawings and contributions
The Members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
A Members' capital requirement is linked to their share of profit and the financing requirement of the LLP. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par," so the retiring members are repaid their capital at "par."
Members' responsibilities statement
The Members are responsible for preparing the Annual Report and Audited Financial Statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), 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, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland) Section 1A) ("FRS 102 1A"). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 UK accounting standards, comprising FRS 102 1A, 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 to enable them to ensure that the Financial Statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible
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MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
Each of the persons who are Members at the time when this Members' Report is approved has confirmed that:
∙so far as that Member is aware, there is no relevant audit information of which the LLP's auditor is unaware; and
∙the Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
Auditor
Under section 487(2) of the Companies Act 2006, PricewaterhouseCoopers CI LLP will be deemed to have been reappointed as auditors by the end of the next period.
This report was approved by the Members and signed on their behalf by:
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LAKESTAR ADVISORS UK LLP
REGISTERED NUMBER:OC396445
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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LAKESTAR ADVISORS UK LLP
REGISTERED NUMBER:OC396445
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
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Loans and other debts due to members within one year
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Other amounts due to members
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Members' capital classified as equity
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Other reserves classified as equity
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Loans and other debts due to members
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The Financial Statements have been prepared in accordance with the provisions applicable to entities subject to the small limited liability partnerships regime.
The Financial Statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The Financial Statements were approved and authorised for issue by the Members and were signed on their behalf by:
The notes on pages 5 to 14 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Lakestar Advisors UK LLP ("LLP") is a Limited Liability Partnerhsip incorporated in England and Wales. The registered office is 4th Floor, 95 Gresham Street, London, EC2V 7AB. The trading address of the LLP is First Floor, 65 Grosvenor Street, London, W1K 3JH.
The LLP's principal activities are disclosed in the Members' Report.
2.Accounting policies
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Basis of preparation of financial statements
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The Financial Statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland) Section 1A and Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).
The preparation of Financial Statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the LLP's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.
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.
At the time of approving the Financial Statements, the Members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the forseeable future, therefore the accounts have been prepared on a going concern basis. The LLP provides advisory and financial consultancy services to other group companies and has determined arm's length prices for these services on a cost plus basis. The Members are satisfied that the LLP will able to meet its liabilities as they fall due as turnover will always cover expenses incurred under this basis.
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentation currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the start of each quarter it relates to.
At each year 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 that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Cost of sales consists primarily of costs that are directly attributable to revenue generated by the LLP, including intercompany creditors.
Administrative expenses are accounted for on an accruals basis.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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.
Interest income is recognised in statement of comprehensive income using the effective interest method.
In accordance with the requirements of the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ no taxation is required to be disclosed. Tax is borne by the individual members on their attributable profit shares and not the LLP.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of the 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. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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. It also included the asset retirement obligation in relation to the leasehold.
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:
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Leasehold Improvements (including furniture)
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straight line over lease term of 10 years
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Fixtures, fittings and equipment
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straight line over 3 years
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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.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
At each reporting period end date, the LLP reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Impairment losses would be recorded as an expense in the Statement of Comprehensive Income.
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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when the LLP has a legal or constructive obligation that probably requires settlement by a transfer of economic benefits, and a reliable estimate can be made of the amount of the obligation.
The dilapidation provisions are charged as an expense to the Statement of Comprehensive Income in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the reporting date of the present value of expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Any changes in provisions due to passage of time are recognised as a finance charge in the Statement of Comprehensive Income.
The asset retirement obligation provision is capitalised within leasehold improvements in the year that the LLP becomes aware of the obligation at the best estimate at the reporting date of the present value of expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Any changes in provisions due to passage of time are recognised as a finance charge in the Statement of Comprehensive Income.
When payments are eventually made, they are charged to or settled against the provision carried in the Statement of Financial Position
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
The LLP provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
Pensions
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
Other employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which the service is received.
Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements and estimates in applying accounting policies and key sources of estimation uncertainty
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In the application of the LLP's accounting policies, the Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Accounting estimates
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
The LLP has a lease where it is contractually obliged to return the leasehold property to its original condition and also repair damages which incur during the life of lease term. Therefore provisions for asset retirement obligations and dilapidations have has been recognised. There is a proportion of estimation and uncertainty over the amounts that will be eventually paid, however management have provided for amounts based on its quotations provided from contractors and its expectations of amounts to be paid.
The average monthly number of employees, including members, during the year was 17 (2024: 17).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Leasehold improvement (including furniture)
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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Due after more than one year
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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The accrual included in amounts falling due after more than one year relate to the rent free period of the lease which is released over the lease period.
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Asset retirement obligations
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These provisions relate to asset retirement obligations and dilapidation provisions of returning the office premises back to their original state at the end of the lease period.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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The LLP provides defined contribution schemes for its employees in England. The amount recognised as an expense for the defined contribution scheme was £111,108 (2024: £73,482).
The LLP had no post employment benefits as at 31 December 2025 (2024: £NIL).
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Commitments under operating leases
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At 31 December 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year but not later than 5 years
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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At the year end, included within creditors due within one year, were amounts owed to group companies totalling £876,801 (2024: £990,343).
At the year end the LLP had net balances owed from designated members amounting to £1,473,467 (2024: £3,265,070).
The LLP also provided investment advisory services to designated members during the year amounting to £9,420,125 (2024: £9,618,294).
During the year key management personnel received compensation of £NIL (2024: £476,255).
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The immediate parent of the LLP is Lakestar Advisors GmbH, a company incorporated in Switzerland.
The ultimate parent of the LLP is Lakestar Holding AG, a company incorporated in Switzerland.
The ultimate controlling party of the LLP is Klaus Hommels.
The auditor's report on the full set of financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 25 March 2026 by Bernard Mullaly (Senior Statutory Auditor) on behalf of PricewaterhouseCoopers CI LLP.
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