Bivouac Capital LLP

	Page
Members' Report	1—2
Independent Auditor's Report	3—5
Statement of Comprehensive Income	6
Statement of Financial Position	7
Reconciliation of Members' Interests	8—10
Statement of Cash Flows	10
Notes to the Statement of Cash Flows	11
Notes to the Financial Statements	12—15

The members present their report and the financial statements for the year ended 31 December 2025.

Principal Activity

The LLP's principal activity continues to be that of market strategy research and investment management and advisory services. The partnership obtained FCA (Financial Conduct Authority) registration effective 1 April 2011.

Members

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

R Adams

C Blanc-Adams

Results for the year and allocation to members

The loss for the year before members' remuneration and profit shares was £47,757 (2024: £43,322 loss)

Streamlined Energy and Carbon Reporting

The LLP is outside the scope of the emissions and energy consumption disclosure requirements by virtue of LLP size.

Members' interests

The profit or loss apportioned to each member is determined by reference to the Limited Liability Partnership Agreement. This may not be proportionate to the relevant member's capital share in the LLP. Members are permitted to make drawings in advance of the financial year end in anticipation of their profit entitlement for such financial year, subject to the agreement of the members. If these advance drawings exceed the relevant member's distribution in respect of a financial year then such member shall repay the excess drawings to the LLP immediately following approval of the financial statements, unless otherwise agreed by the members.

The members shall contribute such sum of capital to the LLP as determined by reference to the Limited Liability Partnership Agreement. No member has the right to demand the repayment of capital contributed to the LLP.

Members may be required to contribute additional capital subject to the requirements of the LLP. With the exception of amounts due to members in respect of expenses paid on behalf of the LLP, no member has the right to demand the repayment of their other interest account consisting of undrawn profits and losses and any additional cash they may have contributed to the LLP. Repayment of such account must first be agreed by all members and is subject to the ability of the LLP continuing to meet FCA capital requirements following the repayment.

Pillar 3 disclosures

Details of the Pillar 3 disclosures of the LLP, required under Chapter 11 of the Financial Conduct Authority's Prudential Sourcebook for Banks, Building Societies, and Investment Firms ("BIPRU"), are published on the firm's website at www.bivouaccapital.com.

Statement of Members' Responsibilities

The members are responsible for preparing the financial statements in accordance with applicable law and regulations.Company law as applied to limited liability partnerships 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, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law). Under company law as applied 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 for that period. In preparing the 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 United Kingdom Accounting Standards, comprising FRS 102, 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 modified 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.

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Bivouac Capital LLP

Members' Report (continued)

For The Year Ended 31 December 2025

The members are responsible for the maintenance and integrity of the corporate and financial information included on the LLP's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

The members of the LLP who held office at the date of approval of this annual report confirm that:

so far as they are aware, there is no relevant audit information of which the LLP's auditors are unaware; and
they have taken all the steps that they ought to have taken as members in order to make themselves aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

Independent Auditors

The auditors, Mercer & Hole LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

Signed on behalf of the members by

R Adams

Designated Member

27/04/2026

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Independent Auditor's Report

to the Members of

Bivouac Capital LLP

Independent Auditor's Report

Opinion

We have audited the financial statements of Bivouac Capital LLP (the “limited liability partnership”)

for the year ended 31 December 2025, which comprise the statement of comprehensive income, the balance sheet, the reconciliation of movement in Members' interests, and the related notes. 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).

This report is made solely to the Partnership’s Members, as a body, in accordance with the Companies Act 2006, as applied by Part 12 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the Partnership’s Members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Partnership and the Partnership’s Members as a body, for our audit work, for this report, or for the opinions we have formed.

Opinion on financial statements:

In our opinion the financial statements:

give a true and fair view of the state of the limited liability partnership's affairs as at 31 December 2025 and of its loss 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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:

the Members' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the Members have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Partnership's ability to continue to adopt the gong concern basis of accounting for a period of at least twelve months from the date when the uncertainties the gong concern basis of accounting for a period of at least twelve months from financial statements are authorised for issue.

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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

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Independent Auditor's Report (continued)

to the Members of

Bivouac Capital LLP

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 or returns; or
certain disclosures of members' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Members

As explained more fully in the Statement of Members' Responsibilites set out on page 2, 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 limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the limited liability partnership and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the investment advisory business and Financial Conduct Authority ("FCA") regulations, 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, payroll tax and sales tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate entries including journals to misstate revenue or expenditure, and management bias.

Audit procedures performed by the engagement team included:

discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;
inspecting correspondence with the FCA and HMRC;
evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities; identifying and testing journal entries.
challenging assumptions and judgements made by management in their crucial accounting estimates

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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Independent Auditor's Report (continued)

to the Members of

Bivouac Capital LLP

Use Of Our Report

This report is made solely to the LLP's members, as a body, in accordance with the Companies Act 2006 as applied to limited liability partnerships by Part 12 of the Limited Liability Partnerships (Accounts and Audit) (Application 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.

Anil Kapoor (Senior Statutory Auditor)

for and on behalf of Mercer & Hole LLP , Statutory Auditor

27/04/2026

Mercer & Hole LLP

Trinity Court

Church Street

Rickmansworth

Hertfordshire

WD3 1RT

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Bivouac Capital LLP

Statement of Comprehensive Income

For The Year Ended 31 December 2025

Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER		7,357	7,992

GROSS PROFIT		7,357	7,992

Administrative expenses		(55,007 )	(51,309 )

OPERATING LOSS	3	(47,650 )	(43,317 )
Other interest receivable and similar income		-	-
Interest payable and similar charges	7	(107 )	(5 )

LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES		(47,757 )	(43,322 )
Members' remuneration charged as an expense		-	-

LOSS FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS		(47,757 )	(43,322 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		(47,757)	(43,322)

The notes on pages 11 to 15 form part of these financial statements.

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Bivouac Capital LLP

Statement of Financial Position

As At 31 December 2025

Statement of Financial Position

Registered number: OC360068

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	8		417		739

			417		739
CURRENT ASSETS
Debtors	9	6,519		7,678
Cash at bank and in hand		80,170		85,777

		86,689		93,455
Creditors: Amounts Falling Due Within One Year	10	(12,948 )		(12,279 )

NET CURRENT ASSETS (LIABILITIES)			73,741		81,176

TOTAL ASSETS LESS CURRENT LIABILITIES			74,158		81,915

NET ASSETS ATTRIBUTABLE TO MEMBERS			74,158		81,915

REPRESENTED BY:
Loans and other debts due to members

			-		-

Equity
Members' other interests
Members' capital		100		100
Other reserves		74,058		81,815

			74,158		81,915

TOTAL MEMBERS' INTEREST
Members' other interests			74,158		81,915

			74,158		81,915

On behalf of the members

R Adams

Designated Member

27/04/2026

The notes on pages 11 to 15 form part of these financial statements.

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Bivouac Capital LLP

Reconciliation of Members' Interests

For The Year Ended 31 December 2025

Reconciliation of Members' Interests

	EQUITY			DEBT
	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors
	Members'Capital classified as Equity	Other Reserves	Total Equity	Members'Capital classified as Debt
	£	£	£	£
Balance at 1 January 2024	100	75,137	75,237	-
Members' remuneration charged as an expense, including employment and retirement benefit costs	-	-	-	-
Profit/(loss) for the financial year available for discretionary division among members	-	(43,322 )	(43,322 )	-

Members' interests after profit/(loss) for the year	100	31,815	31,915	-
Drawings	-	-	-	-
Other Movements	-	50,000	50,000	-

As at 31 December 2024 and 1 January 2025	100	81,815	81,915	-


Profit/(loss) for the financial year available for discretionary division among members	-	(47,757 )	(47,757 )	-

Members' interests after profit/(loss) for the year	100	34,058	34,158	-
Other Movements	-	40,000	40,000	-

Amounts due to members	-	-	-	-

As at 31 December 2025	100	74,058	74,158	-

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Bivouac Capital LLP

Reconciliation of Members' Interests (continued)

For The Year Ended 31 December 2025

	DEBT
	Loans and other debts due to members less any amounts due from members in debtors
	Other amounts	Total Debts	Total members' interest
	£	£	£
Balance at 1 January 2024	-	-	75,237
Members' remuneration charged as an expense, including employment and retirement benefit costs	-	-	-
Profit/(loss) for the financial year available for discretionary division among members	-	-	(43,322 )

Members' interests after profit/(loss) for the year	-	-	31,915
Drawings	-	-	-
Other Movements	-	-	50,000

As at 31 December 2024 and 1 January 2025	-	-	81,915


Profit/(loss) for the financial year available for discretionary division among members	-	-	(47,757 )

Members' interests after profit/(loss) for the year	-	-	34,158
Other Movements	-	-	40,000

Amounts due to members	-	-	-

As at 31 December 2025	-	-	74,158

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Bivouac Capital LLP

Statement of Cash Flows

For The Year Ended 31 December 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash used in operations	1	(45,465 )	(49,553 )
Interest paid		(107 )	(5 )

Net cash used in operating activities		(45,572 )	(49,558 )

Cash flows from investing activities
Purchase of tangible assets		-	(625 )

Cash flows from financing activities
Capital introduced by members (classified as equity or liability)		40,000	50,000
Repayment of finance leases		-	(312 )

Net cash generated from financing activities		40,000	49,688



Decrease in cash and cash equivalents		(5,572 )	(495 )
Cash and cash equivalents at beginning of year	2	85,777	86,541
Foreign exchange losses on cash and cash equivalents		(35 )	(269 )

Cash and cash equivalents at end of year	2	80,170	85,777

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Bivouac Capital LLP

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Statement of Cash Flows

1. Reconciliation of loss for the financial year before members' remuneration and profit shares to cash used in operations

	2025	2024
	£	£
Loss for the financial year before members' remuneration and profit shares	(47,757 )	(43,322 )
Adjustments for:
Interest expense	107	5
Depreciation of tangible assets	322	1,157
Foreign exchange losses	35	268
Movements in working capital:
Decrease/(increase) in trade and other debtors	1,159	(1,713 )
Increase/(decrease) in trade and other creditors	669	(5,948 )

Net cash used in operations	(45,465 )	(49,553 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	80,170	85,777

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	85,777	(5,607)	80,170

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Bivouac Capital LLP

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Bivouac Capital LLP is a limited liability partnership, incorporated in England & Wales, registered number OC360068 . The Registered Office is 15 Dornfell Street, London, NW6 1QN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in May 2024 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Going Concern Disclosure

The LLP's principal activities are set out in the Members' Report. The members have prepared trading and cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. The members have reviewed the LLP's working capital requirements, compared to the resources available. The members have also taken into consideration the effects that the Ukraine conflict may have on the business, which are considered to be limited given the nature and level of the current, and future anticipated operations of the LLP, over the next 12 months.

The members have considered the LLP's minimum regulatory capital requirements which are in place as the LLP is registered with the Financial Conduct Authority (FCA). The LLP agreement requires that the members shall ensure that for as long as the LLP is authorised by the FCA, it shall satisfy the minimum regulatory capital requirements imposed by the FCA from time to time and certain members as prescribed by the LLP agreement shall contribute capital in accordance with the terms set out in the LLP agreement, in such amounts as are required for this purpose. The members consider that they have sufficient liquid financial resources in place, in order to make any required capital or loan capital contributions to the LLP, as may be required in accordance with the LLP agreement. No member has the right to demand the repayment of capital contributed to the LLP. Also with the exception of amounts due to members in respect of expenses paid on behalf of the LLP, no member has the right to demand the repayment of their other reserves consisting of undrawn profits and losses and any additional cash they may have contributed to the LLP. Repayment of such account must first be agreed by all members and is subject to the ability of the LLP continuing to meet FCA capital requirements following the repayment.

Following this assessment, the members have concluded that the LLP has sufficient liquid financial resources in order to meet its liabilities as and when they fall due for the foreseeable future accordingly the members consider it appropriate to prepare the financial statements on a going concern basis.

2.3. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes.

Rendering of services

Turnover is recognised when the LLP has obtained the right to the consideration as a result of its performance, in accordance with the terms of the individual fee agreements in place with customers.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

33% Straight Line

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 the Statement of Comprehensive Income.

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Bivouac Capital LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Financial Instruments

Financial assets, comprising receivables and cash, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less impairment.

Financial liabilities and equity are classifed according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities excluding convertible debt and derivatives are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Foreign exchange gains and losses are presented in the Income Statement within administrative expenses.

2.8. Taxation

The taxation payable on the profits of the LLP is the personal liability of the individual Members and, as such, is not reflected in these financial statements.

2.9. Members Capital

Initial capital contributions of each of the members are amounts as set out in the LLP agreement. Further members shall contribute upon admission to the LLP such capital as determined by the Board.

No member can withdraw or receive back any part of their principal capital contribution account except for in specific circumstances as detailed in the LLP deed and approved by the Board. Members’ principal capital is therefore classified as equity.

2.10. Profit Allocations

Allocations of profits allocations are recognised in the year in which they are declared and become a present obligation of the LLP. Unallocated profits are recognised in equity.

2.11. Drawings

Drawings represent payments on account of profits which may be allocated to members. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP and may be reclaimed from members until profits have been allocated to them. Unallocated profits are included within members’ other interests, classified as equity, advanced drawings in excess of allocated profits are included within ’Amounts due from members’ in debtors, and allocated profits in excess of drawings are included within ‘Amounts due to members’ as a liability.

Loans and other debts due to members, when classified as debt rank pari passu to unsecured creditors in the event of a winding up of the LLP.

3. Operating Loss

The operating loss is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	322	1,157

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Bivouac Capital LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Auditor's Remuneration

Remuneration received by the LLP's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	11,350	11,295

5. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: NIL (2024: NIL)

6. Members' Remuneration

	2025		2024
Average number of members during the year	3		3

Profits and losses are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

The members received no remuneration during the year (2024: £NIL).

7. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	107	5

8. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 January 2025	5,879

As at 31 December 2025	5,879

Depreciation
As at 1 January 2025	5,140
Provided during the period	322

As at 31 December 2025	5,462

Net Book Value
As at 31 December 2025	417

As at 1 January 2025	739

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Bivouac Capital LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	591	1,309
VAT	1,617	1,772
Amounts owed by other participating interests	4,311	4,597

	6,519	7,678

10. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,598	234
Accruals and deferred income	11,350	12,045

	12,948	12,279

11. Related Party Disclosures

The LLP has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

12. Controlling Parties

The LLP's ultimate controlling party is R Adams by virtue of holding the majority voting rights.

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