ACCOUNTS - Final Accounts preparation

Creditors: amounts falling due within one year



	Westbrooke Alternative Asset Management UK Limited













	Directors' report and financial statements

	For the year ended 28 February 2026

	Registered number: 10613653


Westbrooke Alternative Asset Management UK Limited

Company Information

Directors	Richard Asherson
	Lawrence Barnett
	Martin Sacks


Registered number	10613653


Registered office	Malta House
	36-38 Piccadilly
	London
	W1J ODP



Independent auditor	Buzzacott Audit LLP
	Statutory Auditor
	130 Wood Street
	London
	EC2V 6DL


Westbrooke Alternative Asset Management UK Limited

Contents

	Page
Directors' report	1 - 2
Independent auditor's report	3 - 6
Statement of comprehensive income	7
Statement of financial position	8
Notes to the financial statements	9 - 14


Westbrooke Alternative Asset Management UK Limited

Directors' report

For the year ended 28 February 2026

The directors present their report and the financial statements for Westbrooke Alternative Asset Management UK Limited ('the company') for the year ended 28 February 2026.

Results and dividends

The profit for the year, after taxation, amounted to £1,433,363 (2025 - £1,223,379).

The directors declared a dividend of £1,000,000 in the current year (2025 - £700,000).

Directors

The directors who served during the year were:

Richard Asherson

Lawrence Barnett

Martin Sacks

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Page 1


Westbrooke Alternative Asset Management UK Limited

Directors' report (continued)

For the year ended 28 February 2026

Small companies exemptions

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 27 May 2026 and signed on its behalf by:

Richard Asherson

Director

Page 2

Independent auditor's report to the members of Westbrooke Alternative Asset Management UK Limited

For the year ended 28 February 2026

Opinion

We have audited the financial statements of Westbrooke Alternative Asset Management UK Limited ('the company') for the year ended 28 February 2026, which comprise the Statement of comprehensive income, the Statement of financial position 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 company's affairs as at 28 February 2026 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 company 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 directors' 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 company'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 directors 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 Annual Report other than the financial statements and our Auditor's report thereon. The directors 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. 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.

Page 3

Independent auditor's report to the members of Westbrooke Alternative Asset Management UK Limited (continued)

For the year ended 28 February 2026

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 4

Independent auditor's report to the members of Westbrooke Alternative Asset Management UK Limited (continued)

For the year ended 28 February 2026

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.

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:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing asset management firms;

∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;

∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with directors and other management at the planning stage, and from our knowledge and experience of asset management firms;

∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and

∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, employment legislation, and taxation legislation.

We assessed the extent of compliance with the laws and regulations identified above through:

∙making enquiries of management;

∙reviewing legal expenditure throughout the period for any potential litigation or claims; and

∙considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

Page 5

Independent auditor's report to the members of Westbrooke Alternative Asset Management UK Limited (continued)

For the year ended 28 February 2026

Auditor's responsibilities for the audit of the financial statements (continued)

To address the risk of fraud through management bias and override of controls, we:

∙determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process during the period;

∙reviewed journal entries to identify unusual transactions;

∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;

∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management;

∙tested revenue by reviewing the investment advisory agreements and obtaining third-party confirmation of fees and investigated any material variances to expectations; and

∙carried out substantive testing of expenditure.

In response to the risk irregularities and non-compliance with laws and regulations, we designed procedures which included:

∙agreeing financial statement disclosures to underlying supporting documentation; and

∙enquiring of management as to actual and potential litigation and claims.

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.

Use of our report

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

Katherine White (Senior statutory auditor)

for and on behalf of

Buzzacott Audit LLP

Statutory Auditor

130 Wood Street

London

EC2V 6DL

27 May 2026

Page 6


Westbrooke Alternative Asset Management UK Limited

Statement of comprehensive income

For the year ended 28 February 2026

	2026	2025
	£	£


Revenue	7,736,559	6,798,987
Gross profit	7,736,559	6,798,987
Administrative expenses	(5,876,979)	(5,170,322)
Operating profit	1,859,580	1,628,665
Interest receivable and similar income	64,545	24,014
Profit before tax	1,924,125	1,652,679
Tax on profit	(490,762)	(429,300)
Profit for the financial year	1,433,363	1,223,379

There was no other comprehensive income for 2026 (2025: £NIL).

The notes on pages 9 to 14 form part of these financial statements.

Page 7


Westbrooke Alternative Asset Management UK Limited - Registered number:10613653

Statement of financial position

As at 28 February 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	4		32,079		28,746
Investments	5		483,968		469,782
			516,047		498,528
Current assets
Debtors due after more than 1 year	6	610,045		549,650
Debtors due within 1 year	6	5,278,859		2,484,400
Cash at bank and in hand		387,657		1,580,632
		6,276,561		4,614,682
Creditors: amounts falling due within one year	7	(3,505,070)		(2,259,035)
Net current assets			2,771,491		2,355,647
Total assets less current liabilities			3,287,538		2,854,175

Net assets			3,287,538		2,854,175

Capital and reserves
Called up share capital	351,000	351,000
Profit and loss account	2,936,538	2,503,175
	3,287,538	2,854,175

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board on 27 May 2026 and were signed on its behalf by:

Richard Asherson

Director

Page 8


Westbrooke Alternative Asset Management UK Limited

Notes to the financial statements

For the year ended 28 February 2026

1.	General information

Westbrooke Alternative Asset Management UK Limited is a private company limited by shares. It was incorporated in England and Wales with registration number 10613653. The principal place of business of the company is 17 Portland Place, Marylebone, London, W1B 1PU. The registered office of the company is Malta House Second Floor, 36-38 Piccadilly, London, W1J ODP.

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 Section 1A of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue represents fees receivable from asset management services, in accordance with Investment Management Agreements. Management fees are recognised monthly, and performance fees are recognised when they crystallise.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 9


Westbrooke Alternative Asset Management UK Limited

Notes to the financial statements

For the year ended 28 February 2026

2.Accounting policies (continued)

2.5

Pensions

Defined Contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 10


Westbrooke Alternative Asset Management UK Limited

Notes to the financial statements

For the year ended 28 February 2026

2.Accounting policies (continued)

2.7

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.

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:

Fixtures and fittings	-	6 years straight line
Office equipment	-	5 years straight line
Computer equipment	-	3 years 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 profit or loss.

2.8

Investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.9

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.

2.10

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.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 11


Westbrooke Alternative Asset Management UK Limited

Notes to the financial statements

For the year ended 28 February 2026

Employees

The average monthly number of employees, including directors, during the year was 14 (2025 -12).

4.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 March 2025	15,490	1,740	30,322	47,552
Additions	2,244	9,356	6,098	17,698
Disposals	-	-	(1,158)	(1,158)
At 28 February 2026	17,734	11,096	35,262	64,092
Depreciation
At 1 March 2025	1,864	899	16,043	18,806
Charge for the year	2,947	1,907	8,406	13,260
Disposals	-	-	(53)	(53)
At 28 February 2026	4,811	2,806	24,396	32,013
Net book value
At 28 February 2026	12,923	8,290	10,866	32,079
At 28 February 2025	13,626	841	14,279	28,746

5.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 March 2025	469,782
	Additions	14,186
	At 28 February 2026	483,968

Page 12


Westbrooke Alternative Asset Management UK Limited

Notes to the financial statements

For the year ended 28 February 2026

Debtors


					2026	2025
					£	£

Due after more than one year
Amounts owed by group undertakings	610,045	549,650
	610,045	549,650
Due within one year
Trade debtors	3,911,437	1,941,058
Other debtors	1,228,729	181,602
Prepayments and accrued income	78,288	300,702
Deferred taxation	60,405	61,038
	5,888,904	3,034,050

Trade creditors	849,619	693,891
Corporation tax	145,108	278,004
Other taxation and social security	3,305	2,958
Other creditors	10,000	82,350
Accruals and deferred income	2,497,038	1,201,832
	3,505,070	2,259,035

Page 13


Westbrooke Alternative Asset Management UK Limited

Notes to the financial statements

For the year ended 28 February 2026

8.	Deferred taxation

		2026
		£

	At beginning of year	61,038
	Utilised in year	(633)
	At end of year	60,405

The deferred tax asset is made up as follows:
	2026	2025
	£	£

Temporary differences on accruals	(6,095)	(5,462)
Temporary differences on provisions	66,500	66,500
	60,405	61,038

9.	Contingent liabilities

The company had no contingent liabilities at 28 February 2026 or 28 February 2025.

10.	Capital commitments
	The company had no capital commitments at 28 February 2026 or 28 February 2025.

Not later than 1 year	252,000	180,141
Later than 1 year and not later than 5 years	294,000	392,855
	546,000	572,996

Page 14