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Registered number: OC343430 TIDEWAY INVESTMENT PARTNERS LLP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TIDEWAY INVESTMENT PARTNERS LLP INFORMATION
Designated Members Tideway Investment Group Limited
Baxter Enterprises Ltd
LLP registered number OC343430
Registered office 65 Leadenhall Street, London, EC3A 2AD
Independent auditor Barnes Roffe Audit Limited, Leytonstone House, 3 Hanbury Drive, London, E11 1GA
TIDEWAY INVESTMENT PARTNERS LLP CONTENTS
| Page
Members' report | 1 - 3
Independent auditor's report | 4 - 7
Statement of comprehensive income | 8
Balance sheet | 9 - 10
Reconciliation of members' interests | 11
Notes to the financial statements | 12 - 23
TIDEWAY INVESTMENT PARTNERS LLP MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2026 The members present their annual report together with the audited financial statements of Tideway Investment Partners LLP (the "LLP") for the ended 31 March 2026. Principal activities The principal objective of the LLP continues to be that of an advisory firm which has been approved and is regulated by the Financial Conduct Authority. IFPR Remuneration Disclosure The IFPR Remuneration Disclosure disclosures are published and updated annually on the company's website. www.tidewayinvestment.co.uk Designated Members Tideway Investment Group Limited and Baxter Enterprises Ltd were designated members of the LLP throughout the period. Following a group reorganisation post year-end, Tideway Investment Group Limited ceased to be a designated member of the LLP on 22 June 2026. Members' capital and interests Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP. Details of changes in members' capital in the year ended 31 March 2026 are set out in the Reconciliation of members' interests. Members are remunerated from the profits of the LLP and are required to make their own provision 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 after the year, subject to the cash requirements of the business. Business Review The results for the year and financial position of the LLP are shown in the annexed financial statements. We aim to present a balanced and comprehensive review of the development and performance of the business during the financial year and its position at the year end. Our review is consistent with the size and nature of the business. We consider our key financial performance indicators to be those that communicate the financial performance and strength of the LLP as a whole, being turnover and profit before tax. The members were satisfied with the performance of the LLP for 2026. The turnover of the LLP for the year amounted to £1,330,636 (2025: £1,232,062) and the profit before tax achieved was £288,384 (2025: £135,824). The members believe that the LLP has sufficient reserves to continue to progress and to take advantage of the appropriate business opportunities as they arise and they are satisfied with LLP's state of affairs at 31 March 2026. Page 1
TIDEWAY INVESTMENT PARTNERS LLP MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Future developments The LLP will continue to provide support and services to its appointed representative. Principal risks and uncertainties Due to the nature of its business activities, the LLP is not exposed to significant liquidity risk nor the risk of currency fluctuations. The LLP is exposed to credit risk represented by its trade debtors, but this risk is minimised by regular reviews of the credit worthiness of significant customers. Credit references are obtained for significant new customers where relevant. Members' responsibilities statement The members are responsible for preparing the annual report and the 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 and applicable law). 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 judgments 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 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 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 ∙that 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 Page 2
TIDEWAY INVESTMENT PARTNERS LLP MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 The auditor, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the members and signed on their behalf by:
Baxter Enterprises Ltd Designated member
Date: 23 July 2026
Page 3
TIDEWAY INVESTMENT PARTNERS LLP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY INVESTMENT PARTNERS LLP
Opinion
We have audited the financial statements of Tideway Investment Partners LLP (the 'LLP') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Reconciliation of members' interests and the related notes, 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 LLP's affairs as at 31 March 2026 and of its result 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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. Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. Page 4
TIDEWAY INVESTMENT PARTNERS LLP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY INVESTMENT PARTNERS LLP (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 Members' responsibilities statement set out on page 1, 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 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. Page 5
TIDEWAY INVESTMENT PARTNERS LLP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY INVESTMENT PARTNERS LLP (CONTINUED)
Auditors' 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. 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 industry, we identified that the principal risks of non-compliance with laws and regulations related to the industry, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and FCA regulations. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: ∙Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙Considering the internal controls in place to mitigate risks and non-compliance with laws and regulations; ∙Reviewing the financial statements and testing the disclosures against supporting information; ∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies; ∙Inspecting and testing journal entries to identify unusual or unexpected transactions; ∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our 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 our Auditor's report. Page 6
TIDEWAY INVESTMENT PARTNERS LLP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY INVESTMENT PARTNERS LLP (CONTINUED)
Use of our 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 by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed. Selven Iyaroo (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Leytonstone House 3 Hanbury Drive London E11 1GA 23 July 2026 Page 7
TIDEWAY INVESTMENT PARTNERS LLP STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 1,330,636 | 1,232,062
Cost of sales |  | (82,308) | (77,070)
Gross profit |  | 1,248,328 | 1,154,992
Administrative expenses |  | (975,948) | (1,030,799)
Fair value movements |  | (4,227) | -
Operating profit | 5 | 268,153 | 124,193
Income from fixed assets investments |  | 420 | -
Profit on disposal of investments |  | 909 | -
Interest receivable and similar income |  | 18,902 | 11,631
Profit before tax |  | 288,384 | 135,824
Profit for the year before members' remuneration and profit shares |  | 288,384 | 135,824
Profit for the year before members' remuneration and profit shares |  | 288,384 | 135,824
Members' remuneration charged as an expense |  | (288,384) | (135,824)
Results for the year available for discretionary division among members |  | - | -
The notes on pages 12 to 23 form part of these financial statements.
Page 8
TIDEWAY INVESTMENT PARTNERS LLP REGISTERED NUMBER: OC343430 BALANCE SHEET AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments |  |  | 298,172 |  | -
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 3,076,056 |  | 2,464,164 |
Cash at bank and in hand | 14 | 287,433 |  | 458,989 |
|  | 3,363,489 |  | 2,923,153 |
Creditors: Amounts Falling Due Within One Year | 15 | (2,379,113) |  | (1,768,207) |
Net current assets |  |  | 984,376 |  | 1,154,946
Net assets |  |  | 1,282,548 |  | 1,154,946
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Members' capital classified as a liability |  |  | 242,957 |  | 129,573
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 1,000,000 |  | 1,000,000 |
Other reserves classified as equity |  | 39,591 |  | 25,373 |
|  |  | 1,039,591 |  | 1,025,373
|  |  | 1,282,548 |  | 1,154,946
Total members' interests |  |  |  |  |
Loans and other debts due to members | 16 |  | 242,957 |  | 129,573
Members' other interests |  |  | 1,039,591 |  | 1,025,373
|  |  | 1,282,548 |  | 1,154,946
Page 9
TIDEWAY INVESTMENT PARTNERS LLP REGISTERED NUMBER: OC343430 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2026 The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
Baxter Enterprises Ltd
Designated member
Date: 23 July 2026
The notes on pages 12 to 23 form part of these financial statements. Page 10
TIDEWAY INVESTMENT PARTNERS LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2026
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves | Total | Members' capital (classified as debt) | Total
| £ | £ | £ | £ | £
Amounts due to members |  |  |  | - |
Amounts due from members |  |  |  |  |
Balance at 1 April 2024 | 1,000,000 | 38,750 | 1,038,750 | - | 1,038,750
Members' interests after profit for the year | 1,000,000 | 38,750 | 1,038,750 | - | 1,038,750
Members' remuneration charged as an expense | - | - | - | 135,824 | 135,824
Credit relating to equity settled share based payments | - | (13,377) | (13,377) | - | (13,377)
Drawings on account and distribution of profit | - | - | - | (45,001) | (45,001)
Conversion of members' capital to debt | - | - | - | 38,750 | 38,750
Amounts due to members |  |  |  | 129,573 |
Balance at 31 March 2025 | 1,000,000 | 25,373 | 1,025,373 | 129,573 | 1,154,946
Members' interests after profit for the year | 1,000,000 | 25,373 | 1,025,373 | 129,573 | 1,154,946
Members' remuneration charged as an expense | - | - | - | 288,384 | 288,384
Net movement in reserves in respect of share options | - | 14,218 | 14,218 | - | 14,218
Drawings on account and distribution of profit | - | - | - | (175,000) | (175,000)
Interest on capital | - | - | - | - | -
Amounts due to members |  |  |  | 242,957 |
Balance at 31 March 2026 | 1,000,000 | 39,591 | 1,039,591 | 242,957 | 1,282,548
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
Page 11
TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Tideway Investment Partners LLP ('the LLP') is principally involved in the provision of compliance services to appointed representatives. The LLP is a limited liability partnership incorporated in England and Wales. The principal place of business is 65 Leadenhall Street, London, EC3A 2AD. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships". The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23. This information is included in the consolidated financial statements of Invest for Income Limited as at 31 March 2026 and these financial statements may be obtained from the registered office address..
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis, which assumes that the LLP will continue to trade for at least 12 months from the date of approval of these financial statements, and will be able to meet its liabilities as they fall due. The LLP relies upon the availability of working capital and generation of profits and cash in the future to meet such liabilities. The members are confident that the LLP's access to working capital and future profit generation is sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis. Page 12
TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue comprises of fees receivable for investment advice and management, and fees from the appointed representative. Revenue is measured at the fair value of the consideration receivable and represents the amount due for services rendered. Investment advice fees are recognised on the date the fees crystallise as payable to the LLP. Amounts received after the Statement of Financial Position date attributable to the period are treated as accrued income. For the provision of consultancy services these are recognised over the period the services are provided. Fees for the provision of compliance services to appointed representatives are recognised in the period the service is provided
| 2.5 | Operating leases: the LLP as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds. Page 13
TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.8 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the LLP keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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:
|  |  |  | Office equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Page 14
TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
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.
| 2.14 | Financial instruments
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 Balance sheet 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 (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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. Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Page 15
TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 LLP after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled. Page 16
TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.15 | Transfer of members' interests
During the year £0 was transferred from members' capital interests to debts due to members.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The LLP makes estimates and assumptions concerning the future. The resulting accounting estimate will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible 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 reassessed 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. See note 9 for the carrying amount of fixtures and fittings, and note 2.9 for the useful economic lives for each class of assets. No judgments (apart from those involving estimates) have been made in the process of applying the above accounting policies.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Appointed representative fees | 1,330,636 | 1,232,062
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other operating lease rentals | 50,030 | 58,799
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TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
6. | Auditor's remuneration
| During the year, the LLP obtained the following services from the LLP's auditor and its associates:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the LLP's auditor and its associates for the audit of the LLP's financial statements | 25,140 | 23,400
| The LLP has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.
7. | Employees
| Staff costs, including members' remuneration, were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 535,505 | 601,694
| Social security costs | 66,098 | 63,814
| Cost of defined contribution scheme | 74,475 | 39,803
|  | 676,078 | 705,311
| The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Average number of employees | 2 | 2
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TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
8. | Information in relation to members
|  |  |  |  | 2026 | 2025
|  |  |  |  | Number | Number
| The average number of members during the year was | 2 | 2
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| The average members remuneration during the year was | 144,192 | 67,912
| Paid under the terms of the LLP agreement | 288,384 | 135,284
9. | Members' remuneration
| During the year retirement benefits were accruing to no members (2025 - Nil) in respect of defined contribution pension schemes.
10. | Income from investments
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Dividends received from listed investments | 420 | -
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TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
11. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 April 2025 | 42,263
| At 31 March 2026 | 42,263
| Depreciation |
| At 1 April 2025 | 42,263
| At 31 March 2026 | 42,263
| Net book value |
| At 31 March 2026 | -
| At 31 March 2025 | -
12. | Fixed asset investments
|  | Listed investments
|  | £
| Cost or valuation |
| Additions | 358,649
| Disposals | (56,250)
| Revaluations | (4,227)
| At 31 March 2026 | 298,172
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TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
13. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 3,035,019 | 2,422,254
| Prepayments and accrued income | 41,037 | 41,910
|  | 3,076,056 | 2,464,164
| Amounts owed by group undertakings are interest free and repayable on demand.
14. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 287,433 | 458,989
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 2,289,444 | 1,693,274
| Accruals and deferred income | 89,669 | 74,933
|  | 2,379,113 | 1,768,207
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TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
16. | Loans and other debts due to members
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Members' capital treated as debt | 242,957 | 129,573
|  | 242,957 | 129,573
Loans and other debts due to members may be further analysed as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Falling due within one year | 242,957 | 129,573
|  | 242,957 | 129,573
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
17. | Share-based payments
The ultimate parent undertaking, Invest for Income Limited, has granted share options to which FRS 102 Section 26 (Share-based Payments) is applicable. The charge is treated as an expense in this LLP's figures as the relevant option holders render services to this entity. The expense has been allocated to the LLP based on the percentage of the individual's overall salary that is recognised within the financial statements. The share-based payment is equity settled and consists of a maximum of 5,500 ordinary shares. The options are granted with a fixed exercise price. The vesting start date is 1 April 2024 and the vesting period is a maximum of 4 years from that date. The charge for this year was £14,218 (2025: £25,373). The LLP has taken advantage of the disclosure exemptions for qualifying entities under FRS 102 in respect of share-based payments. Full details of options at the year-end can be seen in the financial statements of the ultimate parent undertaking, Invest for Income Ltd.
18. | Pension commitments
The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £74,475 (2025: £39,803). Contributions totaling £Nil (2025: £Nil) were payable to the fund at the year end date and are included in creditors. Page 22
TIDEWAY INVESTMENT PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
19. | Related party transactions
| The designated members are considered to be key management and are responsible for planning, directing and controlling the activities of the LLP. Details of transactions with these members can be found in the Reconciliation of Members' Interests. Included within other debtors is a balance due from group companies of £3,035,019 (2025: £2,422,254). The balance is interest free and repayable on demand. Included within other creditors is a balance due to group companies of £2,289,444 (2025: £1,693,274) Included within accruals and deferred income are amounts owing to directors of those companies of £10,750 (2025: £40,199). During the year, revenue of £1,330,635 (2025: £1,231,630) was earned from a group entity.
20. | Controlling party
The immediate parent undertaking is Tideway Investment Group Limited, a company incorporated in England & Wales with the registered office being 65 Leadenhall Street, London, England, EC3A 2AD. The ultimate parent undertaking is Invest for Income Limited, a company incorporated in England & Wales with the registered office being 65 Leadenhall Street, London, England, EC3A 2AD. The ultimate controlling party is J Baxter.
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