Iceni Capital LLP - Period Ending 2026-03-31

Registration number: OC313308

Iceni Capital LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2026

Iceni Capital LLP

Contents

Limited liability partnership information	1
Members' Report	2
Accountants' Report	3
Financial Statements	4 to 12
Profit and Loss Account	4
Balance Sheet	5
Statement of Changes in Members’ Interests	7
Notes to the Financial Statements	9

Iceni Capital LLP

Limited liability partnership information

Designated members

V R Smith

A P Church

Registered office

32 Hampstead High Street
London
NW3 1JQ

Solicitors

Morgan, Lewis & Bockius UK LLP
Condor House
5-10 St. Paul's Churchyard
London
EC4M 8AL

Accountants

EVMS Partners LLP
Chartered Accountants
45 Ludgate Hill
London
EC4M 7JU

Iceni Capital LLP

Members' Report for the Year Ended 31 March 2026

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

Designated members

The members who held office during the year were as follows:

V R Smith

A P Church

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

Members share profits and losses in accordance with agreed profit sharing arrangements.

Members' capital is determined by the regulatory capital requirements of the FCA and any trading needs of the LLP.

Members are remunerated from the profits of the LLP and are requiremed to make their own provisions for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed affter the year, subject to the cash requirements of the business.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

Approved by the Board on 21 July 2026 and signed on its behalf by:

.........................................
V R Smith
Designated member

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Iceni Capital LLP
for the Year Ended 31 March 2026

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Iceni Capital LLP for the year ended 31 March 2026 set out on pages 4 to 12 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Iceni Capital LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Iceni Capital LLP and state those matters that we have agreed to state to the members of Iceni Capital LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iceni Capital LLP and its members as a body for our work or for this report.

It is your duty to ensure that Iceni Capital LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Iceni Capital LLP. You consider that Iceni Capital LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Iceni Capital LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EVMS Partners LLP
Chartered Accountants
45 Ludgate Hill
London
EC4M 7JU

21 July 2026

Iceni Capital LLP

Profit and Loss Account for the Year Ended 31 March 2026

	Note	Total 2026 £	Total 2025 £
Turnover		144,408	159,973
Administrative expenses		(9,748)	(17,464)
Operating profit		134,660	142,509
Other interest receivable and similar income		697	1,443
Profit for the year before members' remuneration and profit shares		135,357	143,952
Profit for the year available for discretionary division among members		135,357	143,952

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.

Iceni Capital LLP

(Registration number: OC313308)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Investments	3	100	100
Current assets
Debtors	4	124,087	105,574
Cash and short-term deposits		71,323	123,554
		195,410	229,128
Creditors: Amounts falling due within one year	5	(27,058)	(30,133)
Net current assets		168,352	198,995
Net assets attributable to members		168,452	199,095
Represented by:
Loans and other debts due to members
Members' capital classified as a liability		5,000	5,000
Members’ other interests
Other reserves		163,452	194,095
		168,452	199,095
Total members' interests
Loans and other debts due to members		5,000	5,000
Equity		163,452	194,095
		168,452	199,095

For the year ending 31 March 2026 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

Iceni Capital LLP

(Registration number: OC313308)
Balance Sheet as at 31 March 2026 (continued)

The financial statements of Iceni Capital LLP (registered number OC313308) were approved by the Board and authorised for issue on 21 July 2026. They were signed on behalf of the limited liability partnership by:

.........................................
V R Smith
Designated member

Iceni Capital LLP

Statement of Changes in Members’ Interests
At 31 March 2026

	Equity		Loans and other debts due to/(from) members
	Other reserves £	Total equity £	Members' capital classified as a liability £	Members' other amounts £	Total debt £	Total 2026 £
Members' interest at 1 April 2025	194,095	194,095	5,000	-	5,000	199,095
Profit for the financial year available for discretionary division among members	135,357	135,357	-	-	-	135,357
Members' interests after total comprehensive income	329,452	329,452	5,000	-	5,000	334,452
Other division of profits	(166,000)	(166,000)	-	166,000	166,000	-
Drawings (including tax payments)	-	-	-	(166,000)	(166,000)	(166,000)
At 31 March 2026	163,452	163,452	5,000	-	5,000	168,452

The notes on pages 9 to 12 form an integral part of these financial statements.

Page 7

Iceni Capital LLP

Statement of Changes in Members’ Interests
At 31 March 2026 (continued)

	Equity		Loans and other debts due to/(from) members
	Other reserves £	Total equity £	Members' capital classified as a liability £	Members' other amounts £	Total debt £	Total 2025 £
Members' interest at 1 April 2024	154,143	154,143	5,000	-	5,000	159,143
Profit for the financial year available for discretionary division among members	143,952	143,952	-	-	-	143,952
Members' interests after total comprehensive income	298,095	298,095	5,000	-	5,000	303,095
Other division of profits	(104,000)	(104,000)	-	104,000	104,000	-
Drawings (including tax payments)	-	-	-	(104,000)	(104,000)	(104,000)
At 31 March 2025	194,095	194,095	5,000	-	5,000	199,095

The notes on pages 9 to 12 form an integral part of these financial statements.

Page 8

Iceni Capital LLP

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

1	Accounting policies

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.

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' and the Statement of Recommended Practice Accounting by Limited Liability Partnerships (the "SORP").

General information and basis of accounting

The LLP is incorporated in United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the Partnership Information page. The nature of the LLP’s operations and its principal activities are given in the members’ report.

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 Iceni Capital LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The members have prepared forecasts which, taking account of reasonably possible changes in trading performance, indicate that the LLP should be cash generative and able to meet its liabilities as they fall due and maintain a regulatory capital surplus. In the event that actual results fall short of the forecasts, the members have expressed their willingness to provide such additional funding as may be required to support the business for a period of at least 12 months from the date of signing of these financial statements.

The members therefore have a reasonable expectation that the LLP has adequate resource to continue in operation for the foreseeable future. Thus they adopt the going concern basis of accounting in preparing the annual financial statements.

Exemption from preparing group accounts

The limited liability partnership has taken advantage of the exemption provided by Section 402 of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

Revenue recognition

Turnover comprises revenue recognised by the LLP in respect of services supplied during the year, exclusive of value added tax.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members.

Iceni Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

1	Accounting policies (continued)

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Recognition and Measurement

The LLP does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Therefore trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

The LLP's cash holdings comprise on demand balances and deposit accounts. All cash is held with banks with strong external credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as one represent a financing transaction. They are only derecognised when they are extinguished.

As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2025 - 0).

3	Investments held as fixed assets

	2026 £	2025 £
Shares in group undertakings and participating interests	100	100

Iceni Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

3	Investments held as fixed assets (continued)

Shares in group undertakings and participating interests

	Subsidiary undertakings £	Total £
Cost
At 1 April 2025	100	100
At 31 March 2026	100	100
Net book value
At 31 March 2026	100	100
At 31 March 2025	100	100

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Iceni Capital GP Limited	England	Ordinary	100%	General partner

Iceni Capital LLP

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

4

Debtors

	2026 £	2025 £
Trade debtors	84,015	66,140
Other debtors	15,489	14,258
Prepayments and accrued income	24,583	25,176
Total current trade and other debtors	124,087	105,574

5	Creditors: Amounts falling due within one year

	2026 £	2025 £
Trade creditors	810	1,602
Amounts owed to group undertakings	6,535	5,295
Other creditors	5,510	5,510
Accruals and deferred income	6,000	10,160
Taxation and social security	8,203	7,566
	27,058	30,133

6	Related party transactions

Iceni Capital GP Limited is a 100% owned subsidiary of the LLP and is the general partner of Iceni Capital Partners I LP and Iceni Capital Carried Interest LP.

At the year end, £62,324 (2025: £62,324) was outstanding from the subsidiary in respect of previous years fees.

At the year end, an amount of £2,645 (2025: £2,645) was included in amounts owed by related undertakings in respect of a loan and expenses incurred on behalf of Iceni Capital GP Limited.

At the year end, £12,845 (2025: £11,613) was due from Iceni Capital Carried Interest LP for expenses paid by the LLP on behalf of the Limited Partnership.

At the year end, £6,535 (2025: £5,295) was due to Iceni Capital I LP from the LLP.

7

Control

The LLP is controlled by its members.