Registered number: OC352379
UNAUDITED
FOR THE YEAR ENDED 30 APRIL 2026
LONSDALE CAPITAL PARTNERS LLP
CONTENTS
LONSDALE CAPITAL PARTNERS LLP
REGISTERED NUMBER: OC352379
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2026
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LONSDALE CAPITAL PARTNERS LLP
REGISTERED NUMBER: OC352379
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2026
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The members has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 11 August 2026 .
The notes on pages 4 to 12 form part of these financial statements.
Lonsdale Capital Partners LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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LONSDALE CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2026
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
Lonsdale Capital Partners LLP is a Limited Liability Partnership, incorporated in England & Wales, registration number OC352379. The registered office is 36 Upper Brook Street, London, W1K 7QJ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:
Revenue consists of fund fees, being quarterly drawdowns from the fund, and director fees, being non-executive consulting fees. These fees are recognised as follows.
∙Fund fees: represent general partner share paid from the funds managed by the LLP. These are drawn in advance and recognised across the relevant period.
∙Director fees: recognised quarterly in advance and deferred across the relevant period.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.Accounting policies (continued)
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:
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.
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the LLP's Statement of financial position when the LLP becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.Accounting policies (continued)
Member's drawings, capital and profit allocation have been determined in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, including the Statement of Recommended Practice (2015) and 'Accounting for Limited Liability Partnerships' and the LLP agreement.
The profits of the LLP shall be divided between the Members in accordance with their respective profit sharing percentages, and shall be credited to the Members' current accounts as soon as the annual accounts for the relevant accounting period are approved by the Members in accordance with clause 8.7(a) of the LLP agreement.
To the extent that the share of profits allocated to any Member in respect of any accounting period pursuant to clause 10.1 of the LLP agreement exceeds the aggregate amount of drawings made by the member during the accounting period pursuant to clause 10.5, the LLP shall distribute such profits to the relevant members as soon as reasonably practicable after the annual accounts for the relevant account period are approved by the members.
The losses of the LLP shall be divided equally between the Members in accordance with their respective profit share percentages, and shall be debited to the Members' current accounts as soon as the annual accounts for the relevant account period are approved by the Members, provided that if a Member's current account has a negative balance in an amount equal to or greater than the amount of his capital contribution, no further losses may be allocated to that Member.
On the 28th of each month, or the preceding business day if that date is not a business day, each member may draw on account of the profits to be allocated to that member under clause 10.1 of the LLP agreement the amount set out against the members name in schedule 1.
If, during any accounting period, a Member draws, in aggregate, an amount that is greater than the profit allocated to that member for that accounting period under clause 10.1, that Member shall immediately after the annual accounts for the relevant accounting period are approved by the Members in accordance with clause 8.7(a), repay the excess drawings to the LLP together with interest on the excess at an interest rate per cent of the approved bank above the base lending rate from time to time of the bank.
The Members shall contribute, pro rata to their existing capital contributions, any further capital which the Members may, by unanimous resolution, from time to time determine is required for the purposes of the business, provided that no Member shall be required to contribute any further capital on the insolvency of the LLP. No Member shall be required to contribute any further capital to the LLP, whether on the insolvency of the LLP or otherwise.
A Members capital shall be repaid only in the following circumstances:
(a) if the Members by unanimous resolution so agree, provided that such repayment would not
cause the LLP to have aggregate capital contributions of less than the regulatory capital
requirement; or
(b) on the winding up of the LLP;
(c) If a Member ceases to be a Member and either such repayments would not cause the LLP to
have aggregate capital contributions of less than the regulatory capital requirement or one or
more other Members immediately contributes further capital in an aggregate amount equal to or
greater than the shortfall; or
(d) upon the LLP ceasing to be authorised by the FCA; or
(e) if the FCA grants a waiver to the LLP permitting the return of such capital.
The profits of the LLP shall be divided between the Members in accordance with their respective profit sharing percentages, and shall be credited to the Members' current accounts as soon as the annual accounts for the relevant accounting period are approved by the Members in accordance with clause 8.7(a) of the LLP agreement.
To the extent that the share of profits allocated to any Member in respect of any accounting period pursuant to clause 10.1 of the LLP agreement exceeds the aggregate amount of drawings made by the member during the accounting period pursuant to clause 10.5, the LLP shall distribute such profits to the relevant members as soon as reasonably practicable after the annual accounts for the relevant account period are approved by the members.
The losses of the LLP shall be divided equally between the Members in accordance with their respective profit share percentages, and shall be debited to the Members' current accounts as soon as the annual accounts for the relevant account period are approved by the Members, provided that if a Member's current account has a negative balance in an amount equal to or greater than the amount of his capital contribution, no further losses may be allocated to that Member.
On the 28th of each month, or the preceding business day if that date is not a business day, each member may draw on account of the profits to be allocated to that member under clause 10.1 of the LLP agreement the amount set out against the members name in schedule 1.
If, during any accounting period, a Member draws, in aggregate, an amount that is greater than the profit allocated to that member for that accounting period under clause 10.1, that Member shall immediately after the annual accounts for the relevant accounting period are approved by the Members in accordance with clause 8.7(a), repay the excess drawings to the LLP together with interest on the excess at an interest rate per cent of the approved bank above the base lending rate from time to time of the bank.
The Members shall contribute, pro rata to their existing capital contributions, any further capital which the Members may, by unanimous resolution, from time to time determine is required for the purposes of the business, provided that no Member shall be required to contribute any further capital on the insolvency of the LLP. No Member shall be required to contribute any further capital to the LLP, whether on the insolvency of the LLP or otherwise.
A Members capital shall be repaid only in the following circumstances:
(a) if the Members by unanimous resolution so agree, provided that such repayment would not
cause the LLP to have aggregate capital contributions of less than the regulatory capital
requirement; or
(b) on the winding up of the LLP;
(c) If a Member ceases to be a Member and either such repayments would not cause the LLP to
have aggregate capital contributions of less than the regulatory capital requirement or one or
more other Members immediately contributes further capital in an aggregate amount equal to or
greater than the shortfall; or
(d) upon the LLP ceasing to be authorised by the FCA; or
(e) if the FCA grants a waiver to the LLP permitting the return of such capital.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
Fixed assets are depreciated and amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes 5 for the carrying amount of tangible fixed assets respectively.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
Loans and other debts due to members may be further analysed as follows:
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £21,006 (2025 - £26,048). Contributions totalling £200 (2025 - £200) were payable to the fund at the balance sheet date.
12.Leases
The LLP leases office premises under a lease arrangement. In accordance with Section 20 of FRS 102, the LLP has recognised a right-of-use asset and corresponding lease liability in respect of the lease.
The carrying amount of the right-of-use asset included within tangible fixed assets at 30 April 2026 was £268,218. The corresponding lease liability included within creditors at 30 April 2026 was £191,451.
The carrying amount of the right-of-use asset included within tangible fixed assets at 30 April 2026 was £268,218. The corresponding lease liability included within creditors at 30 April 2026 was £191,451.
In the opinion of its members, the LLP was controlled by the designated members throughout the current and previous year.
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