REGISTERED NUMBER: OC439908 (England and Wales)

Report of the Members and

Financial Statements for the Year Ended 31 March 2026

for

RN3 PARTNERS LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Notes to the Financial Statements

11

DESIGNATED MEMBERS:

Mr M L M Barnett

Ms L Alport

REGISTERED OFFICE:

40 Portland Place

London, UK

W1B 1NB

REGISTERED NUMBER:

OC439908 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Costas A Joannou BSc, MSc,PhD,FCCA

AUDITORS:

Christiansons Limited

Chartered Certified Accountants

& Statutory Auditors

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of provision of investment advisory services.

The LLP is authorised by and is registered with the Financial Conduct Authority under the registration number 1015459.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr M L M Barnett

Ms L Alport

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £249,829 (2025 - £272,681 loss).

MEMBERS' INTERESTS

The business will be funded by capital contributions from Members, Member's loans and the Retained Profits of the LLP as the Executive Member may determine from time-to-time. A Member’s capital contribution shall be credited to his capital account. Profits/(Losses) shall be divided between the Members in accordance with their respective net profit share, and shall be credited to the Members’ respective Current Accounts.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 and applicable law). Under legislation applicable 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 of the LLP 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;

-	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 applied to LLPs 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Christiansons Limited, were appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

Mr M L M Barnett - Designated member

27 July 2026

Opinion

We have audited the financial statements of RN3 PARTNERS LLP (the 'LLP') for the year ended 31 March 2026 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, 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 LLP's affairs as at 31 March 2026 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 LLPs 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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.

Material uncertainty related to going concern

We draw attention to note 2 to the financial statements, which indicates that the LLP incurred a loss for the financial year before members' remuneration and profit shares of £249,829 (period ended 31 March 2025: loss of £272,681) and that, at 31 March 2026, the LLP's own funds, determined in accordance with the Financial Conduct Authority's Prudential sourcebook for MiFID Investment Firms (MIFIDPRU), were £256,505 against the LLP's own funds requirement of £284,000, a deficit of £27,495. The LLP has notified the Financial Conduct Authority of this position and the restoration and maintenance of compliance with the LLP's regulatory capital requirements is dependent on the continuing financial support of its members and the successful completion of the members' capital restoration plan.

As stated in note 2, these events or conditions, along with the other matters set out in that note, indicate that a material uncertainty exists that may cast significant doubt on the LLP's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. Our evaluation of the members' assessment of the LLP's ability to continue to adopt the going concern basis of accounting included: reviewing the members' cash flow forecasts covering a period of at least twelve months from the date of approval of the financial statements and challenging the assumptions underlying those forecasts against trading since the year end; recomputing the LLP's own funds, own funds requirement and liquid assets threshold requirement in accordance with MIFIDPRU; evaluating the members' capital restoration plan and inspecting correspondence with the Financial Conduct Authority; and obtaining written confirmation of the members' intention and ability to provide continuing financial support to the LLP.

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 members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors 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.

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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 and returns; or

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

- the members were not entitled to prepare the financial statements in accordance with the small LLPs regime.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, 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 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of noncompliance 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the LLP through discussions with the members and other management, and from our commercial knowledge and experience of the investment advisory sector in which the LLP operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP, including the Companies Act 2006 as applied to limited liability partnerships, the Financial Services and Markets Act 2000, the rules and guidance of the Financial Conduct Authority, including the Prudential sourcebook for MiFID Investment Firms (MIFIDPRU), the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) and the Supervision manual (SUP), taxation legislation and data protection, antibribery, employment, environmental and health and safety legislation; and

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting regulatory correspondence, including correspondence with the Financial Conduct Authority, and independently recomputing the LLP's own funds and comparing them with the LLP's own funds requirement and liquid assets threshold requirement under MIFIDPRU;

We assessed the susceptibility of the LLP's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

- considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reviewing correspondence with HMRC and with the Financial Conduct Authority;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing the LLP's regulatory capital and liquidity calculations and the members' plan to restore compliance with the LLP's regulatory capital requirements, as disclosed in the financial statements.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by 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 a Report of the Auditors 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.

Mr Costas A Joannou BSc, MSc,PhD,FCCA (Senior Statutory Auditor)

for and on behalf of Christiansons Limited

Chartered Certified Accountants

& Statutory Auditors

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

27 July 2026

TURNOVER

1,633,673

1,147,977

Administrative expenses

1,883,608

1,420,663

(249,935

)

(272,686

)

Other operating income

106

5

OPERATING LOSS and

LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

(249,829

)

(272,681

)

FIXED ASSETS

Intangible assets

6

64,857

97,236

Tangible assets

7

9,800

15,946

74,657

113,182

CURRENT ASSETS

Debtors

8

928,256

1,120,653

Cash at bank

156,185

56,621

1,084,441

1,177,274

CREDITORS

Amounts falling due within one year

9

(257,998

)

(200,919

)

NET CURRENT ASSETS

826,443

976,355

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

901,100

1,089,537

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

-

33,437

MEMBERS' OTHER INTERESTS

Capital accounts

901,100

1,056,100

901,100

1,089,537

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

-

33,437

Members' other interests

901,100

1,056,100

Amounts due from members

8

(605,714

)

(329,910

)

295,386

759,627

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

The financial statements were approved by the members of the LLP and authorised for issue on 27 July 2026 and were signed by:

Mr M L M Barnett - Designated member

1.	STATUTORY INFORMATION

RN3 PARTNERS 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The LLP incurred a loss for the year of £249,829 (period ended 31 March 2025: loss of £272,681)

and at 31 March 2026 its own funds of £256,505 were below its own funds requirement under MIFIDPRU of £284,000, a deficit of £27,495, although its liquid assets exceeded the liquid assets

threshold requirement. The Financial Conduct Authority has been notified and the members plan

to restore compliance, supported by the confirmed intention and ability of the controlling member

to provide financial support for at least twelve months from the date of approval of these financial

statements. These events and conditions indicate that a material uncertainty exists which may cast

significant doubt on the LLP’s ability to continue as a going concern; the financial statements do

not include the adjustments that would result if the LLP were unable to continue as a going

concern. Having considered the forecasts and the support available, the members have a

reasonable expectation that the LLP will continue in operational existence for at least twelve

months from approval and have prepared the financial statements on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is earned from the rendering of services and is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. The stage of completion of a contract is measured by comparing the length of the service contract to the time that has elapsed. Usually this is billed quarterly and recognised across each month that is covered.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is amortised evenly over the course of 3 years.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on a straight line basis

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.

Debtors receivable within one year

Debtors include trade debtors and prepayments and accrued income. Trade debtors are recorded at cost less any amounts deemed to be irrecoverable. Prepayments are payments made for goods or services that will be received in the future. These are initially recorded as assets and amortised over time as the benefit of the prepaid expense is realised.

Creditors payable within one year

Creditors include trade and other creditors, accruals and deferred income. Deferred income corresponds to advance payments from customers for services that have not yet been delivered or recognised as revenue.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2025 - 3 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

Period

1.9.24

Year Ended

to

31.3.26

31.3.25

£

£

Depreciation - owned assets

8,671

10,037

Computer software amortisation

32,380

-

5.	AUDITORS' REMUNERATION

Period

1.9.24

Year Ended

to

31.3.26

31.3.25

£

£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements

15,000

12,000

6.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2025

and 31 March 2026

97,237

AMORTISATION

Amortisation for year

32,380

At 31 March 2026

32,380

NET BOOK VALUE

At 31 March 2026

64,857

At 31 March 2025

97,237

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The intangible held on the balance sheet relates to software and this is amortised evenly over the course of 3 years.

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2025

11,433

30,362

41,795

Additions

-

2,525

2,525

At 31 March 2026

11,433

32,887

44,320

DEPRECIATION

At 1 April 2025

4,753

21,096

25,849

Charge for year

2,016

6,655

8,671

At 31 March 2026

6,769

27,751

34,520

NET BOOK VALUE

At 31 March 2026

4,664

5,136

9,800

At 31 March 2025

6,680

9,266

15,946

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade debtors

5,505

301,511

Amounts owed by group undertakings

45,937

-

Amounts due from members

605,714

329,910

Other debtors

13,921

-

Prepayments

257,179

489,232

928,256

1,120,653

Prepayments totalling £92,196 are recoverable after more than one year.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Bank loans and overdrafts

7,428

8,674

Trade creditors

43,442

93,417

VAT

6,856

5,446

Other creditors

43,196

10,629

Accrued expenses

15,000

47,364

Deferred income

142,076

35,389

257,998

200,919

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. Permission must be granted by the FCA for a member to increase or decrease their capital contributions. In the current year capital contributions were reduced by £155,000 and permission was granted from the FCA for this reduction.

11.	LEASE COMMITMENTS

The LLP holds the following lease commitments as at year end:

Minimum lease payments under non-cancellable operating leases

2026

2025

£

£

Rental Lease

Within one year

46,892

154,800

Between one and five years

0

46,892

46,892

201,692

12.	POST BALANCE SHEET EVENTS

On 30 April 2026 the interest held by Leigh-Ann Alport was sold to Dan Chalom, along with part of the interest held by Marius Barnett. This resulted in the partnership being split 75/25 between Marius and Dan respectively.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M L M Barnett.

14.	FCA DISCLOSURE

The LLP has the following requirements as bound by the FCA: -

- Base capital requirement £75,000

- Fixed overhead requirement £284,000

- Liquid assets threshold requirement £95,000

At the end of the year 31 March 2026 RN3 Partners LLP fell below the fixed overhead requirement with a total of £256,505, leaving a deficit of £27,495.The Financial Conduct Authority has been notified and the members plan to restore compliance. The remaining requirements were met throughout and at the end of the period.