REGISTERED NUMBER: OC451581 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

WARREN EQUITY PARTNERS UK LLP

Page

General information

1

Balance sheet

2

Notes to the financial statements

3

Designated members:

I A Kennedy

WEP Europe Limited

Registered office:

7th Floor

50 Broadway

London

SW1H 0DB

Registered number:

OC451581 (England and Wales)

FIXED ASSETS

Tangible assets

4

229,159

1,800

CURRENT ASSETS

Debtors

5

911,121

495,552

Cash at bank

30,539

40,866

941,660

536,418

CREDITORS

Amounts falling due within one year

6

(467,606

)

(123,351

)

NET CURRENT ASSETS

474,054

413,067

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

703,213

414,867

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

703,213

414,867

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

703,213

414,867

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 26 August 2026 and were signed by:

I A Kennedy - Designated member

1.	STATUTORY INFORMATION

Warren Equity Partners UK LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The LLP’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The results of Warren Equity Partners UK LLP are consolidated into the financial statements of its UK parent, WEP Europe Limited, which is wholly owned by the ultimate US parent entity, Warren Equity Partners Manager, L.P..

Turnover

Turnover comprises fees for investment sub-advisory, and related services provided during the period. Turnover is recognised when the service is performed, and it is probable that economic benefits will be received.

Tangible fixed assets

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

Computer & Equipment - 5 years

Leasehold improvements are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is recognised on a Straight-line basis over the shorter of the estimated useful life of the asset and the remaining lease term (12 months in this case).

Right-of-use assets and lease liabilities

The entity recognises a right-of-use asset and a corresponding lease liability at the lease commencement date. The lease liability is initially measured at the present value of the future lease payments, discounted using the entity’s incremental borrowing rate. The right-of-use asset is initially measured at cost and subsequently depreciated over the lease term.

Financial instruments

The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, re initially recognised at transaction price.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

Warren Equity Partners UK LLP is expected to continue as a going concern, supported by stable sub-advisory fee income from its ultimate controlling party, Warren Equity Partners Manager, L.P., and the absence of any material uncertainties that would significantly impact the LLP's ability to operate for the foreseeable future.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Right of Use assets

Property and Equipment

Totals

£

£

£

Cost

At 1 January 2025

-

7,200

7,200

Additions

432,181

35,213

467,494

Disposals

-

(7,200

)

(7,200

)

At 31 December 2025

432,181

35,213

467,494

Depreciation

At 1 January 2025

-

5,400

5,400

Charge for year

232,713

7,422

240,135

Eliminated on disposal

-

(7,200

)

(7,200

)

At 31 December 2025

232,713

5,622

238,335

Net book value

199,468

29,691

229,159

At 31 December 2025

At 31 December 2024

-

1,800

1,800

The LLP has entered into a lease arrangement, and the lease liability has been measured in accordance with the LLP’s policy for determining the applicable discount rate for lease contracts. The corresponding right-of-use asset is recognised and depreciated over the lease term in line with the LLP’s accounting policy on Right-of-Use Assets.

During the year, fully depreciated plant and machinery and building improvement assets were disposed of. As the assets had a net book value of nil at the date of disposal, no gain or loss was recognised in the profit and loss account.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

264

Amounts owed by group undertakings

726,399

482,988

Other debtors

184,722

12,300

911,121

495,552

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other creditors

467,606

123,351

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The aggregate amount of money owed to members by the LLP in respect of profits is £1,026,493.

In the event of a winding up, amounts included within 'Loans and other debts due to members' would rank equally with unsecured creditors.

There are no restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Warren Equity Partners Manager, L.P., entity incorporated in the United States of America and the immediate parent is WEP Europe Limited is registered in the England and Wales with a registered office at 7th Floor, 50 Broadway, London, SW1H 0DB.