IRIS Accounts Production v26.1.10.61 OC343656 designated member designated member 1.4.25 31.3.26 31.3.26 false true true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh OC343656 2025-03-31 OC343656 2026-03-31 OC343656 2025-04-01 2026-03-31 OC343656 2024-03-31 OC343656 2024-04-01 2025-03-31 OC343656 2025-03-31 OC343656 ns15:EnglandWales 2025-04-01 2026-03-31 OC343656 ns14:PoundSterling 2025-04-01 2026-03-31 OC343656 ns10:PartnerLLP1 2025-04-01 2026-03-31 OC343656 ns10:PartnerLLP2 2025-04-01 2026-03-31 OC343656 ns10:LimitedLiabilityPartnershipLLP 2025-04-01 2026-03-31 OC343656 ns10:MediumEntities 2025-04-01 2026-03-31 OC343656 ns10:Audited 2025-04-01 2026-03-31 OC343656 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-04-01 2026-03-31 OC343656 ns10:LimitedLiabilityPartnershipsSORP 2025-04-01 2026-03-31 OC343656 ns10:FullAccounts 2025-04-01 2026-03-31 OC343656 ns10:PartnerLLP3 2025-04-01 2026-03-31 OC343656 ns10:PartnerLLP4 2025-04-01 2026-03-31 OC343656 ns10:RegisteredOffice 2025-04-01 2026-03-31 OC343656 ns5:CurrentFinancialInstruments 2026-03-31 OC343656 ns5:CurrentFinancialInstruments 2025-03-31 OC343656 ns5:CapitalRedemptionReserve 2026-03-31 OC343656 ns5:CapitalRedemptionReserve 2025-03-31 OC343656 ns5:LeaseholdImprovements 2025-04-01 2026-03-31 OC343656 ns5:FurnitureFittings 2025-04-01 2026-03-31 OC343656 ns5:ComputerEquipment 2025-04-01 2026-03-31 OC343656 1 2025-04-01 2026-03-31 OC343656 ns5:ReportableOperatingSegment1 2025-04-01 2026-03-31 OC343656 ns5:ReportableOperatingSegment1 2024-04-01 2025-03-31 OC343656 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2025-04-01 2026-03-31 OC343656 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2024-04-01 2025-03-31 OC343656 ns15:UnitedKingdom 2025-04-01 2026-03-31 OC343656 ns15:UnitedKingdom 2024-04-01 2025-03-31 OC343656 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2025-04-01 2026-03-31 OC343656 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-04-01 2025-03-31 OC343656 ns5:OwnedAssets 2025-04-01 2026-03-31 OC343656 ns5:OwnedAssets 2024-04-01 2025-03-31 OC343656 1 2025-04-01 2026-03-31 OC343656 1 2024-04-01 2025-03-31 OC343656 ns5:LeaseholdImprovements 2025-03-31 OC343656 ns5:FurnitureFittings 2025-03-31 OC343656 ns5:ComputerEquipment 2025-03-31 OC343656 ns5:LeaseholdImprovements 2026-03-31 OC343656 ns5:FurnitureFittings 2026-03-31 OC343656 ns5:ComputerEquipment 2026-03-31 OC343656 ns5:LeaseholdImprovements 2025-03-31 OC343656 ns5:FurnitureFittings 2025-03-31 OC343656 ns5:ComputerEquipment 2025-03-31 OC343656 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2026-03-31 OC343656 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 OC343656 ns5:WithinOneYear 2026-03-31 OC343656 ns5:WithinOneYear 2025-03-31 OC343656 ns5:BetweenOneFiveYears 2026-03-31 OC343656 ns5:BetweenOneFiveYears 2025-03-31 OC343656 ns5:AllPeriods 2026-03-31 OC343656 ns5:AllPeriods 2025-03-31

REGISTERED NUMBER: OC343656 (England and Wales)

MEMBERS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

CASTELLAIN CAPITAL LLP

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page |

General Information | 1 |

Members' Report | 2 |

Independent Auditor's Report | 4 |

Profit and Loss Account | 8 |

Other Comprehensive Income | 9 |

Balance Sheet | 10 |

Reconciliation of Members' Interests | 11 |

Cash Flow Statement | 13 |

Notes to the Financial Statements | 14 |

CASTELLAIN CAPITAL LLP

GENERAL INFORMATION

FOR THE YEAR ENDED 31 MARCH 2026

| DESIGNATED MEMBERS: | S C Ackerman

| D Gelber

| R S Goldsmith

| J Naggar

| REGISTERED OFFICE: | 34 New Cavendish Street

| London

| W1G 8UB

| REGISTERED NUMBER: | OC343656 (England and Wales)

| AUDITOR: | mgr Audit Limited

| Chartered Accountants

| Statutory Auditors

| 55 Loudoun Road

| St John's Wood

| London

| NW8 0DL

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

MEMBERS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

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

PRINCIPAL ACTIVITY

The principal activity of the limited liability partnership is the provision of investment management and advisory services.

The limited liability partnership is authorised and regulated by the Financial Conduct Authority. MIFIDPRU 8 disclosures for the limited liability partnership, as required by the Financial Conduct Authority, can be found on the limited liability partnership's website: www.cascap.co.uk.

DESIGNATED MEMBERS

The designated members during the year under review were:

S C Ackerman

D Gelber

R S Goldsmith

J Naggar

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £1,965,991 (2025 - £1,379,456 profit).

MEMBERS' INTERESTS

The members' drawing policy allows each member to make drawings against their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to the financing requirement of the limited liability partnership. 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".

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Members' Report and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 and applicable law).

Under legislation applicable to limited liability partnerships 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

MEMBERS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditor is unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.

AUDITOR

The auditor, mgr Audit Limited, have been appointed as auditors during the year, under section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), and will be proposed for reappointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

R S Goldsmith - Designated member

24 July 2026

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

CASTELLAIN CAPITAL LLP

Opinion

I have audited the financial statements of Castellain Capital LLP (the 'LLP') for the year ended 31 March 2026 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, 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 my opinion the financial statements:

- | give a true and fair view of the state of the LLP's affairs as at 31 March 2026 and of its 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 LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the LLP in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My 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 in the Members' Report, but does not include the financial statements and my Auditor's Report thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Matters on which I am required to report by exception

I have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires me to report to you if, in my opinion:

- | adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | I have not received all the information and explanations I require for my audit.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

CASTELLAIN CAPITAL LLP

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, 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 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

CASTELLAIN CAPITAL LLP

Auditor's responsibilities for the audit of the financial statements

My 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 my 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.

The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the LLP and the services provided, we have identified that the principal risks of noncompliance with laws and regulations related to the LLP's registration with the Financial Conduct Authority (FCA) and employment regulation. We have considered the extent to which non-compliance might have a material effect on the financial statements. We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as 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.

We evaluated the members' incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls and determined that the principal risks were in relation to management bias through judgements and assumptions in accounting estimates and the use of service organisations by the limited liability partnership.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- discussions with the members in relation to their policies and procedures regarding compliance with laws and regulations;

- communicating identified laws and regulations throughout the audit engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- considering the risks of acts by the limited liability partnership which were contrary to the applicable laws and regulation, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

- making enquiries of the members on whether they had knowledge of any actual, suspected or alleged fraud;

- gaining an understanding of the internal controls established to mitigate risks relating to fraud;

- gaining an understanding of the internal controls and procedures in place within the service organisation and the flow of information between the members and the service organisation;

- discussions amongst the audit engagement team regarding the risk of fraud; and

- addressing the risks of fraud through management override of controls by performing testing on journal entries and assessing the accounting estimates included in the financial statements.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with the members. As with any audit, there remains a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Auditor's Report.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

CASTELLAIN CAPITAL LLP

Use of my report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. My audit work has been undertaken so that I might state to the LLP's members those matters I am required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for my audit work, for this report, or for the opinions I have formed.

Nigel Walfisz FCA (Senior Statutory Auditor)

for and on behalf of mgr Audit Limited

Chartered Accountants

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

24 July 2026

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2026

| 31.3.26 |  | 31.3.25

| Notes | £ | £ |

TURNOVER | 4 | 2,878,732 |  | 2,431,002 |  |

Cost of sales | (22,557 | ) | (12,344 | ) |

GROSS PROFIT | 2,856,175 |  | 2,418,658 |  |

Administrative expenses | (900,529 | ) | (1,049,249 | ) |

OPERATING PROFIT | 6 | 1,955,646 |  | 1,369,409 |  |

Interest receivable and similar income | 8 | 10,345 |  | 10,047 |  |

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES | 1,965,991 |  | 1,379,456 |  |

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES | 1,965,991 |  | 1,379,456 |  |

Members' remuneration charged as an expense | 9 | (275,000 | ) | (275,000 | ) |

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS | 1,690,991 |  | 1,104,456 |  |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

| 31.3.26 |  | 31.3.25

| Notes | £ | £ |

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS | 1,690,991 |  | 1,104,456 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,690,991 |  | 1,104,456 |  |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

BALANCE SHEET

31 MARCH 2026

| 31.3.26 |  | 31.3.25

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 1,256 |  | 1,153 |  |

CURRENT ASSETS

Debtors | 11 | 1,092,109 |  | 833,556 |  |

Cash at bank and in hand | 1,000,638 |  | 610,990 |  |

2,092,747 |  | 1,444,546 |  |

CREDITORS

Amounts falling due within one year | 12 | (132,951 | ) | (71,183 | ) |

NET CURRENT ASSETS | 1,959,796 |  | 1,373,363 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS | 1,961,052 |  | 1,374,516 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 14 | 114 |  | 114 |  |

MEMBERS' OTHER INTERESTS

Capital accounts | 269,946 |  | 269,946 |  |

Other reserves | 1,690,992 |  | 1,104,456 |  |

1,961,052 |  | 1,374,516 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 14 | 114 |  | 114 |  |

Members' other interests | 1,960,938 |  | 1,374,402 |  |

Amounts due from members | 11 | (768,940 | ) | (596,170 | ) |

1,192,112 |  | 778,346 |  |

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

R S Goldsmith - Designated member

S C Ackerman - Designated member

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE YEAR ENDED 31 MARCH 2026

| EQUITY

| Members' other interests

| Members' |

| capital |

| (classified |

| as |  | Other |

| equity) |  | reserves |  | Total

£ | £ | £ |

Balance at 1 April 2025 | 269,946 |  | 1,104,456 |  | 1,374,402 |  |

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

Profit for the financial year available for discretionary division among members | - |  | 1,690,991 |  | 1,690,991 |  |

Members' interests after profit for the year | 269,946 |  | 2,795,447 |  | 3,065,393 |  |

Other divisions of profits | - |  | (1,104,455 | ) | (1,104,455 | ) |

Drawings on account and distributions of profit | - |  | - |  | - |  |

Divisions of profits | - |  | - |  | - |  |

Balance at 31 March 2026 | 269,946 |  | 1,690,992 |  | 1,960,938 |  |

| 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 | 114 |  |

Amount due from members | (596,170 | ) |

Balance at 1 April 2025 | (596,056 | ) | 778,346 |  |

Members' remuneration charged as an expense, including employment and retirement benefit costs | 275,000 |  | 275,000 |  |

Profit for the financial year available for discretionary division among members | - |  | 1,690,991 |  |

Members' interests after profit for the year | (321,056 | ) | 2,744,337 |  |

Other divisions of profits | - |  | (1,104,455 | ) |

Drawings on account and distributions of profit | (1,552,226 | ) | (1,552,226 | ) |

Divisions of profits | 1,104,456 |  | 1,104,456 |  |

Amount due to members | 114 |  |

Amount due from members | (768,940 | ) |

Balance at 31 March 2026 | (768,826 | ) | 1,192,112 |  |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE YEAR ENDED 31 MARCH 2026

| EQUITY

| Members' other interests

| Members' |

| capital |

| (classified |

| as |  | Other |

| equity) |  | reserves |  | Total

£ | £ | £ |

Balance at 1 April 2024 | 269,946 |  | 859,835 |  | 1,129,781 |  |

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

Profit for the financial year available for discretionary division among members | - |  | 1,104,456 |  | 1,104,456 |  |

Members' interests after profit for the year | 269,946 |  | 1,964,291 |  | 2,234,237 |  |

Other divisions of profits | - |  | (859,835 | ) | (859,835 | ) |

Drawings on account and distributions of profit | - |  | - |  | - |  |

Divisions of profits | - |  | - |  | - |  |

Balance at 31 March 2025 | 269,946 |  | 1,104,456 |  | 1,374,402 |  |

| 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 | 100 |  |

Amount due from members | (528,830 | ) |

Balance at 1 April 2024 | (528,730 | ) | 601,051 |  |

Members' remuneration charged as an expense, including employment and retirement benefit costs | 275,000 |  | 275,000 |  |

Profit for the financial year available for discretionary division among members | - |  | 1,104,456 |  |

Members' interests after profit for the year | (253,730 | ) | 1,980,507 |  |

Other divisions of profits | - |  | (859,835 | ) |

Drawings on account and distributions of profit | (1,202,161 | ) | (1,202,161 | ) |

Divisions of profits | 859,835 |  | 859,835 |  |

Amount due to members | 114 |  |

Amount due from members | (596,170 | ) |

Balance at 31 March 2025 | (596,056 | ) | 778,346 |  |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

| 31.3.26 |  | 31.3.25

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 18 | 1,932,387 |  | 1,296,803 |  |

Net cash from operating activities | 1,932,387 |  | 1,296,803 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (858 | ) | (795 | ) |

Sale of tangible fixed assets | - |  | 415 |  |

Interest received | 10,345 |  | 10,047 |  |

Net cash from investing activities | 9,487 |  | 9,667 |  |

Cash flows from financing activities

Transactions with members and former | members |

Payments to members | (1,552,226 | ) | (1,202,161 | ) |

Net cash from financing activities | (1,552,226 | ) | (1,202,161 | ) |

Increase in cash and cash equivalents | 389,648 |  | 104,309 |  |

Cash and cash equivalents at beginning of year | 19 | 610,990 |  | 506,681 |  |

Cash and cash equivalents at end of year | 19 | 1,000,638 |  | 610,990 |  |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

1. | STATUTORY INFORMATION

| Castellain Capital 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" 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.

| The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

| Going concern

| At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

| Turnover

| Turnover represents fees receivable for investment advisory and management services provided. Turnover is recognised when the LLP obtains the right to consideration in exchange for its performance of services.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Leasehold improvements | - | evenly over the period of the lease

| Fixtures and fittings | - | Straight line over 3 years

| Computer equipment | - | Straight line over 3 years

| Impairment of fixed assets

| At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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 (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Financial assets and financial instruments

| Other financial assets

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

| 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.

| Classification of financial liabilities

| 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 limited liability partnership after deducting all of its liabilities.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| 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.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Members' participating interests

| 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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

| All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members'

| remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

| Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense.

| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

| Cash and cash equivalents

| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the limited liability partnership’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.

| 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 members are not aware of any significant sources of estimation uncertainty in the preparation of the financial statements.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

4. | TURNOVER

| The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

| An analysis of turnover by class of business is given below:

| 31.3.26 |  | 31.3.25

£ | £ |

| Investment advisory | 2,878,732 |  | 2,431,002 |  |

2,878,732 |  | 2,431,002 |  |

| An analysis of turnover by geographical market is given below:

| 31.3.26 |  | 31.3.25

£ | £ |

| United Kingdom | 2,878,732 |  | 2,431,002 |  |

2,878,732 |  | 2,431,002 |  |

5. | EMPLOYEE INFORMATION

| 31.3.26 |  | 31.3.25

£ | £ |

| Wages and salaries | 528,435 |  | 478,883 |  |

| Social security costs | 65,083 |  | 55,195 |  |

| Other pension costs | 85,480 |  | 54,096 |  |

678,998 |  | 588,174 |  |

| The average number of employees during the year was as follows:

| 31.3.26 |  | 31.3.25

| Administration | 5 |  | 5 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.3.26 |  | 31.3.25

£ | £ |

| Other operating leases | 57,149 |  | 60,041 |  |

| Depreciation - owned assets | 755 |  | 7,296 |  |

| Foreign exchange differences | 1,212 |  | 661 |  |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

7. | AUDITORS' REMUNERATION

| 31.3.26 |  | 31.3.25

£ | £ |

| Fees payable to the LLP's auditor for the audit of the LLP's financial statements | 16,763 |  | 14,999 |  |

| Other non-audit services | 2,350 |  | 2,250 |  |

8. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 31.3.26 |  | 31.3.25

£ | £ |

| Bank interest receivable | 9,545 |  | 10,047 |  |

| Other interest receivable | 800 |  | - |  |

10,345 |  | 10,047 |  |

9. | INFORMATION IN RELATION TO MEMBERS

|  | 31.3.26 |  |  | 31.3.25 |

|  | Number |  |  | Number |

| The average number of members during the year was |  | 11 |  |  | 11 |

|  | 31.3.26 |  |  | 31.3.25 |

|  | £ |  |  | £ |

| Profit attributable to the member with the highest entitlement |  | 450,606 |  |  | 427,080 |

|  | 31.3.26 |  |  | 31.3.25 |

|  | £ |  |  | £ |

| Renumeration of members charged as an expense |  | 275,000 |  |  | 275,000 |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Leasehold |  | and |  | Computer |

| improvements |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2025 | 34,013 |  | 8,530 |  | 27,351 |  | 69,894 |  |

| Additions | - |  | - |  | 858 |  | 858 |  |

| At 31 March 2026 | 34,013 |  | 8,530 |  | 28,209 |  | 70,752 |  |

| DEPRECIATION

| At 1 April 2025 | 34,013 |  | 8,530 |  | 26,198 |  | 68,741 |  |

| Charge for year | - |  | - |  | 755 |  | 755 |  |

| At 31 March 2026 | 34,013 |  | 8,530 |  | 26,953 |  | 69,496 |  |

| NET BOOK VALUE

| At 31 March 2026 | - |  | - |  | 1,256 |  | 1,256 |  |

| At 31 March 2025 | - |  | - |  | 1,153 |  | 1,153 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.26 |  | 31.3.25

£ | £ |

| Trade debtors | 15,554 |  | 25,118 |  |

| Amounts due from members | 768,940 |  | 596,170 |  |

| Other debtors | 41,239 |  | 13,618 |  |

| VAT | 18,435 |  | 96 |  |

| Prepayments and accrued income | 247,941 |  | 198,554 |  |

1,092,109 |  | 833,556 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.26 |  | 31.3.25

£ | £ |

| Trade creditors | 399 |  | 14,938 |  |

| Social security and other taxes | 12,211 |  | 12,127 |  |

| Other creditors | 6,800 |  | 5,366 |  |

| Accruals and deferred income | 113,541 |  | 38,752 |  |

132,951 |  | 71,183 |  |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

13. | LEASING AGREEMENTS

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

| 31.3.26 |  | 31.3.25

£ | £ |

| Within one year | 50,000 |  | - |  |

| Between one and five years | 41,644 |  | - |  |

91,644 |  | - |  |

14. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

| 31.3.26 |  | 31.3.25

£ | £ |

| Loans from members | 114 |  | 114 |  |

| Falling due within one year | 114 |  | 114 |  |

| In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

15. | RETIREMENT BENEFIT SCHEMES

| Defined contribution schemes

| The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

| The charge to profit or loss in respect of defined contribution schemes was £85,480 (2025 - £54,096).

16. | RELATED PARTY DISCLOSURES

| During the year the limited liability partnership entered into the following transactions with related parties:

| Performance and management fees for the year of £2,878,732 (2025: £2,346,274) were receivable from Castellain ICAV. One member is a director of Castellain ICAV.

| Prepayments and accrued income includes an amount of £201,185 (2025: £158,975) representing amounts owed to the limited liability partnership from Castellain ICAV.

17. | ULTIMATE CONTROLLING PARTY

| The limited liability partnership is controlled by the members. No single member has control.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

18. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

| 31.3.26 |  | 31.3.25

£ | £ |

| Profit for the financial year available for discretionary division among members | 1,690,991 |  | 1,104,456 |  |

| Members' remuneration charged as an expense | 275,000 |  | 275,000 |  |

| Depreciation charges | 754 |  | 7,297 |  |

| Finance income | (10,345 | ) | (10,047 | ) |

1,956,400 |  | 1,376,706 |  |

| (Increase)/decrease in trade and other debtors | (85,781 | ) | 5,122 |  |

| Increase/(decrease) in trade and other creditors | 61,768 |  | (85,025 | ) |

| Cash generated from operations | 1,932,387 |  | 1,296,803 |  |

19. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 March 2026

| 31.3.26 |  | 1.4.25

£ | £ |

| Cash and cash equivalents | 1,000,638 |  | 610,990 |  |

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 610,990 |  | 506,681 |  |

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

20. | ANALYSIS OF CHANGES IN NET FUNDS

| Other |

| non-cash |

| At 1.4.25 | Cash flow | changes | At 31.3.26

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 610,990 |  | 389,648 |  | 1,000,638 |  |

610,990 |  | 389,648 |  | 1,000,638 |  |

| Net funds (before

| members' debt) | 610,990 |  | 389,648 |  | - |  | 1,000,638 |  |

| Loans and other debts

| due to members

| Other amounts

| due to members | (114 | ) | 172,770 |  | (172,770 | ) | (114 | ) |

| Net funds | 610,876 |  | 562,418 |  | (172,770 | ) | 1,000,524 |  |