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

The principal activity of the limited liability partnership continued to be that of insolvency services.

The designated members who held office during the period and up to the date of signature of the financial statements were as follows:

The members' drawings policy allows licensed members (i.e. those who are licensed insolvency practitioners) to draw a proportion of their profit share, net of a tax retention, in monthly instalments. Additionally the policy allows each capital member to draw monies surplus to requirements of the business on a quarterly basis in profit share proportion. All payments are made subject to the cash requirements of the business. Tax retentions are paid to HM Revenue & Customs on behalf of the members with any excess being released to the members as appropriate.    

Members are required to contribute a proportion of the funds required to finance working capital as fixed loans. These funding requirements are determined by the members.        

Other than in exceptional circumstances members' fixed loans are repaid only on or after retirement. In accordance with FRS102 members' capital is categorised as loans and other debts due to members.

The auditor, Price Bailey LLP, is deemed to be re-appointed under section 487(2) of the Companies Act 2006 (as applied to limited liability partnerships).                                        

So far as the members are aware, there is no relevant audit information of which the limited liability partnership’s auditor is unaware. Additionally, the members have taken all the necessary steps that they ought to have taken as members in order to make themselves aware of all relevant audit information and to establish that the limited liability partnership’s auditor is aware of that information.

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. 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 limited liability partnership and of the profit or loss of the limited liability partnership 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 limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Moore Kingston Smith & Partners LLP (the 'limited liability partnership') for the period ended 31 December 2025 which comprise the income statement, the statement of financial position, the reconciliation of members' interests and notes to the financial statements, including 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 limited liability partnership's affairs as at 31 December 2025 and of its loss for the period 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.

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

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 limited liability partnership'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.

Other information

The other information comprises the information included in the members' report, other than the financial statements and our auditor's report thereon. 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.

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.

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 by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulation 2008 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.

As explained more fully in the members' responsibilities statement, 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.

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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the limited liability partnership's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.

• Conclude on the appropriateness of the members' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the limited liability partnership's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the limited liability partnership to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the limited liability partnership.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the limited liability partnership and considered that the most significant are 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, the Limited Liability Partnerships SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• We obtained an understanding of how the limited liability partnership complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability 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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

The LLP has taken advantage of FRS 102 section 3 paragraph 3.19 to present only an income statement as it has no items of other comprehensive income.

Members' interests, including loans and other debts due to members are unsecured and would rank equally with other unsecured creditors in the event of a winding up.

Loans and other debts due to members are due within one year.                                                                                         

Moore Kingston Smith & Partners LLP is a limited liability partnership domiciled and incorporated in England and Wales. The registered office is 9 Appold Street, London, EC2A 2AP.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applied by Limited Liability Partnerships and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships issued in December 2021.

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 pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The LLP has taken advantage of the following exemptions under the provisions of FRS 102:

(i) The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d) to prepare a statement of cash flows on the basis that the LLP is a qualifying entity and the LLP's parent, Moore Kingston Smith LLP, includes the LLP's cash flows in its consolidated financial statements;

(ii) The requirements of Section 11 paragraphs 11.39 to 11.48(a) and Section 12 paragraphs 12.26 to 12.29A, regarding disclosures for financial liabilities and assets, as the equivalent disclosures required by FRS 102 are included in the consolidated financial statements of the group in which the entity is consolidated; and

(iii) From disclosing the LLP key management personnel compensation, as required by paragraph 33.7.

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.

The directors present their annual report and financial statements for the period from 1 May 2025 to 31 December 2025 in order to align the reporting date with the rest of the group. The prior year financial statements were prepared for a period of twelve months.

Fees represent the amounts receivable for services rendered during the year including direct recoverable expenses and disbursements, net of value added tax.

Fees are recognised when the right to consideration has arisen through the performance under each assignment undertaken. Consideration accrues as the assignment progresses by reference to the value of the work performed. Fees are not recognised where the right to receive payment is contingent on events outside the control of the entity.

Amounts billed on account of work in progress are deducted from gross work in progress to the extent that they are not recognised as revenue. Amounts billed on account of work in progress are included in creditors as deferred income to the extent that they exceed the value of the related work in progress. Fees which had not been invoiced at the balance sheet date are shown as unbilled debtors.

lntangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. lntangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. lt is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

lf there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the Limited Liability Partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial instruments are measured at amortised cost. The LLP has no other financial instruments or basic financial instruments measured at fair value.

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unpaid holiday entitlement is recognised in the period in which the employee's services are received.

Moore Kingston Group Services Limited operates a defined contribution scheme for the benefit of its employees and recharges these costs to this Limited Liability Partnership. The funds of the scheme are administered by trustees and are separate from the Company. Staff pension costs relating to the defined contribution scheme are charged to profit and loss as incurred.

Taxation

The taxation payable on profits is the personal liability of the members during the year. A retention from profit is made to fund payments of taxation on behalf of members and is included within members' interests.

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

In accordance with the LLP agreement the members approve the division of profits between themselves in advance of the relevant year, so the profits realised in the income statement are treated as members' remuneration charged as an expense by reference to the pre-determined profit sharing mechanism. Allocated profit is included within 'loans and other debts due to members' in 'other amounts'.

Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient amounts held to the credit of individual partners to allocate against such drawings. Any drawings in excess of total amounts held would be included within 'amounts due from members' within debtors.    

The capital requirements of the partnership are determined by the members and are reviewed regularly. Each member is required to subscribe a proportion of this capital. The amount of capital subscribed by each member is usually linked to the earnings allocated to that member. On leaving the partnership, a member's capital is usually repaid within twelve months.                                    

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 critical accounting estimates or judgements applied by the members which have a significant impact on the amounts disclosed in the financial statements are as follows:

As described in note 1.5, consideration on assignments accrues as the assignment progresses by reference to the value of the work performed. In the case of assignments which extend over more than one year an estimate of both expected total fees and the total costs to complete the assignment is required to calculate accrued and deferred income at the reporting date. These estimates may need to be revised as the assignment progresses.

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the group to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 9 for the carrying amount of the intangible assets and note 1.7 for the useful economic lives for goodwill.

Turnover is attributable to the one principal activity of the LLP. 100% of turnover arose in the United Kingdom.

On 1 December 2025 the trade, assets and liabilities relating to CBW Recovery LLP, the LLP's wholly owned subsidiary, were transferred to this LLP.

The bank loan is secured by a fixed and floating charge over the assets of the LLP.

The LLP has taken advantage of the exemptions in FRS 102 regarding additional disclosure of information on related party transactions with undertakings that are wholly owned by a member of the Moore Kingston Smith LLP group.

Companion Finance BV indirectly owns 55% of Moore Kingston Smith & Partners LLP. At the period end a loan of £2,140,000 (April 2025: £nil) was due to this company. Also a loan arrangement fee from this company is being released to the profit and loss account over the life of the loan to 31 July 2032, the balance at the period end included in prepayments is £35,221 (April 2025: £nil). During the period interest of £84,477 (April 2025: £nil) has been charged on the loan, and debt financing costs of £2,229 (April 2025: £nil) have been released to the profit and loss account.

The company's immediate parent is Moore Kingston Smith LLP.

As at 31 December 2025 in the directors' opinion, the company's ultimate parent undertaking and controlling party was CompanionCo BE BV, incorporated in Belgium.         

The parent of the largest group in which these financial statements are consolidated is CompanionCo BE BV, incorporated in Belgium. The address of CompanionCo BE BV is Schaliënstraat 3, 2000 Antwerpen, Belgium.

The parent of the smallest group in which these financial statements are consolidated is Moore Kingston Smith LLP, incorporated in England an Wales. The address for Moore Kingston Smith LLP is 6th Floor 9 Appold Street, London, United Kingdom, EC2A 2AP. Group accounts for Moore Kingston Smith LLP are available to the public at its address.